Joby Aviation (JOBY) Q2 2026 earnings summary

Executive summary

• Preparing for commercial service with first eIPP flights in Texas expected in September, aiming to carry first passengers in 2026 and expand to paying passengers over time.

• Blade acquisition continues to outperform, providing immediate market access in key urban corridors, with Q2 seats sold up over 50% year-over-year and Hamptons revenue up over 40%.

• Achieved strongest quarterly progress in the fifth and final stage of FAA Type Certification.

• Strategic partnerships and infrastructure progress in the U.S., U.K., UAE, and with Atoms and Toyota to support scaling operations and manufacturing.

• Raised significant capital through equity and convertible note offerings, strengthening liquidity.

Financial highlights

• Q2 2026 revenue reached $39M, up $14M sequentially, primarily driven by Blade’s passenger business.

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

• Q2 operating expenses were $300M, up $42M from Q1, mainly due to investments in certification, manufacturing, and commercial readiness.

• GAAP net loss for Q2 was $245M, compared to $110M in Q1, largely due to a $108M non-cash warrant revaluation.

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

Outlook and guidance

• Full-year revenue guidance raised to $115M–$125M from $105M–$115M.

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

• Second half 2026 cash use expected at $385M–$415M, reflecting increased investment in certification, manufacturing, eIPP, and commercialization.

• Capital spending expected to remain elevated but below first-half pace as manufacturing and infrastructure investments continue.

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