Joby Aviation (NYSE: JOBY) posts Q1 2026 loss on $24M revenue, holds $2.5B cash
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Joby Aviation reported its first quarter 2026 results, showing rapid operational progress but continued heavy investment and losses. The company generated $24 million in revenue, primarily from the BLADE passenger business, and recorded a net loss of $110 million driven by $258 million of operating expenses.
Adjusted EBITDA was a loss of $179 million, reflecting high spending on aircraft development, certification and manufacturing scale-up. Joby ended the quarter with a strong liquidity position of $2.5 billion in cash, cash equivalents and short-term investments, boosted by a recent equity offering, Delta warrant exercise and a convertible notes issue.
Operationally, Joby completed landmark eVTOL demonstration flights in San Francisco and New York City, flew its first FAA-conforming aircraft for Type Inspection Authorization, and finished the FAA SR3 audit, while being selected under the White House-backed eVTOL Integration Pilot Program, which may allow initial operations in up to 11 U.S. states in 2026. The company reaffirmed full-year 2026 revenue guidance of $105–$115 million and expects to use $340–$370 million of cash in the first half of 2026, excluding a one-time Ohio facility purchase.
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Insights
Joby pairs strong cash and regulatory progress with rising losses and cash burn.
Joby Aviation reported Q1 2026 revenue of $24 million and a net loss of $110 million, as it scales spending on R&D, certification and manufacturing. Adjusted EBITDA was a loss of $179 million, indicating the core air taxi business remains firmly in investment mode.
The balance sheet strengthened significantly, ending the quarter with $2.5 billion in cash, cash equivalents and short-term investments after raising capital via equity and convertible debt. This provides funding to pursue milestones like FAA certification, TIA testing, and the Electric Skies Tour while absorbing ongoing operating losses.
Strategically, selection in multiple eIPP applications and the first FAA-conforming aircraft flight show regulatory and operational traction. The company reiterated 2026 revenue guidance of $105–$115 million and first-half cash use of $340–$370 million (excluding a one-time Ohio facility purchase), so future filings will clarify how quickly revenue can scale relative to cash burn.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 Revenue: $24.2M
Q1 2026 Net Loss: $110.0M
Q1 2026 Adjusted EBITDA: -$178.5M
+5 more
8 metrics
Q1 2026 Revenue
$24.2M
Revenue for the quarter ended March 31, 2026
Q1 2026 Net Loss
$110.0M
Net loss for the quarter ended March 31, 2026
Q1 2026 Adjusted EBITDA
-$178.5M
Adjusted EBITDA loss for the quarter ended March 31, 2026
Cash, cash equivalents & short-term investments
$2.47B
Balance as of March 31, 2026
Operating expenses
$257.8M
Total operating expenses in Q1 2026
Stock-based compensation
$44.0M
Included in Q1 2026 operating expenses
2026 revenue guidance
$105–$115M
Full-year 2026 total revenue outlook
H1 2026 cash use guidance
$340–$370M
Expected use of cash through first half of 2026, excluding Ohio facility
Key Terms
eVTOL Integration Pilot Program (eIPP), Type Inspection Authorization (TIA), SR3 audit, Adjusted EBITDA, +2 more
6 terms
eVTOL Integration Pilot Program (eIPP) regulatory
"Joby was named a partner in multiple winning applications under the White House-backed eVTOL Integration Pilot Program"
A eVTOL Integration Pilot Program (EIPP) is a government-backed testing initiative that stages real-world trials of electric vertical takeoff and landing aircraft and their supporting systems to prove they can fly safely and coexist with other air traffic. Like a city running a controlled trial of a new transit service before full rollout, it helps clarify rules, operational limits, and infrastructure needs; for investors, participation or favorable results can lower regulatory risk, speed commercialization, and signal which business models and technologies are more likely to succeed.
Type Inspection Authorization (TIA) regulatory
"Joby's first FAA-conforming aircraft for Type Inspection Authorization (TIA) took to the skies"
An authorization issued by a regulator after an inspector reviews a product’s design, testing and a representative sample to confirm it meets required technical and safety standards before broader production or sale. For investors, a type inspection authorization lowers regulatory and market-entry risk because it clears a product to be legally manufactured, marketed or exported—similar to a safety certificate that lets a new car model be sold and driven on public roads.
SR3 audit regulatory
"Joby completed its SR3 audit with the FAA, the third of four major reviews in the certification process"
Adjusted EBITDA financial
"Adjusted EBITDA in the first quarter of 2026 was a loss of $179 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
turbine-electric VTOL aircraft technical
"Joby completed the first transition flights with its turbine-electric VTOL aircraft, including a 148-mile flight"
Earnings Snapshot
Revenue: $24.2M · Guidance included
Q1 2026
Revenue
$24.2M
Net loss
$110.0M
Adjusted EBITDA
-$178.5M
Cash, cash equivalents & short-term investments
$2.47B
Guidance
Joby expects full-year 2026 total revenue of $105–$115 million and use of $340–$370 million of cash, cash equivalents and short-term investments through the first half of 2026, excluding about $32 million for an Ohio facility purchase.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________
FORM 8-K
________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2026
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(Exact name of registrant as specified in its charter)
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| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| , | ||||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
Registrant’s telephone number, including area code: (831 ) 201-6700
(Former name or former address, if changed since last report)
___________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On May 5, 2026, Joby Aviation, Inc. (the “Company”) announced its financial results for the quarter ended March 31, 2026. A copy of the Company’s press release is attached hereto as Exhibit 99.1. The Company also issued a letter to its shareholders, which is attached hereto as Exhibit 99.2.
