Joby Aviation stock (NYSE: JOBY) slid 6% on Thursday after the release of its disappointing Q2 earnings report and subsequent analyst downgrades.

The company posted a steeper-than-expected loss of $0.41 per share, more than double what analysts had penciled in. But the real shock came on the revenue line: just $20,000.

That’s not a typo; it came in over a million dollars short of forecasts. For a company that’s been hyped as the future of urban air mobility, those numbers landed with a thud.

Wall Street didn’t wait around. Shares slid 6% as analysts started cutting their ratings and investors reassessed the timeline and the viability of Joby’s big bet on electric air taxis.

There’s still a long road ahead before FAA certification, commercial launches, or meaningful revenue. In the meantime, this report was a reminder that “visionary” doesn’t always show up on the balance sheet.

Joby stock: Q2 results spook investors

Joby posted a net loss of $325 million for the quarter, which is no surprise for a company trying to build an entirely new category of flight.

The numbers highlight just how capital-intensive the eVTOL game really is. That said, there was at least one bright spot: Joby trimmed its cash burn to $112 million in Q2, a 10% improvement from the previous quarter.

That kind of discipline matters when you’re pre-revenue and still building toward commercial launch.

The good news is that Joby is not running on fumes. Thanks in part to Toyota’s $500 million investment, Joby’s sitting on nearly $1 billion in liquidity, enough to keep pushing through the long and costly road to certification and scaled production.

On that front, progress continues. The company says it’s about 70% through its own FAA certification process and halfway through the agency’s broader approval steps.

Type Inspection Authorization (TIA) flights and pilot testing are expected to kick off early next year, key milestones that investors will be watching closely.

Meanwhile, Joby’s looking beyond the US for momentum. It recently conducted flight tests in Dubai, signed a $1 billion aircraft deal in Saudi Arabia, and is building out partnerships in Japan and with US defense contractor L3Harris.

Analysts remain cautious

Still, the big question hanging over Joby hasn’t changed: when does this turn into a real business?

Revenue came in almost nonexistent, down a staggering 94.6% from the same quarter last year, and investors are clearly losing patience.

The stock opened around $18 but quickly slipped another 6% after the results, weighed down further by a wave of analyst downgrades.

Canaccord Genuity dropped its rating from “buy” to “hold” and slapped a $17 price target on the stock, more than 10% below current levels.

They weren’t alone. Several others followed suit, shifting their stance to “neutral” or even “sell,” signaling growing doubt about Joby’s near-term commercial path.

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