Joby Aviation Shares Surge 9% Following Strong Q4 Results and Uber Integration Announcement

Key Takeaways

• Shares of Joby Aviation climbed approximately 6–9% following a Q4 2025 earnings beat, with revenue hitting $30.84M against a $16.18M consensus estimate
• A live demonstration in Dubai showed how customers will book Joby air taxi flights directly within the Uber application
• H.C. Wainwright raised its rating on JOBY to Buy from Neutral with an $18 price objective, pointing to FAA certification momentum
• Commercial passenger flights are slated to begin in 2026, launching in the UAE before expanding to early U.S. markets
• Following recent capital raises, Joby maintains approximately $2.6B in cash reserves, with 2026 revenue projected at $105M–$115M

Joby Aviation delivered fourth-quarter financial results that exceeded Wall Street expectations on Wednesday, propelling shares higher by as much as 9% during Thursday’s morning session.

The electric vertical takeoff and landing (eVTOL) manufacturer recorded a Q4 2025 loss of $0.14 per share, considerably better than the anticipated loss of $0.23. Top-line performance showed revenue of $30.84 million, substantially outpacing the $16.18 million analyst consensus.

The company’s operating loss reached $207 million for the quarter, exceeding Wall Street’s $148 million forecast. However, market participants focused on the significant revenue outperformance rather than the wider operating deficit.

Joby Aviation, Inc., JOBY

Shares were changing hands near $10.70 during Thursday’s early session. While the stock has declined 26% year to date, it remains 51% higher compared to twelve months ago, and approximately 100% above levels seen before the 2024 presidential election.

Across the full year, Joby consumed roughly $540 million in cash. Looking ahead to the first six months of 2026, management anticipates cash utilization between $340 million and $370 million, moderately above the Street’s $335 million estimate.

Joby closed Q4 with $1.4 billion in cash and marketable securities, supplemented by an additional $1.2 billion received in February, pushing estimated total liquidity to approximately $2.6 billion.

Live Uber Booking Integration Showcased in Dubai

Earlier Wednesday, Joby and Uber presented a working demonstration of their integrated booking experience. A passenger launches the Uber application, inputs their desired destination, and can select a Joby air taxi when available for that particular route.

The complete journey encompasses ground transportation via Uber Black to the vertiport, the Joby aerial flight, and a final Uber vehicle to the ultimate destination. This marked the first public showcase of the end-to-end customer experience, moving beyond simple aircraft displays.

Joby anticipates launching commercial passenger service in Dubai during the latter part of 2026, subject to local regulatory clearance. Initial U.S. operations will follow upon completion of FAA certification requirements.

FAA Type Certification Nearing Completion

Joby confirmed continued advancement through the fourth and penultimate phase of FAA type certification. Production aircraft designated for mandatory regulatory inspection flights have been completed, and the company has accumulated over 50,000 miles of flight testing data.

Following certification approval, Joby intends to join the U.S. government-sponsored eVTOL Integration Pilot Program, with H.C. Wainwright forecasting participation to commence around mid-2026.

The manufacturer also outlined plans to expand production capacity to four aircraft monthly by 2027, representing a doubling of current output.

Executives characterized 2026 as a pivotal transition year, with organizational emphasis moving from developmental testing toward commercial passenger operations readiness.

H.C. Wainwright elevated JOBY to Buy from Neutral on Thursday morning, establishing an $18 price objective. The stock had retreated approximately 50% from its 52-week peak of $20.95 prior to Thursday’s rally.

Needham maintained its Buy recommendation while reducing its price target to $18 from $22, incorporating revised capital expenditure assumptions. According to TipRanks, the average analyst price target stands at $15.50, with the overall consensus rating at Moderate Sell based on two Hold ratings and one Sell rating.

Joby’s 2026 revenue guidance spans $105 million to $115 million, while Wall Street analysts project revenue surpassing $1 billion by 2029 and the achievement of positive operating profit by 2030.

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