The information furnished in this Current Report, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number | Exhibit Description | |||||||
| 99.1 | Press Release dated May 5, 2026 | |||||||
| 99.2 | Shareholder Letter dated May 5, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Joby Aviation, Inc. | |||||||||||
| Date: | May 5, 2026 | By: | /s/ Rodrigo Brumana | ||||||||
Name: | Rodrigo Brumana | ||||||||||
| Title: | Chief Financial Officer | ||||||||||
Joby’s aircraft flying past the Statue of Liberty - New York, NY (Photo: Joby Aviation)
Joby Reports First Quarter 2026 Financial Results
SANTA CRUZ, CA—May 5, 2026—Joby Aviation, Inc. (NYSE:JOBY), a company developing electric air taxis for commercial passenger service, today issued its First Quarter 2026 Shareholder Letter (https://cdn.sanity.io/files/h5mp19kq production/82de3193521f9b2385f9e091d7b3667c9a6a660e.pdf) detailing the company’s operational and financial results for the quarter ended March 31, 2026. The company will host a live audio webcast of its conference call to discuss the results at 2:00 p.m. PT (5:00 p.m. ET) today.
Highlights include:
●2026 Electric Skies Tour kicks off with landmark demonstrations in San Francisco and New York City: Timed to coincide with the United States' 250th anniversary, Joby launched its 2026 Electric Skies Tour in March with plans for flight demonstrations and other events across the U.S. Joby flew multi-leg journeys from its Marina, CA manufacturing base, past the Golden Gate Bridge and in and out of Oakland International Airport. In late April, the tour continued in New York City, where Joby completed the city's first-ever point-to-point electric vertical takeoff and landing (eVTOL) flights, departing from JFK International Airport and landing at three Manhattan heliports, the same heliports that served over 90,000 Blade passengers in 2025.
●Initial operations expected to begin in 2026: Joby was named a partner in multiple winning applications under the White House-backed eVTOL Integration Pilot Program, creating the opportunity to begin early operations this year ahead of FAA type certification in up to 11 states including: New York, New Jersey, Texas, Florida and Utah. In addition to
its air taxi platform, Joby was selected for applications featuring its Superpilot™ autonomous flight technology platform, expanding the range of use cases partner states can explore under the program.
●First FAA-conforming aircraft takes flight: Joby's first FAA-conforming aircraft for Type Inspection Authorization (TIA) took to the skies for the first time during the quarter. The aircraft (N547JX) is the first of a fleet currently in production to support TIA testing.
●Key FAA certification milestone reached: Joby completed its SR3 audit with the FAA, the third of four major reviews in the certification process and a long-lead item that confirms test data and results meet the FAA's expectations for the final stage of certification.
●Manufacturing momentum builds in California and Ohio: Joby views its selection across a broad range of eIPP applications as a strong signal of future demand and is scaling manufacturing to meet it. Composites production is now running at more than 2.5 times last year's volume, with parts in production for eight additional conforming aircraft including all remaining FAA-conforming aircraft slated for TIA. In Ohio, the company has initiated its first conforming propeller blade production and has expanded capacity to nearly double Joby’s previous manufacturing footprint to nearly 1.5 million sqft.
●Advancing future capabilities: Joby completed the first transition flights with its turbine-electric VTOL aircraft, including a 148-mile flight at maximum take-off weight. The aircraft is built on Joby’s core electric air taxi platform and introduces a gas turbine for increased range and payload capacity. Joby also announced a partnership with Air Space Intelligence (ASI), to safely integrate air taxis into the national airspace system (NAS). ASI’s AI-powered 4D modeling platform is helping modernize U.S. airspace management, joint-demonstrations are planned for later this year.
●Strong balance sheet: Joby ended the first quarter of 2026 with $2.5 billion in cash, cash equivalents and short-term investments.
Commenting on Joby’s first quarter results, JoeBen Bevirt, founder and CEO, said: “From initiating New York City's first-ever point-to-point eVTOL flights to kicking off our nationwide Electric Skies Tour with the Golden Gate Bridge as a backdrop, this has been an extraordinary quarter for Joby. We close it out with a very strong balance sheet and the clearest path we've ever had to beginning passenger operations. With our world leading demos behind us and the eIPP program ahead, communities across America aren't just reading about the future of flight anymore, they're seeing it in the skies above their own cities. As I said to our team when we rang the opening bell at the NYSE again last week, we are ringing in the next golden age of flight.”
First Quarter 2026 Financial Results Webcast Details:
What: Joby Aviation First Quarter 2026 Financial Results Webcast
When: Tuesday, May 5, 2026
Time: 2:00 p.m. PT (5:00 p.m. ET)
Webcast: Upcoming Events (https://ir.jobyaviation.com/news-events/ir-calendar) section of the company website (www.jobyaviation.com).
If unable to attend the webcast, to listen by phone, please dial 1-877-407-9719 or 1-201-378-4906. A replay of the webcast will be available on the company website following the event.
