Joby posts a deeper-than-expected Q3 loss but its cash pile holds steady

Air taxi maker Joby Aviation reported earnings after the bell on Wednesday, and its shares were roughly flat after the report.

Joby posted a loss per share of $0.48, deeper than the $0.19 loss expected by analysts polled by FactSet.

The company also:

Ended the third quarter with $978.1 million in cash (and cash equivalents), down about 1% from Q2.
Said it’s now 77% complete with the fourth stage of its five-stage certification process, up from 70% in the second quarter.

Earlier this week, reports of a possible delay in Joby’s UAE commercial flight timeline and an IPO by rival Beta Technologies sent its shares lower. In August, Joby announced that it would buy helicopter ride-share business Blade. About 40,000 passengers flew with Blade in Q3, according to Joby.

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Archer Aviation sinks after reporting better-than-expected Q3 loss, announces it will acquire LA’s Hawthorne Airport

Air taxi maker Archer Aviation reported its Q3 results on Thursday, and its shares climbed more than 6% before turning negative.

The company posted a loss per share of $0.20, better than the $0.30 loss analysts polled by FactSet expected.

Archer announced it would acquire Los Angeles’ Hawthorne Airport for $126 million as a strategic hub for its planned LA air taxi network.

Cash is vital for Archer, which is without revenue as it seeks FAA certification. The company ended its third quarter with $1.64 billion in cash (and equivalents), down from last quarter’s $1.72 billion but more than 3x the amount from the same period a year ago.

Archer’s rival Joby Aviation, which reported its third-quarter results on Wednesday, has a cash pile of $978.1 million.

Archer reported adjusted operating expenses of $121.2 million. Looking ahead, Archer said it expects adjusted earnings before interest and taxes to be a loss of between $110 million and $140 million for the fourth quarter. Wall Street expected a $120 million loss.

Earlier this week, Archer shares fell amid the IPO of its electric aircraft rival Beta Technologies. Archer shares are down about 9% this year as of Thursday’s close, far underperforming Joby’s growth of 76%.

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