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    JOBY
    Earnings call· Mar 2026(Q1 FY26)

    Joby Aviation Q1 FY26 earnings call JOBY

    May 5, 2026 Source

    Executive summary

    Joby Aviation Q1 FY26 — Rapid Progress Towards Commercial Operations and Certification

    Joby Aviation reported significant progress in Q1 FY26, highlighted by its selection for the eIPP program and successful FAA SR3 audit, accelerating its path to commercial passenger operations. The company demonstrated its eVTOL aircraft in major cities and is rapidly scaling manufacturing, supported by a strong balance sheet. While operating expenses increased due to ongoing investments, management expressed confidence in achieving passenger flights later this year.

    Highlights

    5

    • Selected for the White House-backed eIPP program across 11 states, including Texas, New York, and Florida.

    • Successfully completed the SR3 audit with the FAA, a key milestone in the type certification process.

    • Ended Q1 FY26 with a strong balance sheet of approximately $2.5 billion in cash, cash equivalents, and short-term investments.

    • Composites team is producing 2.5x the volume of parts compared to last year, indicating significant manufacturing ramp-up.

    • Completed full transition flights with the turbine electric VTOL aircraft, including a 148-mile flight at max takeoff weight.

    Concerns

    3

    • Reported a Q1 net loss of $110 million, despite a $12 million improvement from Q4 FY25.

    • Adjusted EBITDA loss was $179 million in Q1, compared to a loss of $154 million in Q4 FY25.

    • Total operating expenses increased by $20 million sequentially to $258 million, driven by continued investment.

    Guidance & targets

    4
    CategoryTargetConfidence
    First half 2026 cash use
    $340 million to $370 million
    medium materiality
    High
    Full year revenue
    $105 million to $115 million
    high materiality
    High
    eIPP program agreements signing
    Q3 FY26
    high materiality
    High
    Passenger flights start
    later this year
    high materiality
    High

    Segment performance

    1
    SegmentRevenueYoYQoQMargin
    Blade
    Revenue for Q1 was $24 million, mostly from Blade. Compared to Q4, revenue decreased $7 million, reflecting the absence of one-time revenue from Japan flight demonstrations. Blade performance in Q1 was strong, heading into a seasonal ramp with Q2 typically building to a Q3 peak.
    		$24 million—decreased $7 million—

    Operational metrics

    19
    Cash, cash equivalents and short-term investments
    $2.5 billion
    Q1 FY26 end

    Ended the first quarter with approximately $2.5 billion in cash, cash equivalents and short-term investments, including $1.3 billion in net proceeds raised during the quarter.

    Net proceeds from capital raises
    $1.3 billion
    Q1 FY26

    Net proceeds raised during the quarter from equity and convertible offerings and warrants exercised by Delta Airlines.

    Cash use (excluding capital raises)
    $195 million
    Q1 FY26

    Total Q1 use of cash, cash equivalents and short-term investments, excluding net proceeds from Q1 capital raises.

    Cash use (excluding Ohio purchase)
    $163 millioncompared to $157 million in Q4
    Q1 FY26

    Q1 cash use, excluding the one-time Ohio purchase, consistent with first half guidance.

    Ohio manufacturing facility net purchase cost
    $32 million
    Q1 FY26

    Net purchase cost for the new Ohio manufacturing facility after financing.

    Ohio manufacturing facility gross purchase price
    $62 million
    Q1 FY26

    Gross purchase price for the new Ohio manufacturing facility.

    Total property and equipment investment
    $78 million
    Q1 FY26

    Total investment in property and equipment, including the Ohio purchase and facility build-out.

    Investment for facility build-out, tooling, production equipment
    $16 million
    Q1 FY26

    Remaining investment after the Ohio purchase, supporting manufacturing ramp.

    Net loss
    $110 million$12 million improvement compared to the $122 million net loss in Q4
    Q1 FY26

    GAAP net loss for the quarter, showing sequential improvement.

    Noncash favorable change in fair value of warrants and earn-out shares
    $33 million
    Q1 FY26

    Driver of sequential improvement in net loss, subject to share price changes.

    Higher interest income
    $4 million
    Q1 FY26

    Contributed to sequential improvement in net loss.

    Increase in loss from operations
    $27 million
    Q1 FY26

    Partially offset the sequential improvement in net loss.

    Total operating expenses
    $258 millioncompared to $238 million in Q4
    Q1 FY26

    Primarily driven by continued investment to support certification, manufacturing ramp and commercial readiness.

    Adjusted EBITDA loss
    $179 millioncompared to a loss of $154 million in Q4
    Q1 FY26

    Non-GAAP metric, reflecting revenue and expense dynamics.

    Composites parts production volume
    2.5xthis time last year
    Q1 FY26

    The composites team is producing 2.5 times the volume of parts it was producing this time last year.

    Turbine electric VTOL aircraft flight distance
    148-mile
    Q1 FY26

    Completed a 148-mile flight with the turbine electric VTOL aircraft at max takeoff weight.

    Turbine electric VTOL aircraft max takeoff weight
    2,400 kilograms
    Q1 FY26

    The turbine electric VTOL aircraft achieved a 148-mile flight at its max takeoff weight of 2,400 kilograms.

    Conforming aircraft parts in production
    9 aircraft
    Q1 FY26

    Currently producing parts for the ninth conforming aircraft.

