Joby Aviation Stock Posts 10.1% Gain Since Latest Quarterly Results

One month has elapsed since Joby Aviation, Inc. (JOBY) released its third-quarter financial results, and the stock has rallied 10.1% over this period, notably outpacing the broader S&P 500 benchmark. This performance raises critical questions about whether the upward momentum will persist ahead of the next earnings announcement or if profit-taking is imminent.

Third Quarter Results Miss on Profitability Front

Joby Aviation, Inc. delivered a Q3 2025 adjusted loss of 26 cents per share, representing a deterioration from analyst expectations of 19 cents and deteriorating versus the 21 cents loss recorded in the year-ago period. However, the company partially offset this disappointment with stronger-than-anticipated revenue generation.

The company’s quarterly revenue totaled $22.6 million, substantially exceeding the Zacks Consensus Estimate by 140.2%—a remarkable beat. This performance was significantly bolstered by the August acquisition of Blade’s passenger business operations. For context, the prior-year quarter generated just $0.03 million in revenue, underscoring the dramatic top-line expansion driven by the Blade integration.

Operating Pressures Intensify

Third-quarter operating expenses climbed 30.3% year-over-year, driven by elevated research and development spending (up 18.2%) and administrative costs (up 47%). The company’s adjusted EBITDA reflected a loss of $132.8 million, encompassing employee compensation tied to aircraft development, regulatory certification efforts, manufacturing activities, and Blade-related integration expenses.

Despite these operational headwinds, Joby Aviation maintained a liquidity cushion of $208.4 million in cash and equivalents at quarter-end, compared with $199.6 million at the close of 2024. Management anticipates achieving $500-$540 million in combined cash, equivalents, and short-term investments by year-end 2025.

Analyst Sentiment Deteriorates Post-Earnings

Estimate revisions have shifted downward since the earnings release, with consensus expectations declining 8.33% over the past month. This bearish tilt reflects analyst skepticism regarding near-term profitability trajectories. The stock currently carries a Zacks Rank #3 (Hold) rating, signaling an expectation of market-level returns over the coming months.

Valuation Metrics Signal Caution

Joby Aviation’s investment quality indicators present a challenging picture. The stock carries an F-grade Growth Score and an equivalent F-grade Momentum Score, alongside an F-grade Value designation. These poor marks across all three investment dimensions result in an overall VGM Score of F, placing the security in the bottom quintile across fundamental strategies.

Industry Context

Joby Aviation operates within the Aerospace - Defense sector. Industry peer General Dynamics (GD) has demonstrated more resilience, gaining 0.4% over the same one-month period. General Dynamics posted third-quarter 2025 revenues of $12.91 billion, up 10.6% year-over-year, with earnings per share of $3.88 versus $3.35 in the prior year. The company holds a Zacks Rank #3 (Hold) rating with a B-grade VGM Score, indicating stronger relative valuation positioning compared to Joby Aviation.

The Bottom Line

While Joby Aviation’s 10.1% stock appreciation over the past month has outperformed headline indices, deteriorating estimate revisions and weak valuation metrics suggest caution is warranted. Investors should monitor whether the Blade acquisition can drive sufficient revenue acceleration to offset mounting operating expenses and return the company to sustainable profitability.