Asymmetric Investing by Travis HoiumANALYSTJul 20, 2026“Joby Aviation has a clearer path to a profitable air taxi business with Toyota's manufacturing help, a 2026 operations target, and more cash runway compared to Archer.”
Why he says it — point by point
FAVORABLE & AGAINST · BOTH KEPTWhy
Toyota is going to help them make manufacture their commercial EVTOL aircraft.
they're going to begin operations in 2026 under the White House's air taxi program.
they've already acquired Blade I think there's a much clearer line from where we are today to Joby Aviation having a profitable and successful business long-term than there is for Archer Aviation.
Joby has 2.5 billion dollars worth of cash on the balance sheet
their burn rate, from a free cash flow perspective, is pretty similar to Archer's, about 660 million dollars. So, I would argue this gets you 3 years of runway as opposed to 2 years of runway with Archer Aviation.
That's why I own shares of Joby Aviation
The structured call
The receipt
The claim is anchored to the moment it was said.