Been looking at the eVTOL space lately and there's actually some interesting plays emerging in the electric plane companies sector that don't get as much attention as they probably should.

Joby Aviation is the obvious one everyone talks about. They're basically the frontrunner right now, already pulling in revenue from government and military contracts. What caught my eye is they've knocked out three of five FAA certification stages and the FAA already accepted their propulsion plan. That's real progress, not just hype. They're sitting on about a billion in cash too, which matters when you're burning through R&D. The 200 mph air taxi angle is compelling if they can actually pull off the certification. But it's also priced in a lot of expectations already.

Archer Aviation is the one I find more interesting honestly. They're building their first three conforming Midnight aircraft right now specifically for FAA testing, and they're targeting 2025 for commercial ops. Stellantis backing them with manufacturing tech and capital is a big deal. That partnership actually gives them a shot at becoming a serious competitor to Joby. When you look at the electric plane companies landscape, having a major auto manufacturer's support changes the game.

Then there's Surf Air Mobility doing something different with the seagliders. They're partnering with Electra on hybrid-electric aircraft that need only 150 feet for takeoff and landing. That's actually useful for regional operations and smaller airports. Their Q4 revenue came in at 26.84 million, and they're projecting 28.5 to 29.5 million for Q1 2024. It's a narrower play than the others but less crowded.

The thing about electric plane companies right now is most still have tiny market caps and low valuations. That's because the timeline to profitability is uncertain and regulatory approval is a wildcard. But if any of these actually clear FAA certification and start scaling, the upside could be substantial. The risk is real though. These aren't established businesses.

If I had to pick one to watch, I'd say Archer has the best shot at disrupting Joby's position given the Stellantis connection. But honestly all three are worth keeping on your radar if you've got the risk appetite and a long time horizon. The electric aviation space is still early, and we're probably years away from knowing which of these electric plane companies actually wins.