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    JOBY
    Earnings call· Jun 2026(Q2 FY26)

    Joby Aviation Q2 FY26 earnings call JOBY

    Aug 5, 2026 Source

    Executive summary

    Joby Aviation Q2 FY26 — Raising Full-Year Revenue Guidance and Advancing eIPP Flights

    Joby Aviation reported a strong Q2 FY26, driven by exceptional performance from its Blade passenger business, leading to a raised full-year revenue guidance. The company is making significant strides towards commercialization, with eIPP flights scheduled for Texas next month and a target to carry first passengers this year. Strategic partnerships with Atoms for infrastructure and a joint venture with Toyota for manufacturing are accelerating readiness, though increased investments in certification and production led to higher operating expenses and a wider net loss this quarter.

    Highlights

    5

    • Blade's Q2 seats sold increased over 50% year-over-year, marking its best Q2 on record.

    • Full-year revenue guidance was raised to $115 million-$125 million from $105 million-$115 million.

    • First eIPP flights in Texas are planned for next month (September 2026), with a target to carry first passengers this year.

    • Manufacturing nonconformance rate was reduced by nearly 40% in the first half of 2026.

    • Strategic partnership with Atoms for mobility hubs and a joint venture with Toyota for high-volume commercial production were announced.

    Concerns

    4

    • Q2 net loss widened to $245 million from $110 million in Q1, primarily due to a $108 million noncash unfavorable change in fair value of warrants and earn-out shares.

    • Total operating expenses for Q2 increased by $42 million to $300 million, driven by investments in certification, manufacturing ramp, and commercial readiness.

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

    • The eIPP program, while beneficial, is noted as an "additional burden on the team" and "extra load" in the short term.

    Guidance & targets

    2
    CategoryTargetConfidence
    Full-year revenue
    $115 million to $125 million
    high materiality
    High
    H2 2026 cash use
    $385 million to $415 million
    high materiality
    High

    Segment performance

    1
    SegmentRevenueYoYQoQMargin
    Blade
    Blade delivered a standout quarter, supported by seasonal ramp, favorable weather, and elevated demand around major events like the Monaco Grand Prix (4,500 seats sold). The core constraint is now aircraft availability rather than passenger demand. The acquisition has been a "home run".
    Seats sold in Q2: up over 50% from the same time last yearNew flyers to/from New York City airports: highest since 2023Hamptons revenue: >40% year-on-year growth
    		$39 million32%up $14 million from the prior quarternot consuming cash and in fact, it is contributing on the growth

    Operational metrics

    10
    Cash, cash equivalents and short-term investments balance
    $2.3 billion
    Q2 FY26 end

    Balance at the end of the second quarter.

    Cash use
    $202 millioncompared to $195 million in the first quarter
    Q2 FY26

    Includes net cash impact of Ohio facility purchase in Q1.

    Cash use (excluding Ohio investment)
    $365 millionwithin our guidance range of $340 million to $370 million
    H1 2026

    Excludes the one-time Ohio investment.

    Property and equipment investment
    $29 millioncompared to $78 million last quarter
    Q2 FY26

    Declined sequentially after Ohio purchase, but remains elevated versus prior years due to manufacturing capacity build-out.

    Total operating expenses
    $300 millioncompared to $258 million in Q1
    Q2 FY26

    $42 million increase primarily driven by investments in certification, manufacturing ramp, and commercial readiness.

    Net loss (GAAP)
    $245 millioncompared to $110 million in the prior quarter
    Q2 FY26

    Most of the increase related to noncash fair value revaluation of warrants and earn-out shares.

    Adjusted EBITDA loss
    $197 millioncompared to a loss of $179 million in Q1
    Q2 FY26

    $19 million change quarter-over-quarter reflects revenue and expense dynamics.

    Capital expenditures
    $107 million
    H1 2026

    Includes investments in expanded flight test capabilities at Hollister.

    Manufacturing nonconformance rate
    nearly 40%reduced
    H1 2026

    Represents excellent progress moving from R&D builds to low-rate production.

    Toyota direct investment
    $250 million
    null

    Expected to close later this year or early next, coming directly to Joby Inc.

    Industry KPIs

    5
    MetricValueDetails
    Fuel—
    Fleet mro—
    Loyalty co brand—
    Demand indicators—
    Premium diverse revenue mix—

    Orderbook & backlog

    1
    Aircraft in production process12 aircraftQ2 FY26

    increase of 4 additional aircraft this quarter into our production queue

    including 2 set for delivery this year

    Product announcements

    2
    ProductTypeDetails
    eIPP flights in Texaslaunch
    First passenger flightsmilestone

    Deals & partnerships

    6
    BladeAcquisition of an air mobility platform.

    Acquired about a year ago, providing a network, team, and customer base.

    VisaMarketing and benefits partnership for Blade's Signature Airport service.

    Provides Visa Infinite cardholders access to premium benefits on Blade's New York Signature Airport service.

    Virgin AtlanticMulti-year definitive agreement to launch service across the U.K.multi-year

    Focus on London and Manchester, building on the opportunity demonstrated at Farnborough.

    AtomsStrategic partnership to identify and develop mobility hubs for electric aircraft and autonomous vehicles.

    Joint understanding that next transportation revolution requires new vehicles and new infrastructure. Atoms recently raised $1.7B. Initial focus on Florida, New York, Texas, and California.

