G65163118 Filings — Joby Aviation, Inc. - FilingSpy
G65163118
Joby Aviation, Inc.
Could not find a ticker for this position, may be a filing error
A maker of all-electric air taxis, Joby Aviation is building a piloted, five-seat eVTOL aircraft meant to carry passengers on short hops like a flying ride-share, with plans to run its own service and work with partners such as Delta and Toyota. Founder JoeBen Bevirt started the company in 2009, and the name comes from his childhood nickname — the same name he gave his earlier Gorillapod camera-tripod company. Early engineers worked out of "The Barn" on his ranch in California's Santa Cruz Mountains.
R&D spending rose 43% to $194.7M as Joby pushes toward 2026 commercial launch, while revenue from the Blade acquisition reached $38.6M.
The cash burn accelerated again. reached $38.6 million, up from near zero a year ago, driven by the Blade acquisition, but the operating loss widened to $260.9 million as R&D spending rose 43% to $194.7 million and SG&A more than doubled. The company holds $2.27 billion in cash after a February capital raise, buying time to reach a 2026 launch that still depends on FAA certification.
Key takeaways
reached $38.6 million in Q2 2026, up from near zero a year ago, primarily from Blade passenger services, engineering services, and leasing income.
The operating loss widened to $260.9 million from $167.9 million a year ago, as research and development expenses rose 43% to $194.7 million, driven by increased staffing for aircraft engineering, software, prototyping, and certification.
Selling, general, and administrative expenses rose 143% to $76.6 million, mainly due to higher , payroll, and marketing tied to the Blade acquisition.
Section summaries
Management's Discussion and Analysis
Revenue surged to $38.6M driven by Blade acquisition; net loss narrowed 24% to $245.4M on favorable warrant revaluations.
⌄
reached $38.6M in Q2 2026, up from near zero a year ago, primarily from Blade passenger services, engineering services, and leasing income.
Research and development expenses rose 43% to $194.7M, driven by increased staffing for aircraft engineering, software, prototyping, and certification.
The reported net loss of $245.4 million was narrower than the $324.7 million loss a year ago, entirely because other income swung to a $15.6 million gain from a $156.7 million loss, driven by a $122.9 million favorable change in the non-cash fair value of warrants and earnout shares.
Cash, cash equivalents, and short-term investments totaled $2.27 billion at quarter-end, down from $2.47 billion at the end of Q1 2026, after the company raised $576.3 million from a common stock offering and $669.7 million from in February 2026.
was negative $201.8 million for the quarter, compared to negative $118.7 million a year ago, as cash consumption for pre- aircraft development continued to rise.
What changed
The R&D expense run rate, flagged in prior quarters to watch for a plateau, rose to $194.7 million from $177.5 million in Q1 2026 and $136.4 million in Q2 2025, showing no sign of leveling off as certification activity intensifies.
from the Blade acquisition and other new sources rose 59% sequentially to $38.6 million from $24.2 million in Q1 2026, after the prior quarter's filing noted a 21% sequential decline.
The cash position fell to $2.27 billion from $2.47 billion at the end of Q1 2026, as of negative $201.8 million and the absence of new financing during the quarter drew down the balance fortified by February's $1.2 billion in offerings.
The trade-secret litigation against Archer and Archer's ITC complaint, flagged in Q1 2026, advanced with the ITC instituting an investigation in April 2026 and setting a timeline that extends to a final decision by September 2027.
What to watch
Whether the quarterly R&D expense run rate, now at $194.7 million, begins to plateau or continues to rise as the aircraft progresses through the final stages of FAA type certification.
Progress on FAA aircraft type certification, which determines whether the 2026 commercial passenger launch target is achievable and remains the single largest binary risk to the business.
The outcome of the ITC investigation, where an evidentiary hearing is set for January 2027 and a final decision is expected by September 2027, which could result in an exclusion order blocking imports of Joby's aircraft.
The rate of cash consumption from operations, which was $173.1 million this quarter, against the $2.27 billion cash position, to gauge how long the balance sheet can sustain the company through commercial launch.
Selling, general and administrative expenses jumped 143% to $76.6M, mainly due to higher , payroll, and marketing tied to the Blade acquisition.
Total other income swung to a $15.6M gain from a $156.7M loss last year, largely due to a $122.9M favorable change in the of warrants and .
Cash and short-term investments totaled $2.27B as of June 30, 2026, bolstered by $576.3M from a common stock offering and $669.7M from a issuance in February 2026.
Management expects current liquidity to fund operations for at least 12 months and believes additional capital, including a pending $250M Toyota investment, will support the commercial launch.
Quantitative and Qualitative Disclosures About Market Risk
Interest Rate Risk We are exposed to market risk for changes in interest rates applicable to our short-term investments. We had cash, cash equivalents, restricted cash and investments in short-term marketable securities totaling $2,270.0 million as of June 30, 2026. Cash equival…
⌄
Interest Rate Risk
We are exposed to market risk for changes in interest rates applicable to our short-term investments. We had cash, cash equivalents, restricted cash and investments in short-term marketable securities totaling $2,270.0 million as of June 30, 2026. Cash equivalents and short-term investments were invested primarily in money market funds, U.S. treasury bills and government and corporate bonds. Our investment policy is focused on the preservation of capital and supporting our liquidity needs. Under the policy, we invest in highly rated securities, issued by the U.S. government and corporations or liquid money market funds. We do not invest in financial instruments for trading or speculative purposes, nor do we use leveraged financial instruments. We utilize external investment managers who adhere to the guidelines of their investment policies. A hypothetical 10% change in interest rates would not have a material impact on the value of our cash, cash equivalents or short-term investments or our interest income.
Foreign Currency Risk
We are not exposed to significant foreign currency risks related to our operating expenses as our foreign operations are not material to our Condensed Consolidated Financial Statements.
Joby is pursuing trade-secret claims against Archer while defending against Archer's ITC patent complaint; no financial exposure is estimated.
⌄
Joby filed a California state-court complaint against Archer and George Kivork for breach of contract, trade-secret misappropriation, and interference, seeking damages, , and .
The case was removed to federal court in Northern California; the court partially dismissed Joby's claims and fully dismissed Archer's counterclaims with leave to amend, and amended pleadings have since been filed.
Archer filed a with the ITC seeking an to block Joby from importing electric aircraft and components that allegedly infringe five Archer patents.
The ITC instituted an investigation in April 2026; fact discovery runs through late September 2026, with an evidentiary hearing in January 2027 and a final ITC decision expected by September 14, 2027.
Management believes that resolving these claims will not have a material adverse impact, but acknowledges that an unfavorable outcome could materially affect financial position, results, or cash flows if it becomes reasonably estimable.
Our business, prospects, financial condition, operating results and the price of our common stock may be affected by a number of factors, whether currently known or unknown, including but not limited to those described as risk factors, any one or more of which could, directly or…
⌄
Our business, prospects, financial condition, operating results and the price of our common stock may be affected by a number of factors, whether currently known or unknown, including but not limited to those described as risk factors, any one or more of which could, directly or indirectly, cause our actual operating results and financial condition to vary materially from past, or anticipated future, operating results and financial condition. For a more comprehensive discussion of the risks and uncertainties that could impact the Company’s business, please see the section entitled “Risk Factors” in the Company’s annual report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 27, 2026 and the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2026 filed with the SEC on May 6, 2026. Any of these factors, in whole or in part, as well as other risks not currently known to us or that we currently consider immaterial, could materially and adversely affect our business, prospects, financial condition, operating results and the price of our common stock.