Is JOBY Worth Buying as Commercial Progress Meets Execution Risk?

Joby Aviation, Inc. JOBY is moving closer to commercial air-taxi operations, but the investment case still depends on execution. Certification, production and an emerging revenue base are improving, while losses and cash needs remain substantial.

The trade-off is especially important at a demanding valuation. Investors are paying for future commercialization well before Joby has demonstrated scaled service or sustained profitability.

Joby’s Commercial Readiness Is Improving

Joby has completed or substantially completed three of the five stages in the Federal Aviation Administration type-certification process. The company was approximately 75% complete in the fourth stage at the end of the second quarter of 2026 and was progressing through the fifth.

The next visible milestone is the eVTOL Integration Pilot Program, or eIPP. Joby expects its first eIPP flights in Texas in September 2026 and continues to target carrying its first passengers in 2026. It already holds a Part 135 operating certificate for on-demand service with conventional aircraft.

JOBY Still Faces a Long Path to Profitability

Commercial progress has not yet translated into profits. Joby posted a second-quarter 2026 net loss of $245.4 million, while research and development expense alone was $194.7 million as spending continued on certification, manufacturing and launch preparation. Net cash used in operating activities totaled $317.6 million in the first half.

The earnings outlook remains negative as well. The Zacks Consensus Estimate calls for a loss of 88 cents per share in both 2026 and 2027, leaving investors dependent on operating milestones rather than near-term earnings improvement.

Joby Aviation, Inc. Price, Consensus and EPS Surprise

Joby Aviation, Inc. price-consensus-eps-surprise-chart | Joby Aviation, Inc. Quote

Joby’s Revenue Base Offers Near-Term Support

Blade is giving Joby a meaningful revenue base before the electric air-taxi service begins. Second-quarter 2026 revenues were $38.6 million, including $36.2 million from the Blade passenger business, while first-half revenues reached $62.9 million.

That business also offers commercial experience and customer access. Uber Technologies, Inc. UBER plans to make Joby-powered air-taxi trips bookable through the Uber app, extending an existing relationship that also includes plans to integrate Blade service.

JOBY’s Valuation Leaves Little Room for Missteps

JOBY carries a trailing price-to-sales ratio of 73.1, while a meaningful price-to-earnings ratio is unavailable because earnings remain negative. That valuation places substantial weight on future certification, production and service expansion.

The risks are material. Joby still must execute on regulatory approvals, infrastructure and customer adoption, while battery-range limitations remain one factor that could influence adoption. Toyota Motor Corporation TM is supporting production through a manufacturing joint venture, but partnership support does not remove execution risk.

JOBY’s Neutral Signals Favor Patience

Joby is closer to commercialization than it was a year ago, and Blade adds revenue while the air-taxi platform matures. Still, losses, heavy spending and a high sales multiple leave little margin for delays.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

It also has a Value Score of F, Growth Score of F, Momentum Score of F and VGM Score of F. With F representing the weakest Style Score grade, those readings support a patient stance rather than an aggressive new entry.

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This article originally published on Zacks Investment Research (zacks.com).

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