eVTOL developer Joby has posted an adjusted earnings before interest, tax, depreciation and amortisation (Adj. EBITDA) loss of USD178.55 million in the first quarter of 2026. This compares with USD127.13m in the same period last year. The Adj. EBITDA loss was also USD24m greater than the one posted for Q4 2025. As a result, the company’s cumulative deficit stood at USD2.896 bn at the end of Q1.
In Q1 Joby had operating expenses of USD257.83m offset by revenues totalling USD24.25m primarily from Blade and investment interest. The bulk of the expenditure was unsurprisingly the result of research, development and flight testing activities as well as industrialisation activities and those associated with its Blade subsidiary.
In terms of reserves Joby says that it has Cash/Cash equivalent reserves of USD874.52 with a further USD1.591 billion short term investments.
Looking ahead, Joby says that it expects continued spending on certification of its S4 aircraft, expansion of manufacturing capability as well as activities including participation in the US government’s eVTOL Integration Pilot Programme.
What has less prominence is what might happen with development in the UAE which last year was garnering much attention from Joby and its rivals clearly the current conflict in the reigon has had an impact. During the results conference call the question was asked what that impact might be but Joby CEO JoBen Bevert was non committal saying only that ‘it’s great to have two shots on the goal of carrying passengers in 2026″.
Joby expects the cost of those activities to consume between USD340m to 370m for the first half of the year though that spend would be offset by revenues from investments and Blade.
Image: Joby
