Joby Aviation (JOBY) Financials

Joby Aviation’s latest financial statements show a well-funded but heavily loss-making company that remains dependent on capital markets while it develops its electric air-taxi business. The company has expanded its asset base substantially since 2023, but operating cash burn and dilution have also increased.

• Large liquidity position: As of June 30, 2026, Joby reported $629.9 million in cash and $6.2 million in restricted cash. Although total cash declined by roughly $239.3 million during the second quarter, the company still held significant liquidity compared with $337.0 million at June 30, 2025 and $153.1 million at September 30, 2024.
• Strong equity cushion: Total shareholders’ equity was $1.77 billion at the end of Q2 2026, compared with $898.3 million in Q2 2025. Equity represented approximately 64% of total assets, providing a substantial buffer against the company’s losses and liabilities.
• Asset base continues to grow: Total assets reached $2.75 billion in Q2 2026, more than double the $1.26 billion reported in Q2 2025. Property and equipment also increased to $229.8 million from $135.0 million over the same period, indicating continued investment in infrastructure and development capacity.
• Interest income is becoming a meaningful offset: Interest income increased to $18.9 million in Q2 2026 from $9.8 million in Q2 2025 and $5.4 million in Q3 2022. This reflects the benefit of investing its cash reserves, although it is not a substitute for operating revenue.
• Debt remains manageable relative to equity: Short- and long-term debt totaled approximately $710.1 million at June 30, 2026. While this is a sizable increase from prior years, it remained below total equity and was supported by the company’s large asset base.
• Investment activity is a major source of cash movement: Joby purchased $258.3 million of investment securities and received $213.1 million from sales and maturities during Q2 2026. These transactions contributed to the quarterly investing outflow but appear to reflect active management of its liquidity rather than solely operating expansion.
• Revenue remains largely non-operating: Total revenue was $15.6 million in Q2 2026, consisting primarily of $18.9 million of investment interest income partly offset by a $3.3 million investment loss. The data does not yet show a meaningful recurring commercial revenue stream from air-taxi operations.
• Quarterly losses remain substantial: Joby reported a net loss of $245.4 million, or $0.25 per share, in Q2 2026. The loss was more than double the $110.0 million loss in Q1 2026 and exceeded the $121.5 million loss in Q4 2025, despite positive interest income.
• Operating expenses far exceed revenue: Q2 2026 non-interest expenses totaled $260.9 million, including $194.7 million in marketing expense and $104.9 million in other operating expenses, while revenue was only $15.6 million. This gap highlights the considerable spending required before commercialization.
• Cash burn is accelerating: Net cash used in operating activities increased to $173.1 million in Q2 2026 from $144.4 million in Q1 2026 and $106.6 million in Q2 2025. Including capital expenditures, net investing cash outflows totaled $73.8 million, resulting in a $239.3 million quarterly decline in cash and equivalents.
• Shareholder dilution is a continuing risk: Weighted-average basic shares outstanding rose to 969.9 million in Q2 2026 from 796.8 million in Q2 2025 and 585.5 million in Q4 2022. Joby has repeatedly raised capital through equity issuance, including $600 million in Q1 2026 and $608.2 million in Q4 2025, which supports liquidity but reduces existing investors’ ownership percentage.
• Retained earnings remain deeply negative: Retained earnings were negative $3.14 billion at June 30, 2026, compared with negative $2.27 billion in Q2 2025. This cumulative deficit reflects Joby’s long operating history of losses and indicates that the company remains far from internally funding its activities.

For investors, the key balance-sheet benefit is Joby’s sizable cash and equity base. However, the income statement and cash-flow statement continue to point to a pre-commercial business with no evident path to near-term profitability in the reported figures. Future performance will depend heavily on certification, commercialization and revenue growth arriving before the current cash balance is consumed, particularly as financing increasingly comes with higher debt and further share dilution.