About Joby
Joby Aviation, Inc. (NYSE:JOBY) is a California-based transportation company developing an all-electric, vertical take-off and landing air taxi. Joby intends to both operate its fast, quiet, and convenient air taxi service in cities around the world and sell its aircraft to other operators and partners. To learn more, visit www.jobyaviation.com.
Forward Looking Statements
This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the development and performance of our aircraft, the growth of our manufacturing capabilities, our regulatory outlook, progress and timing; our business plan, objectives, goals and market opportunity; plans for, and potential benefits of, our strategic partnerships, including potential operations under the eIPP and joint demonstrations planned with ASI later this year; and our current expectations relating to our business, financial condition, results of operations, prospects, capital needs and growth of our operations, including our full year 2026 revenue guidance. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including: our ability to launch our air taxi service and the growth of the urban air mobility market generally; our ability to produce aircraft that meet our performance expectations in the volumes and on the timelines that we project; the need to negotiate additional definitive agreements and secure permits and other required approvals to achieve the full expected value of our partnerships; the competitive environment in which we operate; our future capital needs; our ability to adequately protect and enforce our intellectual property rights; our ability to effectively respond to evolving regulations and standards relating to our aircraft; our reliance on third-party suppliers and service partners; uncertainties related to our estimates of the size of the market for our service and future revenue opportunities; and other important factors discussed in the section titled “Risk Factors” in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2026, and in future filings and other reports we file with or furnish to the SEC. Any such forward-looking statements represent management’s estimates and beliefs as of the date of this release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
Media:
press@jobyaviation.com
Investors:
investors@jobyaviation.com
Shareholder Letter Q1 2026 J O B Y A V IA T IO N M A Y 5 , 2 0 2 6 J O B Y A V IA T IO N .C O M
Highlights ASI partnership to accelerate integration of air taxis into airspace Initial operations expected to begin in 2026 under White House eIPP program $2.5B in cash and short-term investments as of March 31, 2026 First FAA-conforming aircraft for TIA takes flight Landmark demonstration flights in New York City and SF Bay Area Turbine-electric demonstrator achieves full transition flight Joby AviationQ1 2026 Shareholder Letter May 5, 2026 2
OVER THE LAST FEW WEEKS, the Joby team has brought aerial mobility to life across America. On the West Coast, we flew from our base in Marina to the San Francisco Bay, with the Golden Gate Bridge and the San Francisco skyline as our backdrop. On the East Coast, we circled the Statue of Liberty and completed flights from JFK to three different Manhattan heliports. Back at home in Marina, we flew our first FAA- conforming aircraft for TIA. In doing so, we demonstrated the operational and program maturity that will be needed to participate in the White House-backed eIPP program, which announced successful applications this quarter. Joby was selected as part of five applications, covering 11 states, including New York, Texas and Florida, paving the way for us to begin initial operations this year. It was our dream slate of ‘wins’ and — in America’s 250th year — gives us a great opportunity to let communities across the country see and experience our technology for themselves. We see our selection in such a broad range of applications as a strong indicator of future demand and we’re preparing for that demand now, by scaling our manufacturing operations in California and Ohio, and through our partnership with Air Space Intelligence. ASI has quietly built up a reputation as a true leader in using 4D modeling and AI tools to optimize flight operations, and we’re excited to work with them to demonstrate how high-volume, high-tempo air taxi operations can be integrated into American airspace. Thank you for your continued support of Joby — as I said to our team when we rang the opening bell at the NYSE last week, we are excited to be ringing in the next golden age of flight with you all. To our shareholders: Joby AviationQ1 2026 Shareholder Letter May 5, 2026 3
WE KICKED OFF OUR 2026 ELECTRIC SKIES TOUR with a series of flights in the San Francisco Bay Area. The tour, a nationwide showcase aligned with the United States’ 250th anniversary, will bring our aircraft to key early markets across the country, demonstrating our operational maturity in real-world environments. As well as completing a multi-leg journey from our manufacturing base in Marina, California, to the Golden Gate Bridge, we also conducted flights in and out of Oakland International Airport, operating within Class B, the most rigorously controlled airspace that surrounds our major airports. In a region known for its heavy congestion, the flights illustrated the potential for our technology to deliver faster, emission-free journeys between key destinations. Launching our Electric Skies Tour Joby AviationQ1 2026 Shareholder Letter May 5, 2026 4
Joby's Electric Skies tour celebrating America's 250th Anniversary One of the legs of Joby's multi-stop Bay Area flight demonstration The Joby aircraft flying over the Californian coastline, en route to Oakland International Airport The Joby aircraft in flight over San Francisco On approach to Oakland International AirportA crowd watching Joby's flight demonstration from Crissy Field, San Francisco Joby AviationQ1 2026 Shareholder Letter May 5, 2026 5
