10-Q · May 6, 2026
Joby Aviation's Q1 2026 results indicate a strong revenue performance, with actual revenues reaching $24.25 million, compared to prior estimates and the previous year where revenues were non-existent. Despite this…
Earnings analysis · 10-Q
JOBY earnings analysis
Filed November 5, 2026 · Our reading of the company's report
The latest report
Joby delivered a strong Q3, with revenue of $55.089 million versus $39 million in Q2 2026 and $23 million in Q3 2025, while diluted EPS improved to $(0.22) from $(0.25) and $(0.48), respectively. Management raised…
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Joby delivered a strong Q3, with revenue of $55.089 million versus $39 million in Q2 2026 and $23 million in Q3 2025, while diluted EPS improved to $(0.22) from $(0.25) and $(0.48), respectively. Management raised full-year 2026 revenue outlook by 15% to $135 million-$140 million, supporting a positive operating trend. However, the expected second-half cash use of $385 million-$415 million, the $500.0 million Resonant Sciences acquisition, and the $116.9 million Aerosonic verdict materially increase execution, liquidity and legal risks.
Reported figures
- Earnings per share
- $-0.22
- Gross margin
- 100.0%
What stood out
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Strong revenue growth and beat
Q3 revenue was $55.089 million, up from $39 million in Q2 2026 and $23 million in Q3 2025. Revenue exceeded the $39.8592 million consensus estimate by approximately 38.2%.
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EPS loss narrowed
Diluted EPS was $(0.22), improving from $(0.25) in Q2 2026 and $(0.48) in Q3 2025; it also exceeded the $(0.25) consensus estimate by $0.03.
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Full-year revenue outlook raised
The company raised full-year 2026 revenue outlook by 15% to $135 million-$140 million, indicating improved expectations for the year.
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Large liquidity position
Cash, cash equivalents, restricted cash and short-term investments totaled $2,199.3 million as of September 30, 2026, providing substantial liquidity for operations and planned investments.
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Meaningful European revenue base
Revenue generated in Europe represented approximately 30% of total revenue for both the three and nine months ended September 30, 2026, expanding the company’s international revenue base.
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No material control deficiencies
Management’s disclosure controls and procedures were assessed as effective at the reasonable assurance level, and no changes in internal control were identified that materially affected or were reasonably likely to materially affect financial reporting.
What to watch
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Significant expected cash burn
Management expects second-half 2026 use of cash, cash equivalents and short-term investments of $385 million-$415 million, highlighting significant ongoing cash consumption despite $2,199.3 million of liquidity at September 30, 2026.
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Acquisition and dilution risk
The pending Resonant Sciences acquisition carries $500.0 million of consideration, including approximately $50.0 million expected in stock consideration, which could create dilution and increase liquidity and execution risk.
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$116.9 million Aerosonic verdict
Aerosonic obtained an adverse jury verdict awarding $116.9 million in damages, and Aerosonic filed a motion for injunctive relief on November 2, 2026. The company intends to appeal, but additional legal expenses and business restrictions remain possible.
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Ongoing Archer ITC litigation
Archer’s ITC complaint originally covered five patents; one patent has been terminated, leaving four patents in the investigation. The evidentiary hearing is scheduled for January 2027, with the ITC final decision scheduled for September 14, 2027.
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Unhedged European currency exposure
Approximately 30% of revenue came from Europe in the three and nine months ended September 30, 2026. The company does not currently hedge its foreign-currency exposure, although management states that a hypothetical 10% euro exchange-rate change would not have had a material impact.
Management's outlook
The company raised full-year 2026 revenue outlook by 15% to $135 million-$140 million. Management also expects second-half 2026 use of cash, cash equivalents and short-term investments of $385 million-$415 million.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.