Can JoeBen elaborate on hydrogen as a propulsion system and its materiality to Joby's story?

Hydrogen has 3x the specific energy of jet fuel and can be converted twice as efficiently. This enables game-changing aircraft design, making aircraft lighter and more efficient. Joby sees this as the biggest disruption since the turbine engine and aims to be a world leader. “hydrogen has 3x the specific energy of jet fuel. And with our fuel cell systems, we can convert that chemical energy into propulsion about twice as efficiently as a small turbine converts jet fuel into propulsion.”

What is Blade seeing regarding fuel cost increases, pass-through ability, demand absorption, and high-level thoughts on margins?

Blade acquisition has been a "home run" with high demand for vertical lift, evidenced by record seats sold and new flyers. Flight margins have improved, and the business is contributing to growth without consuming cash. The team is effectively selling available capacity. “flight margin has improved, and you're not seeing a direct impact that will be flowing through the bottom line. Right now, we are running a business that is not consuming cash and in fact, it is contributing on the growth.”

Does the Atoms partnership imply Joby will shoulder significant CapEx for vertiport development, adding burden to its balance sheet?

It's a co-investment vehicle, but Atoms has established financing relationships and expertise in real estate development. Joby benefits from these relationships, reducing its share of the lift. The partnership aims to define a new asset class for urban mobility infrastructure. “Atoms has built up a number of financing relationships over a long period of time... So we get to be the beneficiary of a lot of the relationships and the credibility that they've already sort of built out.”

JOBY

Joby Aviation (JOBY) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Industrials· Aug 5, 2026

Source: earnings call transcript

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

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

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

Category	Target	Timeline	Confidence
Full-year revenue	$115 million to $125 million high materiality	FY26	High
H2 2026 cash use	$385 million to $415 million high materiality	H2 2026 · FY26	High

Segment performance

Segment	Revenue	YoY	QoQ	Margin
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 million	32%	up $14 million from the prior quarter	not consuming cash and in fact, it is contributing on the growth

Orderbook & backlog

Aircraft in production process 12 aircraft Q2 FY26

increase of 4 additional aircraft this quarter into our production queue

including 2 set for delivery this year

Product announcements

Product	Type	Timeline	Details
eIPP flights in Texas	launch	next month
First passenger flights	milestone	this year

Deals & partnerships

Blade Acquisition of an air mobility platform.

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

Visa Marketing 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 Atlantic Multi-year definitive agreement to launch service across the U.K. multi-year

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

Atoms Strategic 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.

Toyota Joint 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.

ASI Partnership 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

Ohio facility purchase underway

Period spend: $62 million

Benefit:build out manufacturing capacity

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

Hollister facility investment underway

Period spend: $15 million

Benefit:expanded flight test capabilities

Investment in expanded flight test capabilities.

Risks & headwinds

Noncash volatility from fair value revaluation of warrants and earn-out shares Q2 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 readiness Q2 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 program Short 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

First eIPP flights in Texas

Next quarter (Q3 FY26)

Current Planned for next month (September 2026)

Target Successful 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.

Find out whether JOBY delivers this. Inve re-checks your case every morning.

Q&A highlights

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 read 6 chapters

Detailed narrative

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.

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.

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.

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.

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.

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.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.