Joby Aviation (JOBY) stock has dropped 20% over the past month to $5.14 while the broader market climbed. Archer Aviation (ACHR) and EHang (EH) fell 16% and 12% over the same period, pointing to selling concentrated in the electric air taxi group. Joby has issued no announcement explaining the drop; its August 5 call on the second quarter of 2026 reported $39 million in revenue, mostly from the Blade helicopter business, alongside about $2.3 billion in cash and a $245 million GAAP net loss, with second-half cash use guided at $385 million to $415 million. Skeptics worry about heavy spending before certification, while supporters point to the large cash position and Blade's revenue, and investors are watching certification milestones and whether cash use lands within guidance.
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