Joby Aviation (JOBY) investor relations material

Executive summary

• Preparing for commercial service with first eIPP flights in Texas, targeting first passenger flights in 2026 and expanding to paying passengers over time.

• Blade acquisition continues to outperform, driving Q2 revenue growth and expanding operational capabilities in key urban corridors.

• Five electric air taxis are flying, with 12 more in production and two set for delivery this year as manufacturing ramps up.

• Strategic partnerships established with Toyota for manufacturing and Atoms for developing multimodal transportation hubs.

• Raised significant capital through equity, convertible notes, and Toyota's $250 million investment, strengthening liquidity.

Financial highlights

• Q2 revenue was $39 million, up $14 million sequentially, primarily from Blade; Q2 2026 revenue reported as $38.6 million.

• Q2 net loss was $245 million (GAAP), narrowed from $324.7 million in Q2 2025, mainly due to higher revenue and favorable fair value adjustments.

• Ended Q2 with $2.3 billion in cash equivalents and short-term investments.

• Q2 operating expenses were $300 million, up 78% year-over-year, driven by certification, manufacturing, and commercial readiness investments.

• Adjusted EBITDA loss was $197 million in Q2, compared to $179 million in Q1.

Outlook and guidance

• Raised full-year revenue guidance to $115–$125 million from $105–$115 million.

• Targeting first passenger flights in 2026, with continued investment in certification, manufacturing, and infrastructure.

• Expect second-half 2026 cash use of $385–$415 million, reflecting increased investment in certification, manufacturing, eIPP, and commercialization.

• Capital spending expected to run below first-half pace in the back half, but remain elevated versus prior years.

• Sufficient liquidity to fund operations for at least the next twelve months.