PM Portfolio Manager Reports

From Portfolio Manager reports

Autonomous Mobility Commercialization

Autonomous mobility commercialization covers companies trying to turn driverless freight, robotaxi networks, electric vertical takeoff and landing aircraft, electric conventional aircraft, and mobility-platform routing into paid miles, certified operations, aircraft or service revenue, take-rate capture, margin, and cash-flow proof. Driver-as-a-Service means a carrier, shipper, or OEM channel owns or operates the truck while the autonomy supplier sells the driver hardware, software, updates, and support layer. Robotaxi economics require paid rides, service-area expansion, vehicle utilization, safety history, and operating cost disclosure. Electric-aircraft economics require FAA, CAA, EASA, ANAC, or related certification progress, delivered aircraft, passenger or service revenue, firm customer commitments, and burn discipline. The current basket read is that AUR has the cleanest public-stock freight exposure; GOOGL has the strongest live robotaxi proof through Waymo but diluted public exposure; UBER has the best marketplace route if partners keep AV supply on its platform; JOBY has the strongest eVTOL bridge. BETA, TSLA, and ACHR remain option rows, while EVEX and EVTL are watch rows until certification, order quality, and financing risk improve.

Report boundary: this node is a tactical report layer. It ranks the current value-chain basket, setup labels, confirmation triggers, invalidation levels, and chart provenance. Durable research, claim IDs, raw source registries, and sector thesis maintenance stay in the linked knowledge pages. Local discovery daily_ohlc now has completed rows through 2026-06-12; the static setup thresholds in this node metadata were last generated through 2026-06-05, so use the selected-security API before treating setup levels as current trading evidence.

Current Setup

Commercial proof node Deployment must become paid miles, certified service, or platform economics.

AUR is the cleanest freight route, Waymo gives GOOGL the strongest live robotaxi proof, UBER owns the marketplace path, and JOBY is the strongest aircraft bridge.

Reported proof Freight, rides, and aircraft evidence are visible. AUR loads, Waymo service areas, Uber AV partners, Joby Blade revenue, and BETA aircraft revenue give the stack observable milestones.
Conversion gate Unit economics remain thin for most names. Watch paid-load revenue, Other Bets losses, AV take rate, certified deliveries, service revenue, and cash burn.
Primary constraint Certification, safety, funding, and disclosure can block conversion. Aircraft names still need regulator milestones, firm orders, service economics, and less dilutive funding.
  1. Stack deployedTruck, robotaxi, aircraft
  2. Customer paysLoad, ride, aircraft, service
  3. Accounting proofRevenue, margin, FCF
  4. Live watchSafety, FAA, burn, take rate

Right-rail charts use the report API route /api/securities/TICKER/chart?frequency=weekly&window=3y&as_of=latest. Static setup labels and metadata were generated from weekly bars through 2026-06-05, while local daily_ohlc coverage now runs through 2026-06-12; refresh the setup thresholds before using them as current trading evidence. Fundamental claims route to the physical-AI theme page, all nine security lanes, relevant sector lanes, and the funding-dependency concept page.

Basket

This basket is inherited from the expanded parent theme and tournament-ranked by source-backed node exposure before technical timing. The ranking gives the most weight to companies where autonomous mobility can plausibly become material company economics, then checks whether the source trail proves deployment, certification, revenue quality, and cash discipline. AUR ranks first because the public equity is almost entirely tied to autonomous freight commercialization. GOOGL and UBER rank ahead of most aircraft names because Waymo and Uber have stronger live robotaxi or marketplace evidence, but their role cells state the public-exposure dilution and partner economics clearly. EVEX and EVTL stay in the basket as watch rows because they are relevant certification options but do not yet have enough revenue, certification, or financing evidence for core status.

AUR Aurora Innovation

Pure-play autonomous freight route where paid loads and truck deployments can become DaaS revenue.

Market cap$13.9B
Next earningsJul 29, 2026 est.
Latest qtr revenue$1.0M

Role in stack

Aurora sells the autonomous driver hardware, software, updates, and support layer for freight trucks. The buyer path runs through carriers, shippers, and OEM/channel partners that need observerless operations, reliable routes, safety history, and customer-owned fleet commitments.

