Joby lifts 2026 outlook on Q3 revenue beat

Joby Aviation shares moved higher after the company reported third-quarter 2026 results that exceeded revenue expectations and raised its full-year outlook. The stock rose roughly 7% in after-hours trading following the release and was up about 4% early in the next session. The move followed a quarter in which Joby’s Blade passenger transportation business delivered record traffic and helped lift overall revenue.

Joby reported third-quarter 2026 revenue of $55 million, primarily from its Blade passenger transportation business. Blade carried more than 44,000 passengers in the quarter, marking a record performance. The $55 million in revenue exceeded analyst estimates of around $39 million to just over $40 million and represented a 144% increase from a year earlier.

On the back of this performance, Joby raised its full-year 2026 revenue guidance to a range of $135 million to $140 million. This compares with a prior outlook of $115 million to $125 million. Year-to-date revenue reached $118 million by the end of the third quarter, already above the low end of the earlier guidance range and underpinning the decision to lift the target.

Despite the revenue beat, Joby remained loss-making. The company reported a GAAP net loss of about $212 million for the third quarter, narrower than a net loss of $401.2 million a year earlier and lower than $245 million in the previous quarter. Adjusted EBITDA loss widened to $208 million from $197 million in the second quarter, while operating expenses increased to $333 million, reflecting higher spending on certification, manufacturing ramp-up, commercial readiness and support for revenue growth.

Joby’s third-quarter cash use was approximately $195 million, down from $202 million in the prior quarter, helped by favorable working capital and lower capital spending. Capital expenditures totaled about $25 million, compared with $29 million previously. The company reiterated its expectation that second-half 2026 cash use will be between $385 million and $415 million.

Joby ended the quarter with roughly $2.2 billion in cash, cash equivalents and short-term investments, including approximately $128 million in net proceeds from an at-the-market equity program completed during the quarter. Management stated that this balance sheet is being deployed toward milestones including certification, manufacturing, and early operations.

Joby reported continued progress in the Federal Aviation Administration’s type certification process for its S4 electric vertical takeoff and landing aircraft. The FAA process consists of five stages, and stages one through three are now complete. As of October 30, Joby had completed 83% of its efforts toward stage four, while the FAA had completed 78% of its stage four work.

Founder and CEO JoeBen Bevirt said the company made important progress on the fifth and final stage of certification by completing a wide range of for-credit testing with the FAA. Recent work included for-credit testing on components such as the fuselage, propeller hubs, tail, ruddervators, tilt actuators and high-resolution recorder, with the FAA approving several related test reports. Management described certification as the key long-term objective and noted that current testing lays the groundwork for future Type Inspection Authorization flight testing, targeted to begin in the first half of 2027.

Joby also emphasized manufacturing gains that it expects will support certification and eventual commercial operations. The company reported that 17 aircraft are currently in production, with work orders released for an 18th from its Marina manufacturing line. Output across eight core manufacturing shops increased 37% from the first to the third quarter of 2026, while the proportion of articles with recorded nonconformance fell 38% over the same period.

Toyota production engineers continue to work alongside Joby’s manufacturing teams in California as the company strengthens its production capability. Joby also expanded its autonomy-focused contracts with the U.S. Air Force to nearly $37 million and announced a proposed $450 million acquisition of defense company Resonant Sciences, which has more than $100 million in trailing 12-month revenue growing at approximately 40%. These initiatives are intended to broaden Joby’s defense and autonomy work alongside its air taxi certification and Blade passenger operations.