Joby Aviation has issued its First Quarter 2026 Shareholder Letter detailing the company’s operational and financial results for the quarter ended March 31, 2026.
Financial results include Joby reporting it had ended the first quarter of 2026 with USD2.5 billion in cash, cash equivalents and short-term investments.
According to the financial report:
“In the first quarter of 2026 revenue totalled USD24 million. Our net loss of USD110 million primarily reflected a net operating loss of USD234 million and other income of USD124 million. Operating expenses for the quarter totalled USD258 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 USD44 million and depreciation and amortization of USD11 million. Other income reflected the non-cash revaluation of warrants, earnout shares and contingent consideration of USD106 million and interest and other income of USD18 million.
“Net loss in the first quarter of 2026 increased by USD28 million compared with the first quarter of 2025, primarily driven by a USD95 million increase in total operating expenses as the company continued to scale operations. This includes higher research and development costs of USD43 million, reflecting continued investment to support certification and manufacturing readiness, increased selling, general and administrative expenses of USD33 million, and USD19 million in cost of revenue primarily associated with the BLADE business. These increases were partially offset by USD24 million in revenue mostly generated from the BLADE business and a USD43 million improvement in other income, primarily from favorable fair value adjustments on warrants, earnout shares and contingent consideration, as well as higher interest income.”
Initial operations are 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.,” said the company. “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.”
Other technical highlights include:
- 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.
- 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.
- 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.
- 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.
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