Highlights

  • Second quarter 2026 net loss narrowed to $245.4 million, or $0.25 per share, from $324.7 million.
  • Revenue reached $38.6 million after the August 2025 Blade acquisition, while research and development spending rose 43% to $194.7 million.
  • Cash, equivalents and short-term investments totaled about $2.26 billion at June 30, which management expects to fund twelve months.
  • Joby Aero and Toyota formed a joint venture on June 29 to manufacture Joby's S4 Series aircraft.

Joby Aviation (NYSE:JOBY) shares were trading near their 52-week low at USD 4.73 on October 21, 2026, up 1.61%. The electric air taxi developer completed a $576.3 million stock offering and a $690 million convertible notes offering in February, formed a manufacturing joint venture with Toyota on June 29, and reported second quarter 2026 results in a Form 10-Q filed on August 6.

Joby is a Delaware corporation based in Santa Cruz, California. It says it has spent more than a decade developing a piloted, all-electric vertical take-off and landing aircraft designed to carry a pilot and up to four passengers, and it has been engaged mainly in research and development since its inception in 2009. Its planned routes to market are Joby-owned service, affiliate-operated service, and direct sales and defense. Since August 2025 it has also owned Blade, an air charter service. Its fiscal year ends December 31.

Second Quarter: Revenue Begins, Losses Continue

Revenue for the three months ended June 30, 2026 was $38.6 million, compared with essentially none a year earlier. It came mainly from Blade passenger service, engineering services and rental income. Cost of revenue was $28.3 million. Operating expenses rose to $299.5 million from $167.9 million, with research and development up $58.3 million to $194.7 million and selling, general and administrative expense up 143% to $76.6 million, reflecting stock-based compensation, payroll, Blade and marketing.

The loss from operations widened to $260.9 million from $167.9 million. The net loss narrowed to $245.4 million, or $0.25 per share, from $324.7 million, or $0.41 per share, mainly because the prior-year quarter included a $126.3 million loss from changes in the fair value of warrants and earnout shares and a $40.3 million loss on a private placement. For the six months, revenue was $62.9 million and the net loss was $355.4 million, or $0.37 per share, including a $102.7 million fair value gain. The accumulated deficit was $3,141 million. Joby has reported net operating losses and negative operating cash flow every year since inception and expects them to continue until it begins sustainable commercial operations.

Certification, Defense Work and Funding

On certification, the company says it has completed or substantially completed three of five FAA type certification stages, is about 75% through the fourth, and is progressing in the fifth. It describes opportunities under the FAA's eIPP to begin initial flights in key U.S. markets before type certification, and says it is targeting carrying its first passengers in 2026. It notes that further FAA changes or delays could push back certification and launch. It continues autonomy work with the U.S. Air Force and is working with L3Harris on potential defense aircraft sales.

Cash, cash equivalents and restricted cash were $636.1 million at June 30, 2026, plus $1,634.0 million of short-term investments. Six-month operating cash use was $317.6 million. Financing inflows were $1,291.2 million, including the February stock offering and $669.7 million of net proceeds from 0.75% convertible senior notes due 2032. Only $8.1 million remained available under its at-the-market program. Toyota has committed a further $250 million of investment, subject to closing conditions.

The company states that issuing equity could dilute stockholders, that debt could carry restrictive terms, and that financing may not be available on acceptable terms.

Outlook

Joby gave no financial guidance. Management expects its cash, additional Toyota proceeds and future operating cash to fund operations beyond the initial commercial launch, and says cash, cash equivalents and short-term investments should cover working capital and capital needs for at least the next twelve months. It expects research and administrative spending to keep rising. Under the June 29 agreement, Joby Aero will hold 49% and Toyota 51% of the joint venture, which will establish manufacturing for the S4 Series.