The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Joby's option at any time, and from time to time, on or after February 20, 2029 and on or before the 26th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Joby's common stock exceeds 130% of the conversion price for a specified period of time. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and un ...

Core Insights - The competition in urban air mobility is intensifying, with Wall Street differentiating between technical leadership and investment potential [1] - Cantor Fitzgerald maintains an Overweight rating on Archer Aviation and a Neutral rating on Joby Aviation, indicating a preference for Archer at current price levels [1][2] Archer Aviation - Archer is viewed favorably due to its substantial liquidity, with total liquidity of $2.2 billion, including $1.7 billion in cash, providing a strong runway for commercialization [7] - The company has a 12-month price target of $13, supported by its deep cash reserves and aggressive expansion into high-margin sectors [3] - Archer is diversifying revenue streams by supplying its electric powertrain to partners like Anduril and the EDGE Group, and is collaborating with NVIDIA to enhance pilot safety and autonomous flight [7] - The acquisition of Hawthorne Airport positions Archer as the exclusive air taxi provider for the 2028 Los Angeles Olympics, which is seen as a significant advantage [7] Joby Aviation - Joby is recognized as the market leader in certification and flight testing, with a strong position for FAA type certification [5] - The company has completed over 50,000 miles of flight and 850 flights, achieving 4,900 test points in 2025 [8] - Joby has generated cash flow from its acquisition of Blade Air Mobility, contributing $14 million in revenue this quarter, and is set to become the exclusive partner for Blade's organ transport business [8] - Joby holds a six-year exclusive agreement to establish air taxi services in Dubai, with a launch planned for the second half of 2026 [8]

Core Insights - Joby Aviation is advancing towards the commercialization of urban air mobility with plans to initiate pilot training and participate in CES 2026 [1][5] - The installation of high-tech flight simulators is a significant step in preparing certified pilots for Joby's all-electric air taxi service [2][3] - Joby aims to double its manufacturing capacity by 2027 to support its global air taxi initiative, with stock prices increasing over 50% in the past six months [4] Group 1 - Joby Aviation is preparing to install two CAE flight simulators at its pilot training facility in Marina, California, marking a milestone in its mission [1][2] - The Marina facility has recently expanded to double its production capacity, serving as a central hub for manufacturing, testing, and training [2] - The integration of Level 7 and Level C simulators will streamline the transition for commercial pilots to earn powered-lift type ratings, aligning with Joby's vertical integration strategy [3] Group 2 - Investors are closely monitoring Joby's momentum as the company plans to double its manufacturing capacity by 2027 [4] - Joby CEO JoeBen Bevirt is scheduled to speak at CES 2026, discussing the intersection of physical AI and software-defined mobility [5] - The progress at the pilot training facility and participation in CES indicate that Joby's urban air taxis are transitioning from concept to reality, with commercial launches targeted for late 2026 [5]

Core Viewpoint - Archer Aviation's stock has dropped approximately 22% over the past year, currently trading under $8, raising questions about whether this represents a buying opportunity or a signal to wait [1][3]. Company Overview - Archer Aviation is focused on developing electric vertical takeoff and landing (eVTOL) aircraft, specifically the "Midnight" model, aimed at providing air taxi services to alleviate urban traffic congestion [1][2]. - The company has a market capitalization of $6.0 billion, with a current stock price of $8.13, and a trading range over the past year between $5.48 and $14.62 [3]. Recent Developments - Archer has been actively pursuing partnerships with cities in California, Georgia, Florida, New York, and Texas to propose air taxi operations [5]. - The company has applied to the White House's eVTOL Integration Pilot Program (eIPP), which aims to integrate eVTOLs into the national airspace system, with selections expected by 2026 [6]. - Archer has been designated as the air taxi provider for the 2028 Summer Olympics in Los Angeles and is in discussions to establish air taxi services in Saudi Arabia [6]. Current Challenges - Despite its ambitious plans, Archer remains pre-revenue and lacks FAA certification for commercial flight operations, indicating significant challenges ahead [7].

Company Overview - Joby Aviation is valued at $12.7 billion and holds over $930 million in cash, making it the largest air taxi company globally, despite not yet operating air taxis [1] - The company claims its S4 electric-powered vertical takeoff and landing (eVTOL) aircraft is the most mature in the market, capable of speeds up to 200 miles per hour and carrying a pilot plus four passengers [3] - Joby has completed 3 out of 5 stages required for FAA type certification, which is essential for commercial operations [3] Market Potential - Joby anticipates beginning operations as early as 2026, with the UAE allowing air taxi flights and Saudi Arabia permitting pre-commercial evaluation flights [4] - The company has over $1 billion in potential aircraft and service sales lined up [4] - Joby plans to double its production capacity in the U.S., aiming to produce four aircraft per month by 2027, totaling nearly 50 planes annually [5] Financial Performance - Despite its market capitalization, Joby has only generated $23 million in revenue over the past year and has not yet turned a profit, with losses exceeding $1 billion in the last 12 months [7] - The company went public during the SPAC IPO craze in 2021, raising concerns about its current valuation being more hype than substance [6][8] - In contrast, Lockheed Martin has successfully built, delivered, and sold 220 aircraft in the same year, highlighting Joby's current challenges in revenue generation [8]

