Joby Aviation and Archer Aviation each posted second-quarter operating losses above $260 million while revenue remained in the low tens of millions, leaving Joby with roughly two years of cash at the current burn rate and Archer with barely one.
The quarter in numbers
Joby reported $38.6 million of revenue for the three months ended June 30, against $28.3 million of cost of revenue, $76.5 million of selling, general and administrative expense and nearly $195 million of research and development spending. The result was an operating loss of roughly $260 million. Archer generated just $5 million of revenue, which cost $4.3 million to produce, then recorded nearly $94 million of SG&A and $186 million of R&D for an operating loss of $279 million. Neither company produces material revenue; both are spending at a pace that would exhaust a sizable war chest in a handful of quarters.
The runway math
At quarter-end Joby held about $2.2 billion in cash and investments. At a $260 million quarterly loss that buffer lasts approximately eight more quarters. Archer held about $1.5 billion against a $279 million quarterly loss, implying a runway of a little over four quarters. The arithmetic assumes no change in spending or funding, which the source notes is highly unlikely.
Partners change the calculus
Joby recently completed a fully autonomous flight across the United States and is working with Virgin Atlantic and Delta Air Lines. Archer demonstrated manned flights between California airports, effectively proving an air-taxi service, and has a partnership with Boeing. Those relationships suggest additional capital will be accessible when needed, but they do not alter the current cash-out dates.
What to watch
The next quarterly filings will show whether either company can narrow the gap between revenue and operating expense as certification milestones approach. Until then, the runway disparity is the clearest measurable difference between the two.