Archer Aviation vs. Joby Aviation: how they make money

• Fuel and ground-service customers at Hawthorne Airport · 60.0% of revenueAircraft operators pay for fueling, ground handling and related services. This was $3.0 million, or 60%, of Q2 FY2026 revenue, starting Apr 1, 2026.
• Tenants leasing space at Hawthorne Airport · 20.0% of revenueTenants pay for hangar and other space. This was $1.0 million, or 20%, of Q2 FY2026 revenue, and all of FY2025's $0.3 million.
• Other revenue · 20.0% of revenue$1.0 million, or 20%, of Q2 FY2026 revenue. The 10-Q calls it revenue from other sources and does not say who paid it.
• United Airlines (no aircraft revenue yet)A conditional agreement to buy up to $1.0 billion of Midnight aircraft, with an option for $500.0 million more. United paid a $10.0 million pre-delivery payment, held as a liability.
• US Air Force and overseas launch partners (no aircraft revenue yet)Purchase agreements with the US Air Force, and a UAE Launch Edition program with Abu Dhabi Aviation and the Abu Dhabi Investment Office. Archer reports no revenue from either through Q2 FY2026.

• Blade passengers (charter flyers) · 94.2% of revenue$111.2 million of passenger revenue in the first nine months of FY2026, or 94.2% (Cityfort calculation from the Q3 FY2026 10-Q). More than 44,000 passengers flew in Q3 2026, the company said.
• Government agencies and other customers · 5.8% of revenue$6.8 million of other revenue in the first nine months of FY2026, or 5.8% (Cityfort calculation from the Q3 FY2026 10-Q), for flight services, demonstrations and engineering work.

Q2 FY2026

Not on the Joby Aviation page.

Debt

$80.1M

Cash and investments

$1.6B

On Jun 30, 2026.

At Jun 30, 2026 Archer held $1,560.6 million of cash and short-term investments against $80.1 million of bank loans. In the first half of FY2026 it used $305.5 million in operations and $69.7 million on equipment.

Debt

$703M

Cash and investments

$2.2B

On Sep 30, 2026.

At Sep 30, 2026 Joby Aviation held $2,197.9 million of cash and short-term investments, about three times its $702.6 million of debt.

• One class of shares.
• Officers and directors as a group: 5.6% of shares (as of Mar 31, 2026).
• Stellantis N.V.: 10.1% (as of Mar 31, 2026).
• BlackRock, Inc.: 6.9% (as of Mar 31, 2026).
• State Street Corporation: 6.4% (as of Jun 30, 2026).
• 2 more holders on the Archer Aviation page.

• One class of shares.
• Officers and directors as a group: 20.4% of shares (as of Mar 31, 2026).
• Toyota Motor Corporation: 13.1% (as of Mar 31, 2026).
• JoeBen Bevirt (founder and CEO): 9.4% (as of Mar 31, 2026).
• Baillie Gifford & Co: 6.4% (as of Mar 31, 2026).
• 2 more holders on the Joby Aviation page.

• Orders and partners are conditional (demand)United's order for up to $1.0 billion of aircraft depends on conditions such as an FAA airworthiness certificate, and only a $10.0 million pre-delivery payment has been made. The manufacturing deal with Stellantis was still a memorandum of understanding, not a final agreement, in the FY2025 10-K.

• Share count keeps rising (other)Shares outstanding rose from 784.2 million at Dec 31, 2024 to 1,016.6 million at Nov 2, 2026. The 2032 notes could convert into about 48.6 million more shares (Cityfort calculation from the 2032 notes prospectus).
• Revenue rests on one seasonal business (customer or supplier concentration)Blade passenger flights were 94.2% of revenue in the first nine months of FY2026 (Cityfort calculation from the Q3 FY2026 10-Q). The 10-Q says Blade is seasonal, with higher second and third quarters.