Joby Aviation shares jump 20% after Q1 Results
Air taxi developer reported $24.25 million in quarterly revenue and reaffirmed plans to begin U.S. operations in 2026
By Nicole Suárez, Carbon Free Aviation Journalist
Joby Aviation reported first quarter 2026 financial results on Tuesday, May 5, posting revenue that exceeded analyst expectations while continuing to record operating losses tied to its ongoing investment in Federal Aviation Administration (FAA) certification and manufacturing expansion. Shares rose 20% the following day.
The California-based company, which is developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility, ended the quarter with $2.5 billion in cash, cash equivalents, and short-term investments. The company also reaffirmed that it expects to begin initial operations in 2026.
Joby posted Q1 revenue of $24.25 million, above a Street consensus estimate of $20.20 million, according to Benzinga Pro, while reporting a GAAP net loss of $110 million as it continued investing heavily in certification, production, and operational readiness. Its operating loss for the quarter reached $234 million, reflecting increased spending on aircraft manufacturing and regulatory progress.
The sequential revenue decline from Q4 was attributed to the absence of one-time revenues from flight demonstrations in Japan that had been recognized in the prior quarter. Chief Financial Officer Rodrigo Brumana noted on the earnings call that Blade, the air mobility service Joby acquired, was the primary revenue contributor, and that seasonal demand typically builds through the second and third quarters.
For the full year 2026, Joby expects revenue between $105 million and $115 million, representing projected growth of more than 100% year-over-year. The company said first-half cash use remains on track with its guidance range of $340 million to $370 million, excluding the one-time purchase of a manufacturing facility in Ohio.
Milestones and Operations
During the period, Joby launched its “Electric Skies Tour,” conducting demonstration flights in San Francisco and later in New York City, where it completed what it described as the city’s first point-to-point eVTOL flights between John F. Kennedy International Airport and Manhattan heliports.
During the quarter, Joby completed its SR3 audit with the FAA (the third of four major reviews in the certification process) confirming that test data and results meet the FAA’s expectations for the final stage of certification. Its first FAA-conforming aircraft for Type Inspection Authorization also took flight during the period.
Joby was named a partner in multiple winning applications under the White House-backed eVTOL Integration Pilot Program, which the company said creates the opportunity to begin early operations in up to 11 states ahead of full type certification. During the earnings call, CEO JoeBen Bevirt said agreements under the program are expected to begin being signed in Q3, with operations commencing in the second half of the year.
Composites production is running at more than 2.5 times last year’s volume, with parts in production for eight additional conforming aircraft. In Ohio, the company initiated its first conforming propeller blade production and expanded its manufacturing footprint to nearly 1.5 million square feet.
Joby stock closed at $10.57 on May 6, up approximately 20% from the prior day’s close, according to Yahoo Finance.
