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Uber and Joby Aviation Team Up: Game Changer or Hype?
Written by Jordan Chussler. First Published: 3/4/2026.
Key Points
- Joby is not expected to reach profitability until 2029 to 2031 as it invests heavily in scaling manufacturing and obtaining FAA certification.
- Last month, the company announced a strategic partnership with Uber that will allow users to reserve eVTOL rideshares through the latter company’s app.
- Despite a surprising revenue beat in Q4, Joby has an annual cash burn rate of approximately $500 million.
- Special Report: [Sponsorship-Ad-6-Format3]
An estimated 110 million Americans are stuck in rush hour traffic every day, with drivers in highly congested cities losing as much as 100 hours per year to traffic jams.
That problem does not appear to be improving: traffic congestion is rising in 70 of the 100 largest U.S. cities. But if U.S. Federal Aviation Administration (FAA) approval goes Joby Aviation's way, help could be on the horizon for commuters.
Iran isn't the real war (Ad)
Everyone is watching Iran—the drones, the missiles, the Strait of Hormuz—and oil prices are spiking with gas up 43 cents in a single week. But according to investment analysts Porter Stansberry and Luke Lango, Iran isn't the real story. The real story is what Trump just did to China. China buys 90% of Iran's oil exports, and 50% of all China's oil imports flow through the Strait of Hormuz, which is now a ghost town with commercial ships stopped. That means China's energy lifeline just got severed, and China needs that energy to power its AI war machine. Without oil flowing through the Strait of Hormuz, that edge starts to crumble, which is exactly why Trump signed Executive Order 14365 declaring AI and advanced computing strategic national assets—the U.S. isn't just bombing Iran, it's cutting off China's fuel supply for the AI arms race.
See the New 1776 briefing with 10 stocks to sell immediatelyThe aerospace company is developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility.
Joby's core mission is to provide zero-emission aerial rideshare services that combine the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion.
If that sounds like the aviation equivalent of what Uber Technologies (NYSE: UBER) offers, that's intentional.
That alignment prompted the companies to announce a strategic partnership last month.
According to a press release, Uber Air will be powered by Joby, "giving riders a first look at how they'll be able to book Joby Aviation all-electric air taxis directly in the Uber app."
The announcement coincided with Joby's release of full-year and Q4 2025 results. After gaining nearly 52% over the past year, here's what investors should know about the company as it transitions from a pre-revenue stage.
Q4 Earnings and Revenue Beats Stress the Need for Patience
When Joby reported on Feb. 25, it beat expectations on both the top and bottom lines. Earnings per share (EPS) came in at -$0.14, beating analyst expectations of -$0.20, while revenue of $30.84 million easily surpassed analyst estimates of $16.88 million.
With a trailing EPS of -$1.14, Joby's full-year EPS is expected to worsen slightly next year, moving from -$0.69 to -$0.70 per share.
The Q4 revenue beat was largely driven by Joby's acquisition of Blade Air Mobility's passenger business, which produced year-over-year revenue growth of nearly 5,507%.
According to the company, "the acquisition provides Blade's established network of terminals and loyal flyers in key markets like New York and in Southern Europe, positioning Joby for a faster entry into commercial service with its quiet [eVTOL] aircraft once certified."
The operative phrase, however, is "once certified." Joby has not yet begun commercial eVTOL operations as it continues to navigate FAA approval procedures.
Joby's Profitability Timeline Is Concerning
The company is currently in the fourth stage of the FAA's five-stage Type Certification process for its eVTOL aircraft. Joby is targeting the launch of commercial services sometime in 2026, pending FAA confirmation of its aircraft.
Key upcoming milestones include Part 141 flight academy approval, Part 145 maintenance certification, and testing of FAA-conforming components. As Joby invests heavily in scaling manufacturing and completing certification, it does not expect to reach profitability until roughly 2029–2031, resulting in an annual cash burn of about $500 million.
On the earnings call, founder and CEO JoeBen Bevirt said the company is "seeing unprecedented demand" for its forthcoming eVTOL services from governments, real estate developers, and infrastructure partners worldwide.
Bevirt added that Joby plans "to carry our first passengers this year in the UAE as part of our six-year exclusive access to the Dubai market, and here in the U.S., we expect the government's eIPP program to provide us with the opportunity to demonstrate our service in several locations also this year."
While the extended path to profitability may concern some investors, Joby is scaling production capacity and strengthening its balance sheet. On Jan. 7, Joby announced an agreement to acquire a second, 700,000-square-foot manufacturing facility in Dayton, Ohio, for $61.5 million to expand eVTOL production. The facility is intended to help the company reach its 2027 goal of manufacturing four eVTOL aircraft per month.
Buyer Beware: Analysts Have Mixed Takes on Joby's Future
Among the nine analysts covering JOBY stock, the consensus is a Reduce rating, with just two analysts giving it a Buy. Yet the average 12-month price target of $13.81 implies more than 34% upside from current levels.
Institutional ownership remains modest at under 53%, though inflows of $1.31 billion over the past 12 months have outpaced outflows of about $722 million. Institutional buying slowed sharply after peaking in Q4 2024, falling from $1.03 billion to $273 million in Q4 2025.
Meanwhile, current short interest—at 12.77%—warrants continued monitoring. That represents nearly 79 million shares of the roughly 911 million shares outstanding, valued at about $779 million, down from the record $1.06 billion of shorted shares in October 2025.
How Berkshire Hathaway Performed During Buffett's Final Quarter
Written by Jordan Chussler. First Published: 3/3/2026.
