Joby Aviation (JOBY) stock has lost 63% over the past twelve months, while the S&P 500 returned 16.0%. Sales are not the worry, because management raised its 2026 revenue forecast on the August 5, 2026 call. But revenue in fiscal Q2 2026 came primarily from Blade, the helicopter passenger business Joby acquired, and not from Joby’s own electric air taxi. So what does Joby still have to do before its air taxi enters commercial service?

Joby Has To Build Many More Air Taxis

Joby has to produce its air taxi in volume, and in our reading that is the biggest risk to the stock. On the August 5 call, management said manufacturing is hard, and that building aircraft to the FAA’s conforming standard is a big jump in…