Boeing Sells Three Businesses to Archer Aviation

Joby Aviation reported Q2 revenue of $38.64 million against a $30.38 million consensus and raised its fiscal 2026 revenue guidance to $115 million to $125 million, with CEO JoeBen Bevirt saying the company is preparing for commercial service and targeting its first EIPP flights in Dallas-Fort Worth this month. The stock trades at $6.26, down 52.57% year-to-date and 56.49% over the past year, well below its $19.98 52-week high. Joby's FAA Stage 4 certification progress has moved from 6% to 20%, Blade seats sold rose more than 50% year-over-year in Q2, and the company counts a $250 million direct investment from Toyota, a Virgin Atlantic UK partnership, and a Dubai vertiport network among its supports. Against rival Archer Aviation, which carries a $4.02 billion market cap and posted just $5 million in Q2 revenue, Joby's $6.04 billion valuation rests on a larger revenue base. Risks include an operating margin of -1,346.92%, guided H2 2026 cash use of $385 million to $415 million, prior raises of $1.2 billion in February and $576 million in October 2025, and certification timing that could slip into 2027.

Archer Aviation's stock surged 24.6% in August, driven by news that the company agreed to acquire three Boeing subsidiaries. The broader market also rose, with the S&P 500 gaining 2.6% and the Nasdaq Composite up 3.9%. On August 10, Archer announced a deal to purchase Boeing's Wisk Aero, SkyGrid, and Insitu units, with Boeing receiving a 16.5% stake in Archer in exchange. Insitu, which is already profitable with about $200 million in annual sales, is expected to immediately boost Archer's revenue and margins. Despite the monthly gain, Archer shares remain down roughly 24% year to date, and the stock has pulled back about 1.2% in early September amid market volatility.

Archer Aviation and AEG are partnering to build downtown Los Angeles' first vertiport at L.A. LIVE, making Archer the exclusive air taxi partner for the district. The announcement follows Archer's second-quarter 2026 results, which showed US$5.0 million in sales and a net loss of US$263.2 million, with loss per share narrowing slightly to US$0.34 from US$0.36. The L.A. LIVE deal strengthens Archer's visibility around urban deployment and its LA28 ambitions, but does not change the near-term reality that widening net losses and ongoing certification work remain the key catalyst and main operational and funding risk. Archer's recent progress with the Midnight piloted roundtrip between Salinas and Monterey ties directly into regulatory and operational milestones that underpin future air taxi services in Los Angeles and other eIPP markets. The company's narrative projects US$716.0 million revenue and US$62.9 million earnings by 2029, requiring 622.3% yearly revenue growth and an earnings increase of about US$805 million from negative US$742.5 million today.