Eve Holding reports $403 million in cash and advances eVTOL transition flights

Barclays cut Joby Aviation to an Underweight rating, citing concerns about manufacturing capacity and cash burn, and the stock dropped nearly 9% on October 9 toward two year lows. The shares trade at $5.44, with the 1-day share price return down 5.39%, the 7-day move down 8.57%, the past month down 14.87%, the 90-day share price return down 27.27%, and the year to date share price return down 62.12%. Longer term holders have absorbed a 1-year total shareholder return decline of 66.58% and a 5-year total shareholder return decline of 37.18%, while the 3-year total shareholder return shows a smaller 12.54% decline. The company is investing heavily ahead of broad commercial adoption, including scaling manufacturing with Toyota, building out facilities in Marina and Dayton, and preparing global operations, which could keep cash use high and delay earnings leverage if real air taxi demand or pricing power falls short of expectations. Joby Aviation currently trades on a P/S of 46.3x, far above both the estimated fair ratio of 2.7x and the Global Airlines average of 0.5x.

Vertical Aerospace's modelled fair value per share has fallen from US$7.88 to US$6.92 as analysts recalibrated their assumptions following recent company updates. Deutsche Bank kept a positive rating but cut its price target to US$5, down from US$8 and previously US$12, while Canaccord maintained a Buy rating with a reduced US$9 target, down from US$10.50, after Q2 results and management updates on progress toward the Valo CDR. Barclays moved the stock to Equal Weight from Underweight but lowered its target to US$1 from US$2, leaving Wall Street targets spread between US$1 and US$9. In the updated model, forecast revenue growth shifted from 275.61% to 247.81%, net profit margin moved from 9.31% to 9.35%, future P/E changed from 252.90x to 288.29x, and the discount rate rose from 8.53% to 8.60%.

Vertical Aerospace Group Ltd. has filed a patent infringement counterclaim against Archer Aviation over its Midnight eVTOL aircraft. The filing alleges that Archer's Midnight design and certain subsystems infringe multiple Vertical Aerospace patents covering eVTOL technology. Vertical Aerospace is seeking court orders that could restrict production or sales of Midnight and is requesting monetary damages from Archer. The key development to watch is whether the Eastern District of Texas court grants or denies Vertical Aerospace's request for an injunction restricting Midnight-related activities, a decision that could signal how much near-term operational disruption Archer Aviation might face. Archer Aviation designs electric aircraft and related systems for both commercial and defense customers, and any injunction could limit its ability to produce or deliver the Midnight platform and delay when it can turn its order book into revenue.

A federal jury in Tampa, Florida, found that air taxi startup Joby Aviation owes roughly $116.9 million to aviation supplier Aerosonic after it allegedly breached a confidentiality agreement and mishandled trade secrets. The verdict, reached on October 2, breaks down into more than $48 million for misappropriating trade secrets and more than $68 million for breaking a nondisclosure agreement. Aerosonic, based in Clearwater, Florida, sued Joby last year after selling it air data probes that measure pressure around an aircraft, claiming Joby used its proprietary designs and data to develop its own probes in about two years, a process Aerosonic said would have taken around a decade without its trade secrets. Joby, based in Santa Cruz, denied the accusations and said it independently developed its air data system through years of its own engineering and manufacturing work, adding that it has asked the court to overturn the verdict and intends to pursue all available post-trial and appellate remedies. The jury also rejected a countersuit by Joby accusing Aerosonic of selling it defective probes, and the verdict is not finalized and remains subject to post-trial motions or appeals.

Vertical Aerospace has received a continued listing standard notice from the New York Stock Exchange after its ordinary shares fell below the required minimum average closing price of $1.00 over the preceding 30 consecutive trading days. The notice, dated September 9, 2026, does not immediately affect the listing of Vertical's ordinary shares, which will continue to trade on the NYSE under the ticker EVTL, and the company said it is not anticipated to have any impact on ongoing business operations. Vertical said it intends to regain compliance and is considering all available options, and it can cure the deficiency at any time during a six-month cure period if, on the last trading day of any calendar month in that period, the shares close at least $1.00 and average at least $1.00 over the trailing 30 trading days. Vertical Aerospace is a Bristol, UK-based developer of electric vertical take-off and landing aircraft, with roughly 1,500 pre-orders for its four-passenger Valo aircraft from customers including American Airlines, Avolon, Bristow, GOL and Japan Airlines.