Is Joby Aviation Worth Adding to Your Portfolio Before You Buy?

The 2026 Inflection Point: Why Timing Matters

Joby Aviation (NYSE: JOBY) stands at a critical juncture. The company expects its pilots to begin flight testing by the end of 2025, with official “for credit” certification testing launching in 2026. While FAA final approval won’t necessarily arrive in 2026, this represents the clearest runway toward commercial operations the eVTOL sector has witnessed. For investors tracking this space, understanding what happens before you buy is essential to your decision-making.

Proof of Concept: Moving from Dreams to Reality

The narrative around Joby has shifted dramatically. Earlier skepticism centered on whether eVTOL aircraft were merely conceptual — today, the company is generating tangible evidence. Recent milestones paint a different picture: an inter-airport flight demonstration with aircraft navigation around existing traffic patterns, successful airshow flights in California, and most recently, a completed test flight in Dubai. Each of these achievements serves a specific purpose: validating both operational capability and passenger safety protocols, two requirements the FAA scrutinizes intensely.

These aren’t theoretical exercises. They demonstrate that Joby’s engineering team has moved beyond controlled environments into real-world complexities. The Dubai test, in particular, shows the technology functions across different regulatory jurisdictions, strengthening the argument for broader commercial viability.

The Revenue Hurdle: What Certification Actually Unlocks

Currently, Joby operates as a pre-revenue entity without commercial authorization or an active aircraft fleet generating income. That constraint is the entire story of the company today. Regulatory approval acts as the on-off switch for the revenue generation mechanism. Without it, Joby remains a well-funded engineering project. With it, the company transitions into a commercial entity with addressable markets in congested metropolitan areas.

The company is now in the final certification phase. The third-quarter update signaled that flight testing by internal pilots would commence in the closing months of 2025, setting the stage for the critical 2026 testing cycle that regulators will evaluate.

The Investment Question: Before You Buy, Weigh These Factors

Consider the risk-reward structure honestly before you buy Joby Aviation shares. This remains a pre-revenue investment dependent on regulatory outcomes. The eVTOL market itself is speculative — competition exists, timelines could slip, and certification standards might prove more stringent than current trajectories suggest.

For optimistic investors who view 2026 certification as highly probable, the current period offers potential entry positioning. For those seeking proven business models and existing revenue streams, Joby represents a fundamentally different risk profile than established transport companies.

The coming twelve months will clarify much. Flight testing data, regulatory feedback, and competitive developments will either strengthen or weaken the investment thesis. The company’s path before you buy its stock is paved with technical capability demonstrations — the question now is whether regulatory bodies will certify that capability into commercial reality.