Key Takeaways
- Second quarter revenue reached $38.6 million, surpassing Wall Street expectations of $30 million by 33%
- The company reported an operating loss of $260.9 million, exceeding the anticipated $210 million deficit
- Full-year 2026 revenue outlook increased to $120 million from the previous $110 million projection
- Shares gained 3.2% in early trading to reach $8.05 after the earnings announcement
- FAA certification for the company’s eVTOL aircraft is anticipated between late 2026 and early 2027
Joby Aviation delivered second quarter revenue of $38.6 million, significantly exceeding Wall Street’s $30 million projection. Shares climbed 3.2% during premarket hours on Thursday, reaching $8.05.
The impressive revenue performance stemmed primarily from the company’s air-taxi operations, which expanded following its 2025 purchase of Blade Air Mobility’s helicopter division. Just one year earlier, the company recorded virtually no revenue.
However, the quarter’s operating deficit reached $260.9 million. This figure exceeded both the analyst consensus of $210 million and the $168 million loss recorded during the same period in 2025.
Regarding earnings per share, Joby recorded a loss of $0.25 per share. This marginally missed the Zacks consensus forecast of a $0.23 loss per share.
The company has successfully exceeded revenue projections for four consecutive quarters, though it has fallen short of EPS expectations throughout this same period.
Revised Outlook Shows Confidence
Company leadership increased its full-year 2026 revenue forecast to approximately $120 million, representing an uptick from the previous $110 million estimate. This new guidance edges above Wall Street’s current expectation of $117 million.
The company is currently managing the Blade helicopter operations. The strategy involves transitioning to Joby’s proprietary eVTOL aircraft following FAA certification approval, targeted for completion between late 2026 and early 2027.
Joby confirmed it has entered the fifth and concluding phase of FAA type certification. The company currently operates five electric air taxis, including its inaugural FAA-conforming model. An additional twelve units are in different production phases, with two scheduled for delivery within the current year.
“We continue to make important progress on certification and production,” management stated in the earnings release.
Shares Face Ongoing Headwinds
Notwithstanding the revenue outperformance and improved guidance, JOBY stock continues facing substantial downward pressure. As of Wednesday’s market close, shares were down approximately 41% for the year and roughly 60% over the trailing twelve months.
In contrast, the S&P 500 has advanced approximately 13% during the same year-to-date period.
Following the earnings report, Cantor Fitzgerald analyst Andres Sheppard retained a Neutral rating. He characterized Joby as “an industry leader in advanced air mobility” and “among the best-positioned in the eVTOL industry to achieve commercialization,” while noting his preference for a more favorable entry point and additional clarity on unit economics.
Zacks has assigned JOBY a Rank 4 (Sell) rating, with analyst estimate revisions moving in an unfavorable direction prior to the earnings release.
The prevailing consensus EPS forecast for the upcoming quarter stands at a loss of $0.23 on revenues of $38.3 million. For the complete fiscal year, projections indicate a loss of $0.79 per share on revenue of $116.67 million.
Joby’s Aerospace and Defense sector ranks within the top 40% of industries monitored by Zacks.
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