Joby raises 2026 revenue forecast to $115–125 million after Blade growth
Key Facts
Joby Aviation raised its full-year 2026 revenue forecast to a range of $115–125 million after reporting revenue of $38.64 million in the second quarter, 27.18% above analysts’ estimate of $30.38 million. The company announced the results on August 5, and the revision reflected second-quarter performance, not third-quarter results, which had not yet been announced. The low end of the new forecast also exceeded the annual analyst estimate of $114.93 million. The company said Blade’s performance helped it raise its forecast as it continued to fund development, certification and manufacturing of its aircraft. Third-quarter results are scheduled for release after the market closes on November 4.
Joby said the number of seats sold through Blade services rose more than 50% year over year in the second quarter, marking the unit’s strongest second quarter on record. Blade’s quarterly revenue was $36.2 million, while its revenue rose 32% year over year in the first half of 2026. The company directly linked the business’s growth to its higher annual forecast, saying increased seat sales supported group revenue. But aircraft availability has become the main constraint on growth across many routes, according to the shareholder letter. These figures put passenger services at the center of current revenue, while the company continues to work toward completing aircraft certification and increasing production.
Operating expenses totaled $299.5 million in the second quarter, which the company said included costs to support aircraft certification, manufacturing and Blade operations. Research and development expenses also rose $58.3 million year over year. Joby reported an adjusted EBITDA loss of $197 million for the quarter, an increase of $65.5 million from the same period in 2025 and $19 million from the previous quarter. The company attributed the loss mainly to employee and support costs related to aircraft development, certification and manufacturing, as well as Blade operations. The expenses show the growing financial burden of developing the product and expanding the business alongside revenue growth.
Joby ended the second quarter with $2.3 billion in cash and cash equivalents and marketable securities, after using $202 million in cash and short-term investments during the quarter. Cash and short-term investment usage totaled $365 million in the first half, excluding the $32 million first-quarter investment in its Ohio facility, and the company said the figure was in line with its guidance. Joby expects to use $385–415 million in the second half of 2026. This expected spending puts available liquidity in the context of plans to continue development and production over the coming months. Investors will receive an update on these metrics when the company reports third-quarter results.
On production, the company said it had five electric aircraft flying, including its first aircraft conforming to U.S. Federal Aviation Administration requirements, while 12 additional aircraft were at various stages of production. Joby plans to deliver two aircraft during 2026. The company described its progress in the fifth and final stage of type certification as its strongest to date, without announcing that certification was complete. It also said the federal eIPP program offers an opportunity to begin early operations in 11 states, and that it is targeting its first passenger flights in 2026. The market is awaiting third-quarter results, due after trading closes on November 4, followed by a webcast at 5 p.m. Eastern time.
In trading, JOBY shares closed at $4.90 on October 30. They had closed at $4.69 on October 26, then $5.01 on October 27, and $5.08 on both October 28 and 29. These closing prices show the stock’s course in the sessions leading up to month-end, as the next quarterly results announcement approaches. The available data do not include the stock’s trading range during the October 30 session. The results scheduled for November 4 remain the next milestone for assessing the company’s revenue, costs and cash usage.