TLDR
- Joby leads on FAA certification progress, recording an 18-point gain in stage four of its type-certification process
- Archer ended 2025 with ~$2.0 billion in liquidity, up sharply from $834.5 million a year earlier
- Joby posted a Q4 2025 net loss of $121.5 million on $30.8 million in revenue
- Archer’s full-year 2025 net loss came in at $618.2 million on operating expenses of $729.6 million
- Wall Street currently favors Archer, with a Moderate Buy consensus vs. a Reduce rating for Joby
Both Joby Aviation and Archer Aviation are chasing the same prize — commercial air taxi operations — but they’re taking different roads to get there.
Joby has spent years building toward FAA type certification, and the numbers back that up. In its Q4 2025 update, the company reported an 18-point gain in stage four of the FAA certification process. All aircraft needed for Type Inspection Authorization are now in production. The company expects to fly its first paying passengers in Dubai in 2026.
The cash position is solid too. Joby ended 2025 with $1.4 billion in cash and short-term investments, then raised a net $1.2 billion more in February 2026. That’s a meaningful runway for a pre-revenue aerospace company.
On the manufacturing side, Joby signed a deal to acquire a facility in the Dayton, Ohio area and is targeting four aircraft per month in production capacity by 2027. It’s also gone wider than urban air mobility, adding a hybrid turbine-electric demonstrator and a partnership with L3Harris.
Financially, though, it’s still spending heavily. Q4 2025 operating expenses hit $237.6 million, with a net loss of $121.5 million on just $30.8 million in revenue.
Archer Is Moving Fast on Commercialization
Archer is taking a more aggressive approach. In its full-year 2025 results, the company said it became the first eVTOL firm to receive final FAA acceptance of 100% of its Means of Compliance. It’s also targeting piloted VTOL operations in the U.S. eVTOL Integration Pilot Program and a UAE launch in 2026.
The spending is on a different scale. Total operating expenses for 2025 were $729.6 million, with a net loss of $618.2 million. That’s roughly five times Joby’s quarterly loss, annualized.
But Archer also raised aggressively. It ended 2025 with about $2.0 billion in liquidity, more than double the $834.5 million it held a year earlier. The company is clearly willing to spend to get aircraft in the air fast.
That strategy works if execution holds. It also means Archer remains dependent on external capital for longer.
What Wall Street Thinks
The analyst picture is telling. MarketBeat data shows Joby carries a Reduce consensus from 9 analysts — 3 sells, 4 holds, 2 buys — with an average 12-month price target of $13.81.
Archer gets a Moderate Buy from 8 analysts — 1 sell, 2 holds, 5 buys — with a $12.00 average target.
So despite Joby’s edge on technical milestones, Wall Street currently prefers Archer’s setup.
Joby has $1.4 billion in end-of-year cash plus the $1.2 billion raised in February 2026. Archer holds roughly $2.0 billion. Both companies are targeting commercial operations in 2026, with Dubai and UAE launches as early proof points.
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