    Conforming aircraft for TIA flight testing
    5 aircraft
    Q1 FY26

    Five aircraft will be used for TIA flight testing.

    Industry KPIs

    2
    MetricValueDetails
    Fleet mro5 aircraft
    Premium diverse revenue mix$24 millionUSD

    Product announcements

    1
    ProductTypeDetails
    Turbine electric VTOL aircraftmilestone

    Deals & partnerships

    5
    White House, FAA, Department of TransportationSelection for the White House-backed eIPP program, enabling early U.S. community service ahead of FAA type certification.

    Covers 11 states, including Texas, New York, and Florida. Involves finalizing OTA agreements to define scope, roles, and timelines.

    Ruben BrothersPartnership to bring a vertiport to the towers at Century Plaza in Los Angeles.

    Focus on infrastructure development in a key urban location.

    SAP CenterPartnership to develop a vertiport in a key San Jose location.

    Focus on infrastructure development in the Bay Area.

    L3HarrisPartnership to demonstrate turbine electric VTOL aircraft maneuverability and endurance to the U.S. Army.

    Demonstration of the turbine electric VTOL aircraft for defense applications, addressing existing contract opportunities and capability gaps.

    Air Space Intelligence (ASI)Partnership for real-life demonstrations of scaled eVTOL operations in complex airspace.

    Aims to modernize air traffic control and pave the way for fully autonomous eVTOL operations. ASI is one of three companies competing to provide software for FAA's new air traffic control system.

    Capital programs

    1
    Ohio Manufacturing Facility Expansionunderway
    Period spend: $62 million
    Spent to date: $62 million
    Funding: debt + cash on hand
    Start: Q1 FY26

    Benefit: 730,000 square foot facility

    The gross purchase price for the new Ohio manufacturing facility was $62 million, with roughly half financed. An additional 730,000 square foot facility across the street is beginning build-out for production processes.

    Risks & headwinds

    1
    Increased Operating ExpensesQ1 FY26

    $20 million increase

    Mitigation: Management views this as deliberate investment in certification, manufacturing ramp, and commercial readiness, supported by a strong balance sheet.

    What to watch in Q2 FY26

    4

    eIPP program agreements

    Q3 FY26
    Currentin the process of finalizing an OTA agreement
    Targetagreements will start being signed

    Why it matters

    Signing of OTA agreements is a critical step for initiating operations under the eIPP program, which is key to early market entry and revenue generation.

    Each of the selected programs is now in the process of finalizing an OTA agreement with the FAA and the Department of Transportation. These agreements are flexible R&D contracting mechanisms that enable faster and less restrictive collaboration than traditional federal contracts. They will define the scope, roles and time lines for what happens next, but our work has already begun.

    Q&A highlights

    7

    How are customer conversations evolving given the visible progress with eIPP and demonstrations, and how quickly might potential orders materialize?

    JoeBen highlighted strong demand for service and potential for aircraft sales in international markets, which Paul Sciarra elaborated on, mentioning Saudi Arabia and Japan. They also noted accelerated infrastructure conversations.

    “There are so many customers who are really excited about beginning to use our service. I think the next element of that, I think you're referring to is sales of aircraft. And as Paul has talked about a number of times before, that's certainly a lever that we can choose to pull as we desire. There is a huge amount of demand from many international markets.”

    asked by Kristine Liwag · answered by JoeBen Bevirt

    2 min read5 chapters

    Detailed Narrative

    01

    eIPP Program Momentum

    Joby was selected for the White House-backed eIPP program across 11 states, including key markets like Texas, New York, and Florida. This program enables the company to launch its aircraft and service in U.S. communities ahead of full FAA type certification, with OTA agreements currently being finalized. The company has already begun work, including charging infrastructure installation in New York and securing an MRO facility in Texas.

    02

    Demonstration Flights and Infrastructure

    Joby conducted successful demonstration flights in the Bay Area and New York, including the first eVTOL flight between an international airport (JFK) and a downtown heliport (Wall Street Heliport). These flights showcased the aircraft's operational maturity in Class B airspace and its ability to integrate with existing infrastructure, including heliports gained through the Blade acquisition. New partnerships for vertiport development were announced in LA (Ruben Brothers), San Jose (SAP Center), and Dubai.

    03

    Manufacturing Ramp and Toyota Partnership

    The company is aggressively scaling its manufacturing operations, adding a third shift for composites layup and automated fiber placement. The composites team is now producing 2.5 times the volume of parts compared to last year, focusing on quality and speed for conforming parts. Joby continues to embed the Toyota Production System, leveraging Toyota's expertise in manufacturing efficiency and quality control through practices like Gemba Walks and Obeya rooms.

    04

    Certification Progress

    Joby remains focused on the fifth and final stage of the type certification process, successfully completing its SR3 audit with the FAA. This audit confirmed that test results meet FAA expectations for the final phase. The first FAA conforming aircraft is flying, and the company is preparing for Joby pilots to conduct testing, followed by FAA pilot training in simulators.

    05

    Advanced Aircraft and Airspace Modernization

    Joby completed full transition flights with its turbine electric VTOL aircraft, demonstrating increased range and payload for potential defense applications with L3Harris. The company also announced a partnership with Air Space Intelligence (ASI) to run real-life demonstrations of scaled eVTOL operations in complex airspace, aiming to pave the way for fully autonomous operations and safer, lower-cost aerial transportation.

    AI-generated summary of the company’s earnings call. Not investment advice.