Joby Aviation (JOBY) Q1 2026 earnings summary

Executive summary

• Achieved significant operational milestones, including selection for the White House-backed eIPP program across 11 states and high-profile eVTOL demonstration flights in New York City and San Francisco, enabling early deployment ahead of FAA type certification.

• Demonstrated technical and operational maturity with successful flights at major airports and heliports, including the first point-to-point eVTOL flights in NYC and the first-ever eVTOL flight between an international airport and a downtown heliport.

• Closed acquisition of Blade Urban Air Mobility, unlocking immediate market access in key urban corridors and driving Q1 2026 revenue growth.

• Expanded infrastructure partnerships in key U.S. cities and internationally, including Dubai, and ramped up manufacturing with increased production shifts, leveraging Toyota Production System expertise.

• Maintained a strong balance sheet and financial flexibility to support certification, manufacturing, and commercial launch.

Financial highlights

• Ended Q1 2026 with $2.5 billion in cash, cash equivalents, and short-term investments, bolstered by $1.3 billion in net proceeds from equity and convertible offerings and Delta Air Lines warrant exercises.

• Q1 revenue reached $24.2 million, primarily from Blade and engineering services, down $7 million sequentially due to the absence of one-time Japan demonstration revenue.

• Q1 net loss was $109.95 million, a $12 million improvement from Q4, reflecting increased R&D and SG&A expenses but favorable non-cash changes in warrant and earnout share valuations and higher interest income.

• Total Q1 operating expenses were $258 million, up $20 million from Q4 and 58% year-over-year, reflecting continued investment in certification, manufacturing, and commercial readiness.

• Adjusted EBITDA loss of $179 million in Q1, compared to $154 million loss in Q4.

Outlook and guidance

• On track with first half 2026 cash use guidance of $340 million–$370 million, excluding the one-time Ohio facility purchase.

• Full-year revenue guidance reaffirmed at $105 million–$115 million, with Blade expected to ramp seasonally into Q3.

• Expects to begin initial operations in 2026, ahead of FAA type certification, leveraging eIPP partnerships and targeting first passenger flights.

• Management expects continued losses and negative cash flows until commercial operations commence, but cash and investments are expected to cover requirements for at least the next twelve months.

• Plans for joint demonstrations with Air Space Intelligence later in 2026 to integrate air taxis into the national airspace system.