Archer Aviation and Joby Aviation remain among the most closely watched electric vertical takeoff and landing companies, but neither has reached commercial air-taxi operations.
Joby has made measurable progress in certification. In May, the company said it had completed the third of four FAA reviews and had begun flying its first aircraft built to conform to the design intended for formal inspection testing.
Archer’s filing described its business as spanning air taxis, unmanned aircraft systems and commercial aerospace and defense technologies, but also said it had not generated significant revenue to date. The supplied comparison reported a $263 million quarterly loss for Archer, underscoring that both companies’ current revenue remains small relative to their expenses.
The stocks have also diverged in market performance. Joby’s shares had fallen more than 60% during the year covered by the comparison, while Archer’s had declined by nearly 50%.
Certification is the central investment test for both companies. Joby’s progress through the FAA process gives it a clearer near-term regulatory position, while Archer’s lower valuation provides a larger gap between its market value and Joby’s. That difference is the basis for preferring Archer in the comparison, although both remain highly speculative and dependent on completing certification, scaling production and eventually beginning passenger service.