Joby AviationQ1 2026 Shareholder Letter May 5, 2026 6 IN APRIL, WE COMPLETED a week-long flight campaign in New York City, marking the first-ever point-to-point eVTOL operations in the city’s history. Departing from John F. Kennedy International Airport (JFK), our aircraft landed at multiple sites across the city’s existing heliport network, flying routes already familiar to our BLADE passengers today. Stops included the Downtown Skyport and the West 30th Street and East 34th Street Heliports in Midtown — key hubs for daily BLADE operations and home to our premium BLADE passenger lounges. Set against one of the world’s most iconic skylines, the flights demonstrated how our aircraft can integrate seamlessly into existing infrastructure and customer journeys while supporting New York City’s transition to quieter, emission-free aviation. Supported by the New York City Economic Development Corporation and the Port Authority of New York and New Jersey, the campaign underscored Joby’s operational maturity as we prepare for commercial service, including participation in the White House-backed eVTOL Integration Pilot Program (eIPP). At the same time, NYCEDC is working with Skyports Infrastructure and Vertiports by Atlantic to electrify the city’s heliport network ahead of launch, ensuring the infrastructure is in place to support operations. Together with the BLADE network — which served more than 90,000 passengers in 2025 — this creates a clear path to scaling electric air taxi service across the region. New York City Flight Campaign
The Joby aircraft at the West 30th Street Heliport in Manhattan The Joby aircraft at the Downtown Skyport in Manhattan Flying past the BLADE Lounge after takeoff from the West 30th Street Heliport in Manhattan Kathryn Garcia, Executive Director of the Port Authority of New York and New Jersey, speaking at John F. Kennedy International Airport Ringing the opening bell at the New York Stock ExchangeNYC Economic Development Corporation Interim President and CEO, Jeanny Pak, speaking at the Downtown Skyport Joby AviationQ1 2026 Shareholder Letter May 5, 2026 7
WE WERE SELECTED AS A PARTNER in multiple winning applications under the White House-backed Electric Vertical Takeoff and Landing (eVTOL) Integration Pilot Program (eIPP). Through the program, we have the opportunity to begin early operations this year in up to 11 states, marking a major milestone for the U.S. air taxi industry with the potential to significantly accelerate our path to commercial service. The eIPP program, established by U.S. Presidential Executive Order, paves the way for us to bring our technology directly to U.S. communities ahead of FAA type certification. It is expected to accelerate regulatory coordination by bringing the FAA and DOT together with local authorities to streamline approvals for airspace integration and the development of relevant infrastructure. In addition to our air taxi aircraft, we were also selected for eIPP applications that include our Superpilot™ autonomous flight technology platform. Designed to enable highly automated operations over time, Superpilot™ has the potential to further expand the range of use cases that partner states can explore under the program. Each of the selected programs is now in the process of finalizing an OTA agreement with the FAA and the Department of Transportation that will define the scope, roles and timelines for implementation. Initial Operations Expected to Begin in 2026 Joby AviationQ1 2026 Shareholder Letter May 5, 2026 8 FLORIDA DEPARTMENT OF TRANSPORTATION A statewide effort that will include three phases of operations focused on cargo delivery, passenger transportation, automation, and medical response, supported by significant public and private investment. PORT AUTHORITY OF NEW YORK AND NEW JERSEY Joby will collaborate on multiple operational concepts across New England, including air taxi passenger operations at the Downtown Manhattan Skyport. TEXAS DEPARTMENT OF TRANSPORTATION This application will support operations connecting Dallas, Austin, San Antonio, and eventually Houston, with air taxi networks expanding from each city to extend regional reach. NORTH CAROLINA DEPARTMENT OF TRANSPORTATION This application will work with industry partners to establish piloted medical and regional operations across the state while also developing an autonomous flight operation extending into Virginia. UTAH DEPARTMENT OF TRANSPORTATION This application covers four states spanning the Pacific Northwest, the Rocky Mountains, and the Plains of Oklahoma and will test a wide range of next-generation aircraft and operational concepts.
WITH THE EIPP PROGRAM ACCELERATING our path to commercial operations, we continue to make important progress in securing the infrastructure required to support passenger service in our early markets. In Los Angeles, we announced plans to establish a vertiport at the Park Elm Residences at Century Plaza in Century City, working with real estate partner Reuben Brothers. The site will utilize an existing helipad and is expected to anchor a broader vertiport network across the city, supported by agreements signed this quarter with Atlantic Aviation at Santa Monica Airport and Clay Lacy Aviation at John Wayne Airport. In Northern California, we partnered with the San Jose Sharks to explore a vertiport at the SAP Center in San Jose, as part of a wider reimagining of the surrounding district and its connectivity. Internationally, we marked the completion of the Dubai International Vertiport (DXV), the first purpose-built commercial vertiport of its kind, which will serve as the operational hub for our services in the region. A second vertiport, at the American University of Dubai, is nearing completion. Infrastructure Progress in Key Markets Joby AviationQ1 2026 Shareholder Letter May 5, 2026 9 His Highness Sheikh Hamden bin Mohammed meets Joby UAE General Manager, Anthony Khoury, at the newly completed DXV vertiport.
