Markets
markets
Max Knoblauch

Joby reports narrower-than-expected Q1 loss

Air taxi maker Joby Aviation reported its first-quarter earnings after the bell on Tuesday. Its shares ticked up a bit on the results.

For Q1, Joby reported:

  • An adjusted loss of $0.12 per share, compared to Wall Street’s estimate of a $0.20 loss, as compiled by FactSet.

  • $2.5 billion in cash (and short-term investments), up from the $1.41 billion it reported at the end of 2025.

Investors have closely watched Joby’s progress with FAA certification, which will be the determining factor for launching commercial air taxi services in the US. As of the end of Q1, Joby said it is 82% complete with the fourth stage of its five-stage certification process, up from 80% in the fourth quarter. Joby is 15% complete with the fifth stage, up from 12% in Q4.

Last month, Joby garnered some attention by completing a 10-day flight test campaign across New York City as part of the FAA’s air taxi pilot program, flying its air taxis from JFK Airport to various Manhattan heliports.

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SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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