Revenue mix

The local lane treats Aurora as one Aurora Driver platform segment. Revenue began after the April 2025 launch, so current activity is freight commercialization proof rather than mature per-mile economics.

Latest qtr revenue

Q1 2026 revenue was $1.0M, with cost of revenue of $6M, per the Aurora Q1 2026 results source and MarketBeat earnings page. The low revenue base keeps paid-load volume and gross margin as the main evidence gap.

GOOGL Alphabet

Waymo gives Alphabet the strongest live robotaxi evidence, but public exposure is diluted by the larger platform.

Market cap$4.86T
Next earningsJul 22, 2026 est.
Latest qtr revenue$109.9B

Role in stack

Alphabet owns Waymo, a robotaxi operator serving public ride-hail passengers in multiple service territories and through Waymo-on-Uber markets. Conversion depends on paid rides, service-area expansion, fleet utilization, safety data, city permissions, and clearer Waymo or Other Bets economics.

Revenue mix

Alphabet revenue is dominated by Google Services and Google Cloud. Waymo sits inside Other Bets, which the local lane records at $411M of Q1 2026 revenue and a $2.100B operating loss.

Latest qtr revenue

Q1 2026 total revenue was $109.896B, reported April 29, 2026. That total is the card metric; Waymo is not separately disclosed enough to underwrite stand-alone robotaxi revenue or margin.

UBER Uber Technologies

Scaled ride-hail and delivery marketplace that can monetize AV supply if partners stay on platform.

Market cap$153.6B
Next earningsAug 5, 2026 est.
Latest qtr revenue$13.2B

Role in stack

Uber aggregates rider demand, routing, dispatch, marketplace liquidity, partner access, support, and insurance-adjacent operating infrastructure. The conversion gate is whether Waymo, WeRide, MOIA/VW, Nuro/Lucid, and other AV owners use Uber without bypassing the marketplace or forcing lower take rates.

Revenue mix

Uber reports Mobility, Delivery, and Freight. The local lane records Q1 2026 Gross Bookings of $53.720B, trips of 3.6B, Adjusted EBITDA of $2.481B, and FCF of $2.286B, but AV economics are not separately disclosed.

Latest qtr revenue

Q1 2026 total revenue was $13.203B, reported May 6, 2026. Mobility revenue was $6.798B, Delivery was $5.068B, and Freight was $1.337B in the linked lane.

JOBY Joby Aviation

Best eVTOL bridge because Blade revenue and certification work provide current operating evidence.

Market cap$10.7B
Next earningsAug 5, 2026 est.
Latest qtr revenue$24.25M

Role in stack

Joby develops eVTOL aircraft and intends to operate passenger service, using Blade routes, FAA-conforming aircraft, TIA preparation, and eIPP/Dubai opportunities as the bridge to commercial operations. The gate is certification, production readiness, route utilization, and passenger-service economics.

Revenue mix

Joby reports one segment. The local lane says Q1 revenue mostly came from Blade passenger service, engineering services, and leasing arrangements, so it is bridge revenue rather than mature Joby eVTOL passenger economics.

Latest qtr revenue

Q1 2026 revenue was $24.25M on the MarketBeat earnings page and $24.2M in the local lane from the Joby shareholder letter. The fiscal period is Q1 2026, reported May 5, 2026.

BETA BETA Technologies

Electric aircraft and charging route with more current revenue than most aircraft peers.

Market cap$4.29B
Next earningsNot confirmed
Latest qtr revenue$10.13M

Role in stack

BETA sells electric aircraft, charging infrastructure, training, service, support, and propulsion ecosystem components to logistics, medical, passenger, government, and aviation customers. Conversion depends on FAA certification, order firmness, delivery timing, charging utilization, and burn versus cash runway.

Revenue mix

BETA is a newly public electric aviation company with aircraft, charging, and service exposure. The official Q1 update gives 2026 revenue guidance of $39M-$43M, which overrides the stale higher guidance carried in the older local lane.

Latest qtr revenue

Q1 2026 revenue was $10.13M, reported May 12, 2026. MarketBeat showed only the latest confirmed Q1 date during this pass, so the next earnings date is left as not confirmed.

