Joby Aviation (JOBY) Q2 2026 earnings summary

Executive summary

• Preparing for commercial service with first eIPP flights in Texas next month and first passengers targeted for 2026, supported by progress in the fifth and final stage of FAA Type Certification.

• Blade acquisition continues to outperform, providing immediate market access, with Q2 seats sold up over 50% year-over-year and record new flyers from NYC airports.

• Raised full-year revenue guidance to $115M–$125M, up from $105M–$115M, driven by Blade's strong performance.

• 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 from Blade; H1 2026 revenue was $62.9M.

• Q2 net loss was $245M (GAAP), compared to $110M in Q1, mainly due to a $108M non-cash warrant revaluation; net loss narrowed from $324.7M in Q2 2025.

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

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

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

Outlook and guidance

• Full-year revenue guidance raised to $115M–$125M, citing strong Blade demand and seasonal trends.

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

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

• Capital spending 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.