OUR FIRST FAA-CONFORMING AIRCRAFT for Type Inspection Authorization (TIA) took to the skies for the first time this quarter. The aircraft (N547JX) is the first of a fleet currently in production to support TIA testing, and has been assembled using an airframe and components built to FAA Designated Engineering Representative-approved designs and signed off by FAA Designated Airworthiness Representatives, as specified in Joby’s FAA-approved test plans. Initial testing by Joby pilots will pave the way for FAA pilots to visit our Marina, CA, facility to conduct the rigorous TIA testing required to validate the aircraft for commercial service. Meanwhile, we see our selection across a broad range of eIPP applications as a strong indicator of future demand, and we are preparing to meet this demand by ramping up our manufacturing operations in California and Ohio. To put our ramp up into context, we are adding a third shift to our composites layup team and our automated fiber placement team, with composites production already running at more than 2.5 times the volume achieved this time last year. Composite parts for our ninth conforming aircraft are now in production and, in Ohio, we began our first conformable propeller blade build. On certification, we continued to progress through the final stage of the type certification process, successfully completing our SR3 audit with the FAA. This is the third of four reviews that take place during the certification process, and is a long-lead item that confirms the data and test results we are producing are precisely what the FAA will need to see during the final stage of testing. Percentage completion may fluctuate mildly through the course of certification as documents are edited and resubmitted. Data as of May 1, 2026. It is typical for a small portion of the Means of Compliance to remain open in order to address minor design changes and improvements that may occur later in the process. We therefore consider the second stage essentially complete. DATA AS OF MAY 1, 2026 STAGE 1 Certification Basis STAGE 2 Means of Compliance STAGE 3 Certification Plans STAGE 4 Testing & Analysis STAGE 5 Show & Verify JOBY 100% 97% 82% FAA 100% 97% 75% 100% 100% 15% 6% Scaling Production and Advancing Certification Joby AviationQ1 2026 Shareholder Letter May 5, 2026 10 Joby's first FAA-conforming aircraft for TIA takes flight
LOOKING AHEAD, WE ARE CONTINUING TO INVEST in the technologies and partnerships that will enable long-term growth. During the quarter, we announced a partnership with Air Space Intelligence (ASI) to accelerate the integration of advanced air mobility (AAM) into the U.S. National Airspace System. Building on ASI’s Flyways AI platform — an AI-powered airspace intelligence system that uses high-fidelity 4D modeling to optimize flight operations — we plan to work together to advance how scaled eVTOL operations can be safely integrated into increasingly complex and high-traffic airspace. Joint demonstrations, including live operational exercises, are expected later this year. With the FAA’s Brand New Air Traffic Control System set to underpin the next generation of air traffic management, the partnership will also explore how more automated, software-defined approaches to airspace coordination can enable increasingly autonomous operations. During the quarter, we also completed the first full transition flight of our turbine-electric VTOL aircraft. Built on our existing S4 platform, this variant incorporates a gas turbine to extend range and payload. Alongside our partner L3Harris, we hosted U.S. Army representatives at our facility in California to demonstrate the maneuverability and endurance of our aircraft and its ability to support current capability gaps. Advancing Future Capabilities Joby’s turbine-electric aircraft in flight over Marina, CA Joby AviationQ1 2026 Shareholder Letter May 5, 2026 11
Joby demonstrated its turbine-electric VTOL aircraft for U.S. Army visitors, alongside partner L3Harris. On the apron at John F. Kennedy International Airport next to an aircraft from Joby partner Delta Air Lines. We continue to ramp manufacturing across our sites in California As Joby scales manufacturing and testing, three large-scale structural tests can now be completed at once in new facilities in Santa Cruz, CA. Joby AviationQ1 2026 Shareholder Letter May 5, 2026 12 The Joby team ringing the opening bell at the New York Stock Exchange
Guests watching the Joby aircraft takeoff from John F. Kennedy International Airport Visitors and locals to New York's Times Square caught a glimpse of the future with Joby's electric air taxi. Our SuperpilotTM autonomy team brought our J208 aircraft to the Wings over Solano event at Travis AFB, CA. 3rd Annual Women of Joby Summit in Santa Cruz, CA The Joby team celebrating at the Downtown Skyport in Manhattan Joby AviationQ1 2026 Shareholder Letter May 5, 2026 13
Financial Updates Joby AviationQ1 2026 Shareholder Letter May 5, 2026 14
First Quarter 2026 Financial Summary IN THE FIRST QUARTER OF 2026, revenue totaled $24 million. Our net loss of $110 million primarily reflected a net operating loss of $234 million and other income of $124 million. Operating expenses for the quarter totaled $258 million and reflected costs to support certification and manufacturing of our aircraft and costs associated with the operation of BLADE’s passenger business. Expenses included stock-based compensation of $44 million and depreciation and amortization of $11 million. Other income reflected the non-cash revaluation of warrants, earnout shares and contingent consideration of $106 million and interest and other income of $18 million. Net loss in the first quarter of 2026 increased by $28 million compared with the first quarter of 2025, primarily driven by a $95 million increase in total operating expenses as the company continued to scale operations. This includes higher research and development costs of $43 million, reflecting continued investment to support certification and manufacturing readiness, increased selling, general and administrative expenses of $33 million, and $19 million in cost of revenue primarily associated with the BLADE business. These increases were partially offset by $24 million in revenue mostly generated from the BLADE business and a $43 million