JOBY Earnings – Q3 2026

Joby Aviation, Inc. (NYSE: JOBY) reported third-quarter 2026 results on November 4, 2026, with revenue of $55.1 million (up 144% year-over-year and primarily driven by Blade). The company raised full-year revenue guidance by 15% while advancing FAA certification testing and manufacturing scale-up. Adjusted EBITDA losses continued to widen as investment in aircraft development and certification remained elevated.

Actual Results: Blade-Driven Revenue Beat and Certification Progress

• Revenue of $55.1 million, up 144% year-over-year and $16 million sequentially, primarily from Blade.
• GAAP net loss of $211.8 million, or –$0.22 per share (narrower than the prior-year loss of $401.2 million / –$0.48).
• Adjusted EBITDA loss of $207.9 million (widened from $197 million in Q2 and from the prior-year period).
• Total operating expenses of $333 million.
• Cash, cash equivalents, and short-term investments of $2.2 billion at quarter-end (including ~$128 million from the at-the-market equity program).
• Q3 cash use of approximately $195 million.
• Blade flew a record 44,000+ passengers; manufacturing output increased with 17 aircraft in production.

Why It Matters: Commercial Traction and Certification Momentum

• Blade’s strong passenger volume and sequential revenue growth provide a growing near-term revenue stream while the company advances toward air-taxi commercialization.
• Progress on “for credit” testing in the fifth and final stage of FAA type certification, along with eIPP flights in Texas and Florida, supports the path toward commercial operations.
• Manufacturing scale-up and efficiency gains (with Toyota collaboration) improve readiness for higher production volumes.
• Expanded U.S. Air Force autonomy contracts and the planned acquisition of Resonant Sciences broaden the defense opportunity.
• The $2.2 billion liquidity position provides multi-year runway to fund certification, manufacturing expansion, and early commercial preparations.

Resonant Sciences Acquisition

Joby Aviation agreed in August 2026 to acquire Resonant Sciences for approximately $500 million ($450 million in cash and $50 million in Joby stock). The deal is expected to close in the first half of 2027, subject to regulatory approvals.

Resonant Sciences is a Dayton, Ohio-based defense technology company that designs and manufactures radio-frequency, sensing, and mission systems, with particular strength in low-observability technologies. It generates more than $100 million in trailing-twelve-month revenue (growing roughly 40% year-over-year) and operates at high-teens adjusted EBITDA margins. The company has about 250 employees, most of whom hold security clearances, and its products are already qualified across more than 20 air platforms.

Upon closing, Resonant will become Joby’s dedicated defense business and continue operating under its own name. Joby plans to fold its existing military work—including hybrid-electric, hydrogen-electric, and autonomy programs—into this unit. This structure is intended to give those efforts classified infrastructure, established customer relationships, and dedicated leadership while allowing Joby’s commercial team to stay focused on certifying and launching the electric air taxi.

For Joby, the acquisition provides an immediately scaled, EBITDA-positive defense platform and complementary RF and sensing capabilities. It also expands the company’s Ohio footprint near Wright-Patterson Air Force Base. The primary trade-off is the cash outlay, which will reduce Joby’s liquidity once the deal closes.

What’s Ahead: Raised Guidance and Certification Path

• Joby raised full-year 2026 revenue guidance by 15% to a range of $135–140 million (from $115–125 million), driven by Blade strength.
• Management expects Q4 Blade revenue to step down seasonally.
• Second-half 2026 cash use is expected to be $385–415 million.
• Key milestones include:
  • continued Stage 5 certification work.
  • FAA pilot training and company flight testing targeted for the first half of 2027.
  • start of TIA flight testing in H1 2027.
  • The company is also preparing for eIPP commercial flights in markets including New York, Florida, and Texas, with progress toward Dubai operations.
  • The planned Resonant Sciences acquisition is expected to close in early 2027, subject to regulatory approvals.

Risks to Forward Expectations: Cash Burn, Certification Timing, and Execution

• Adjusted EBITDA losses continue to widen as spending on certification, manufacturing, and commercial readiness remains elevated; sustained cash burn is a key focus.
• Certification timelines (including the durationBond Duration: Estimates the percentage change in a bond’s price for every 1% shift in interest rates. For example, a bond with a 3-year duration will gain or lose roughly ±3% of its value if rates fall or rise by 1%. More of TIA testing) remain uncertain and any delays would push back commercial air-taxi revenue.
• Near-term revenue is heavily dependent on Blade; seasonal weakness in Q4 and potential weather impacts could affect results.
• The planned Resonant Sciences acquisition carries integration risk and will consume cash upon closing.
• High valuation relative to current profitability and the pre-commercial status of the core air-taxi business leaves the stock sensitive to guidance misses or slower certification progress.

Bottom Line: Operational Progress with Elevated Investment

Joby Aviation delivered a revenue beat driven by Blade, raised full-year guidance, and reported meaningful progress on FAA certification testing and manufacturing scale-up. Strategic steps in defense and autonomy further expand the long-term opportunity.

Near-term profitability remains distant as the company continues heavy investment ahead of commercial air-taxi service. The $2.2 billion cash position provides a strong buffer, but execution on certification milestones, controlled cash burn, and successful integration of any acquisitions will determine how quickly the company can translate operational progress into a sustainable commercial business.