Joby Aviation Faces Production and Cash Burn Challenges
Despite strong demand for its services through Blade, Joby Aviation (JOBY) faces significant challenges related to production throughput and rising cash burn rates. The company has five electric air taxis flying and twelve more in various stages of production but is struggling to meet delivery targets amid a shortage of aircraft availability. Joby ended the second quarter with $2.3 billion in cash, yet it continues to consume substantial capital—$365 million in first-half 2026 alone—and expects even higher spending for the remainder of the year. The company is also acquiring Resonant Sciences for $500 million, adding further financial pressure. The market remains priced at about 60 times trailing sales, betting on successful FAA certification and increased production volumes in late 2026. However, progress toward these goals will determine whether the stock has bottomed or if more declines are ahead.
Tickers: $JOBY
Topics: aircraft availability Joby Aviation production delays revenue guidance