    ToyotaJoint venture for high-volume commercial production of aircraft.

    Leverages Toyota's manufacturing expertise, with a senior Toyota manufacturing leader joining Joby's Marina team. Toyota's $250M direct investment in Joby is separate but related.

    ASIPartnership for airspace integration and modernizing air traffic control.

    ASI was recently selected by the FAA to provide central software infrastructure for managing U.S. national airspace. Joby will trial ASI's tools with Blade and eVTOL operations.

    Capital programs

    2
    Ohio facility purchaseunderway
    Period spend: $62 million

    Benefit: build out manufacturing capacity

    The ramp for component manufacturing has already started at the Ohio facility.

    Hollister facility investmentunderway
    Period spend: $15 million

    Benefit: expanded flight test capabilities

    Investment in expanded flight test capabilities.

    Risks & headwinds

    3
    Noncash volatility from fair value revaluation of warrants and earn-out sharesQ2 FY26

    $108 million noncash unfavorable change in Q2, contributing to a $245M net loss.

    Mitigation: Management notes this is driven by share price changes and can introduce meaningful noncash volatility.

    Increased operating expenses due to investments in certification, manufacturing, and commercial readinessQ2 FY26

    Total operating expenses for Q2 were $300 million, up $42 million from Q1.

    Mitigation: These are "deliberate investment[s]" to support certification, manufacturing ramp, and commercial readiness, with capital deployment being "disciplined and milestone driven."

    Short-term additional effort/burden from eIPP programShort term

    additional burden on the team, extra load

    Mitigation: Management views eIPP as an "incredible opportunity" that has the "potential to accelerate our overall certification program" in the long term.

    What to watch in Q3 FY26

    5

    First eIPP flights in Texas

    Next quarter (Q3 FY26)
    CurrentPlanned for next month (September 2026)
    TargetSuccessful completion of initial flights

    Why it matters

    Verifies the start of the eIPP program, a critical step towards commercial service and FAA partnership.

    I'm pleased to confirm that next month, we intend to complete our first eIPP flights in Texas.

    Q&A highlights

    5

    How will Joby deploy its current and future aircraft across eIPP projects, and are there revenue-generating opportunities from eIPP?

    Joby will use a mix of existing and new conforming aircraft for eIPP, starting in Texas and expanding. While premature for specific revenue guidance, eIPP markets (TX, FL, NY, CA) could absorb all future production, maximizing monetization. Dubai operations are also planned.

    “the reason we're so excited about this program is because it's giving us the opportunity to monetize every single aircraft that comes off our production for the foreseeable future.”

    asked by Andres Sheppard-Slinger · answered by Rodrigo Brumana

    2 min read6 chapters

    Detailed Narrative

    01

    eIPP Program Advancement

    Joby is preparing for its first eIPP flights in Texas next month (September 2026), aiming to demonstrate the value and operational maturity of its technology across Dallas-Fort Worth. These flights are expected to progress from pilot-only to non-paying and eventually paying passengers, with the company targeting to carry its first passengers this year. The eIPP program is seen as a critical opportunity to accelerate commercialization and integrate aircraft into national airspace, potentially offering certification credits.

    02

    Blade Business Momentum

    The Blade business continues to grow, with Q2 seats sold up over 50% year-over-year, marking its best Q2 on record. Hamptons revenue grew over 40% year-over-year, and new flyers to NYC airports were the highest since 2023. This strong performance led to a raised full-year revenue guidance, with Blade's H1 revenue growing 32% YoY. The core constraint is now aircraft availability rather than passenger demand, indicating robust market interest.

    03

    Infrastructure Development and Partnerships

    Joby announced a strategic partnership with Atoms, an industrial AI infrastructure company, to develop new mobility hubs supporting both electric aircraft and autonomous vehicles. Initial focus markets include Florida, New York, Texas, and California. Florida has enacted legislation to fund vertiport projects up to 100%, and Dubai's second vertiport is nearing completion, with progress also seen in Japan, UAE, Korea, and Australia, underscoring global momentum in infrastructure.

    04

    Manufacturing Progress and Toyota JV

    The company now has five electric air taxis in the air, including its first FAA conforming aircraft, with 12 more in various stages of production and two set for delivery this year. Manufacturing efficiency improved, with the nonconformance rate reduced by nearly 40% in the first six months of 2026. A joint venture with Toyota has been formed to lay the groundwork for high-volume commercial production, leveraging Toyota's expertise and sharing investment, with a senior Toyota manufacturing leader joining Joby's Marina team.

    05

    Certification and Airspace Integration

    Joby reported excellent progress on Stage 5 of type certification, the final stage. A partnership with ASI, recently selected by the FAA to provide central software infrastructure for U.S. national airspace, is focused on safe and effective integration of Joby's aircraft. This collaboration is expected to help scale access to skies and potentially accelerate the overall certification program, despite adding short-term effort.

    06

    Hydrogen Propulsion Exploration

    Joby has been exploring hydrogen as a propulsion system for over six years, noting its 3x specific energy compared to jet fuel and twice the efficiency when converted to propulsion via fuel cells. This technology is viewed as a potential game-changer for aircraft design, enabling lighter aircraft and significant upside for the company as a leader in this field, representing a major disruption in aviation.

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