TLDR

  • After surpassing the Q4 2025 earnings expectations, Joby Aviation stock leaped approximately 6–9%, with revenue of $30.84M compared to the forecasted $16.18M.
  • The company declared that users can book Joby air taxi rides directly via the Uber app, along with a live demonstration presented in Dubai.
  • H.C. Wainwright upgraded JOBY to Buy with an $18 price target, citing the progress of FAA certification.
  • Joby anticipates flying its first passengers in 2026, commencing in the UAE, followed by early U.S. operations.
  • The company holds around $2.6B in cash following recent financing, with a 2026 revenue guidance of $105M–$115M.

On Wednesday, Joby Aviation reported better-than-expected fourth-quarter results, causing its stock to rise by up to 9% in early Thursday trading.

The company reported a loss of $0.14 per share for Q4 2025, in contrast to a forecasted loss of $0.23. Revenue amounted to $30.84 million, nearly double the $16.18 million analysts had expected.

The operating loss for the quarter was $207 million, which was greater than Wall Street’s $148 million estimate. However, the revenue beat more than compensated for it in the eyes of investors.

JOBY Stock Card

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 approximately 100% higher since the 2024 presidential election.

For the full year, Joby burned through around $540 million in cash. For the first half of 2026, the company anticipates cash use of $340 million to $370 million, slightly above Wall Street’s $335 million projection.

ended Q4 with $1.4 billion in cash and investments, and received an additional $1.2 billion in February, bringing the 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 app, enters a destination, and can select a Joby air taxi option if the route is available.

The booking involves an Uber Black car pickup, a Joby flight, and another car drop-off at the destination. It’s the first time investors have witnessed the complete trip flow, not just the aircraft.

Joby expects to carry its first paying passengers in Dubai later in 2026, subject to local regulatory approval. Early U.S. operations are planned after FAA certification is completed.

FAA Certification in Final Stages

Joby stated that it has made further progress in the fourth and near-final stage of FAA certification. The company has constructed 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 anticipating that activity will commence by mid-2026.

The company also intends to double production capacity in 2027 to four aircraft per month.

Management referred to 2026 as a turning year, with the 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 retreated around 50% from its 52-week high of $二十点九五之前周四的举动。

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 is set at $105 million to $115 million, with Wall Street projecting over $1 billion in sales by 2029 and positive operating profit by 2030.