Joby Aviation to Report Q3 Results as Investors Focus on Production Ramp; Shares Down Over 60% This Year

Joby Aviation Inc. (JOBY) is due to report third-quarter results on Wednesday. Investors are focused on whether the electric air-taxi developer can turn a deep order pipeline into delivered aircraft, and the stock has lost more than 60% of its value this year.

Analysts expect revenue of about $40.42 million and a loss of $0.25 per share, according to consensus compiled by Fiscal.ai. In the second quarter, Joby reported revenue of $38.64 million against a $29.07 million estimate, and a loss of $0.25 per share against a $0.23 consensus. Second-quarter revenue rose 56% year over year. The company later raised its full-year 2026 revenue guidance to $115 million to $125 million and guided to second-half cash use of $385 million to $415 million, measured across cash, cash equivalents and short-term investments.

On the second-quarter call in August, CEO JoeBen Bevirt said Joby faces "far more demand for aircraft" than it has the capacity to build. CFO Rodrigo Brumana said the early launch markets of Texas, Florida and New York alone "could absorb the whole production for quite some time." At that time Joby had five aircraft in flight and 12 in production, a net addition of four during the quarter. Management said it aimed to bring at least two more aircraft off the line in the second half and was "hoping to over-deliver" against that target.

Cathie Wood's ARK Invest bought Joby shares over four consecutive sessions last month through the ARK Autonomous Technology & Robotics ETF (ARKQ) and the ARK Space & Defense Innovation ETF (ARKX), a position worth close to $11 million. ARK analyst Tasha Keeney has argued that autonomous electric vertical takeoff and landing aircraft could eventually price tickets competitively with conventional taxis, citing a Florida demonstration in which a trip that typically takes about 45 minutes by car took less than half that time.

According to TipRanks, public companies and individual investors own 59.89% of Joby, insiders 19.71%, exchange-traded funds 11.52%, mutual funds 8.06% and other institutional investors 0.82%. Bevirt is the largest individual shareholder at 9.06%, followed by Vanguard at 5.76% and Executive Chairman Paul Cahill Sciarra at 5.63%.

TipRanks shows a Hold consensus built on two Buy, three Hold and three Sell ratings, with a mean price target of $10.06, implying roughly 109% upside. Shares closed Monday at $4.85, up 0.83%, and rose 0.21% to $4.86 in premarket trading on Wednesday.

For a developer that has not yet entered commercial service, the market reads quarterly results mainly as a manufacturing scorecard. Revenue and per-share loss are important, but the number of aircraft in flight and in production tests whether management's statements about demand exceeding capacity translate into hardware. A stock that has fallen more than 60% in a year while management describes demand as outstripping supply shows how wide that gap between orders and delivered aircraft is in the eVTOL segment.

The second-half target of at least two additional aircraft off the line, which management said it hoped to beat, is the cleanest yardstick available. Set against five aircraft in flight and 12 in production at the time of the August call, the updated counts on Wednesday will show how far the ramp has moved. The cash-use guidance of $385 million to $415 million for the second half frames how long that ramp can be funded.

The next checkpoints are the aircraft counts and any change to the 2026 revenue guidance of $115 million to $125 million that Joby gives with its results. A revision in either direction would carry more weight than the quarterly revenue figure itself.