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The call highlighted strong operational and technical progress (eIPP selection, landmark demonstration flights, infrastructure partnerships, manufacturing ramp, SR3 audit completion and a robust cash position). Financially, revenue remains small and sequentially down, operating expenses and adjusted EBITDA losses widened as Joby invests heavily in certification, manufacturing and commercial readiness; cash burn continues but is supported by a $2.5B balance sheet and recent $1.3B net capital raises. Execution risks remain (certification completion, supply chain and pilot training) and no large aircraft sales were announced. On balance, the substantial programmatic, operational and certification milestones materially outweigh near-term financial headwinds and execution risks, supporting an overall positive outlook.
On guidance, Joby reiterated first‑half 2026 capital spend guidance of $340–$370 million (excluding a one‑time Ohio purchase) and said it ended Q1 with approximately $2.5 billion in cash, cash equivalents and short‑term investments (including ~$1.3 billion of net proceeds raised in Q1); Q1 cash use totaled about $195 million (or ~$163 million excluding the $32 million net Ohio purchase—a $62 million gross purchase, roughly half financed). Financials/guidance included Q1 revenue of $24 million (down $7 million sequentially) and full‑year revenue guidance of $105–$115 million; GAAP Q1 net loss of $110 million (improved $12 million from Q4’s $122 million); total operating expenses of $258 million (vs. $238 million in Q4); and an adjusted EBITDA loss of $179 million (vs. $154 million in Q4). Production and certification pacing metrics: parts for nine FAA conforming aircraft (five slated for TIA flight testing), composites output at 2.5x year‑over‑year, adding a third shift to composites layup and automated fiber placement, ongoing monthly technician training, completion of the FAA SR3 audit, and operational timelines calling for OTA/eIPP agreements to begin in Q3 with operations ramping in the back half of the year (passenger demos possible later this year); additionally, a turbine‑electric transition flight of 148 miles at 2,400 kg MTOW was completed.
Selected as part of 5 applications covering 11 states (including Texas, New York and Florida) to participate in the DOT/FAA eIPP pilot program; program enables faster collaboration via OTA agreements and paves the way for Joby to begin community operations this year ahead of FAA type certification.
Flew first FAA-conforming aircraft for TIA and completed demonstration flights in the Bay Area and New York: landed at Oakland and JFK, operated in Class B airspace, visited three Manhattan heliports and completed the first-ever eVTOL flight between an international airport and a downtown heliport (JFK to multiple Manhattan heliports).
Leveraged Blade acquisition (access to America's 3 busiest heliports) and announced multiple infrastructure deals including a Century Plaza vertiport partnership (Los Angeles), a SAP Center vertiport in San Jose, and completion of the first purpose-built commercial vertiport in Dubai adjacent to Dubai International Airport.
Ramped production capacity: added a third shift for composites layup and automated fiber placement, training new technician batches monthly; composites team producing 2.5x the volume of parts vs. same period last year (≈+150% year-over-year); parts in production for the 9th conforming aircraft and moving from prototype to conforming-part production.
Successfully completed the FAA SR3 audit (reviewing design, safety requirements and test results), confirming that test results meet FAA expectations for the final stage of type certification — a material milestone toward type certification completion.
Completed full transition flights of turbine-electric VTOL, including a 148-mile flight at max takeoff weight (2,400 kg); demonstrated maneuverability and endurance to the U.S. Army alongside L3Harris, highlighting defense and longer-range opportunities.
Announced partnership with Air Space Intelligence (ASI) to run real-life demonstrations of scaled operations and support air traffic modernization (4D modeling and AI); work aims to enable digital deconfliction and advance fully autonomous operations with Joby's Superpilot stack.
Ended Q1 with approximately $2.5 billion in cash, cash equivalents and short-term investments, including ~$1.3 billion in net proceeds from equity/convertible offerings and warrant exercises; this balance sheet underpins certification, manufacturing ramp and commercial launch plans.
Parts are in production for 9 conforming aircraft and 5 aircraft planned for TIA flight testing; Joby installed a flight simulator in partnership with CAE and is preparing to train Joby and FAA pilots — positioning for accelerated testing and pilot readiness.
Reported Q1 GAAP net loss of $110 million, an improvement of $12 million (≈9.8%) versus Q4 net loss of $122 million, driven largely by a $33 million noncash favorable change in fair value of warrants/earn-out shares and higher interest income.
Greetings, and welcome to Joby Aviation's First Quarter 2026 Financial Results Conference Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Teresa Thuruthiyil. Please go ahead.
Thank you. Good afternoon and evening, everyone. Thank you for joining us for Joby Aviation's first quarter 2026 financial results conference call. I'm Teresa Thuruthiyil, Joby's Head of Investor Relations. We will begin today with prepared comments from JoeBen Bevirt, Founder and Chief Executive Officer; and Rodrigo Brumana, Chief Financial Officer. For the Q&A portion of today's call, we will also be joined by our Executive Chairman, Paul Sciarra. Please note that our discussion today will include statements regarding future events and financial performance as well as statements of belief, expectation and intent. These forward-looking statements are based on management's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied.
For a more detailed discussion of these risks and uncertainties, please refer to our filings with the SEC and the safe harbor disclaimer contained in today's shareholder letter. The forward-looking statements included in this call are made only as of the date of this call. And the company does not assume any obligation to update or revise them. Also during the call, we will refer both to GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in our Q1 ...