Joby Aviation Hits New 52-Week Low Ahead of Expected Texas Flights
Shares of Joby Aviation (JOBY) hit a new 52-week low in early September, despite the company's anticipated milestone: test flights for its electric air taxi service scheduled to begin that month. The stock closed at $6.31 after dipping as low as $6.25 during morning trading on Thursday. Joby is currently in the final stage of FAA certification and plans public demonstrations from Sept 10–15, aiming to validate routes for future commercial operations. The company's second-quarter revenue was largely driven by its acquired passenger travel business, Blade, which contributed $36.2 million out of total Q2 revenue of $38.6 million. While Blade is growing and has strong demand, the electric air taxi itself remains unprofitable with no sales yet recorded. Joby’s operating losses widened to $261 million in Q2 from $234 million a quarter earlier. Joby holds significant cash reserves of $2.3 billion but faces rising expenses as it moves toward commercial launch, including an upcoming acquisition of Resonant Sciences for around $500 million. The company expects second-half spending to reach between $385–$415 million.
Tickers: $JOBY
Topics: Dallas-Fort Worth flights electric air taxi FAA certification Joby Aviation