Joby Aviation, Inc.

What they do

Joby has spent over a decade designing and testing a piloted, all-electric vertical take-off and landing air taxi intended to carry a pilot and up to four passengers, or a targeted payload of up to 1,000 pounds, up to 200 mph with a target range of 100 miles per charge. It operates powertrain and electronics facilities in San Carlos, California and 130,000 square feet of manufacturing, assembly and flight test space in Marina, California, where it completed a new 226,000 square foot building in 2025. The company is certifying the aircraft with the FAA and has begun regulatory work in the UK, Japan, South Korea, Australia, Saudi Arabia and the UAE, and in August 2025 it acquired Blade Urban Air Mobility, a global air charter broker it now operates as a wholly owned subsidiary.

Revenue drivers

• Blade air charter brokerage — Following the August 2025 acquisition, Blade operates an air charter broker service with an established customer base, airport relationships and infrastructure across New York City and Southern Europe; it generated $36.2 million in Q2 2026 revenue and is the source of essentially all currently reported revenue.
• Joby owned and operated air taxi service — The company's primary long-term route to market, in which Joby would manufacture and directly operate the eVTOL air taxi service; it has not yet launched and no revenue from this line has been reported.
• Affiliate owned and operated service — A second planned route to market in which affiliates would operate Joby aircraft; described as a future channel with no reported revenue to date.
• Direct sales and defense — Joby states it is pursuing aircraft sales to distributors and expansion into defense and other specialized markets, but this line is not broken out as a revenue source in the reported results.

Recent performance

Q2 2026 revenue was $38.6 million, up from $24.2 million in Q1 2026 and $30.8 million in Q4 2025, with the Q2 figure driven by $36.2 million of revenue from Blade. Annual revenue rose from $136,000 in 2024 to $53.4 million in 2025 following the Blade acquisition. Joby reported a 2025 net loss of $929.8 million, or $1.13 diluted EPS, and operating cash use of $509.9 million; it has incurred net operating losses and negative operating cash flow every year since inception and had an accumulated deficit of $3,141 million as of June 30, 2026. The June 30, 2026 balance sheet showed $2.75 billion in total assets, $985.5 million in total liabilities, $1.77 billion in shareholder equity, $629.9 million in cash and equivalents and $701.9 million in long-term debt. Management said the company had $2.3 billion in cash and short-term investments as of June 30, 2026.

Strategy

Joby is building a vertically integrated transportation company that would manufacture, operate and sell its aircraft, with a proprietary operating system (Elevate OS) integrating data across aircraft build, operations and maintenance and a consumer app for on-demand aerial ridesharing. It is targeting three routes to market: Joby owned and operated service, affiliate owned and operated service, and direct sales and defense. Manufacturing plans include the existing Marina, California facilities for initial low-rate production and a planned high-rate facility in Dayton, Ohio, where it bought a 40,300 square foot facility in 2024 and an additional 728,000 square foot facility in January 2026. In August 2026 the company announced a joint venture with Toyota intended to lay groundwork for a strategic manufacturing alliance and high-volume production, and a strategic partnership with Atoms, founded by Travis Kalanick, to develop multimodal transportation hubs in U.S. launch markets.

Risks

• Certification timing — Joby still needs Type Certification, Production Certification and Part 119 air carrier authorization with Part 135 operations specifications beyond the Part 135 certificate it already holds, and FAA staffing or appropriations disruptions could delay progress.
• Unproven UAM market — The company states the global market for urban air mobility remains undeveloped with no guarantee of future demand, and it cites consumer reluctance to adopt a new mobility form and unwillingness to pay its prices.
• Cash burn and losses — Joby has recorded net losses and negative operating cash flow every year since inception, with a $3,141 million accumulated deficit as of June 30, 2026 and $385 million to $415 million of expected cash use in the second half of 2026 alone.
• Commercial launch delays — Management lists delays in launching commercial service and the risk that competitors commercialize their technology first among the factors that could prevent the company from carrying its first passengers on the 2026 target.

Outlook

Joby raised its full year 2026 total revenue outlook to a range of $115 million to $125 million, up from prior expectations, citing strong Blade performance. Management said first eIPP flights are expected in September in Texas, targeting first passengers in 2026, and reported five aircraft flying with 12 more in production. The company anticipates second half 2026 use of cash, cash equivalents and short-term investments of between $385 million and $415 million, incorporating continued certification investment, manufacturing scale-up and participation in the White House-backed eIPP program.