Joby Aviation (JOBY)

Feb 24, 2026 5:30 PM

Joby Aviation (NYSE: JOBY), founded in 2009 by JoeBen Bevrit, is a California-based aerospace company developing all-electric vertical takeoff and landing (eVTOL) aircraft for use in commercial air taxi services. The goal is to reduce urban congestion with a fast, quiet, and zero-emission transportation alternative.

What does JOBY do?

Simply put, JOBY wants to be the “UBER of the skies” but with more control of the “product”. The company designs, builds, and plans to directly operate its aircraft. Their concept of Aerial Ridesharing would allow them to fully control their own on-demand air taxi service, allowing passengers to book rapid, point-to-point flights through an app, similar to a ride-hailing service.

What Value does JOBY offer?

JOBY’s value proposition is centered on several key pillars:

1. Time Savings and Urban Decongestion – save “a billion people an hour every day”

Rapid Transit: Its aircraft can complete 10–20 minute flights between city centers and airports – trips that often take over an hour by car in normal traffic conditions.
High Performance: The S4 aircraft travels at speeds up to 200 mph, offering point-to-point travel competitive with or faster than ground transportation.

2. Environmental Sustainability – provides a zero-emission alternative to traditional combustion-engine travel.

Zero Operating Emissions: All-electric aircraft contribute to the decarbonization of urban mobility.
Energy Efficiency: On modeled flights, such as in the Los Angeles region, their air-taxis use 37% less energy per passenger trip than a gas-powered car.

3. Noise Reduction and Community Integration – ability to operate in noise-sensitive urban areas.

Ultra-Quiet Flight: Their aircraft is engineered to be 100 times quieter than a traditional helicopter.
Minimal Footprint: During cruise, the aircraft’s noise is greater than ambient levels for only 0.004 square miles, compared to 45 square miles for a standard helicopter.

4. Strategic Ecosystem and Accessibility – JOBY is building a vertically integrated ecosystem to make aerial ridesharing accessible.

Competitive Pricing: fare structure competitive with traditional ground transportation.
Seamless Integration: integrate its flights (via partnerships with Delta Air Lines and Uber) directly into existing travel platforms for easy booking.
Infrastructure: developing a network of “vertiports“, with partners like Skyports and Metropolis, at existing parking and transit hubs to enhance city accessibility.

What is the Markets’ Take and Why?

Investors view JOBY with cautious optimism. While the company is recognized as a leader in the nascent eVTOL sector, its valuation is heavily tied to upcoming regulatory milestones rather than current financial performance. However, its strategic value as a high-potential “first-mover” (having completed roughly 70% of the critical Stage 4 FAA certification by early 2026) in a new $9 trillion market (projected by 2050) is undeniable. Factor in its manufacturing edge and vertical integration and it presents investors with an enticing opportunity.

Bullish

early-mover advantage in the potential $9 trillion global eVTOL market by 2050.
Investment from Toyota is viewed as a major de-risking factor.
revenue expected to scale significantly from $16.9 million in Q4 2025 to over $113 million in 2026 as early commercial contracts in Dubai and defense work begin to contribute.

Bearish

Critics point to a projected need for an additional $1.5 billion in capital by 2027, which could significantly dilute existing shareholders before the company reaches profitability.
Additionally, due to its “high cash-burn” rate, JOBY’s “runway” is limited without the infusion of further capital.
Finally, as it is with any growth company in a new, disruptive industry, the regulatory & operational hurdles are ever-present.

Upcoming Catalyst(s)

JOBY is transitioning from a research-focused startup to a commercial manufacturer, with several critical milestones required for its planned launch this year.

1. FAA Certification Progress (Stage 4 & 5) – currently in the fourth of five stages of the FAA type certification process.

Type Inspection Authorization (TIA): entered the TIA phase in late 2025, which allows FAA pilots to begin “for-credit” flight testing on conforming aircraft throughout 2026.
Final Certification: aims for full Type Certification by late 2026- could extend to 2027 due to the rigor of Stage 5 (Final Validation).

2. Global Commercial Launch in Dubai – Dubai is positioned as it’s global launchpad due to a six-year exclusive agreement with the Road and Transport Authority (RTA).

Vertiport Construction: Completion of the first vertiport at Dubai International Airport (DXB) is expected by the end of Q1 2026.
Initial Flights: Non-commercial passenger flights may begin early in 2026 under a “qualification program” with the UAE’s GCAA to gather operational data before a full commercial rollout.

3. U.S. Operational Readiness – laying the groundwork for service in New York and Los Angeles through the White House eVTOL Integration Pilot Program.

ElevateOS Authorization: The FAA has authorized JOBY’s proprietary operating software, which will manage pilot tools and passenger booking.
Pilot Training: The Joby Aviation Academy is currently scaling up to provide a pipeline of commercial pilots specifically rated for “powered-lift” aircraft.

4. Manufacturing Scale-Up – To meet demand, it is expanding its production footprint with support from Toyota.

Facility Expansion: Joby recently acquired a 700,000-square-foot facility in Dayton, Ohio to support high-volume manufacturing.
Production Targets: The company is currently producing roughly one aircraft per month in Marina, California, but aims to reach a rate of four aircraft per month by 2027.

5. Upcoming Earnings – The company is scheduled to report its Q4 and full-year 2025 financial results on February 25, 2026. Given that JOBY is a growth stock in a disruptive new industry, top line metrics will be more relevant. As such, investors will want to see a significant y/y revenue increase even if profitability remains an elusive goal for now.

( NOT FINANCIAL ADVICE )

If exposure to “UBER of the skies” is appealing, even if that reality is uncertain, then selling OTM PUTs with 30 – 60 DTE might be a way to play this.