Joby Aviation

Refresh delta (since 2026-06-18)

1. Q2 results. Revenue $38.6M (Q2 2025: $0.015M); six-month revenue $62.9M. Research and development $194.7M (Q2 2025: $136.4M). Selling, general and administrative $76.6M (Q2 2025: $31.5M). Loss from operations $(260.9)M (Q2 2025: $(167.9)M). Net loss $(245.4)M, $(0.25) per share (Q2 2025: $(324.7)M, $(0.41)). Other income was a net gain of $15.6M, helped by a $122.9M favourable swing in the fair value of warrants, earnout shares and contingent consideration against Q2 2025. [sec.gov: 10-QForm 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-08-06, https://www.sec.gov/Archives/edgar/data/1819848/000181984826000435/joby-20260630.htm; quarter ended 2026-06-30]
2. Blade revenue and guidance. Blade generated $36.2M of Q2 revenue. Full-year 2026 total revenue outlook was raised to $115M-$125M. Second-half 2026 use of cash, cash equivalents and short-term investments is guided at $385M-$415M. [sec.gov: 8-KForm 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-08-05, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1819848/000181984826000432/joby-8kx20260805xexx99_1.htm]
3. Cash and burn. Cash, cash equivalents and short-term investments $2,263.8M at 2026-06-30 (2025-12-31: $1,407.9M; the carried dossier has $2,466.2M at 2026-03-31). Net cash used in operating activities $317.6M for the six months; purchases of property and equipment and other long-lived assets $106.6M. [sec.gov: 10-Q filed 2026-08-06, same URL]. Q2 alone: operating cash use of about $173M and capexCapital expenditureMoney spent on long-lived things — buildings, machines, servers — rather than on running costs. of about $29M. The decline in cash from Q1 to Q2 is $202.4M.
4. Shares. 989,124,237 common shares outstanding at 2026-08-03. [sec.gov: 10-Q filed 2026-08-06, same URL]
5. Certification status. The 10-Q says three of the five FAA stages are completed or substantially completed, the fourth is "approximately 75% complete" and the fifth is progressing. The shareholder letter says the company made its strongest progress yet in the fifth and final stage, with five aircraft flying (including its first FAA-conforming aircraft) and 12 more in production. First eIPP flights are expected in September in Texas (Dallas-Fort Worth), targeting first passengers in 2026. [sec.gov: 10-Q filed 2026-08-06, same URL; 8-K filed 2026-08-05, exhibits 99.1 and 99.2, https://www.sec.gov/Archives/edgar/data/1819848/000181984826000432/joby-8kx20260805xexx99_2.htm]
6. Archer ITC schedule. The ITC instituted its investigation on 2026-04-09. Fact discovery ends in late September 2026, the evidentiary hearing is set for January 2027, the Administrative Law Judge's Initial Determination for 2027-05-14 and the Commission's final decision for 2027-09-14. [sec.gov: 10-Q filed 2026-08-06, same URL, legal proceedings note]
7. Toyota joint venture and the second tranche. On 2026-06-29 Joby Aero and Toyota formed a joint venture, Joby Toyota Aero Manufacturing Preparation Company, to manufacture the S4 Series: Toyota 51% and Joby 49%, initial contributions $1.02M and $0.98M, and a five-person board (three Toyota, two Joby). The agreement states that a closing condition of the second $250M Toyota tranche is not satisfied until the "Future Agreements" (exclusive manufacturing supply and related agreements) are in effect. The 10-Q still describes the additional $250.0M as subject to closing conditions. [sec.gov: 8-K filed 2026-06-30, https://www.sec.gov/Archives/edgar/data/1819848/000181984826000378/joby-20260629.htm; 10-Q filed 2026-08-06, same URL]
8. Acquisition and equity programme. On 2026-08-08 Joby agreed to buy 100% of Strix Holdings, Inc. for a $500M base purchase price, subject to adjustments, in cash except stock consideration to management members expected at about $50.0M at $7.4752 per share. Closing needs regulatory and national-security approvals, with an outside date of 2027-02-08 (extendable). On 2026-08-11 the company entered an equity distribution agreement for up to $750M of common stock at the market, with commissions up to 3.0%. [sec.gov: 8-K filed 2026-08-11, https://www.sec.gov/Archives/edgar/data/1819848/000162828026055505/joby-20260808.htm]
9. Warrants and Blade earn-out shares. The public warrants (14,237,486 outstanding at 2026-06-30, $11.50 exercise price) expired on 2026-08-10 after trading ended 2026-08-07. [sec.gov: 8-K filed 2026-07-28, https://www.sec.gov/Archives/edgar/data/1819848/000181984826000427/joby-20260728.htm]. A prospectus supplement of 2026-09-10 registers the resale of 2,419,801 shares issued to the Blade seller for the acquired operations' EBITDA milestones. [sec.gov: 8-K filed 2026-09-11, https://www.sec.gov/Archives/edgar/data/1819848/000162828026061440/joby-20260910.htm]
10. Accounting officer. On 2026-09-02 the board appointed Controller Sergey Novikov as Principal Accounting Officer. [sec.gov: 8-K filed 2026-09-09, https://www.sec.gov/Archives/edgar/data/1819848/000181984826000453/joby-20260902.htm]
11. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed lists a catalyst "FAA Type Inspection Authorization (TIA) flight testing progress → US type certificate issuance"; the 10-Q reports stage 4 at about 75% (item 5). The carried bear case cites "~25% dilutionDilutionIssuing new shares, so each existing share owns a smaller slice of the same company. in 16 months" and the seed's catalysts include "next dilutive capital raise"; the filings show the $750M at-the-market programme and the Strix share consideration (item 8). The carried seed names a "Second $250M Toyota tranche close" catalyst; item 7 gives the condition status. The carried seed's price figures rest on market data this delta does not refresh.

What held

• The company still reports one operating segment, and revenue is dominated by Blade passenger and Department of Defense services rather than eVTOL fares: the 10-Q segment note describes helicopter and fixed-wing passenger facilitation in the Northeast United States and Southern Europe, customer-directed flights and on-base operations. [sec.gov: 10-Q filed 2026-08-06, same URL]
• The 0.75% convertible senior notes due 2032 ($690.0M principal) and the capped calls ($63.3M cost) are as in the carried dossier. [sec.gov: 10-Q filed 2026-08-06, same URL]
• Archer litigation remains pending in both the California court and the ITC. [sec.gov: 10-Q filed 2026-08-06, same URL]
• Toyota remains a more-than-10% holder with a board designee and a parts supplier. [sec.gov: 10-Q filed 2026-08-06, same URL]