Joby Aviation NYSE: JOBY reported what executives described as another quarter of progress toward commercial electric air taxi operations, highlighting new U.S. demonstration opportunities, certification milestones, manufacturing expansion and a stronger cash position following recent capital raises.
On the company’s first-quarter 2026 earnings call, Founder and Chief Executive Officer JoeBen Bevirt said Joby was selected as part of five applications covering 11 states under the White House-backed eIPP program. Bevirt said the program could allow Joby to bring its aircraft and service directly to U.S. communities this year ahead of FAA type certification.
“To speak frankly, we were awarded this dream slate of opportunities,” Bevirt said, citing Texas, New York and Florida among the states included. He said each selected program is working to finalize an Other Transaction Agreement with the FAA and Department of Transportation, which will define scope, roles and timelines.
Joby Points to New York, Texas and Florida as Early Focus Areas
Bevirt said Joby has already begun work in several markets tied to the eIPP program. In New York, the company is progressing with charging infrastructure at East Side heliports, while the Port Authority of New York and New Jersey recently released a solicitation for a vertiport on the roof of LaGuardia Airport’s Terminal C parking garage. In Texas, Joby has secured a maintenance, repair and overhaul facility to support regional operations. In Florida, the company is working with Orlando International Airport on a dedicated air taxi vertiport.
Bevirt also said Joby is planning autonomous cargo flights using its Superpilot technology in states including North Carolina and Utah. In response to analyst questions, he said agreements under the eIPP program are expected to begin being signed in the third quarter, with operations starting in the second half of the year.
“As we look into the back half of this year and the first half of next year, we’d really like to get those fleets in New York, Florida, and Texas built out,” Bevirt said.
When asked about passenger flights, Bevirt said Joby now has “two shots on goal” this year, referring to Dubai and the company’s eIPP markets. “I think that’s looking very strong that we’ll see passenger flights later this year,” he said.
Demonstration Flights Showcase Airport-to-City Routes
Executives repeatedly pointed to recent demonstration flights in the Bay Area and New York as evidence of the company’s operational readiness. Bevirt said Joby landed at Oakland and JFK international airports, flew to three Manhattan heliports, operated in Class B airspace and demonstrated charging in multiple environments.
In New York, Joby connected JFK with the Wall Street Heliport, the West 30th Street Heliport and the East 34th Street Heliport. Bevirt said those flights demonstrated real routes used by Blade customers today and included what he called the first flight of an eVTOL aircraft between an international airport and a downtown heliport.
Chief Financial Officer Rodrigo Brumana said the flights connecting Wall Street and Midtown to JFK “in minutes” were made possible through Joby’s Blade infrastructure and partnerships with the FAA, local government and infrastructure partners.
Joby acquired Blade assets that Bevirt said include access to landing sites and lounges at “America’s three busiest heliports.” The company also announced infrastructure partnerships in Los Angeles with Reuben Brothers for a vertiport at Century Plaza and in the Bay Area with SAP Center for a vertiport in San Jose. In Dubai, Bevirt said Joby completed the first purpose-built commercial vertiport next to Dubai International Airport, which will serve as the operational hub for the region.
Certification and Manufacturing Ramp Continue
Bevirt said Joby remains focused on the fifth and final stage of FAA type certification. During the quarter, the company completed its SR3 audit with the FAA. He said the audit reviewed aircraft design and safety requirements, test results and development standards, and confirmed that Joby’s test results meet FAA expectations for the final certification phase.
The company also flew its first FAA-conforming aircraft for type inspection authorization-related work during the quarter. In response to a question from Raymond James analyst Savi Syth, Bevirt said Joby pilots must begin testing the conforming aircraft, while FAA pilots are trained in the simulator and conforming test articles continue through build, testing and reporting.
On manufacturing, Bevirt said Joby is adding a third shift to its composites layup and automated fiber placement teams, training new technicians monthly and producing 2.5 times the composite parts volume it produced a year ago. He said the company is now producing parts for its ninth conforming aircraft and plans to use five aircraft for TIA flight testing.
Bevirt also highlighted Joby’s collaboration with Toyota, saying the company is embedding Toyota Production System practices such as Gemba walks and Obeya rooms as it ramps production.
In Ohio, Bevirt said Joby is building propeller blades at its first facility and adding additional components and systems. The company is also beginning build-out of a newly purchased 730,000-square-foot facility across the street.
First-Quarter Financial Results
Brumana said Joby ended the first quarter with approximately $2.5 billion in cash equivalents and short-term investments, including $1.3 billion in net proceeds from equity and convertible offerings and warrants exercised by Delta Air Lines.
First-quarter use of cash equivalents and short-term investments, excluding proceeds from capital raises, was approximately $195 million. That included $32 million of net purchase cost for Joby’s Ohio manufacturing facility after financing. Excluding that one-time purchase, Brumana said cash use was $163 million, compared with $157 million in the fourth quarter.
Joby reported a GAAP net loss of $110 million, improving from a $122 million net loss in the fourth quarter. Brumana said the sequential improvement was driven by a $33 million non-cash favorable change in the fair value of warrants and earnout shares and $4 million in higher interest income, partly offset by a $27 million increase in loss from operations.
Revenue was $24 million in the first quarter, mostly from Blade, down $7 million from the fourth quarter due to the absence of one-time revenue recognized for flight demonstrations in Japan. Brumana said Blade’s first-quarter performance was strong and that Joby remains on a trajectory toward full-year revenue guidance of $105 million to $115 million.
Total operating expenses were $258 million, up from $238 million in the prior quarter, driven by continued investment in certification, manufacturing ramp and commercial readiness. Adjusted EBITDA was a loss of $179 million, compared with a loss of $154 million in the fourth quarter.
Defense, Autonomy and Airspace Modernization
Beyond passenger service, Bevirt said Joby completed full transition flights with its turbine-electric VTOL aircraft during the quarter, including a 148-mile flight at a maximum takeoff weight of 2,400 kilograms. He said the aircraft, based on Joby’s S4 electric platform with a gas turbine for increased range and payload, was demonstrated to the U.S. Army with partner L3Harris.
Bevirt also discussed Joby’s partnership with Airspace Intelligence, or ASI, which he said is competing to provide software for the FAA’s new air traffic control system. He said Joby and ASI plan to conduct demonstrations later this year showing how scaled eVTOL operations can be integrated into complex airspace, a step he said could also support future autonomous operations.
Closing the call, executives emphasized that Joby’s recent demonstrations and eIPP opportunities have made its progress more visible to potential customers, regulators and communities. “Communities across America aren’t just reading about the future of flight or hearing about it on calls like these anymore,” Bevirt said. “They’re seeing it in the skies above their own cities.”
About Joby Aviation NYSE: JOBY
Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company's core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby's eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.
The company's flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.
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