TSLA Tesla

Large vehicle and software platform with robotaxi optionality that is not yet separately disclosed.

Market cap$1.61T
Next earningsJul 22, 2026 est.
Latest qtr revenue$22.39B

Role in stack

Tesla owns the vehicle platform, FSD software path, manufacturing base, charging ecosystem, and robotaxi optionality. The node conversion gate is paid unsupervised miles, larger service areas, safety evidence, regulator permission, utilization, and separate autonomy revenue or margin.

Revenue mix

Tesla revenue is still dominated by Automotive, Energy Generation and Storage, and Services and Other. Autonomy and robotaxi economics are not isolated in reported financials, so the card treats TSLA as an option on future disclosure.

Latest qtr revenue

Q1 2026 total revenue was $22.39B, reported April 23, 2026. The metric is company revenue, not robotaxi revenue, because Tesla does not separately report autonomy economics.

ACHR Archer Aviation

eVTOL and dual-use option with liquidity and FAA progress but little commercial revenue.

Market cap$4.92B
Next earningsAug 10, 2026 est.
Latest qtr revenue$1.60M

Role in stack

Archer is trying to commercialize the Midnight eVTOL through certified passenger operations, airport/FBO infrastructure, service or aircraft revenue, and possible defense programs. Conversion depends on FAA Phase 4/TIA, production readiness, safety, manufacturing cost, funded award terms, and dilution control.

Revenue mix

Archer reports one operating segment and remains pre-commercial for planned aircraft and passenger-service activity. The local lane says Q1 revenue was mainly Hawthorne lease-related, so current revenue does not validate aircraft, passenger, service, or defense economics.

Latest qtr revenue

Q1 2026 revenue was $1.60M, reported May 11, 2026. The useful next evidence is not the revenue number alone; it is Phase 4/TIA progress, funded awards, and burn discipline.

EVEX Eve Holding

Embraer-backed eVTOL watch row where certification and order quality still need proof.

Market cap$1.13B
Next earningsAug 5, 2026 est.
Latest qtr revenueNo revenue

Role in stack

Eve is an Embraer-backed eVTOL program with aircraft, TechCare service/support, and Vector urban air-traffic-management software. Conversion depends on ANAC, FAA, or EASA approval, firm orders, deposits, delivery schedules, service/support revenue, and UATM software revenue.

Revenue mix

Eve remains pre-operational. The local lane says no meaningful development-phase revenue is expected, while management cited $577.7M of liquidity including available credit after Q1 2026.

Latest qtr revenue

MarketBeat and the local lane did not show Q1 2026 revenue for EVEX. The card uses "No revenue" because the company is still in certification and development rather than commercial delivery.

EVTL Vertical Aerospace

Lowest-ranked eVTOL watch row because certification progress still depends on financing terms.

Market cap$358M
Next earningsAug 4, 2026 est.
Latest qtr revenueNo revenue

Role in stack

Vertical is pursuing Valo eVTOL certification through a CAA/EASA path, supplier partnerships, pre-orders, demonstrations, and certification-aircraft work. Conversion depends on CDR, certification aircraft, flight testing, pre-order firmness, facility draw terms, and cash runway.

Revenue mix

Vertical is pre-revenue for commercial aircraft. The local lane records about $96M of cash at March 31, 2026, expected next-12-month cash outflows of about $180M-$200M, and equity-linked financing risk.

Latest qtr revenue

MarketBeat and the local lane did not show Q1 2026 revenue for EVTL. The card uses "No revenue" because the company is still pre-commercial for aircraft deliveries.

Basket market caps use local discovery instruments.market_cap queried on 2026-06-13. Next-earnings dates use MarketBeat pages accessed 2026-06-13 and are labeled estimated unless the page confirmed only the last report date; BETA had no credible next-date source in this pass. Latest-quarter revenue uses Q1 2026 company total revenue from official releases, linked knowledge lanes, and MarketBeat earnings pages; EVEX and EVTL remain pre-revenue/watch rows.

