Why Is Joby Aviation, Inc. (JOBY) Up 10.1% Since Last Earnings Report?

It has been about a month since the last earnings report for Joby Aviation, Inc. (JOBY). Shares have added about 10.1% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Joby Aviation, Inc. due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Joby Aviation, Inc. before we dive into how investors and analysts have reacted as of late.

JOBY Q3 Loss Wider than Estimated

JOBY reported a third-quarter 2025 loss of 26 cents per share (on an adjusted basis), which was wider than the Zacks Consensus Estimate of 19 cents and the year-ago loss of 21 cents.

Quarterly revenues (including revenues from the acquisition of the Blade passenger business in Aug.) came in at $22.6 million, beating the Zacks Consensus Estimate by a massive 140.2%. In the year-ago quarter as well, the company reported revenues of only $0.03 million.
In the September-end quarter, total operating expenses increased 30.3% year over year due to higher research and development (up 18.2%) and selling, general, and administrative (up 47%) costs.

Adjusted EBITDA in the third quarter of 2025 was a loss of $132.8 million, which included employee-related costs associated with the development, certification and manufacturing of aircraft apart from Blade acquisition costs.

JOBY exited the third quarter with cash and cash equivalents of $208.4 million compared with $199.6 million at the end of 2024. For 2025, JOBY anticipates generating cash, cash equivalents, and short-term investments to be at the upper end of the $500-$540 million range.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in estimates revision.

The consensus estimate has shifted -8.33% due to these changes.

VGM Scores

Currently, Joby Aviation, Inc. has a poor Growth Score of F, a score with the same score on the momentum front. Following the exact same course, the stock has a score of F on the value side, putting it in the fifth quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Joby Aviation, Inc. has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Joby Aviation, Inc. is part of the Zacks Aerospace - Defense industry. Over the past month, General Dynamics (GD), a stock from the same industry, has gained 0.4%. The company reported its results for the quarter ended September 2025 more than a month ago.

General Dynamics reported revenues of $12.91 billion in the last reported quarter, representing a year-over-year change of +10.6%. EPS of $3.88 for the same period compares with $3.35 a year ago.

General Dynamics is expected to post earnings of $4.11 per share for the current quarter, representing a year-over-year change of -1%. Over the last 30 days, the Zacks Consensus Estimate has changed -0.1%.

General Dynamics has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.

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This article originally published on Zacks Investment Research (zacks.com).

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Source Zacks-com