improvement in other income, primarily from favorable fair value adjustments on warrants, earnout shares and contingent consideration, as well as higher interest income. Compared with the fourth quarter of 2025, our first quarter of 2026 net loss decreased by $12 million. Other income was $37 million higher than the prior quarter, primarily reflecting a favorable non-cash revaluation gain on our warrants, earnout shares and contingent consideration and interest income. The higher loss from operations of $27 million compared with the fourth quarter of 2025 primarily reflected increased personnel and operating expenses as we grew the team to support certification and manufacturing and the non-recurrence of revenue associated with flight demonstrations in Q4. Adjusted EBITDA in the first quarter of 2026 was a loss of $179 million, primarily reflecting employee costs and support associated with the development, certification and manufacturing of the aircraft and operations of BLADE. The adjusted EBITDA loss was $51 million higher than in the first quarter of 2025 and $24 million higher than the prior quarter. Adjusted EBITDA is a non-GAAP metric defined as net income (loss) before interest income, interest expense, income tax expense (benefit), depreciation and amortization expense, stock-based compensation expense, impact from revaluation of non-operating derivative liabilities, and other income or costs which are not directly related to ongoing core operations. Please see the section titled “Non-GAAP Financial Measures” for a reconciliation of Net Income to Adjusted EBITDA. We ended the first quarter of 2026 with $2.5 billion in cash, cash equivalents, and investments in marketable securities. During Q1 2026, our use of cash, cash equivalents and short-term investments — excluding $1.3 billion raised from our underwritten equity offering, Delta warrant exercise, and convertible debt offering, net of capped call transactions payment — was $195 million. This includes $32 million of net cash used for the $62 million purchase of our new Ohio manufacturing facility that was partially financed. This purchase was excluded from our first half 2026 use of cash guidance, as was communicated at the time of the guidance. Our use of cash, cash equivalents and short-term investments excluding the Ohio manufacturing facility purchase was $163 million. Our current outlook incorporates continued investment toward certification of our eVTOL aircraft, expansion of our manufacturing scale, and advancing our commercialization efforts including participation in the U.S. eVTOL Integration Pilot Program. We continue to expect full year 2026 total revenue in the range of $105 million to $115 million. We also continue to estimate our use of cash, cash equivalents and short- term investments through the first half of 2026 to be between $340 million and $370 million, excluding the aforementioned net $32 million related to the one-time purchase of our new facility in Ohio in March 2026. Joby AviationQ1 2026 Shareholder Letter May 5, 2026 15
Condensed Statement of Operations JOBY AVIATION, INC. AND SUBSIDIARIES Unaudited (in thousands, except share and per share data) ent ations J I TI N, I C. S BSI IARIES naudited (in thousands, except share and per share data) Three months ended March 31, 2026 2025 Revenue $ 24,246 $ — Operating expenses: Cost of Revenue 18,803 — Research and development 177,470 134,287 Selling, general and administrative 61,553 28,997 Total operating expenses 257,826 163,284 Loss from operations (233,580) (163,284) Interest and other income, net 17,784 9,898 Gain from change in fair value of warrants, earnout shares and contingent consideration, net 106,014 71,020 Total other income, net 123,798 80,918 Loss before income taxes (109,782) (82,366) Income tax expense 168 40 Net loss $ (109,950) $ (82,406) Net loss per share, basic and diluted $ (0.12) $ (0.11) Weighted-average common shares outstanding, basic and diluted 943,503,442 766,908,858 Q1 2026 Shareholder Letter May 5, 2026 Joby Aviation FS-1 Joby AviationQ1 2026 Shareholder Letter May 5, 2026 16
Condensed Balance Sheets JOBY AVIATION, INC. AND SUBSIDIARIES Unaudited (in thousands) Condensed Balance Sheets J BY AVIATI N, INC. AND SUBSIDIARIES Unaudited (in thousands) March 31, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 874,524 $ 240,810 Short-term investments 1,591,665 1,167,106 Total cash, cash equivalents and short-term investments 2,466,189 1,407,916 Restricted cash 166 220 Accounts and other receivables 11,498 7,139 Prepaid expenses and other current assets 33,736 30,479 Total current assets 2,511,589 1,445,754 Property and equipment, net 211,087 146,571 Operating lease right-of-use assets 31,826 31,837 Restricted cash 693 693 Intangible assets 20,360 18,859 Goodwill 89,383 89,422 Other non-current assets 62,716 61,933 Total assets $ 2,927,654 $ 1,795,069 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 7,889 $ 3,604 Operating lease liabilities, current portion 9,034 8,404 Accrued expenses and other current liabilities 96,956 48,018 Total current liabilities 113,879 60,026 Operating lease liabilities, net of current portion 25,463 26,167 Long-term debt 701,056 — Warrant liability 29,461 104,878 Earnout shares liability 86,942 156,692 Other non-current liabilities 13,142 37,593 Total liabilities 969,943 385,356 Commitments and contingencies Stockholders’ equity: Preferred stock — — Common stock 98 91 Additional paid-in capital 4,856,330 4,193,684 Accumulated deficit (2,895,529) (2,785,579) Accumulated other comprehensive income (loss) (3,188) 1,517 Total stockholders’ equity 1,957,711 1,409,713 Total liabilities and stockholders’ equity $ 2,927,654 $ 1,795,069 Q1 2026 Shareholder Letter May 5, 2026 Joby Aviation FS-2 Joby AviationQ1 2026 Shareholder Letter May 5, 2026 17
