Joby Aviation Flight Demonstrations Underway

Joby Aviation beat 1Q26 revenue expectations but missed on EBITDA. Goldman Sachs maintains its Sell rating and $9 price target due to valuation concerns relative to peers.

Key Takeaways

• 1.Joby Aviation reported 1Q26 revenue of $24.2mn, which beat FactSet consensus of $20.2mn, but Adjusted EBITDA of $(178.5)mn was below expectations.
• 2.Goldman Sachs maintains a Sell rating on JOBY due to its significant valuation premium relative to peers and a price target of $9.00, implying downside.
• 3.The company highlighted operational milestones including public flight demonstrations in New York City and a full transition flight for its hybrid VTOL.

Table of Contents

• Our view on the stock post 1Q26 earnings
• Key elements of the quarter
• Revenue
• Adjusted EBITDA
• Balance sheet and cash flow
• Guidance
• Estimate revisions
• Disclosure Appendix

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