Joby Aviation, Inc. (JOBY) shares surged 5.76% in pre-market trading on Thursday, following the electric air-taxi maker's better-than-expected first-quarter results and positive analyst reactions. The company, which is developing electric vertical takeoff and landing (eVTOL) aircraft, reported a narrower loss and demonstrated progress in its strategic initiatives.

Joby's Q1 net loss came in at $0.11 per share, significantly better than the $0.18 loss per share expected by analysts and narrower than the $0.14 loss reported in the same quarter last year. The company also revealed a strong financial position, ending the quarter with $812.5 million in cash, cash equivalents, and investments in marketable securities, providing a solid runway for its ambitious plans in the emerging air-taxi market.

Analysts reacted positively to the results, with Canaccord Genuity raising its price target for Joby from $11 to $12.50 while maintaining a "buy" rating. The firm highlighted Joby's manned transition flight activity and manufacturing partnership with Toyota as key differentiators in the competitive eVTOL landscape. Additionally, Joby announced the appointment of Rodrigo Brumana as its new Chief Financial Officer, effective May 29, 2025, bringing valuable experience from companies like HP, Amazon, and Poshmark to strengthen its leadership team.