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Joby reported $60 million in revenue for the third quarter, which was better than the $40 million analysts expected. The company also raised its full-year sales outlook by 15 percent, largely driven by its work with the U.S. Air Force. While the company is still losing money as it builds its fleet, the loss of 22 cents per share was slightly better than expected.
The business ended September with $2.2 billion in cash, which is the most important number for a company that is not yet flying commercial passengers. This money provides the runway needed to finish the five-stage FAA certification process, which proves the aircraft is safe for public use. With 17 aircraft now in production and the first test flights completed in Texas and Florida, the company is making steady progress toward its goal of starting a commercial air taxi network.
See the full quarter, and how our tracked metrics did
Source: 8-K filing
Canaccord Genuity upgraded the stock to Buy on Thursday following the company's third-quarter results. The firm set a price target of $7, which is about 40 percent higher than where the stock is trading now.
While this is a positive shift from a well-known firm, the average target across all analysts remains higher at $10. This upgrade suggests that some on Wall Street are gaining confidence in the company's path to commercial flight as it moves through the final stages of government testing.
Source: Canaccord Genuity
The U.S. Air Force has awarded Joby more funding to speed up the development of its autonomous flight software. This move raises the total potential value of the company's operational testing contract with the military to 50 million dollars.
While Joby's main goal is flying passengers, these military contracts are vital because they provide steady cash and real-world flight data while the company waits for commercial approval. Proving the software works for the Air Force helps lower the risk of the technology before it ever reaches a city sky.
Source: Business Wire
Joby is set to report its third-quarter results today. Analysts are looking for revenue of about 40 million dollars, which primarily comes from government and military contracts while the company works toward flying passengers commercially. For a business in this stage, the most important numbers are not the current sales but the cash on hand and the progress with the FAA. We will be watching for updates on the final stages of flight certification and any changes to the timeline for launching air taxi service in 2026.
Joby has launched a week of piloted flights in Florida to test how its electric air taxis will fit into the state's existing airspace. The aircraft will fly between major hubs like Orlando International Airport and the Kennedy Space Center as part of a federal program to prepare for commercial air taxi services.
These flights are a practical step toward the company's goal of launching a commercial network. By flying real routes between cities, Joby is gathering the data needed to prove its quiet, electric planes can safely share the sky with traditional air traffic. While the company is still in the testing phase, successfully navigating busy airports like Orlando helps clear the path for the passenger flights it hopes to start soon.
Source: Business Wire
Joby misses its targets more often than it hits them, showing how difficult it is for management to predict costs while building a new type of aircraft from scratch.
| Expectation | |
|---|---|
| EPS | $-0.28 |
| Revenue | $20M |
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