Does The Move In Joby Stock Change Anything?
For questions about this article or underlying research, email help@trefis.com.
Joby Aviation (JOBY) stock fell 72.3% in the year to November 2, 2026, while the S&P 500 returned 11.5%. During that year, Joby sold new shares and convertible senior notes in January, and began its first flights in Texas under a White House-backed air taxi pilot program in September. So what has that year changed for the people who own Joby shares?
Each Joby Share Now Owns Less Of The Company
Joby priced a public offering of about 52.9 million new shares on January 29, 2026, alongside $600.0 million of convertible senior notes, the company said. Joby’s average diluted share count over the twelve months to June 30, 2026 was 970 million, against 797 million a year earlier. The same holding is now a smaller claim on Joby’s business than it was a year ago.
Buyers of those new shares paid $11.35 each, and at the November 2 close the stock stood 58% below that price. Joby did not fall alone: Archer Aviation fell 63% over the same year.
Joby Now Has Sales, And Bigger Losses Too
Joby’s revenue reached $116 million in the twelve months to June 30, 2026, against $98,000 a year earlier. On the August 5, 2026 call, management said revenue in the second quarter of 2026 came mainly from the Blade passenger business, a division Joby gained through its acquisition of Blade. On that call management also raised its sales forecast for the full 2026 year to $115 million to $125 million, from $105 million to $115 million.
Joby’s operating loss widened to $883 million in the twelve months to June 30, 2026, from $638 million a year earlier, so its costs rose by more than its new sales. Cash leaving the business grew as well: free cash flow was negative $743 million, against negative $501 million a year earlier. Even after the fall, Joby’s market value is 40.1 times its sales over those twelve months, against 3.3 times for the S&P 500, so the price appears to assume much larger sales ahead.
Joby Still Pays For Its Losses From Cash
The fall has not changed what kind of company Joby is: one that spends cash it raised, not cash it earns. Joby reported an operating loss between $191 million and $883 million in every twelve-month period ended June 30 from 2021 to 2026. It ended June 2026 with $2,264 million of cash and short-term investments, against $748 million of debt.
Management said on the August 5, 2026 call that Joby still aimed to carry its first passengers in 2026. Joby’s operating loss against its revenue is the figure to watch when the company reports in November 2026.
Beyond JOBY: A Systematic Way To Invest
Before you decide on JOBY, consider a better choice. Since its September 2020 launch, the Trefis High Quality (HQ) Portfolio has returned 105%, ahead of a benchmark that combines the S&P 500, S&P MidCap and Russell 2000, without betting on one stock.
Spot an error or want more like this? Tell us in 10 seconds.