Joby Aviation Prepares eIPP Flights in 11 States; Stock Slides 38%
JOBY•Joby Aviation’s electric air taxis are conducting pre-commercial tests in San Francisco and New York under a White House-backed eIPP program, aiming to launch service in 11 states this year. The stock is down 38% and trades 52% below its 52-week high as $9B company runs at -1,017% margin.
1. Pre-Commercial Testing Highlights
Joby’s electric air taxis have been spotted flying over the Golden Gate Bridge in San Francisco and landing at Manhattan heliports as part of its pre-commercial operational testing phase. These visible demonstrations mark a shift from concept to tangible prototype validation in major urban centers.
2. eIPP Program and State Expansion
The company secured a White House–backed eIPP program, described by management as a “dream slate of opportunities,” to begin flying in 11 states potentially this year. This initiative allows Joby to operate services in U.S. communities ahead of full FAA type certification, accelerating its market entry timeline.
3. Financial Metrics and Valuation
With a market capitalization of approximately $9.0 billion, Joby trades at a price-to-sales ratio of 116.0, compared to the S&P 500 average of 3.2. Despite $0.1 billion in trailing twelve-month revenue and $24 million in Q1 revenue (primarily from its Blade acquisition), the company runs at a -1,017% operating margin and the stock is 52% below its 52-week peak.
4. Manufacturing Ramp and Certification Path
Management is executing a multiyear manufacturing ramp and active FAA type certification program in parallel with a global operations build-out. The firm is producing parts for its ninth conforming aircraft, with its composites team increasing output by 2.5× year-over-year, funding this progress through deep cash burn.
