The robotaxi revolution is almost upon us and Joby Aviation (NYSE:JOBY) is ready to lead the charge. With the launch of its robotaxi operations scheduled for next year, this could be when Joby Aviation stock is ready to go airborne.

Investors should prepare for what comes next. There will almost certainly be turbulence, particularly with earnings scheduled for May 7. But this is when the company finally lifts off.

A Closer Look at Joby Aviation Stock

Joby just announced it completed its test flight program using preproduction eVTOL aircraft. Over four years and between two aircraft, over 1,500 flights were completed covering over 33,000 miles. It includes over 100 piloted flights. 

But preproduction craft are where Joby just works out the kinks with the mechanics of the vehicles. They are not the ones that will ferry passengers.

That’s the job of the production models, which carry a pilot and four passengers at speeds of up to 200 mph. Joby is ready to begin that phase of testing. 

It just rolled its second eVTOL aircraft off the production line. This one bound testing at Edwards Air Force Base (along with the first one made). Joby just broke ground on an expansion wing of its Marina, California manufacturing facility that will double the production line’s capacity.

When fully operational, it will produce 25 eVTOL aircraft a year. The expanded facility will also have a pilot training center and flight simulation capabilities. Toyota Motors (NYSE:TM) is helping Joby finance its construction to scale production.

Earlier this year Joby became the first eVTOL company to complete three of the Federal Aviation Administration’s five stages for certification. 

Putting the Pieces into Place

The eVTOL industry has been years in the making but really sprung to life last year as Joby, Archer Aviation (NYSE:ACHR) and other eVTOL companies ramped up their testing.

Joby began taking piloted flights last year while also training four Air Force pilots in eVTOL flight, including having them transition from vertical takeoff to winged flight.

It also made the first robotaxi demonstration in Manhattan from the Downtown Heliport.

New York City has committed to electrifying the heliport that will pave the way for the city to become a leader in the robotaxi industry.

Joby also plans to work with Delta Air Lines (NYSE:DAL) to operate a robotaxi service out of Delta’s hubs at John F. Kennedy International Airport, LaGuardia International Airport and Los Angeles International Airport. 

The eVTOL leader additionally signed a six-year exclusivity agreement with the Dubai government. As soon as the FAA grants launch approval, Joby can take flight right away in Dubai.

Building on that, Joby just signed a memorandum of understanding with the United Arab Emirates to establish air taxi services in Abu Dhabi, perhaps as early as next year.

Now What?

Joby is scheduled to report earnings on May 7. Don’t expect the response to be smooth.

As investors saw after Archer Aviation reported earnings in March, the market sent the eVTOL stock plunging.

It was not a warranted reaction since the results were in-line with expectations for a pre-revenue company. The same may happen with Joby.

The robotaxi company doesn’t have revenue to speak of. Whatever it posts is from contracts for achieving milestones. They can be lumpy and are not indicative of where Joby is going.

Joby Aviation’s success seems likely but warrants caution. Expect turbulence until revenue comes from paying customers, but be ready to seize opportunities.

On the date of publication, Rich Duprey did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.