NEW YORK, June 29, 2026, 14:09 EDT
- Joby Aviation NYSE:JOBY slid 2.2% to $8.64 around 13:54 EDT. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) moved up 1.6%, and iShares U.S. Aerospace & Defense ETF (BATS:ITA) added 1.0%.
- Joby shares were down around 24% from the $11.35 price in January’s common stock deal, and off about 39% from the $14.19 initial conversion price for its 2032 notes.
- Joby said it had $2.466 billion in cash, cash equivalents and short-term investments as of March 31. That was roughly 30% of its intraday market cap.
- U.S. markets traded on Monday. Nasdaq shows July 3 as the market holiday for Independence Day in 2026. The NYSE core session is from 9:30 a.m. to 4:00 p.m. ET.
Joby Aviation NYSE:JOBY slipped Monday while broader U.S. markets gained. The air-taxi firm traded at $8.64 near 1:54 p.m. EDT, down from the $11.35 January stock offering and well under the $14.19 early conversion price set for its 2032 convertible notes.
This matters as Joby relies on time to fund its plans. If the share price falls, raising more equity gets pricier before Joby proves out recurring passenger revenue.
| Stocks around 1:54 p.m. EDT | Price | Change | Volume |
|---|---|---|---|
| Joby Aviation NYSE:JOBY | $8.64 | -2.2% | 35.8 mln |
| Archer Aviation NYSE:ACHR | $4.75 | -2.5% | 20.7 mln |
| EHang Holdings NASDAQ:EH | $6.38 | +4.1% | 0.7 mln |
| SPDR S&P 500 ETF Trust (NYSEARCA:SPY) | $740.75 | +1.6% | 28.4 mln |
| iShares Russell 2000 ETF (NYSEARCA:IWM) | $297.96 | -0.6% | 16.0 mln |
| iShares U.S. Aerospace & Defense ETF (BATS:ITA) | $239.19 | +1.0% | 0.3 mln |
The relative trade was more than just about eVTOL stocks diverging. Archer dropped, EHang climbed. Joby underperformed both the S&P 500 ETF and the aerospace-defense ETF, with volume already near a normal daily total by early afternoon.
| Joby marker | Level | Gap or ratio vs $8.64 stock |
|---|---|---|
| Common stock sold in January | $11.35 | -23.9% |
| 2032 convertible note conversion price | $14.19 | -39.1% |
| Capped call top price | $22.70 | -61.9% |
| Q1 cash, equivalents and short-term investments | $2.466 bln | 30.3% of market cap |
| Q1 operating cash outflow and capex | $222.4 mln | enough for about 11 quarters at that rate |
January’s deal gave Joby more time at a low 0.75% coupon with convertible notes due 2032. It set price levels that now trade above the current stock price. Joby said it expected $576.0 million in net proceeds from the stock sale and $582.9 million from the notes, both before over-allotment. In its Q1 filing, Joby reported $576.3 million net from stock and $669.8 million net from notes, with the notes partly offset by $63.3 million used for capped calls.
Short interest is another drag. Benzinga said Sunday more than 100.7 million Joby shares are sold short, about 15.4% of the float. Archer’s short interest stands at 18.6%.
Joby finished the first quarter with $2.466 billion in cash, equivalents and short-term investments, leaving it with plenty of capital. The company said its first FAA-conforming aircraft made a flight during the quarter. Joby also finished its SR3 audit with the FAA, and reported it now has parts in production for eight more conforming planes.
Joby founder and CEO JoeBen Bevirt said in May the company had a “very strong balance sheet” and called it the “clearest path we’ve ever had” to starting passenger flights. Joby Aero, Inc.
Joby is still burning cash. The company brought in $24.2 million in revenue for the first quarter, but operating expenses were $257.8 million and it reported a net loss of $110.0 million. Operating cash use was $144.4 million. Joby spent $77.9 million on property and equipment.
Joby’s share count jumped to 980.6 million at March 31, up from 915.1 million at Jan. 1, after the public offering, Delta exercised warrants, and new shares went to employees.
Reuters said in March that Joby started flying its first aircraft meant for certification testing with U.S. regulators, which comes before FAA pilot tests. Joby is looking to build four aircraft a month in 2027 at sites in California and Dayton, Ohio, Reuters also reported.
No new dated event for investors appears on the calendar. Joby’s IR page shows Q1 results as the latest headline and the June 2 annual meeting as the last event.
