Joby Aviation Just Got Selected for Commercial Flights in 11 States, Does It Have the Cash to Get There?

Key Stats for Joby Aviation Stock

• 52-Week Range: $7.75 – $20.95
• Current Price: $9.39
• Street Mean Target: $11.12
• Market Cap: $9.19 billion
• NTM EV/Revenues: 58.82x

What’s Driving the Story

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Joby (JOBY) spent the first quarter of 2026 doing something most eVTOL companies still can’t: flying real demonstration routes in front of real crowds.

The company completed flights over the San Francisco Bay and the Golden Gate Bridge, then flew a week-long campaign in New York City from JFK into Manhattan heliports, marking the first point-to-point eVTOL operations in the city’s history.

Those flights mattered for more than just marketing. They demonstrated the operational maturity needed to participate in the White House-backed eIPP program, and Joby was selected across five winning applications covering 11 states, including New York, Texas, and Florida.

The revenue chart shows just how early this story still is. Joby recorded effectively no revenue through 2023 and 2024, then booked $53 million in 2025, almost entirely from the BLADE passenger helicopter business it acquired rather than from its own aircraft.

Q1 2026 revenue came in at $24 million, still tiny next to a $9.2 billion market cap, but it represents the first quarter the company has ever reported real top-line activity.

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The Cash Question

Certification is the other half of the story, and it is progressing. Joby’s first FAA-conforming aircraft for Type Inspection Authorization took flight this quarter, and the company completed its SR3 audit, the third of four major reviews in the certification process.

Stages 1 through 3 are effectively done, with Stage 4 testing and analysis at 82% complete on Joby’s side. None of that changes the fact that commercial passenger service is still not running, and the company continues to burn cash at a significant rate to get there.

The cash chart tells that story plainly. Total cash and short-term investments dipped to $933 million at the end of 2024 as certification and manufacturing costs ramped, then rebounded to $1.4 billion by the end of 2025.

Q1 2026 pushed that figure further still, to $2.5 billion, after Joby raised $1.3 billion through an equity offering, a Delta warrant exercise, and a convertible debt issuance. Net loss for the quarter was $110 million, and adjusted EBITDA loss widened to $179 million as the company added staff and expanded manufacturing in California and Ohio.

The math here is straightforward. Joby has bought itself a longer runway, but it is still spending faster than it earns by a wide margin.

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Should You Invest in Joby Aviation

Joby is closer to commercial reality than it has ever been, with regulatory momentum, an expanding manufacturing footprint, and a federal program now actively clearing a path toward early operations later this year.

That is a meaningfully different setup than a stock story with no concrete catalysts ahead. The risk is straightforward, too. Certification timelines in aerospace slip constantly, and Joby still needs to convert demonstration flights and government partnerships into a paying passenger business before any of this shows up in the income statement.

The Street’s mean target of $11.12 implies modest upside from the current $9.39, reflecting a market that is cautiously optimistic but clearly waiting for proof of commercial execution rather than just regulatory wins. With $2.5 billion in cash, Joby has bought itself the time to get there. Whether it actually does is now mostly a question of execution, not capital.

Put TIKR to work on your own research. Track Joby Aviation alongside the rest of your watchlist, and see what the data says before you decide.

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Disclaimer:

Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!