Key Points
- Warren Buffett officially retired in December, ending a nearly 61-year tenure that delivered a 6,099,294% return for Berkshire Hathaway.
- During Buffett’s final quarter as CEO, Berkshire earnings took a hit, but much of that was attributed to impairment charges and write-downs.
- Berkshire is still sitting on a cash reserve of $373.3 billion, giving new CEO Greg Abel plenty of funds to deploy as he takes over the company’s portfolio.
- Special Report: [Sponsorship-Ad-6-Format3]
More than 60 years after taking a controlling interest in Berkshire Hathaway (NYSE: BRK.B), Warren Buffett stepped down as CEO on the final day of 2025. He leaves the company he turned into a multinational conglomerate as of Jan. 1, 2026.
On Saturday, Feb. 28, the holding company reported full-year and Q4 2025 earnings, marking the final fiscal year and quarter with the Oracle of Omaha at the helm. Although new Berkshire CEO Greg Abel penned his first annual letter to shareholders, the results announced over the weekend were the last to reflect Buffett's influence.
Iran isn't the real war (Ad)
Everyone is watching Iran—the drones, the missiles, the Strait of Hormuz—and oil prices are spiking with gas up 43 cents in a single week. But according to investment analysts Porter Stansberry and Luke Lango, Iran isn't the real story. The real story is what Trump just did to China. China buys 90% of Iran's oil exports, and 50% of all China's oil imports flow through the Strait of Hormuz, which is now a ghost town with commercial ships stopped. That means China's energy lifeline just got severed, and China needs that energy to power its AI war machine. Without oil flowing through the Strait of Hormuz, that edge starts to crumble, which is exactly why Trump signed Executive Order 14365 declaring AI and advanced computing strategic national assets—the U.S. isn't just bombing Iran, it's cutting off China's fuel supply for the AI arms race.
See the New 1776 briefing with 10 stocks to sell immediatelyHere's how Berkshire performed in 2025 and in its final quarter under Buffett, and what investors can expect going forward under Abel's leadership.
Berkshire's Final Quarter Under Buffett
On the surface, Berkshire's last quarter under Buffett was hardly a celebratory send-off. Insurance investment income fell by nearly 25%, earnings from operations declined more than 29%, and insurance underwriting profits dropped roughly 54%.
The company—whose subsidiaries operate across industries from insurance and freight rail transportation to global utilities—attributed lower earnings to $4.5 billion in impairments and write-downs, including charges related to Kraft Heinz (NASDAQ: KHC) and Occidental Petroleum (NYSE: OXY). Berkshire's newly installed CEO Abel has since exited the Kraft Heinz position entirely in Q1 2026.
Earnings per share (EPS) came in at $4.73, missing analyst expectations by $0.44, while revenue of $94.23 billion topped forecasts of $92.91 billion. Full-year operating profit fell 6% to $44.49 billion, and net income for the year dropped 25% to $66.97 billion.
Still, Berkshire retains a near-record cash reserve of $373.3 billion—down from a record $381.6 billion in Q3—giving Abel ample firepower to pursue major acquisitions and reshape the portfolio. Buffett left the company's balance sheet and holdings in solid shape, aided by several moves he made in his final quarter.
Since taking control in 1965, Buffett led Berkshire to average annual gains of 19.7%, nearly double the S&P 500's compounded gains over the same period. Over that span the company's gains exceeded 6,099,294%, while the S&P 500, with reinvested dividends, gained 46,061%, as Abel noted in his inaugural letter to shareholders.
Buffett's Final Portfolio Moves
According to Berkshire's recently published Form 13F filing, which details the securities Berkshire bought, sold, and held in Q4, Buffett was hardly idle before stepping down.
Unsurprisingly, Magnificent Seven member Apple (NASDAQ: AAPL) remained Berkshire's largest holding at nearly 228 million shares. Perhaps more notable, Buffett's top buy in Q4 was an increase in the global property and casualty insurer Chubb (NYSE: CB), where Berkshire boosted its stake by 0.59%. Shares of CB have gained nearly 10% year-to-date (YTD).
Buffett also expanded Berkshire's position in oil major Chevron (NYSE: CVX) by 0.15%—a move that proved timely as the energy sector has dominated the S&P 500 this year, rising more than 23%. Materials are the second-best performing sector with a near 17% gain, while tech is down more than 2% so far in 2026. Chevron itself is up nearly 20% YTD.
Media company The New York Times (NYSE: NYT) saw the third-largest increase in Berkshire's holdings, with the firm lifting its stake by 0.13%. NYT is up more than 14% YTD, leaving Buffett's three biggest Q4 buys with an average gain of about 14.66% through the first two months of the year.
At the same time, Berkshire trimmed several positions, most notably reducing its stake in Amazon (NASDAQ: AMZN) by 77%, Bank of America (NYSE: BAC) by nearly 9%, and DaVita (NYSE: DVA). The Amazon reduction came amid the company's continued struggles in 2026, as AMZN has fallen more than 7% so far. Bank of America has been hurt by the lagging financials sector, which is the worst-performing S&P 500 sector YTD at about 4.14%; BAC is down nearly 11% YTD.
The DaVita reduction may appear unfortunate in hindsight—DVA is up more than 36% YTD—but Berkshire's sale was part of a scheduled share repurchase agreement with DaVita, so the reduction was non-discretionary.
When Buffett left, Berkshire's top five holdings were:
- Apple: 22.6%
- American Express (NYSE: AXP): 20.46%
- Bank of America: 10.38%
- Coca-Cola (NYSE: KO): 10.2%
- Chevron: 7.24%
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