Final Reaction

• EPS miss due to non-cash losses: $40.3M in stock issuance, $126M warrant revaluation

• Adj. EBITDA loss widened to –$131.6M (vs. –$107.2M YoY)

• Dubai air taxi campaign completed with real-world aircraft

• First FAA-conforming aircraft assembled — key 2025 target

• Blade acquisition adds launchpad for 2026 urban ops

• L3Harris program deepens military dual-use narrative

Execution was strong, but JOBY remains valuation-sensitive given no near-term revenue lift or commercial flight date.

No formal financial guidance — business remains in pre-revenue milestone phase

This quarter showcased operational progress — FAA cert, Dubai test flights, defense contracts — but investors wanted more tangible revenue clarity. With EPS missing by a wide margin and no material new commercial deals announced, JOBY’s red-hot YTD rally ran out of fuel post-print.

“Regulatory progress is unlocking global access. Our commercialization strategy is unfolding, and we’re scaling production to meet real demand.”
— JoeBen Bevirt, CEO

The team emphasized production ramp (Marina/Dayton), Blade acquisition, Dubai success, and DoD collaboration — but avoided putting dates on initial passenger service.

While Joby hit impressive operational milestones this quarter — including Dubai test flights, FAA certification progress, and the Blade acquisition — the sharp EPS miss and minimal revenue signal continued distance from commercial scale. The market’s reaction reflects fatigue with milestone-only updates amid pre-revenue status.

It’s a good day for tech stocks in general; the Nasdaq is up 1.2%. Yet, shares of Joby Aviation are down 3.1%.

It’s worth noting that Archer Aviation is also down about 3.9%, so it might be money moving out of pre-revenue companies in the space. We’ll see if the drop today is just a blip or something concerning before the company announces earnings tonight.

JOBY has missed EPS estimates in all four prior quarters, but price reaction has generally been positive. The stock tends to move on regulatory and milestone updates rather than financials.