Joby Aviation Posts Mixed Q4 Results, Beware Of Higher Cash Burn And Aircraft Delivery Delays: Analyst

by Lekha Gupta Benzinga Editor

Joby Aviation, Inc. JOBY shares are trading higher on Thursday. On Wednesday, the company reported fourth-quarter losses of 34 cents per share. This missed the analyst consensus estimate for a loss of 20 cents and revenue of $55,000, beating the analyst consensus estimate of $45,800.

JPMorgan analyst Bill Peterson cut the price forecast to $5.00 from $6.00 while maintaining an Underweight rating.

The analyst’s bearish stance reflects the expected higher cash burn outlook and delays in aircraft deliveries.

Notably, the analyst writes that cash burn will rise as Joby expands its manufacturing capabilities to support increased production rates for parts.

Also, Peterson says that further delays are expected for the commercial launch in Dubai, depending on the progress of GCAA verification and infrastructure development in the UAE.

A similar situation may unfold in the U.S. TIA flight testing will begin within the next year. This could push a small-scale commercial launch to the second half of 2026, adds the analyst.

Meanwhile, the analyst says that the defense sector remains a key market opportunity, with spending expected to rise further in 2025/2026.

While it is still too early to determine the full scope of the defense market opportunity, its potential will likely depend on specific applications, such as logistics versus combat operations, adds the analyst.

Given the capital-intensive nature of the business, the company will likely pursue additional funding opportunities. Spending is anticipated to accelerate further as it moves toward commercialization, adds the analyst.

Investors can gain exposure to Joby through two exchange-traded funds, or ETFs: