Joby Aviation (JOBY) opened 2026 with Q1 revenue of US$24.2 million, a basic EPS loss of US$0.12, and a net income loss of US$110.0 million. This provides a clear snapshot of where the business currently stands on growth versus profitability. The company’s quarterly revenue moved from US$0.0 million in Q1 2025 to US$24.2 million in Q1 2026, while quarterly basic EPS over the same period ranged from a loss of US$0.11 to a loss of US$0.48. This leaves investors focused on how quickly margins can catch up to the top line story.

See our full analysis for Joby Aviation.

With the latest numbers on the table, the next step is to see how this mix of growing revenue and ongoing losses compares with the key bullish and bearish narratives that investors follow around Joby.

TTM loss of US$957 million keeps profitability in focus

• On a trailing 12 month basis to Q1 2026, Joby reported a net income loss of US$957.4 million on US$77.7 million of revenue, which highlights that the business model is still very earnings heavy even with revenue now coming through.
• Consensus narrative points to revenue growth of about 169% per year over the next 3 years, yet analysts do not forecast profitability in that window. This lines up with the current negative net margin and suggests investors need to weigh high growth expectations against ongoing large losses.

Premium 5.3x P/B multiple with US$10.52 share price

• Joby trades around a 5.3x P/B ratio compared with about 1.8x for the global Airlines peer group, so at the current US$10.52 share price investors are paying a premium relative to balance sheet value.
• Bears argue that paying this higher multiple while the company is unprofitable and losses have expanded at roughly 37% per year over the past five years leaves little room for disappointment, especially with forecasts indicating the business is not expected to reach positive earnings in the next three years.
  • The premium to peers on P/B comes alongside an LTM basic EPS loss of about US$1.10 per share, which is consistent with the view that the stock is priced ahead of current earnings power.
  • At the same time, bears acknowledge that revenue is forecast to grow very quickly, around 141% per year in their narrative. The tension is between how much growth is already implied by a 5.3x P/B versus the ongoing scale of reported losses.

Stay grounded on both the rapid growth story and the bear case on valuation by reading how skeptics frame Joby’s risks and required execution. 🐻 Joby Aviation Bear Case

Quarterly revenue ramp versus deepening loss trend

• Quarterly revenue stepped from effectively US$0 in Q1 2025 to US$24.2 million in Q1 2026, while over the same period quarterly net income loss went from US$82.4 million to US$110.0 million, so higher sales are not yet translating into smaller losses.
• Bullish investors highlight catalysts such as potential high margin eVTOL services and partnerships, and they point to forecast revenue growth of about 180.8% per year. Yet the fact that LTM net income is still a loss of roughly US$957.4 million and analysts do not expect profitability over the next three years means the current numbers challenge any assumption of a quick earnings turnaround.
  • Supporters of the bull case often focus on expected revenue of US$501.2 million by 2028, but against the latest Q1 2026 run rate of US$24.2 million per quarter, that would require a very large ramp relative to today’s scale.
  • The bullish narrative also contemplates ongoing share count growth of about 7% per year, so even if revenue climbs quickly, each share is currently being asked to absorb both sizeable losses and continued dilution.

If you are weighing the aggressive growth forecasts against today’s loss profile, it helps to see the full bullish case set out in one place. 🐂 Joby Aviation Bull Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Joby Aviation on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

Reading through all these growth ambitions and ongoing losses, it is clear the story is finely balanced between risk and reward. If you want to act before the crowd and form your own view, start by checking the 1 key reward and 2 important warning signs.

See What Else Is Out There

Joby is still posting sizeable losses alongside a premium 5.3x P/B ratio, so investors are paying up without clear progress toward profitability.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.