Joby Aviation Stock Falls 35% After $1.2B Raise and Heavy Cash Burn
Joby Aviation's Q4 EPS loss narrowed to $0.14 versus $0.22 expected and revenue doubled to $30.84 million, with 2026 guiding $105–115 million. The 35% YTD stock drop follows a $1.2 billion capital raise at $11.35 per share, 52.9 million new shares and a $509.9 million 2025 cash burn.
1. Strong Q4 Results and 2026 Guidance
Joby Aviation reported a Q4 EPS loss of $0.14 versus analyst estimates of $0.22 and generated $30.84 million in revenue, nearly double the $16.50 million forecast. The company projects 2026 revenue of $105 million to $115 million, roughly twice its 2025 level, driven by upcoming passenger operations in Dubai.
2. $1.2 Billion Capital Raise and Dilution Impact
In late January, Joby raised $1.2 billion through a $600 million stock offering at $11.35 per share and $600 million in convertible notes, issuing roughly 52.86 million new shares. The move triggered an immediate 10% pre-market drop and contributed to a broader 17% decline that week as investors weighed dilution risks.
3. Significant Cash Burn and Runway Concerns
Joby burned $509.89 million in 2025 and forecasts an additional $340 million to $370 million burn in the first half of 2026. With end-2025 cash of $1.4 billion plus $1.2 billion raised, the company holds about $2.6 billion on its balance sheet, but sustained delays could force another capital raise.
4. FAA Certification Progress and Delay Risks
The company achieved an 18-point leap in the fourth stage of FAA certification and has its first FAA-conforming aircraft in production, yet the eVTOL Integration Pilot Program added procedural steps. Extended timelines compared to peers have eroded investor confidence, with each delay increasing uncertainty for a high-burn business.