Updated Aug 6 at 2:05pm ET.
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Joby has secured its first major footprint in North Texas by leasing space at the Alliance Air Trade Center. This facility will serve as a hub for the company as it prepares for a series of test flights across the Dallas-Fort Worth area starting next month.
Establishing physical infrastructure is a critical step for a company moving from research to real-world service. This hub will support the White House-backed pilot program designed to prove that electric vertical takeoff and landing aircraft, which fly like a helicopter but are powered by batteries, can safely and quietly move passengers over city traffic.
Source: Business Wire
Susquehanna set a target of $18 per share, suggesting the stock could more than double from its current price of about $8.50. This call reflects confidence in the company's lead in the race to certify its electric aircraft with the FAA.
While analyst targets are just estimates, this high valuation highlights the potential payoff if the company successfully launches commercial service. The firm is betting that the company's manufacturing partnership with Toyota and its large cash pile of $2.3 billion will be enough to see it through the final, expensive stages of flight testing.
Source: Susquehanna
Joby brought in about $40 million in revenue last quarter, beating the $30 million analysts expected. Most of this income currently comes from government and military contracts, which help fund the company while it works toward FAA type certification, the final proof that its aircraft is safe for commercial passengers.
The company ended the quarter with $2.3 billion in cash, a vital cushion for a business that is still spending heavily on manufacturing. With 12 more aircraft currently in production and the first passenger-ready flights scheduled for next month in Texas, the business is successfully shifting from a laboratory project into a real-world operator. Management raised its revenue outlook for the rest of the year, signaling that these early operations are moving faster than originally planned.
See the full quarter, and how our tracked metrics did
Source: 8-K filing
Joby is teaming up with Atoms to acquire and build vertiports, the specialized landing pads and terminals needed for electric air taxis. The partnership will focus on the three states where the company plans to launch its first commercial flights.
This deal solves a major piece of the puzzle for a new airline. Even with a certified aircraft, the service cannot run without places to take off and land in crowded city centers. By securing these sites now, the company is ensuring that the ground infrastructure will be ready as soon as the FAA gives the final green light for passenger service.
Source: Business Wire
Joby and Virgin Atlantic have converted their earlier partnership into a binding commercial agreement. This deal sets the framework for how the two companies will operate an air taxi network in the UK once the aircraft is certified.
Finalizing this contract is a sign that major airlines are serious about integrating electric vertical flight into their existing networks. For a long-term owner, this provides more certainty that there is a waiting market for the aircraft beyond the initial test cities in the United States.
Source: Business Wire
Analysts recently updated their views following the company's latest earnings report and news of a new Texas hub. Only 2 of 8 analysts rate the stock a buy, but the average target of $16 suggests 99% upside from today.
The company has a mixed record of meeting profit targets, but revenue is growing extremely fast as it scales up its government work. It shows management is focused on bringing in cash while they wait for flight approval.
| Expectation | |
|---|---|
| EPS | $-0.23 |
| Revenue | $36M |
Business Wire · Press release · Aug 6
Seeking Alpha · Opinion · Aug 6
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