Joby Aviation shares fall 8% despite Virgin Atlantic partnership

Joby closed Friday at $6.93, down 8.1% on 38.8 million shares. That was four cents above the 52-week low, and 66.9% below the peak. JOBY fell 4.1% across the full five-session trading week. Investing.com Archer Aviation also dropped 6.7% Friday, so weakness was not isolated. Google Joby issued no July 24 press release or material filing explaining the move. The exact trigger remains uncertain for now. Joby Aero, Inc.

Joby reports second-quarter results after Wednesday’s close on August 5. Its webcast begins at 5:00 Eastern Time on the same day. Joby Aero, Inc. First-quarter revenue was $24.2 million, while net loss reached $110.0 million. Adjusted EBITDA showed a $179 million loss for the quarter. SEC Management still guides 2026 revenue toward $105 million to $115 million. After Q1, quarterly revenue must average $26.9 million to $30.3 million. Cash use and certification commentary may matter more than headline revenue. SEC

Joby produced $24.2 million of first-quarter revenue before S4 commercial service. Passenger revenue totaled $21.8 million and came mainly from Blade. Those trips used helicopters or fixed-wing aircraft, not Joby’s S4. Other revenue was $2.5 million from government, engineering, and rental work. Joby Aero, Inc. Cost of revenue reached $18.8 million, implying roughly 22% gross margin. That revenue is real, but it does not prove S4 economics. Joby Aero, Inc.

At $6.93, Joby’s market value is roughly $6.5 billion. That equals about 59 times management’s 2026 revenue-guidance midpoint. Trailing EPS is negative $1.14, so a normal P/E is unavailable. SEC Current sales also come mostly from Blade, not electric air taxis. The valuation therefore depends on certification, manufacturing scale, and passenger demand. Even modest execution delays could compress that multiple sharply. Joby Aero, Inc.

As of May 1, Joby reported Stage 4 progress at 82%. The FAA’s corresponding Stage 4 work was 75% complete. Stage 5 stood at 15% for Joby and 6% for the FAA. Stages 1 and 3 were complete, while Stage 2 reached 97%. The first FAA-conforming aircraft has flown, and the SR3 audit is complete. No type certificate exists yet, and reported percentages can fluctuate. SEC

Dubai’s VDX vertiport received regulatory certification on July 7. It can handle up to 170,000 passengers annually once operations begin. Three additional Dubai sites remain under development for the planned network. Skyports Joby also received eIPP selections covering potential operations in up to 11 states. Those operating agreements were still being finalized in May. SEC Vertiport approval does not certify Joby’s aircraft or operating service. The 2026 launch target remains possible, not assured.

Joby held $2.47 billion of cash and short-term investments on March 31. First-quarter cash use was $195 million, or $163 million excluding the Ohio purchase. SEC February financing raised $576.3 million from stock and $669.8 million from notes. Weighted-average shares increased 23% year over year to 943.5 million. Outstanding shares reached 983.6 million by May 4. Joby Aero, Inc. Management says current liquidity covers at least twelve months. Future equity financing could still dilute holders. Joby Aero, Inc.

Toyota owns 51% of the venture, while Joby owns 49%. Initial cash contributions total only $2.0 million. Later mandatory contributions are contemplated, but their amounts remain undisclosed. The venture is intended to manufacture Joby’s S4 aircraft at commercial scale. Future supply and intellectual-property agreements still require negotiation. The June 29 filing said Toyota’s second $250 million investment required those agreements. SEC This supports Joby’s four-aircraft monthly 2027 capacity target, not immediate cash. Joby Aero, Inc.

The July 22 agreement is binding, multi-year, and exclusive in the UK. Virgin plans to place Joby’s service within its booking channels. Heathrow and Manchester are expected primary connection points. Joby disclosed no aircraft order, contract value, or service-launch date. Joby remains responsible for operations and all required UK regulatory approvals. The partnership expands distribution, but its near-term revenue remains unquantified. Joby Aero, Inc.