eVTOLs & Space 1Q Takeaways: RKLB, ACHR, BETA, JOBY, EVEX, EVTL, SATL, LUNR, PCT - Cantor's Take Sheppard's Mobility Update

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eVTOLs & Space 1Q Takeaways: RKLB, ACHR, BETA, JOBY, EVEX, EVTL, SATL, LUNR, PCT - Cantor's Take Sheppard's Mobility Update

May 18, 2026

the EIPP project decisions and by BETA being selected for 7 (out of total 8

announced), the highest amongst the peer group. These include operations

in NY, TX, UT, MD, VA, FL, LA, and NC on both its CTOL and VTOL aircraft

configurations, and to provide ground support operations (which includes

the company’s chargers). As such, we view BETA as best-positioned to

benefit from the EIPP program. Overall, we remain bullish and we continue

to believe that BETA benefits from a faster path to FAA Type Certification

(we expect it will be first in the US to TC), a sizable order book, and further

upside from its aftermarket services and ancillary revenue streams. Our

thesis is unchanged. Our full takeaways can be found HERE.

Joby's (JOBY, N) Q1 Takeaways. We are encouraged by the start of

flight testing for Joby's First FAA-Conforming Aircraft, which we see as

a material and significant step towards Type Certification, and by the

recent piloted live test flights conducted in CA and NY. For FY26, JOBY is

reaffirming revenue guidance of $105M-115M (driven mostly by Blade's

revenues), a material differentiator and currently the highest in the

industry. Additionally, JOBY continues to have a strong liquidity position

in the industry, with ~$2.5B in cash and short-term investments (as of

1Q26), though the company also has the highest cash burn in the industry.

For 1H26, JOBY is reaffirming its guiding cash spend of $340-370M, and

we expect a higher cash burn in the second half, as the company is

ramping up manufacturing. Separately, Joby previously announced that the

company was selected for EIPP projects in NY/NJ, TX, NC, FL, & UT. We