TLDR
- Joby Aviation stock jumped ~6–9% after beating Q4 2025 earnings expectations, with revenue of $30.84M vs. $16.18M forecast
- The company announced users can book Joby air taxi rides directly through the Uber app, with a live demo shown in Dubai
- H.C. Wainwright upgraded JOBY to Buy with an $18 price target, citing FAA certification progress
- Joby expects to fly its first passengers in 2026, starting in the UAE, followed by early U.S. operations
- The company holds ~$2.6B in cash after recent financing, with 2026 revenue guidance of $105M–$115M
Joby Aviation posted better-than-expected fourth-quarter results on Wednesday, sending its stock up as much as 9% in early Thursday trading.
$JOBY (Joby Aviation) #earnings are out: pic.twitter.com/urqDYxP8Yu
— The Earnings Correspondent (@earnings_guy) February 25, 2026
The company reported a loss of $0.14 per share for Q4 2025, compared to a forecasted loss of $0.23. Revenue came in at $30.84 million, nearly double the $16.18 million analysts expected.
The operating loss for the quarter was $207 million, which was larger than Wall Street’s $148 million estimate. But the revenue beat more than made up for it in the eyes of investors.
JOBY was trading around $10.70 in early Thursday trading. The stock is down 26% year to date but up 51% over the past 12 months, and still roughly 100% higher since the 2024 presidential election.
For the full year, Joby burned through about $540 million in cash. For the first half of 2026, the company expects cash use of $340 million to $370 million, slightly above Wall Street’s $335 million projection.
Joby ended Q4 with $1.4 billion in cash and investments, and received an additional $1.2 billion in February, bringing estimated total cash to around $2.6 billion.
Uber Booking Demo in Dubai
Earlier on Wednesday, Joby and Uber demonstrated how a customer would actually book a ride. A user opens the Uber app, enters a destination, and can choose a Joby air taxi option if the route works.
The booking includes an Uber Black car pickup, a Joby flight, and another car drop-off at the destination. It’s the first time investors have seen the full trip flow, not just the aircraft.
Joby expects to carry its first paying passengers in Dubai later in 2026, pending local regulatory approval. Early U.S. operations are planned after FAA certification is complete.
FAA Certification in Final Stages
Joby said it has made further progress on the fourth and near-final stage of FAA certification. The company has built aircraft ready for the required inspection flights and has logged more than 50,000 miles of flight testing.
Once certified, Joby plans to participate in the U.S. government-backed eVTOL Integration Pilot Program, with H.C. Wainwright expecting that activity to begin by mid-2026.
The company also plans to double production capacity in 2027 to four aircraft per month.
Management called 2026 a turning year, with focus shifting from testing to preparing for passenger service.
H.C. Wainwright upgraded JOBY to Buy from Neutral on Thursday, setting a price target of $18. The stock had pulled back around 50% from its 52-week high of $20.95 before Thursday’s move.
Needham maintained its Buy rating but lowered its price target to $18 from $22, citing updated spending assumptions. The average analyst price target sits at $15.50, per TipRanks, which carries an overall Moderate Sell consensus of two Holds and one Sell.
Joby’s 2026 revenue guidance stands at $105 million to $115 million, with Wall Street projecting over $1 billion in sales by 2029 and positive operating profit by 2030.
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