JOBY · Joby Aviation, Inc.

Joby Aviation’s Q1 2026 results reflect a transitional phase where financial performance remains secondary to strategic execution: revenue of $24 million and a $110 million net loss are consistent with prior quarters’ trajectory and reflect continued heavy investment in certification, manufacturing scale-up, and demonstration activities—not commercial operations. The $258 million in operating expenses underscores sustained R&D and production ramping, particularly in composites (now at >2.5x prior-year volume) and Ohio-based propeller blade production. Critically, the quarter delivered multiple de-risking milestones: the first FAA-conforming aircraft (N547JX) flew for TIA testing, the SR3 audit was completed—the third of four FAA certification reviews—and Joby secured participation in five eIPP applications covering 11 states, creating a regulatory pathway for early 2026 operations ahead of full type certification. Landmark flight campaigns in San Francisco Bay Area (including Class B airspace operations at Oakland International Airport) and New York City—where Joby executed the city’s first point-to-point eVTOL flights using existing heliports—validated real-world integration with infrastructure already serving over 90,000 BLADE passengers in 2025. These demonstrations, coupled with the $2.5 billion cash position as of March 31, 2026, materially strengthen investor confidence in Joby’s ability to execute on its near-term operational roadmap. While no forward revenue or EPS guidance is disclosed, management explicitly states ‘initial operations expected to begin in 2026’, and the eIPP framework—backed by OTA agreements now being finalized with the FAA and DOT—provides a concrete, government-endorsed mechanism to launch service before full certification. The partnership with Air Space Intelligence to integrate AAM into the NAS via AI-powered 4D modeling further signals progress toward scalable, high-tempo operations.