TLDR
- Joby reported Q1 sales of $24M, beating Wall Street’s $20.4M estimate
- Operating loss came in at $234M, wider than the expected $198M loss
- Company ended Q1 with $2.5B in cash; burned through ~$195M in the quarter
- FAA certification progress made, including completion of the SR3 audit
- JOBY stock slipped 2% after the report; up 34% over the past 12 months
Joby Aviation posted better-than-expected first-quarter revenue Tuesday evening, but the stock still slipped as investors remain focused on one thing: when will paying passengers actually board these aircraft?
$JOBY (Joby Aviation) #earnings are out: pic.twitter.com/NkImBK3np0
— The Earnings Correspondent (@earnings_guy) May 5, 2026
JOBY was trading up 1.3% to $8.79 in Wednesday premarket after falling 2% following the earnings release.
Q1 sales came in at $24 million, ahead of Wall Street’s $20.4 million forecast. The operating loss was $234 million, wider than the $198 million analysts expected.
Joby ended the quarter with $2.5 billion in cash and investments. It burned through roughly $195 million during Q1.
Full-year 2026 revenue guidance was held at $105 million to $115 million. Cash use for the first half is still expected to land between $340 million and $370 million, excluding a facility purchase in Ohio.
FAA Progress Takes Center Stage
For investors, the numbers weren’t the main story — FAA certification was.
Joby said its first FAA-conforming aircraft completed its Type Inspection Authorization flight during the quarter. The company also finished its SR3 audit with the FAA, the third of four key milestones in the type certification process.
CEO JoeBen Bevirt called it “an extraordinary quarter,” saying the company now has “the clearest path we’ve ever had to beginning passenger operations.”
On the manufacturing side, Joby said parts are in production for eight additional conforming aircraft. Output of composite parts is now more than 2.5 times last year’s level.
Its Ohio plant has begun propeller blade production and now totals nearly 1.5 million square feet of space.
Demonstration Flights Draw Attention
Joby kept a high public profile in Q1. It launched its 2026 Electric Skies Tour with flights near San Francisco’s Golden Gate Bridge.
It then flew in New York City, completing what it called the city’s first point-to-point eVTOL flights — from JFK to three Manhattan heliports.
The company was also selected under the White House-backed eVTOL Integrated Pilot Program, known as eIPP, with winning bids tied to New York, New Jersey, Texas, Florida, and Utah.
Joby still expects commercial operations to launch in 2026.
Coming into earnings, the stock was down 8% over the prior three months and down 42% over six months. Despite that, it remains up 34% over the past 12 months.
Wall Street is divided on the stock. Of six analysts covering JOBY, one rates it a Buy, three say Hold, and two say Sell. The average price target sits at $12.30, which would represent about 42% upside from current levels.
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