Joby Aviation Raises Revenue Guidance as Blade Surges and eIPP Flights Loom, Signs Kalanick-Backed Infrastructure Deal
Q2 2026 earnings call, August 5, 2026
Joby Aviation delivered a quarter defined less by its still-unreleased eVTOL air taxi and more by the unexpected strength of Blade, the helicopter charter business it acquired roughly a year ago. The company raised full-year revenue guidance to a range of $115 million to $125 million from a prior $105 million to $115 million, crediting Blade's 32% year-on-year revenue growth in the first half. Q2 revenue came in at $39 million, up $14 million sequentially, almost entirely from Blade's passenger business. CEO JoeBen Bevirt called it "Blade's best-performing Q2 on record," with seats sold up over 50% year-on-year and the highest number of new New York City flyers since 2023.
Blade Becomes a Capacity-Constrained, Not Demand-Constrained, Business
Executive Chairman Paul Sciarra was direct about what's limiting Blade's growth: "The principal issue that we've had in terms of scaling it beyond that existing demand is aircraft availability." That framing matters for investors because it suggests Blade's ceiling is now a supply problem Joby can eventually solve with its own eVTOL fleet, rather than a demand problem requiring further marketing spend. Route-level color reinforced the strength: Hamptons revenue grew over 40% year-on-year, and event-driven demand around the World Cup, U.S. Open, and Monaco Grand Prix (where Blade sold roughly 4,500 seats) added tailwinds. CFO Rodrigo Brumana noted flight margins have improved and that Blade is "not consuming cash" and is in fact "contributing on the growth." New commercial partnerships announced during the quarter include a Visa Infinite cardholder benefits program on Blade's New York Signature Airport service and a fresh push to leverage Joby's existing Uber relationship for demand generation. Bevirt used Blade's Teterboro-to-Montauk route as an illustration of the vertical-lift value proposition, noting customers pay roughly triple the price of a fixed-wing flight for a helicopter service that still runs at significantly higher utilization — evidence, he argued, that time savings and convenience command a real premium that Joby's own aircraft, being "quieter, less expensive to operate," should extend further.
eIPP Flights Set for September, First Passengers Targeted This Year
Joby confirmed it intends to complete its first eIPP (Innovate28-linked, White House-backed) flights in Texas next month, flying routes across the Dallas-Fort Worth area over the course of a week. The program is structured to progress in stages, starting with pilot-only flights, then non-paying passengers, then eventually paying passengers. Management reiterated a target of carrying first passengers this year, using a mix of existing fleet aircraft and new conforming aircraft coming off the production line. Brumana was candid that forward monetization guidance is premature, but framed the opportunity in stark terms: "The eIPP markets alone — Texas, Florida, New York — could absorb the whole production for quite some time." Paul Sciarra separately noted the eIPP work carries a near-term cost: "In the short term, it's additional effort," though management believes the FAA coordination involved could ultimately accelerate the broader Stage 5 certification timeline.
Atoms Partnership Signals a New Infrastructure Asset Class
The most novel disclosure of the call was Joby's strategic partnership with Atoms, the infrastructure company founded by Travis Kalanick, which recently raised $1.7 billion led by a16z after eight years in stealth. The venture is a co-investment structure in which both parties contribute capital, but Joby is leaning on Atoms' existing real estate financing relationships and site development expertise rather than shouldering the full infrastructure burden itself. Sciarra explained the ambition goes beyond vertiports: the plan is to build mobility hubs that combine eVTOL takeoff/landing and charging with charging and depot services for autonomous vehicles, sharing fixed costs across both modes. "We really can define this new asset class," Sciarra said, with initial focus on Florida, New York, Texas, and California — the same states where eIPP operations are being staged.
Hydrogen Propulsion Emerges as a Longer-Dated Strategic Bet
In response to an analyst question, Bevirt disclosed that Joby has been developing hydrogen fuel cell propulsion for over six years, a thread not previously emphasized on earnings calls. His technical rationale: hydrogen carries three times the specific energy of jet fuel, and Joby's fuel cell systems convert that chemical energy into propulsion roughly twice as efficiently as a small turbine converts jet fuel. Using the A320-versus-A350 comparison, Bevirt argued that removing fuel weight as a design constraint could fundamentally reshape aircraft economics and weight-per-passenger. He called it "the biggest disruption in aviation since the invention of the turbine engine back in the 1930s" and said Joby intends to be "one of the world leaders, if not the world leader" in the category — a bold claim that investors should treat as a long-dated optionality story rather than a near-term revenue driver, given no timeline or program detail was provided.
Manufacturing Ramp: Toyota JV Progressing, Nonconformance Rate Down 40%
Joby now has five electric air taxis flying, including its first FAA-conforming aircraft, with 12 more in various stages of production — four more than last quarter — and at least two targeted for delivery by year-end. Management highlighted a nearly 40% reduction in manufacturing nonconformance rates in the first half, a genuine operational proof point as the company transitions from R&D builds to low-rate production. The Toyota joint venture, formalized this quarter, is expected to bring a senior Toyota manufacturing leader into Joby's Marina facility shortly, and the previously announced $250 million direct equity investment from Toyota is still expected to close by year-end or early next year, landing directly at the Joby Inc. level rather than within the JV.
Balance Sheet and Cash Burn Step Up Into Commercial Readiness
Joby ended Q2 with approximately $2.3 billion in cash, cash equivalents, and short-term investments. First-half cash use, excluding the one-time Ohio facility purchase, was $365 million, within the guided $340 million to $370 million range. The company guided second-half cash use to $385 million to $415 million, a step-up it attributes to deliberate investment in certification, manufacturing ramp, and eIPP commercial readiness — including Part 135 operations, maintenance, and training infrastructure. GAAP net loss widened sharply to $245 million from $110 million in Q1, though management attributed most of the swing to a $108 million noncash warrant and earn-out fair value revaluation tied to share price movement rather than operating deterioration. Adjusted EBITDA loss was $197 million versus $179 million in Q1.
Defense Optionality and ATC Modernization as Longer-Term Levers
Asked about defense applications, Sciarra noted Joby has spent nearly two years demonstrating hybrid VTOL capability with improved range on real flying aircraft, positioning the company across strike, ISR, and infil/exfil mission types for Department of War customers. On air traffic control modernization, Joby will work with ASI — recently selected by the FAA to build central airspace management software — to trial tools in a limited geographic sandbox using both Blade and Joby eVTOL operations. Sciarra tied this directly to the company's Superpilot autonomy stack, acquired via the Xwing acquisition, framing ATC modernization as a steppingstone toward "fully autonomous commercial operation" over the long term.