🚁 AAM Index Weekly Briefing - Week of March 2, 2026

Prepared by NEXA Capital Partners / UAM Geomatics Inc.

The UAMGEO AAM Index sits at $10.89, down 8.88% over the past six months, reflecting the sector-wide patience test investors face as commercial launch timelines crystallize and, in some cases, slip.

JOBY (Joby Aviation) remains the sector bellwether. Trading around $9.56, the stock is down 28% year-to-date despite significant milestones. Joby holds $1.4B in cash with an additional $1.2B recently raised, and its planned Dubai air taxi launch with Uber in late 2026 is viewed as a potential major bullish catalyst, despite this week's nascent Iran conflict. 2026 revenues are projected at $105M–$150M, primarily from Blade Air, with major eVTOL-native growth anticipated in 2027.

ACHR (Archer Aviation) had a rough week. Archer missed Q4 2025 earnings, posting a $0.96/share loss, two cents worse than feared, and the stock fell 13%. On a brighter note, its Midnight aircraft is entering the final stages of FAA Type Certification, with hubs planned for New York, Abu Dhabi, and New Delhi, backed by a $6 billion backlog of indicative orders. However, Archer made headlines for a different reason: it filed a patent infringement lawsuit against Vertical Aerospace in a Texas federal court, claiming Vertical's Valo aircraft replicates the design of Archer's Midnight aircraft.

EVTL (Vertical Aerospace) fired back immediately. Vertical called Archer's claims "without merit," saying the suit is "merely an attempt to distract from the challenges Archer is facing competing in the marketplace." This legal skirmish is the sector's most dramatic near-term storyline.

BETA (Beta Technologies) is quietly executing. The company plans to roughly double its Vermont workforce in the next 18 months and is a candidate for the Trump administration's federal eVTOL Integration Pilot Program, a designation that could allow it to bypass certain FAA certification steps for commercial cargo operations sooner than expected.

HOVR (Horizon Aircraft) is advancing its Cavorite X7, with full-scale prototype assembly expected in 2026 and initial testing targeted for early 2027, and over $24M cash on hand alongside a $10.5M non-dilutive government grant. The stock trades at just $1.86, reflecting its early-stage status.

EH (EHang) continues leading on commercial proof. In January 2026, EHang signed an MOU with Real Automóvil Club de España, expanding its European footprint, while its autonomous EH216 platform remains the only aircraft in the index generating real-world fare revenue.

Bottom Line: The index reflects a sector at the edge of commercialization, not yet over it. FAA certification timelines, the Archer-Vertical patent war, and Beta's potential federal program selection are the three stories we will watch closely in the coming weeks.