Joby Aviation has published its Third Quarter 2026 Shareholder Letter detailing the company’s operational and financial results for the quarter ending September 30, 2026.
Compared with the second quarter of 2026, the company’s third quarter of 2026 net loss decreased by USD33.6 million from USD245.4 million in the prior quarter and the company ended the third quarter of 2026 with USD2.2 billion in cash, cash equivalents, and investments in marketable securities which includes approximately USD128 million in net proceeds from at-the-market equity program during the quarter.
In Q3 2026, revenue totaled USD55.1 million.
“Our net loss of USD211.8 million primarily reflected a net operating loss of USD278.1 million partially offset by other income of USD66.5 million, “ said Joby. “Operating expenses for the quarter totaled USD333.2 million and reflected costs to support certification and manufacturing of our aircraft and costs associated with the operation of our Blade passenger business. Expenses included stock-based compensation of USD54.7 million and depreciation and amortization of USD12.1 million. Other income included USD16.7 million of interest and other income, net, as well as a USD49.8 million noncash gain from the revaluation of warrants, earnout shares and contingent consideration. Net loss in the third quarter of 2026 decreased by USD189.4 million compared with the third quarter of 2025, primarily driven by a USD286.0 million improvement in other income. This included a USD278.9 million favorable change in the fair value of warrants, earnout shares, and contingent consideration. Net loss also benefited from a USD3.6 million increase in gross profit, reflecting a USD32.5 million increase in revenue, partially offset by a USD28.9 million increase in cost of revenue, both primarily associated with our Blade business. These improvements were partially offset by higher operating expenses driven by a USD59.4 million increase in research and development costs, reflecting continued investment to support certification and manufacturing readiness, and a USD40.6 million increase in selling, general and administrative expenses.”
“Other income was USD50.9 million higher than in the prior quarter, primarily reflecting a non-cash revaluation gain on our warrants, earnout shares, and contingent consideration compared to a loss in the prior quarter. The USD17.2 million increase in loss from operations primarily reflected increased investment to support certification, manufacturing, and the Blade business, as well as higher legal and other expenses. Adjusted EBITDA in the third quarter of 2026 was a loss of USD207.9 million, primarily reflecting employee costs and support associated with the development, certification and manufacturing of the aircraft and Blade operations. The Adjusted EBITDA loss increased by USD75.1 million compared with the third quarter of 2025 and by USD10.8 million compared with the second quarter of 2026, reflecting continued investment in our aircraft development, certification, manufacturing and commercial preparations…
Operational highlights included:
- First flights completed in Texas and Florida as part of White House-backed eIPP program, designed to accelerate commercialization of air taxis
- Wide range of “for credit” testing completed as part of fifth and final stage of FAA type certification
- Manufacturing output significantly increased, with 17 aircraft now in production
- Planned acquisition of Resonant Sciences, an EBITDA-positive defense technology company with USD100 million-plus in trailing twelve-month revenue, to significantly expand Joby’s defense business, adding a fast-growing company with established programs, classified capabilities and scaled manufacturing operations
In terms of certification:
“With stages one, two and three complete in our five stage path to type certification, we also completed a series of significant ‘for credit’ tests with the FAA, covering the fuselage, propeller hubs, tail, ruddervators, tilt actuators and the high resolution recorder. The FAA also approved test reports covering the inboard nacelle, landing gear and tail tip nacelle beam. Our ongoing certification work continues to lay the groundwork for TIA flight testing to begin, with FAA pilot training and Joby flight testing of the relevant aircraft expected in the first half of next year. The FAA has indicated that carrying passengers under the eIPP program will require companies to be in substantial TIA testing, making this a key milestone as we prepare for early passenger operations.”
For more information
https://www.jobyaviation.com/news/joby-reports-third-quarter-2026-financial-results
(Image: Joby Aviation)