Low-Altitude Economy
All research in Low-Altitude Economy — 2 reports.
Joby is the global leader in eVTOL air taxis with the most advanced certification progress, a market cap of about $11 billion, net cash of about $1.765 billion, and EV of about $9.2 billion. The core case is real certification leadership backed by Toyota as its largest shareholder, a six-year Dubai exclusive, and Delta, set against annual cash burn above a $930 million net loss and an ITC exclusion-order investigation that threatens the Delta partnership. Research rating Watch: best-in-class quality, fully priced leadership premium, and a need to wait for certification and ITC de-risking or a better entry price.
Archer Aviation is the second major global eVTOL air-taxi contender, with a market cap of about $4.85 billion, net cash of about $1.7 billion ($2.23/share), and EV of about $3.15 billion. FAA certification has closed Stage 3 and net cash covers roughly two years, but the company still has almost no commercial revenue, burns more than $600 million a year, has expanded its share count by 166% in two years, and trails Joby by roughly one certification stage. Rating Watch: after falling by half to $6.38, the stock still lacks a margin of safety.