Condensed Statement of Cash Flows JOBY AVIATION, INC. AND SUBSIDIARIES Unaudited (in thousands) Condensed Statement of Cash Flows JOBY AVIATION, INC. AND SUBSIDIARIES Unaudited (in thousands) Three months ended March 31, 2026 2025 Cash flows from operating activities Net loss $ (109,950) $ (82,406) Reconciliation of net loss to net cash used in operating activities: Depreciation and amortization expense 10,988 9,132 Stock-based compensation expense 44,045 27,019 Gain from change in the fair value of warrants, earnout shares and contingent consideration, net (106,014) (71,020) Non-cash interest expense, and amortization of debt discount and issuance costs 685 — Net accretion and amortization of investments in marketable debt securities (1,546) (3,698) Changes in operating assets and liabilities Accounts and other receivables and prepaid expenses and other current assets (3,990) 7,263 Other non-current assets (1,090) (1,073) Accounts payable and accrued expenses and other current liabilities 50,217 1,463 Non-current liabilities (27,784) 2,350 Net cash used in operating activities (144,439) (110,970) Cash flows from investing activities Purchases of marketable securities (555,796) (126,857) Proceeds from sales and maturities of marketable securities 128,190 173,399 Purchases of property and equipment (77,920) (14,952) Acquisitions, net of cash 39 — Net cash provided by (used in) investing activities (505,487) 31,590 Cash flows from financing activities Underwritten public offering gross proceeds 600,000 — Underwritten public offering commission and offering expenses (23,664) — Gross proceeds from issuance of convertible notes 690,000 — Convertible notes underwriting discounts and commissions and issuance costs (20,211) — Proceeds from mortgage loan 30,750 — Proceeds from the exercise of stock options and warrants issuance 70,541 543 Payment for capped call transactions (63,273) — At-the-market public offering gross proceeds — 2,074 At-the-market public offering commission and offering expenses — (81) Repayments of obligations under finance lease and tenant improvement loan (557) (493) Net cash provided by financing activities 1,283,586 2,043 Net change in cash, cash equivalents and restricted cash 633,660 (77,337) Cash, cash equivalents and restricted cash, at the beginning of the period 241,723 200,389 Cash, cash equivalents and restricted cash, at the end of the period $ 875,383 $ 123,052 Reconciliation of cash, cash equivalents and restricted cash in balance sheets Cash and cash equivalents $ 874,524 $ 122,290 Restricted cash 859 762 Cash, cash equivalents and restricted cash in balance sheets $ 875,383 $ 123,052 Non-cash investing and financing activities Unpaid property and equipment purchases $ 2,432 $ 4,678 Property and equipment purchased through financing leases $ 2,972 $ 2,918 Right of use assets acquired through operating leases $ 2,209 $ 1,560 Q1 2026 Shareholder Letter May 5, 2026 Joby Aviation FS-3 Joby AviationQ1 2026 Shareholder Letter May 5, 2026 18
Non-GAAP Financial Measures JOBY AVIATION, INC. AND SUBSIDIARIES Unaudited (in thousands) ADJUSTED EBITDA is a non-GAAP measure of operating performance that is included to communicate the financial performance of activities associated with core operations that support the development, manufacturing and commercialization of the Joby aircraft. Adjusted EBITDA is a non-GAAP metric defined as net income (loss) before interest income, interest expense, income tax expense, depreciation and amortization expense, stock-based compensation expense, impact from revaluation of non-operating derivative liabilities, and other income or costs which are not directly related to ongoing core operations. We believe Adjusted EBITDA, when read in conjunction with our GAAP financials, provides investors and management with a useful measure for the evaluation of our operating results and a basis for comparing our core, ongoing operations from period to period. Because Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP, it should not be considered more meaningful than or as a substitute for net income (loss) as an indicator of our operating performance. Adjusted EBITDA may not be directly comparable to similarly titled measures provided by other companies due to potential differences in methods of calculation. From time to time, we may modify the nature of the adjustments we make to arrive at Adjusted EBITDA. A reconciliation of Adjusted EBITDA to net income is as follows: Non-GAAP Financial Measures JOBY AVIATION, INC. AND SUBSIDIARIES Unaudited (In thousands) ADJUSTED EBITDA is a non-GAAP measure of operating formance that is included to co municate the financial performanc of ctivities associated with core operations that support the development, manufacturing and commercialization of the Joby aircraft. Adjusted EBITDA is a non-GAAP metric defined as net income (loss) before interest income, interest expense, income tax expense, depreciati n and amortization expense, stock-based c mpensation expense, impact from revaluation of non-operating derivative liabilities, and other income or costs which are not directly related to ongoing core operations. We believe Adjusted EBITDA, when read in conjunction with our GAAP financials, provides investors and management with a useful measure for the evaluation of our operating re lts and a basis for comparing our core, ongoing operations from period to period. Because Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP, it should not be considered more meaningful than or as a substitute for net income (loss) as an indicator of our operating performance. Adjust EBITDA may not e directly comparable to similarly titled measures provided by other companies due to potential differences in methods of calculation. From time to time, we may modify the nature of the adjustments we make to arrive at Adjusted EBITDA. A reconciliation of Adjusted EBITDA to net income is as follows: Three months ended March 31, 2026 2025 Net loss $ (109,950) $ (82,406) Income tax expense 168 40 Loss before income taxes (109,782) (82,366) Interest and other income, net (17,784) (9,898) Gain from change in fair value of warrants, earnout shares and contingent consideration, net (106,014) (71,020) Loss from operations (233,580) (163,284) Stock-based compensation expense 44,045 27,019 Depreciation and amortization expense 10,988 9,132 Adjusted EBITDA $ (178,547) $ (127,133) Q1 2026 Shareholder Letter May 5, 2026 Joby Aviation FS-4 Joby AviationQ1 2026 Shareholder Letter May 5, 2026 19
Upcoming Events Webcast Details THE FIRST QUARTER 2026 FINANCIAL RESULTS WEBCAST The Company will host a webcast and conference call at 5:00pm ET (2:00pm PT) on May 5, 2026. The webcast will be publicly available in the Financial Results section of the company’s investor website: ir.jobyaviation.com. WOLFE RESEARCH GLOBAL TRANSPORTATION & INDUSTRIALS CONFERENCE INVESTOR BAY AREA MOBILITY BUS TRIP JEFFERIES 2026 INNOVATIVE AEROSPACE SUMMIT FARNBOROUGH INTERNATIONAL AIRSHOW CANACCORD GENUITY 46TH ANNUAL GROWTH CONFERENCE Joby AviationQ1 2026 Shareholder Letter May 5, 2026 20
