Joby Aviation, Inc.

Q2 revenue was $39 million, primarily from Blade passenger business and up $14 million from Q1. GAAP net loss was $245 million versus $110 million in Q1, with the larger loss mainly due to a $108 million noncash unfavorable change in the fair value of warrants and earn-out shares. Adjusted EBITDA was a loss of $197 million versus a loss of $179 million in Q1. Cash, cash equivalents and short-term investments were approximately $2.3 billion at quarter-end. Q2 cash use was approximately $202 million; first-half 2026 cash use was $365 million excluding the Ohio facility purchase, within the $340 million to $370 million guidance range. Property and equipment investment was approximately $29 million in Q2, and first-half capital expenditures were $107 million, including $62 million for Ohio and $15 million for Hollister. Management raised full-year revenue guidance to $115 million to $125 million from $105 million to $115 million, with $63 million already recognized in the first half. For the second half of 2026, it expects to use $385 million to $415 million in cash, mainly for certification, manufacturing, eIPP and commercialization.

JoeBen Bevirt framed the quarter as a major step toward commercialization, saying Joby is moving from years of development into preparing for commercial service. He highlighted first eIPP flights in Texas next month, continued targeting of first passengers this year, and what he called strong momentum in Blade, infrastructure partnerships, and certification progress. His tone was upbeat and confident, especially around the view that vertical lift is becoming a real market rather than a concept.

Rodrigo Brumana emphasized disciplined capital deployment and milestone-driven spending. He cited approximately $2.3 billion in cash, cash equivalents and short-term investments, Q2 cash use of approximately $202 million, first-half cash use of $365 million excluding Ohio, and raised second-half cash use guidance of $385 million to $415 million. He also pointed to Q2 operating expenses of $300 million, Q2 net loss of $245 million, adjusted EBITDA loss of $197 million, and said Toyota’s $250 million direct investment is expected to close by year-end or early next year.

Analysts focused on how eIPP flights will be used, whether the program could help certification, the expected production cadence, Blade demand and margins, defense opportunities, and the timing of Toyota’s investment. Management said eIPP will begin with Joby pilots, then nonpaying passengers and eventually paying passengers, and that it could create certification benefits through close FAA coordination, though it also adds near-term workload. On Blade, they said demand is strong and aircraft availability is currently the constraint; on Toyota, they said the $250 million investment goes directly to Joby. They also said the ATC modernization partnership with ASI will be used as a sandbox for future higher-frequency operations and autonomy.