What Confirms Or Weakens

Area What confirms What weakens or invalidates Watch next
01 Node thesis Activity becomes economics
What confirms

Paid freight loads, paid robotaxi rides, marketplace AV trips, certified aircraft deliveries, service revenue, and lower cash burn rise together.

What weakens or invalidates

Demos, service-area additions, eIPP activity, customer intent, or non-binding orders fail to become utilization, revenue, margin, certified operations, or lower dilution risk.

Watch next
  • AUR paid loads
  • Waymo ride scale
  • Uber AV trip economics
  • Aircraft certification
02 Economics mechanism Revenue converts
What confirms

AUR reports higher paid-load revenue and better gross margin; Other Bets losses narrow or Waymo economics are clearer; Uber keeps Mobility economics while AV supply grows; aircraft names show delivery or service revenue with lower burn intensity.

What weakens or invalidates

Revenue remains bridge, lease, readiness, or immaterial activity; losses widen; per-trip economics are withheld; or customer activity requires continued subsidy and share issuance.

Watch next
  • Gross margin
  • Other Bets loss
  • Mobility take rate
  • Revenue mix
  • FCF
03 Customer and utilization Demand quality
What confirms

Carrier, shipper, rider, airport, and aircraft customers use the systems repeatedly, with disclosed route count, truck count, service areas, booked trips, firm deposits, or purchase commitments.

What weakens or invalidates

Customer intent stays non-binding, routes stay limited, riders or shippers do not return, aircraft pipelines lack deposits, or AV partners bypass Uber and compress marketplace economics.

Watch next
  • Route count
  • Truck deployments
  • Service areas
  • Firm orders
  • Partner terms
04 Funding and dilution Per-share capture
What confirms

Cash burn, share count, and financing cost improve as revenue quality rises, and companies avoid depressed-price issuance while deployment or certification remains on track.

What weakens or invalidates

ATM issuance, resale overhang, vendor shares, warrants, preferred or equity lines, SBC, or partner capex dilute per-share value before operating proof arrives.

Watch next
  • AUR ATM and SBC
  • JOBY/BETA/ACHR burn
  • EVEX liquidity
  • EVTL facility draws
  • Uber buybacks
05 Policy and certification Permission to operate
What confirms

Regulators permit larger operating domains, aircraft programs move through FAA, CAA, EASA, or ANAC milestones, and TIA or equivalent testing leads toward certified service.

What weakens or invalidates

Safety events, regulator restrictions, certification slips, failed tests, delayed production certification, or missing type-certification evidence push service timing out.

Watch next
  • FAA/TIA
  • ANAC/EASA
  • Safety reports
  • City permissions
  • eIPP routes
06 Operating and supply constraint Execution capacity
What confirms

Vehicle integration, maintenance, charging, pilot or remote-assistance staffing, depot and airport operations, aircraft production, and partner support scale without cost or reliability breaks.

What weakens or invalidates

Hardware cost stays high, vehicles need too much intervention, aircraft production slips, charging or vertiport infrastructure lags, or service disruptions hurt utilization and customer trust.

Watch next
  • Hardware cost
  • Intervention rate
  • Maintenance
  • Production cadence
  • Charging sites
07 Stale condition Refresh trigger
What confirms

Discovery daily_ohlc remains current, and no new earnings release, regulator update, route update, customer filing, award, safety event, or financing filing has changed the linked lanes.

What weakens or invalidates

A new trading session, 10-Q, earnings release, certification update, route change, customer commitment, defense award, safety event, or financing filing arrives before this static page is refreshed.

Watch next
  • Refresh daily_ohlc
  • Refresh setup levels
  • Refresh lanes
  • Refresh earnings dates

