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The air-taxi dream is edging closer to reality, and two names are still fighting for the first boarding pass. Joby Aviation Inc (NYSE:JOBY) and Archer Aviation Inc (NYSE:ACHR) both promise to make flying cars an everyday thing — but their latest earnings show how differently they're trying to get there.
Joby's latest results weren't pretty — a wider-than-expected loss per share and only modest revenue of around $23 million.
But what investors really care about is progress, and Joby says it's now more than three-quarters of the way through its FAA certification process. That puts it squarely in the lead. The company's first FAA-conforming aircraft has begun testing, and with nearly a billion dollars still in the bank, it has enough fuel to keep pushing until commercial operations begin.
Elon Musk may be chasing Mars, but Joby's chasing lift-off — and doing it with quiet, steady execution. The $250 million air-taxi deal in Kazakhstan was more than just PR; it signaled the global ambitions waiting for regulatory clearance to unlock.
Read Also: Joby Vs. Archer: Two Air Taxi Rivals Race Toward 2026
Archer's path is louder, flashier and arguably riskier. It ended the quarter with a $206 million loss but also with a $1.7 billion war chest — and it's spending fast. The company has begun manufacturing its "Midnight" aircraft and made a headline-grabbing move to buy Hawthorne Airport in Los Angeles as a future air-taxi hub.
That's a clear statement: while Joby focuses on certification, Archer is already building the ecosystem it'll need to scale once the FAA gives the green light.
Both companies are betting on different versions of the same future — one led by hardware milestones, the other by infrastructure control.
Investors now face a rare kind of race: one where both finish lines are in mid-air. Joby might fly first, but Archer may be the one ready to scale when the skies open.
For now, the eVTOL story is still more burn rate than boarding pass — but the countdown to the first commercial flight has begun, and whoever lifts off first could own the narrative, and maybe the market.
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Photos: Courtesy Joby and Archer
