Joby Q3 Results Lift Outlook as Cash Use Looms
Joby Q3 results showed Blade-driven revenue lifted FY 2026 guidance while management warned of heavy second-half cash use as FAA certification continues.
KEY TAKEAWAYS
- Q3 revenue was $55 million, driven primarily by Blade.
- Guidance was raised to $135-$140 million; second-half cash use was $385-$415 million.
- FAA type-certification testing remains the principal execution milestone; pilot training and Joby flight testing expected in H1 2027.
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Joby Aviation’s Q3 results released on Nov. 4, 2026, showed a Blade-driven quarter that led management to raise full-year revenue guidance while flagging significant second-half cash use as FAA type-certification testing remains the principal execution milestone.
Quarter Results and Guidance
Joby Aviation (JOBY) reported third-quarter revenue of $55 million for the quarter ended Sept. 30, 2026, primarily from its Blade unit. The company posted a GAAP net loss of $212 million, or $0.22 per share, compared with a $401 million loss, or $0.48 per share, in the year-earlier quarter. Management raised full-year 2026 revenue guidance by about 15% to a range of $135 million to $140 million, up from $115 million to $125 million.
The adjusted-EBITDA loss, a non-GAAP measure that approximates operating profit, widened slightly to $208 million from $197 million in the prior quarter. Joby held approximately $2.2 billion in cash, cash equivalents, and short-term investments as of Sept. 30, 2026. Management expects to use between $385 million and $415 million of cash in the second half of 2026. This combination of upgraded revenue expectations and substantial near-term cash burn frames the company’s financing and execution priorities heading into 2027.
Operations and Certification Progress
Blade operations continued to drive near-term commercial activity, with the unit flying more than 44,000 passengers in the quarter, a record for the business. Joby reported 17 aircraft in production and said it had completed key “for-credit” testing, which forms the basis for subsequent FAA flight-test work.
The company completed first flights under the White House-backed U.S. eVTOL Integration Pilot Program (eIPP) in Texas and Florida, including demonstrations in Tampa and Orlando. Management described eIPP as complementary to certification efforts.
FAA type-certification testing remains the principal execution milestone for Joby’s electric vertical takeoff and landing (eVTOL) aircraft. Management said FAA pilot training and Joby’s own flight testing are expected in the first half of 2027.
Joby’s shareholder letter also reported that Air Force contracts had expanded to about $37 million. The company plans to acquire Resonant Sciences to scale its defense business, with the deal expected to close in early 2027. The letter did not disclose transaction terms or closing conditions.
