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The electric vertical takeoff and landing (eVTOL) market is rapidly becoming a high-stakes reality, and Joby Aviation (JOBY) is emerging as one of the few serious players in the space. As competition intensifies and the Federal Aviation Administration (FAA) certification process becomes the ultimate gatekeeper, Joby is starting to look less like a speculative bet and more like a focused operator with its eyes on near-term commercialization.
With a solid financial backing from Toyota (TM) and a methodical approach to aircraft certification, Joby has steadily chipped away at technical and regulatory milestones. Momentum is beginning to reflect in market action. Shares of Joby Aviation hit a new 52-week high of $11.71 on July 8, driven by investor optimism around both its cash runway and technical achievements.
Yet, the company has yet to generate revenue, and competitors are also gaining speed. That puts Joby in a high-expectation zone where each quarter needs to show tangible movement.
About Joby Aviation Stock
Headquartered in Santa Cruz, California, Joby is a vertically integrated air mobility company developing eVTOL aircraft for commercial passenger service. Its primary goal is to launch aerial ridesharing in the United States and Dubai, allowing consumers to book flights just like ride-hailing services today.
With a current market capitalization of $9 billion, Joby has already drawn significant attention. Shares have soared 85% over the past three months and gained 25% in just the past month.
The momentum has pushed the stock to trade at roughly 62,000 times sales, a valuation that obviously significantly exceeds sector norms. The premium reflects sky-high expectations tied to the first-mover advantage, certification progress, and growing belief in the viability of urban air mobility.
A Closer Look at Joby Aviation’s Q1 Earnings
On May 7, Joby Aviation reported its fiscal first-quarter 2025 results. The results saw no revenue, but still moved the stock meaningfully higher. By the next day, shares climbed 3.6%, driven by a narrower-than-expected loss and updates on business progress.
Analysts had projected a net loss of $0.19 per share. Joby came in at $0.11, a 21% year-over-year (YOY) improvement that caught Wall Street’s attention even in the absence of revenue. Because Joby Aviation is a pre-revenue company, its earnings release focused squarely on certification and operational development.
The company reported that it had made substantial progress in the FAA’s fourth certification stage, completing 43% of the external requirements and 62% of the internal portion. It also announced the start of routine transition flights with a pilot onboard, a pivotal step toward formal FAA flight testing.
Cash remains a key strength. Joby ended the quarter with $812.5 million in cash and short-term investments. The company expects to spend between $500 million and $540 million in 2025, a disciplined burn rate considering the capital demands of final-stage aircraft certification and operational scaling.
Toyota’s $500 million investment, announced in October 2024, further strengthens that liquidity position. With $250 million from that total expected to be recorded in Q2 results, Joby is well-positioned to sustain certification and early commercial deployment timelines.
Despite the strong Q1, analysts expect Q2 2025 loss per share to widen 5.6% YOY to $0.19. However, full-year fiscal 2025 loss per share is expected to narrow by 8.9% to $0.72. Looking further ahead, fiscal 2026 loss per share is projected to narrow another 8.3% to $0.66, showing improving efficiency.
What Do Analysts Expect for Joby Aviation Stock?
Analyst sentiment on JOBY stock remains mixed, with a consensus rating of “Hold.” Of the nine analysts currently covering the stock, two rate it as a “Strong Buy,” one sees it as a “Moderate Buy,” four maintain “Hold” ratings, and two recommend a “Strong Sell.” The balanced distribution reflects both excitement over Joby's technical progress and concerns over its long-term execution path.
As of now, JOBY stock trades above its average price target of $8.25. Meanwhile, the Street-high target of $13 suggests a potential climb of 12% from current levels. With Joby already achieving meaningful milestones, analysts are watching closely for continued regulatory clearance and progress toward revenue-generating operations.
