Joby Aviation (JOBY) shares rallied nearly 20% on Wednesday after the electric air taxi developer posted better-than-expected first-quarter results and reaffirmed plans to begin commercial passenger operations in 2026. The stock climbed as high as $10.35, supported by a risk-on market environment and renewed investor confidence in the eVTOL sector.
Joby reported Q1 revenue of $24 million, topping the $20.4 million consensus, while its operating loss widened to $234 million versus the $198 million estimate. The company ended the quarter with $2.5 billion in cash and investments, burning through roughly $195 million, which eased funding concerns. Full-year revenue guidance was maintained at $105 million–$115 million, with first-half cash use expected at $340 million–$370 million.
On the regulatory front, Joby completed its first Type Inspection Authorization flight with an FAA-conforming aircraft and finished the SR3 audit, the third of four milestones toward type certification. CEO JoeBen Bevirt called it "an extraordinary quarter" and said the company now has "the clearest path we’ve ever had to beginning passenger operations." Joby also participated in the White House-backed eVTOL Integrated Pilot Program, which could enable early flights in up to 11 states ahead of full FAA approval, with winning bids in New York, New Jersey, Texas, Florida, and Utah.
Demonstration flights across San Francisco and New York City, including the first point-to-point eVTOL trips from JFK to Manhattan heliports, further highlighted the company’s progress. Analyst Andres Sheppard noted Joby is targeting production of four aircraft per month post its Ohio facility acquisition, up from two previously. Despite recent volatility—down 27% over six months—the stock remains up 34% year-over-year. Morgan Stanley trimmed its price target to $13 from $15 but kept an Equalweight rating, while six analysts maintain an average target of $12.30, implying about 42% upside.