Core Viewpoint - Archer Aviation's stock has significantly declined in 2024, dropping over 20% year to date, despite previous strong performance and market optimism for the eVTOL sector [2][3] Group 1: Stock Performance - Archer Aviation's shares rose 58.8% in 2024, following a 228.3% gain in 2023, indicating initial strong market interest [1] - Current stock price is $7.52, with a market capitalization of $5.5 billion [3] Group 2: Regulatory Approval - Archer is awaiting critical FAA approvals to launch its air taxi service, needing Type, Production, and Operational certifications [5] - The company has received its Operational certification and is working on the other two [5] Group 3: International Partnerships - Archer is pursuing certification in other countries, including partnerships with The Helicopter Company and Red Sea Global in Saudi Arabia, and Japan Airlines in Tokyo [6] Group 4: Future Prospects - Archer is exploring alternative certification pathways through partnerships with U.S. cities under the eVTOL Integration Pilot Program, aiming for operational services by 2026 [7] - Despite potential future progress, the current valuation of $5 billion may not reflect the company's readiness to dominate the eVTOL market [9] Group 5: Capital Raising and Dilution - The company raised $850 million through new stock offerings in June and plans an additional $650 million offering to fund its acquisition of Hawthorne Airport [10] - Existing investors face share dilution due to these capital raises, which may impact future investment decisions [10]

Core Insights - Joby Aviation is experiencing significant momentum due to government programs, global partnerships, and major demonstrations that are advancing its air taxi vision [1] - Despite the positive developments, there are notable risks related to dilution and certification that investors should monitor closely [1] Group 1: Company Progress - Joby Aviation is making strides towards its air taxi goals, driven by various catalysts [1] - The company is actively engaging in global partnerships that enhance its operational capabilities [1] - Major demonstrations are showcasing the potential of Joby's technology and business model [1] Group 2: Risks - Investors need to be aware of dilution risks that may affect the company's stock performance [1] - Certification risks remain a significant concern as the company navigates regulatory requirements [1]

Production Capacity - Joby Aviation aims to double its US domestic production capacity to four aircraft per month by 2027 [1] - The company has decided to double production capacity for the second time in 6 months, initially from one to two aircraft per month, and now from two to four [2] - Joby Aviation is scaling production capacities at facilities in California and Ohio, with significant manufacturing talent being brought in Ohio [2] Government Support - Joby Aviation is experiencing unprecedented government support, highlighted by an event in Washington DC with key officials [3] - The White House's executive order and the EIP program are creating tailwinds, potentially allowing Joby Aviation to deploy air taxis in communities across the country by 2026 [4] - Dozens of communities have applied for the EIP program, expressing interest in adopting Joby Aviation's technology [5] Market Demand - Joby Aviation is seeing unprecedented demand around the world [2]

Core Insights - Archer Aviation has partnered with various U.S. cities to submit applications for initial air taxi operations under the White House's eVTOL Integration Pilot Program (eIPP) [1][2] - The eIPP aims to accelerate the adoption of electric air taxis by creating operational pathways for leading eVTOL companies in the U.S. [1][4] - Archer's exclusive application with Huntington Beach, California, supports its plans for early air taxi operations in the Los Angeles area, particularly for the 2028 Olympic Games [3] Group 1: Applications and Partnerships - Archer's applications focus on establishing long-term electric air taxi services, including building local operations teams and upgrading infrastructure [2] - The proposed applications are public-private partnerships with cities in California, Texas, Florida, Georgia, and New York [2] - The collaboration with local governments aims to prepare cities for the widespread adoption of electric air taxis [4] Group 2: National Strategy and Industry Collaboration - The U.S. Department of Transportation (DOT) and Federal Aviation Administration (FAA) are leading the eIPP to integrate eVTOL operations into the national airspace [4][5] - The National AAM Strategy outlines a roadmap for safely integrating eVTOL aircraft, aligning certification, operations, and infrastructure [6] - The strategy includes 40 recommendations to support early operations and advance domestic manufacturing and job creation in aviation [7] Group 3: Future Outlook - The FAA is expected to review applications and announce selections in early to mid-2026, with operational activities anticipated to begin later that year [9] - Archer's CEO emphasizes the importance of execution in building and deploying eVTOL aircraft in the U.S. [8] - Local officials, such as the Mayor of Huntington Beach, express optimism about the partnership with Archer and the potential for innovation in their communities [8]

Production Capacity - Joby Aviation plans to double its US manufacturing capacity by 2027 [1] - The target production rate is up to four aircraft per month [1] - Production will occur at both the California and Ohio sites [1]