Joby Aviation, Inc.

Well-capitalized pre-commercial eVTOL developer with a leading certification position but no meaningful revenue and binary execution risk.

Strengths

• Large cash/investments ($1.4B, 90th pct), current ratio 24 (100th pct), ~10 quarters runway
• First-mover FAA certification progress, Toyota/Delta/Uber backing, Blade acquisition for market access

Risks

• Net margin -1740% and operating margin -1350% (single-digit pct) — essentially pre-revenue
• FCF -$564M; accumulated deficit $2.8B with continued heavy cash burn ahead of 2026 launch
• Outcome hinges on certification, manufacturing scale-up, and unproven UAM demand

Notable findings

• Net lossNet loss (net margin -1740.5%)
• Auditor changeRecent 8-K item 4.01 8-K ↗
• Cash burnNegative free cash flow (-563.8M)
• Chronic dilutionShare count +84%/yr over 3y (dilution, book value/share -81%)
• Exec changeRecent 8-K item 5.02 8-K ↗
• Strong balance sheetStrong balance sheet — $1.4B cash & investments, ~10 quarters of runway
• Revenue declineRevenue -21.4% YoY