Joby Aviation (NYSE:JOBY) said it plans to begin its first flights under the federal electric vertical takeoff and landing integration pilot program, or eIPP, in Texas next month, as the company prepares for commercial passenger operations and expands manufacturing and infrastructure efforts.
Founder and Chief Executive Officer JoeBen Bevirt said the Dallas-Fort Worth-area flights are expected to take place over a week and will demonstrate vertical takeoff and landing operations across a major metropolitan market. The flights will initially carry only a pilot, with the company expecting the program to progress to non-paying passengers and eventually paying passengers with Federal Aviation Administration oversight.
Blade Drives Higher Revenue Outlook
Joby reported second-quarter revenue of $39 million, primarily from its Blade passenger business, compared with $25 million in the first quarter. Chief Financial Officer Rodrigo Brumana said Blade’s seasonal summer ramp, favorable weather and demand around major events supported the quarter.
Blade’s seats sold increased more than 50% from the prior-year period, marking its strongest second quarter in that measure, according to Bevirt. Blade also recorded its highest number of new passengers traveling to and from New York City airports since 2023. Hamptons revenue grew more than 40% year over year, aided by route expansions, while Blade sold roughly 4,500 seats to or from the Monaco Grand Prix.
Joby raised its full-year revenue guidance to $115 million to $125 million, from prior guidance of $105 million to $115 million. The company had recognized $63 million in revenue during the first half of 2026 and said Blade typically experiences its peak period in the third quarter.
Bevirt said aircraft availability, rather than passenger demand, has become the main constraint on several Blade routes. The company is also pursuing demand-generation initiatives through its relationship with Uber and a new Blade partnership with Visa that provides Visa Infinite consumer and business cardholders certain benefits on Blade’s New York airport service.
Joby said Blade’s existing helicopter operations illustrate the importance of vertical lift to customers. Bevirt noted that a fixed-wing flight from Teterboro to Montauk can be booked for roughly one-third the cost of a helicopter trip from Manhattan, but the helicopter service has substantially higher utilization because it avoids travel to an airport.
Loss Widens as Spending Rises
Joby ended the second quarter with about $2.3 billion in cash equivalents and short-term investments. Cash use totaled approximately $202 million in the quarter, compared with $195 million in the first quarter, which included the net cash impact of acquiring an Ohio facility.
Excluding the Ohio investment, first-half cash use was $365 million, within the company’s previously stated guidance range of $340 million to $370 million. Property and equipment investment was $29 million in the second quarter, down from $78 million in the first quarter. First-half capital expenditures totaled $107 million, including $62 million related to Ohio and $15 million for expanded flight-test capabilities in Hollister, California.
Total operating expenses rose to $300 million from $258 million in the first quarter. Brumana attributed the increase primarily to $23 million of investment in certification, manufacturing ramp-up and commercial readiness; $11 million of costs associated with higher revenue; and $8 million in other expenses.
On a GAAP basis, Joby reported a net loss of $245 million, compared with a $110 million loss in the first quarter. The company said most of the increase resulted from a $108 million non-cash unfavorable change in the fair value of warrants and earn-out shares, which Brumana said is driven largely by changes in Joby’s share price. Adjusted EBITDA loss was $197 million, compared with a $179 million loss in the prior quarter.
For the second half of 2026, Joby expects cash use of $385 million to $415 million, primarily for certification, manufacturing, eIPP operations and commercialization. Brumana said the higher spending level reflects deliberate investment in commercial readiness, while the company intends to stage portions of spending based on progress against milestones.
Manufacturing, Infrastructure and International Plans
Joby said five electric air taxis are now flying, including its first FAA-conforming aircraft, while 12 additional aircraft are in various production stages. Two aircraft are expected to be completed this year. Bevirt said the company reduced its manufacturing non-conformance rate by nearly 40% during the first six months of 2026 as it moved from research-and-development builds toward low-rate production.
The company also formed a joint venture with Toyota intended to support high-volume commercial production. Brumana said Toyota’s previously announced $250 million direct investment in Joby is still expected to close late this year or early next year, subject to final supply agreements. He said the funds would go directly to Joby.
On infrastructure, Joby announced a strategic partnership with Atoms, an industrial artificial intelligence infrastructure company founded by Uber co-founder Travis Kalanick. Executive Chairman Paul Sciarra said the arrangement is a co-investment vehicle in which both parties will contribute capital. He said Atoms brings financing relationships and capabilities in site identification, development and operations, potentially reducing Joby’s share of the work for future vertiport sites.
The initial infrastructure focus will be Florida, New York, Texas and California. Bevirt also cited progress in Dubai, where the second of four vertiports being built by partners is nearing completion. Joby signed a multiyear definitive agreement with Virgin Atlantic during the Farnborough Airshow, outlining a potential path to service in the United Kingdom, with a focus on London and Manchester.
In response to questions on defense opportunities, Sciarra said Joby has worked on hybrid vertical-lift aircraft for nearly two years and has demonstrated improved range and capability on aircraft in flight. He identified potential Department of Defense applications including strike, intelligence, surveillance and reconnaissance, and passenger-carrying infiltration and exfiltration missions.
Joby also said it will work with ASI, which the FAA recently selected to provide central software infrastructure for managing traffic across the U.S. National Airspace System. Sciarra said Joby plans to trial ASI’s tools using Blade and Joby operations to assess whether they can increase flight frequency at key locations.
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.
