AI Takeaway
Joby Aviation reported its first-ever revenue of $24.2M in Q1 FY2026 while deepening operating losses to -$233.6M as R&D and SG&A spending surged ahead of commercial launch, offset by a major $1.28B financing inflow that dramatically strengthened its balance sheet.
Revenue
$24.25M
No YoY data
EPS (Basic)
$-0.12
-9.09% YoY
Operating Income
$-233.58M
-43.05% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-Q filing
Joby recorded $24.2M in revenue in Q1 FY2026, compared to zero in the prior-year period, marking a significant milestone as the company begins transitioning from a pure development-stage entity toward commercialization.
Source: Source: 10-Q Income Statement, Q1 FY2026
R&D expenses surged 32.2% year-over-year to $177.5M, reflecting intensified spending on aircraft certification, manufacturing scale-up, and technology development as Joby advances toward FAA type certification.
Source: Source: 10-Q Income Statement, Q1 FY2026
SG&A expenses jumped 112.3% YoY to $61.6M, suggesting significant investment in corporate infrastructure, go-to-market preparation, and administrative capacity to support anticipated commercial operations.
Source: Source: 10-Q Income Statement, Q1 FY2026
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Upgrade to unlockJoby's commercial viability depends entirely on obtaining FAA type certification for its eVTOL aircraft, a process with no guaranteed timeline. Any delays or additional requirements from regulators could significantly push back the commercial launch and increase costs.
Source: Source: 10-Q Risk Factors, Q1 FY2026
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Upgrade to unlockReported EPS of $-0.12 versus the $-0.20 analyst consensus — a +39.3% beat for Q1 FY2026.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $24.25M | $0 | — |
Operating Income | $-233.58M | $-163.28M | -43.05% |
Net Income | $-109.95M | $-82.41M | -33.42% |
EPS (Basic) | $-0.12 | $-0.11 | -9.09% |
EPS (Diluted) | $-0.12 | $-0.11 | -9.09% |
R&D Expense | $177.47M | $134.29M | +32.16% |
SG&A Expense | $61.55M | $29M | +112.27% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $2.93B | $1.08B | +170.07% |
Current Assets | $2.51B | $841.48M | +198.47% |
Total Liabilities | $969.94M | $224.58M | +331.90% |
Current Liabilities | $113.88M | $47.5M | +139.75% |
Stockholders' Equity | $1.96B | $859.44M | +127.79% |
Cash & Equivalents | $874.52M | $122.29M | +615.12% |
Long-Term Debt | $701.06M | — | — |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $-144.44M | $-110.97M | -30.16% |
Investing Cash Flow | $-505.49M | $31.59M | -1700.15% |
Financing Cash Flow | $1.28B | $2.04M | +62728.49% |
D&A | $10.99M | $9.13M | +20.32% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | -963.4% | — | — |
Net Margin | -453.5% | — | — |
ROE | -5.6% | — | — |
ROA | -3.8% | — | — |
Current Ratio | $22.055 | — | — |
Debt to Equity | $0.495 | — | — |
Yes, Joby Aviation reported $24.2M in revenue in Q1 FY2026, its first-ever revenue compared to zero in the prior-year period. This marks a significant milestone, though it remains far below the company's operating expenses of over $233M.
The headline takeaways are Joby's first revenue of $24.2M, a widening operating loss of -$233.6M driven by 32.2% higher R&D spending and 112.3% higher SG&A, and a transformative $1.28B financing raise that pushed cash to $874.5M. The company remains in a heavy pre-commercial investment phase but has significantly extended its financial runway.
As of Q1 FY2026, Joby held $874.5M in cash and equivalents, up 615.1% year-over-year, following a $1.28B financing inflow during the quarter. Total current assets stood at $2.51B, giving the company a very strong current ratio of 22.1x.
Key risks include FAA type certification uncertainty, which is critical to any commercial launch, as well as sustained cash burn of -$144.4M per quarter in operating outflows and the challenge of scaling aircraft manufacturing. The company also carries $701.1M in long-term debt that must be serviced while losses continue.
No, Joby Aviation is not profitable; it reported a net loss of -$109.9M and an operating loss of -$233.6M in Q1 FY2026. The company is in a pre-commercial development phase, and profitability is not expected until it achieves meaningful scale in eVTOL operations following FAA certification.