Source Trail

Canonical Thesis

Security Lanes

  • AUR security lane for driverless freight, DaaS, paid miles, truck targets, cash burn, dilution, and source-quality caveats.
  • GOOGL security lane for Alphabet Services, Cloud, Other Bets, Waymo routing, capex, regulatory risk, and disclosure limits.
  • UBER security lane for Mobility, Delivery, Freight, FCF, AV partner economics, insurance, worker classification, and buybacks.
  • JOBY security lane for Blade revenue, FAA/TIA progress, eIPP, liquidity, burn, dilution, and route-economics gaps.
  • BETA security lane for electric aircraft, charging infrastructure, backlog, cash runway, certification, segment-disclosure gaps, and the stale guidance conflict.
  • TSLA security lane for auto pressure, Energy offset, robotaxi/FSD optionality, capex, FCF, and autonomy-disclosure gaps.
  • ACHR security lane for eVTOL certification, Hawthorne/EIPP readiness, defense optionality, liquidity, burn, dilution, and missing FAA/award evidence.
  • EVEX security lane for Embraer-backed certification, liquidity, non-binding pipeline quality, and burn.
  • EVTL security lane for Valo certification, CDR, pre-orders, financing, dilution, and disclosure cadence.

Companion Routes

Bounded Official Checks

Earnings, Market Cap, And Revenue Sources

  • Market caps use local discovery instruments.market_cap queried read-only on 2026-06-13: AUR $13.9B, GOOGL $4.86T, UBER $153.6B, JOBY $10.7B, BETA $4.29B, TSLA $1.61T, ACHR $4.92B, EVEX $1.13B, and EVTL $358M.
  • Next-earnings dates use MarketBeat earnings pages accessed 2026-06-13. Estimated dates: AUR Jul 29, 2026; GOOGL Jul 22, 2026; UBER Aug 5, 2026; JOBY Aug 5, 2026; TSLA Jul 22, 2026; ACHR Aug 10, 2026; EVEX Aug 5, 2026; EVTL Aug 4, 2026. BETA had no credible next-date source in the checked page, so the card says Not confirmed.
  • Latest-quarter revenue uses Q1 2026 total revenue from official releases, linked lanes, and MarketBeat earnings pages: AUR $1.0M, GOOGL $109.896B, UBER $13.203B, JOBY $24.25M, BETA $10.13M, TSLA $22.39B, ACHR $1.60M. EVEX and EVTL are treated as pre-revenue watch rows because no Q1 2026 revenue was shown in the checked source set.

Discovery And Chart Provenance

  • Discovery commands checked: python -m discovery.cli status TICKER --json for AUR, ACHR, JOBY, BETA, EVEX, EVTL, GOOGL, TSLA, and UBER; lineage-status spot checks for AUR, BETA, GOOGL, and UBER.
  • Read-only DuckDB source: discovery/data/discovery.duckdb, table daily_ohlc. Coverage through 2026-06-12: AUR 1,155 rows; ACHR 1,189; JOBY 1,215; BETA 152; EVEX 1,027; EVTL 1,126; GOOGL, TSLA, and UBER 1,278 each.
  • The selected-security right rail uses /api/securities/TICKER/chart?frequency=weekly&window=3y&as_of=latest. It should derive weekly bars from daily_ohlc using first open, maximum high, minimum low, last close, and summed volume, then show a three-year visible window, 20W EMA, 100W EMA where enough history exists, weekly volume, and a 20W average-volume reference.
  • Static setup thresholds in this sidecar were generated from weekly bars through 2026-06-05. Local daily rows now run through 2026-06-12, so treat the static setup labels as stale until the node chart package is refreshed or the live API chart is inspected.
  • BETA has short public history because it began trading in November 2025. The prior static chart package had only 31 weekly bars through 2026-06-05 and did not support a mature 100W EMA.

Known Gaps

  • AUR customer intent and partner activity still need binding-order, utilization, paid-mile, route-level cost, and gross-margin evidence.
  • Waymo unit economics are not visible enough inside Alphabet; Uber AV take rate and partner-bypass risk are not separately disclosed; Tesla robotaxi and FSD economics are not isolated from Automotive and Energy.
  • JOBY, BETA, ACHR, EVEX, and EVTL still need regulator milestones to become certified aircraft, delivered units, route or service revenue, order deposits, and lower burn intensity.
  • BETA's local lane carried older 2026 revenue guidance. This node uses the official Q1 2026 guide and should be revisited when the knowledge lane is refreshed.
  • Parent theme and sitemap metadata still carry older shared discovery references; this node page records local daily_ohlc coverage through 2026-06-12, while static chart-artifact setup levels remain from the 2026-06-05 package.

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