NEW YORK, August 6, 2026, 12:59 p.m. EDT — U.S. equity markets begin trading.
- Shares of Joby climbed 7.4% to $8.38 during midday trading.
- Second-quarter revenue totaled $38.6 million, surpassing the expected figure of about $30 million.
- The initial enterprise value is roughly 53 times the midpoint of Joby’s revenue forecast for 2026.
Joby Aviation, Inc. NYSE:JOBY shares climbed 7.4% to $8.38 on Thursday after the electric-aircraft maker posted higher revenue and raised its full-year forecast.
The surge results in a high valuation. Joby’s initial enterprise value stands near $6.34 billion, amounting to 52.9 times the midpoint of its $120 million guidance.
| Preliminary valuation bridge | Amount |
|---|---|
| Market cap | $7.91 billion |
| Cash plus short-term investments | $2.264 billion |
| Total long-term debt | $0.702 billion |
| Calculated enterprise value | $6.34 billion |
| 2026 revenue guidance midpoint | $120 million |
| EV/revenue | 52.9 times |
The key concern for investors continues to be the same multiple. Most of today’s revenue is generated by traditional Blade passenger services. The company’s equity value is mostly based on anticipated operations of Joby aircraft.
The company reported quarterly revenue above expectations, although its operating expenses were higher than anticipated. The figures are presented in accordance with GAAP, with consensus projections below sourced from FactSet.
| Q2 scorecard | Q2 2026 | Q1 2026 | Q2 2025 | Street estimate |
|---|---|---|---|---|
| Revenue | $38.6 million | $24.2 million | Under $0.1 million | Near $30 million |
| Operating loss | $260.9 million | $233.6 million | $167.9 million | Roughly $210 million |
| Net loss | $245.4 million | $110.0 million | $324.7 million | — |
| Research and development | $194.7 million | $177.5 million | $136.4 million | — |
Passenger revenue accounted for $36.2 million, with an additional $2.5 million generated from other revenue streams. Research expenses increased by 43% compared to a year ago.
Blade demonstrated demand ahead of Joby’s aircraft launch, reporting a year-over-year rise of more than 50% in seats sold. CEO JoeBen Bevirt stated the main limitation was now “aircraft availability rather than passenger demand.” Investing.com
Joby lifted its yearly revenue forecast by $10 million on both the low and high ends. The midpoint is now up 9.1%, but anticipated cash outflows are still significant.
| Outlook and cash comparison | Previous measure | Latest measure | Change |
|---|---|---|---|
| 2026 revenue expectation | $105 million-$115 million | $115 million-$125 million | Midpoint rises 9.1% |
| First-half cash burn, Ohio deal excluded | $340 million-$370 million guidance | $365 million actual | Falls within projected range |
| Q1 cash burn | $195 million | — | — |
| Q2 cash burn | — | $202 million | Sequential increase of $7 million |
| Second-half cash-use forecast | — | $385 million-$415 million | Midpoint at $400 million |
Liquidity is still strong. As of June 30, Joby reported $2.264 billion in cash and short-term investments. Operating cash outflow for six months increased by 46% to reach $317.6 million.
Joby reported capital expenditure of $106.6 million in the first half. The company had $701.9 million in long-term debt. Executives stated that current liquidity is expected to suffice for a minimum of 12 months.
Regulatory approval has overtaken quarterly helicopter sales in importance. Joby stated that five of its aircraft have flown, with another 12 under construction. The company said it saw its best quarter yet in the fifth and last FAA certification phase during Q2.
The company anticipates launching Texas eVTOL Integration Pilot Program flights in September. Its goal for flying initial passengers remains set for 2026. Joby has been chosen by the FAA for multiple pilot-program initiatives, among them Texas.
On Thursday, Joby announced a 45,000-square-foot site close to Fort Worth. The Perot Field location is intended to back upcoming Dallas-Fort Worth activities and demonstration events.
At the most recent quotes, Joby rose more than its nearest listed competitors following its earnings report.
| Snapshot of publicly traded eVTOL companies | Price | Daily move | Market value |
|---|---|---|---|
| Joby Aviation, Inc. NYSE:JOBY | $8.38 | +7.4% | $7.91 billion |
| Archer Aviation Inc. NYSE:ACHR | $5.20 | +0.2% | $3.99 billion |
| Eve Holding, Inc. (NYSE:EVEX) | $2.69 | +1.1% | $0.94 billion |
Opinions on Wall Street are mixed. Out of nine analysts followed, just two rate the stock as a buy while three advise selling. The consensus target is well above Thursday’s closing price.
| Analyst recommendations | Analyst | Rating | Price target | Latest action |
|---|---|---|---|---|
| Needham & Company | Chris Pierce | Buy | $15 | Lowered from $18 on August 6 |
| Cantor Fitzgerald | Andres Sheppard | Neutral | Not disclosed in Thursday report | Maintained cautious stance |
| Morgan Stanley NYSE:MS | Kristine Liwag | Equal Weight | $13 | Revised target on May 6 |
| JPMorgan Chase & Co. NYSE:JPM | Bill Peterson | Underweight | $7 | Target decreased on February 26 |
| Goldman Sachs Group Inc. NYSE:GS | Anthony Valentini | Sell | $10 | Started coverage December 1 |
| Nine-analyst consensus | — | 2 Buy, 4 Hold, 3 Sell | $13.81 average | Range spans $7-$18 |
Needham maintained its Buy rating while trimming manufacturing projections. The company pointed to a delayed ramp in 2027 and previously ambitious expectations for 2028.
Sheppard at Cantor described Joby as “among the best-positioned in the eVTOL industry to achieve commercialization.” He maintained a Neutral stance, citing the need for more clarity on operating economics. Barron’s
Significant risks persist. FAA approval might be delayed, and passenger trials may not convert to commercial service soon. Joby anticipates ongoing funding requirements and cautions that future equity offerings could dilute existing shareholders.
The upcoming key milestones are flights in September and the delivery of two aircraft. Continued advancement towards final certification will be more significant. For now, Joby’s 53-times revenue multiple continues to hinge on successful execution.
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