Cautious Hold on Joby Aviation Amid Financial Challenges and Regulatory Progress

H.C. Wainwright analyst Amit Dayal has maintained their neutral stance on JOBY stock, giving a Hold rating today.

Amit Dayal has given his Hold rating due to a combination of factors surrounding Joby Aviation’s current financial and operational status. The company reported a significant net loss in the third quarter of 2025, with operating expenses rising and an adjusted EBITDA loss that remains substantial. Despite these financial challenges, Joby Aviation has a strong cash position bolstered by a recent equity offering, which provides some buffer against its projected cash burn for the year.
Moreover, the company is making strides towards its goal of initiating flight operations in 2026, supported by regulatory developments like the eVTOL Integration Pilot Program. However, there are several risks that contribute to the Hold rating, including potential dilution, market adoption challenges, and technological and execution risks. The competitive landscape and regulatory hurdles also pose uncertainties. These factors collectively suggest a cautious approach, justifying the Hold recommendation until clearer progress is made on these fronts.

Dayal covers the Industrials sector, focusing on stocks such as Orion Energy Systems, Plug Power, and Vertical Aerospace. According to TipRanks, Dayal has an average return of 1.3% and a 37.35% success rate on recommended stocks.