NEW YORK, August 7, 2026, 09:08 EDT — U.S. stocks were active ahead of the opening bell.
- Joby’s stock signaled a pre-market gain of 1.8% at $8.38 ahead of Friday’s open.
- Joby’s second-quarter revenue included a calculated 93.7% contribution from Blade.
- An initial static assessment suggests liquidity covering 2.7–2.9 years based on projected second-half expenditure levels.
Joby Aviation, Inc. NYSE:JOBY built on its gains from earnings, rising further on Friday. The stock climbed 5.5% during Thursday’s session, finishing at $8.23.
For investors, the composition of revenue is the key takeaway. Out of Joby’s $38.6 million in quarterly sales, Blade accounted for $36.2 million. Joby’s electric air taxi has not started commercial passenger operations yet.
As a result, investors are purchasing into certification milestones instead of current aircraft income. Still, with $2.264 billion in liquidity, Joby’s management has ample runway to deliver on plans.
Revenue for the quarter increased 59% compared to the first. Operating loss expanded by 12%, and gross profit was almost twice as high. The initial quarter’s numbers listed below are derived from Joby’s totals over six months.
| $ million, except per-share data | Q2 2026 | Q1 2026 | Q2 2025 |
|---|---|---|---|
| Revenue | 38.6 | 24.2 | 0.02 |
| Gross profit | 10.3 | 5.4 | 0.01 |
| Operating loss | (260.9) | (233.6) | (167.9) |
| Adjusted EBITDA loss | (197.0) | (178.5) | (131.6) |
| Net loss | (245.4) | (110.0) | (324.7) |
| Diluted loss per share | (0.25) | — | (0.49) |
First quarter figures are calculated by subtracting Q2 results from the reported first-half totals.
Spending ratios illustrate how distant commercial scale still is. Research and development expenses were five times higher than quarterly revenue. Cash burn surpassed sales by over fivefold.
| Calculated Q2 measure | Result |
|---|---|
| Blade as percentage of revenue | 93.7% |
| Gross profit margin | 26.8% |
| R&D costs as a multiple of revenue | 5.0 times |
| Operating loss as a multiple of revenue | 6.8 times |
| Cash outflow as a multiple of revenue | 5.2 times |
Joby gains access to Blade’s operational network ahead of aircraft certification. At present, Blade’s passenger revenue is generated through helicopter and fixed-wing reservations. The company’s seats flown increased by over 50% compared with the same period last year.
As a result, the balance sheet takes priority over present margins. Joby projects cash consumption between $385 million and $415 million for the second half. The following preliminary estimate annualizes this range, with no adjustments for future funding or spending shifts.
| Static spending scenario | H2 cash outflow | Yearly equivalent | Estimated liquidity duration |
|---|---|---|---|
| Low | $385 million | $770 million | 2.94 years |
| Midpoint | $400 million | $800 million | 2.83 years |
| High | $415 million | $830 million | 2.73 years |
Chief Executive JoeBen Bevirt said, “With meaningful progress on certification, partnerships, infrastructure and commercial readiness, we are unlocking the third dimension of mobility.” Joby Aviation
Joby announced its highest level of quarterly advancement during the fifth phase of certification, which is the last step in the Federal Aviation Administration’s process. The company now has five aircraft in operation and an additional 12 being built.
Texas will be the site of the next public test. Joby plans to conduct demonstration flights in September as part of the FAA’s eIPP programme. The company has also secured a 45,000-square-foot lease at Fort Worth Alliance Airport. Its goal remains to carry first passengers in 2026.
Joby holds an approximate valuation two times greater than its nearest publicly traded rival. Archer Aviation Inc. NYSE:ACHR closed Thursday with a share price of $5.23 and a market capitalization around $4.0 billion.
| Company | August 6 close | Market value | Next confirmed catalyst |
|---|---|---|---|
| Joby Aviation, Inc. NYSE:JOBY | $8.23 | $8.0 billion | Texas eIPP flights anticipated in September |
| Archer Aviation Inc. NYSE:ACHR | $5.23 | $4.0 billion | Q2 earnings scheduled for August 10 |
| Joby-to-Archer ratio | — | 2.0 times | — |
The premium increases the expense of any certification postponement. It also indicates Joby’s more substantial liquidity buffer, established passenger network, and a more developed testing fleet. The valuation continues to assume these assets will transition to commercial activity.
Analyst sentiment stays upbeat, though the broader ratings stance is measured. H.C. Wainwright maintained its $18 price target following the results. Needham lowered its target to $15 from $18 but maintained a Buy rating.
| Date | Firm or measure | Recommendation | Price target | Move from $8.23 |
|---|---|---|---|---|
| August 6 | H.C. Wainwright | Buy | $18.00 | +118.7% |
| August 6 | Needham | Buy | $15.00 | +82.3% |
| Current consensus of nine analysts | 2 Buy, 4 Hold, 3 Sell | Reduce | $13.81 average | +67.8% |
The target prices suggest notable potential gains. However, the number of recommendations tells another story. Analysts are split on the pace at which certification milestones might justify the present valuation.
Risks: The primary variable is still FAA timing. Increasing manufacturing capacity may cause cash usage to exceed current guidance. Blade’s results fluctuate seasonally, with lower revenue usually posted in the first and fourth quarters. Extended certification processes could mean the company needs further financing before scaling up aircraft operations.
Joby holds sufficient liquidity to support additional investment in testing and manufacturing. The company has yet to demonstrate the economics of commercial aircraft. Currently, the stock is positioned as a well-financed certification trade.
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