Mon Jul 14 13:50:00 UTC 2025: ## Joby Aviation’s Stock Struggles to Take Flight Despite Customer Growth

**[City, State] –** Electric vertical takeoff and landing (eVTOL) aircraft developer Joby Aviation (NYSE: JOBY) is facing turbulence, with its stock price hovering around its initial $11 debut nearly four years after going public via a SPAC merger. While the company has secured key partnerships and government contracts, its financial performance has fallen short of pre-merger expectations.

Joby’s S4 aircraft, designed to carry a pilot and four passengers up to 100 miles at 200 mph, has garnered attention from major players like Toyota and Delta Air Lines. Delta plans to work with Uber to launch air taxi services in New York and Los Angeles using Joby’s S4 aircraft over the next few years, pending FAA approval expected in late 2025 or 2026.

The company also holds a $131 million contract with the U.S. Department of Defense and has already delivered two aircraft to the U.S. Air Force, with plans to deliver two more this year. Joby has conducted test flights in South Korea, Japan, and the U.A.E., delivering its first overseas aircraft to Dubai, where it aims to launch air taxi flights in early 2026.

However, Joby’s financial performance has lagged behind projections. The company generated just $136,000 in revenue in 2024 from its USAF contract, significantly missing its initial forecast of $131 million. Analysts expect only $2 million in revenue for 2025, primarily from the USAF contract and test flights. Revenue is projected to jump to $60 million in 2026 and $213 million in 2027 if it gains full FAA approval.

Despite these growth prospects, Joby’s stock is considered expensive compared to its near-term growth potential and competitors like Archer Aviation. While Joby has secured significant funding, including over $1 billion in 2024, it continues to operate at a loss, raising concerns about potential stock dilution.

With a current market capitalization of $9.59 billion, Joby trades at 45 times its projected 2027 revenue. Investors are advised to exercise caution, as Joby’s stock may be vulnerable during market downturns.

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