Archer Aviation vs. Joby Aviation: Comparing Early Revenue Generation Trends
Key Points
Joby Aviation currently maintains a stronger revenue profile, having established ongoing revenue generation in recent periods compared to the minimal figures reported by Archer Aviation.
Over the last eight quarters, Joby Aviation steadily transitioned from nominal figures to higher quarter-over-quarter totals, while Archer Aviation consistently recorded zero revenue until its most recent reporting period.
Investors should watch if the revenue gap between the two companies continues to widen or starts to narrow.
The opportunity to end congestion on major city freeways is massive. Archer Aviation (NYSE:ACHR) and Joby Aviation (NYSE:JOBY) are positioned to be leaders in what some estimate could be a $1 trillion industry in the next two decades.
Over the last two years, shares of Joby Aviation are up 98%, outpacing Archer’s 61% gain. Joby is ahead of Archer in building a revenue base, but that doesn’t mean all that much at this point. Both companies are still in the early stages of gaining federal certifications to significantly scale their flight services.
Archer Aviation: Initial Revenue Recording Phase
Archer Aviation primarily designs, develops, manufactures, and operates electric vertical takeoff and landing (eVTOL) aircraft to carry passengers.
The company is transitioning its Midnight aircraft into a regulatory certification program in the United Arab Emirates. In the first quarter, it reported a negative free cash flow of $181 million.
Joby Aviation: Scaling Early Revenue Delivery
Joby Aviation focuses on building eVTOL aircraft optimized to deliver air transportation services.
While navigating allegations from competitors regarding mislabeled aircraft materials, it is progressing through the federal aviation certification process and reported a negative free cash flow of $222 million in the first quarter.
Why Revenue Matters for Retail Investors
Revenue is the most basic measure of a company’s performance. Changes over time reveal insights about its competitive position and growth potential (or lack thereof). It’s particularly useful in comparing two companies in the same industry, such as Joby and Archer.
Image source: The Motley Fool.
Quarterly Revenue for Archer Aviation and Joby Aviation
| Quarter (Period End) | Archer Aviation Revenue | Joby Aviation Revenue |
|---|---|---|
| Q2 2024 (June 2024) | $0.00 | $28.0K |
| Q3 2024 (Sept. 2024) | $0.00 | $28.0K |
| Q4 2024 (Dec. 2024) | $0.00 | $55.0K |
| Q1 2025 (March 2025) | $0.00 | $0.00 |
| Q2 2025 (June 2025) | $0.00 | $15.0K |
| Q3 2025 (Sept. 2025) | $0.00 | $22.6 million |
| Q4 2025 (Dec. 2025) | $300K | $30.8 million |
| Q1 2026 (March 2026) | $1.6 million | $24.2 million |
Data source: Company filings. Data as of May 10, 2026.
Foolish Take
Long-term projections for the eVTOL market point to a multi-billion-dollar opportunity, with some estimates suggesting the industry could reach over $1 trillion in the next 20 years. Joby Aviation is ahead of Archer Aviation in generating revenue, a somewhat significant distinction. Still, it may not be a reliable indicator for investors to pick a winner at this early stage.
Joby’s higher revenue primarily reflects the benefit of its acquisition of Blade. But the company is also making progress to scale manufacturing and certification of its aircraft. Joby expects full-year revenue to reach $105 million to $115 million.
Meanwhile, Archer reported little revenue last quarter as it continues to progress through the testing and certification process. The company expects to build on its tiny revenue in the second quarter, as it expands operations at the Hawthorne Airport in Los Angeles.
It’s going to be a fun race for investors to watch. One of these companies will pull ahead of the other and gain greater scale over time. Joby can tout its head start in manufacturing. At the same time, Archer can leverage a specific aircraft architecture to drive steady progress through the certification process.
John Ballard has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.