THIS SHAREHOLDER LETTER contains “forward- looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the development and performance of our aircraft and the growth of our manufacturing capabilities; our regulatory outlook, progress and timing, including our goal of carrying our first passengers in 2026; plans for our 2026 Electric Skies tour; planned operations with the Department of Defense; our business plan, objectives, goals, market opportunity and expected demand for our aircraft and services; plans for, and potential benefits of, our strategic partnerships, including our partnership with ASI to accelerate the integration of air taxis into the national airspace system with plans for joint demonstrations later this year, our partnership with Reuben Brothers to establish a vertiport in Century City, plans for a broader Los Angeles network to include Santa Monica and John Wayne Airports, our partnership with SAP to develop a vertiport in San Jose, the integration of our BLADE service into the Uber app, our strategic manufacturing alliance with Toyota, and plans for our partnership with L3Harris; expected opportunities under the eIPP for pre- type certification operations to begin in 2026 and the potential for the eIPP to accelerate our path to commercial operations; plans and timing related to the certification and operation of our aircraft in the United Arab Emirates, including expected vertiport locations; plans for vertiport development in the U.S.; expected benefits of potential upgrades to the air traffic control system in the U.S.; potential applications for use of our hybrid turbine powertrain and expected timing and potential benefits of autonomous capabilities; and our current expectations relating to our business, financial condition, results of operations, prospects, capital needs and growth of our operations, including the sufficiency of our existing capital to deliver on plans for scaling production, expected benefits of our vertically-integrated business model and our use of cash and revenue guidance for 2026. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including: our ability to launch our air taxi service and the growth of the urban air mobility market generally; our ability to produce aircraft that meet our performance expectations in the volumes and on the timelines that we project; complexities related to obtaining certification and operating in foreign markets; the ability to secure additional contracts with U.S. government agencies cannot be guaranteed; uncertainties around Department of Defense spending and the extent to which we may benefit from such programs; the need to negotiate additional definitive agreements and secure permits and other required approvals to achieve the full expected value of our partnerships, international operations and potential sales of our aircraft and services; the competitive environment in which we operate; our future capital needs; our ability to adequately protect and enforce our intellectual property rights; our ability to effectively respond to evolving regulations and standards relating to our aircraft; uncertainty around timing of proposed enhancements to the air traffic control system; our reliance on third-party suppliers and service partners; uncertainties related to our estimates of the size of the market for our service and future revenue opportunities; and other important factors discussed in the section titled “Risk Factors” in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2026, and in future filings and other reports we file with or furnish to the SEC. Any such forward-looking statements represent management’s estimates and beliefs as of the date of this shareholder letter. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Forward-Looking Statements CONTACT DETAILS Investors: investors@jobyaviation.com Media: press@jobyaviation.com Joby AviationQ1 2026 Shareholder Letter May 5, 2026 21
FAQ
How much revenue did Joby Aviation (JOBY) generate in Q1 2026?
Joby Aviation generated about $24 million in revenue in Q1 2026. This revenue was mostly driven by the BLADE passenger business and marks an early commercialization step while the company continues developing and certifying its electric air taxi platform.
What was Joby Aviation’s (JOBY) net loss for the first quarter of 2026?
Joby Aviation reported a net loss of $110 million for Q1 2026. The loss mainly reflects high operating expenses of $258 million linked to research and development, certification, manufacturing scale-up, and costs associated with operating the BLADE passenger business.
What is Joby Aviation’s cash position after Q1 2026?
Joby Aviation ended Q1 2026 with about $2.5 billion in cash, cash equivalents and short-term investments. This strong liquidity follows an underwritten equity offering, a Delta warrant exercise and a convertible notes issuance, supporting continued certification and manufacturing investments.
What financial guidance did Joby Aviation (JOBY) give for full-year 2026?
Joby Aviation reaffirmed 2026 total revenue guidance of $105–$115 million. The company also expects to use $340–$370 million of cash, cash equivalents and short-term investments through the first half of 2026, excluding a separate $32 million net outlay for an Ohio facility purchase.
How much cash is Joby Aviation (JOBY) expected to use in the first half of 2026?
Joby Aviation expects to use $340–$370 million of cash, cash equivalents and short-term investments through the first half of 2026. This figure excludes about $32 million of net cash related to the one-time purchase of a new manufacturing facility in Ohio completed in March 2026.
What is Joby Aviation’s Adjusted EBITDA for Q1 2026 and what does it represent?
Joby Aviation reported Adjusted EBITDA of negative $179 million for Q1 2026. This non‑GAAP metric excludes interest, taxes, depreciation, amortization, stock-based compensation and certain non-operating items, highlighting ongoing operating losses from developing, certifying and scaling production of its eVTOL aircraft.