Archer Aviation vs. Joby Aviation: The eVTOL Race Heats Up Amidst Revenue Shortfalls

Archer Aviation (ACHR) and Joby Aviation (JOBY), two frontrunners in the electric vertical takeoff and landing (eVTOL) sector, continue to captivate investors despite stark revenue misses. Both companies, which went public via SPAC mergers, projected ambitious growth—Archer targeting $42 million and Joby $131 million in 2024 revenue—but delivered negligible results. Joby’s $136,000 in U.S. Air Force contract revenue and Archer’s zero revenue highlight the speculative nature of this emerging market.

Yet, valuations remain lofty: Archer commands a $6.2 billion market cap, while Joby sits at $12.8 billion. Bulls argue these figures will be justified as eVTOL adoption scales, particularly for urban air mobility and military applications. Both firms boast strategic backers—Archer is supported by major automakers, Joby by airlines—and USAF contracts, underscoring institutional confidence in their long-term potential.

The sector’s promise lies in replacing helicopters with quieter, greener alternatives for short-haul transit. Whether these companies can transition from HYPE to profitability remains the critical question for investors.