This article first appeared on GuruFocus .
Release Date: November 04, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
-
Joby Aviation Inc ( NYSE:JOBY ) is in the fifth and final stage of FAA type certification, completing extensive for-credit testing and laying the foundation for TIA flight testing in the first half of 2027.
-
Manufacturing output increased 37% from Q1 to Q3 2026 while nonconformance rates fell 38%, demonstrating improved efficiency and scalability with Toyota's production system expertise.
-
Blade achieved record Q3 passenger volume of over 44,000, with New York airport service passengers up 61% year-over-year, validating demand for vertical lift and building operational experience.
-
Joby Aviation Inc ( NYSE:JOBY ) expanded its defense contracts with the U.S. Air Force to nearly $37 million and plans to acquire Resonant Sciences, adding over $100 million in trailing revenue growing ~40% year-over-year.
-
Strong balance sheet with approximately $2.2 billion in cash and short-term investments, plus expected $250 million Toyota investment and $620 million ATM capacity, provides ample liquidity to fund certification and early commercial operations.
Negative Points
-
Joby Aviation Inc ( NYSE:JOBY ) reported a Q3 net loss of $212 million and an adjusted EBITDA loss of $208 million, reflecting continued heavy spending on certification, manufacturing, and commercial readiness.
-
Cash use remains significant, with Q3 cash burn of $195 million and projected second-half 2026 cash use of $385-$415 million, excluding proceeds from equity programs.
-
Certification timing remains uncertain; TIA flight testing is expected to begin in the first half of 2027, but the duration of TIA (historically 6-18 months) and final type certificate approval are not guaranteed.
-
The planned $450 million cash acquisition of Resonant Sciences will reduce liquidity, and integration risks and revenue guidance updates are pending until the deal closes.
-
Blade's Q4 revenue is expected to step down seasonally, and the prior-year quarter included ~$8 million in one-time demonstration revenue, creating a challenging comparison and potential revenue decline.
Q & A Highlights
Q: With Resonant Sciences generating over $100 million in trailing 12-month revenue, should we assume combined company revenues roughly double next year, and how are you thinking about integration and synergies? A: Executive Chairman Paul Sciarra outlined four strategic rationales: Resonant's strong core business ($100 million TTM revenue, growing ~40% year over year at substantial EBITDA margins), a dedicated management home for Joby's defense projects (hybrid hydrogen and autonomy efforts), complementary technology (notably resilient/de-jam GPS critical for autonomy), and an existing Dayton, Ohio footprint that supports production expansion. He declined to update revenue guidance before the deal closes but said numbers will be updated at closing.
Q: After factoring in Q4 cash burn guidance and the roughly $450 million cash consideration for Resonant, the balance would decline to about $1.5 billion. How should we think about 2027 free cash flow cadence and what liquidity buffer do you need to reach commercialization? A: CFO Rodrigo Brumana declined to give a runway number but laid out the pieces: $2.2 billion at quarter end, known uses of the $450 million Resonant payment (early next year) and implied Q4 guidance, offset by known sources including the $250 million Toyota tranche expected in the first half (subject to closing conditions) and $620 million of unused ATM capacity. He said this takes the company well beyond initial commercial launch under EIPP next year, with improving capital efficiency expected from the Toyota alliance and the Adams infrastructure JV.
Q: How does the FAA potentially not requiring all scheduled TIA tests impact the expected duration of TIA starting in the first half of 2027 does 12 months become nine? A: Chief Policy Officer Greg Bowles said TIA flight testing historically takes six to 18 months depending on complexity. Joby plans to fly multiple aircraft simultaneously to expedite the work. He noted that before TIA begins it's unclear exactly what the FAA will fly and audit itself versus delegate to designees, but that becomes clear quickly once flight testing starts which is why the team is excited to enter that phase, with FAA test pilot training starting shortly.
Q: A competitor received FAA authorization for market survey flights. How does Joby's approach differ? A: Greg Bowles explained market survey is a long-standing experimental certificate meant to demonstrate products to potential customers, and Joby has applied for one on some aircraft. However, he emphasized that EIPP is the more exciting path because the FAA and DOT have authorized commercial passenger operations once Joby is in TIA flight testing and expanding the envelope with FAA test pilots. Joby plans commercial flights under EIPP in the winning markets of New York, Florida, and Texas, with a dedicated certification arm sprinting toward TIA.
Q: Can you update us on production and commercialization status of aircraft in production, how many are targeted for EIPP, and progress on UAE commercialization or Q4 passenger flights? A: CEO JoeBen Bevirt said production is "kicking into full swing," with output up 37% from Q1 to Q3 and nonconformance rates down 38%. Toyota is deeply involved, including 30-year Toyota veteran Kojima-san running the Marina facility. Joby is building FAA-conforming aircraft key for TIA while scaling capacity to meet EIPP demand. He added that operational flight testing with a pilot on board is planned in Dubai across the vertiport network later this year.
Q: What is driving the step-up in Blade passenger growth was Blade previously capacity-constrained, any price discounting, and is Uber helping demand? Could we see passenger flights in New York in 2027? A: Blade CEO Rob Wiesenthal credited a strong summer with special events (World Cup) creating traffic friction, a healthy New York economy, new routes (Westchester) and denser JFK/Newark schedules, turning two-hour drives into five-minute flights priced at Uber Black levels. He noted the Uber platform relationship has not yet started, so all growth has been organic. JoeBen Bevirt added that adding Joby aircraft to Blade operations in New York under EIPP in 2027 is an exciting opportunity, with Uber's demand funnel still to come.
Q: On the AFWERX expansion, is autonomy a greater priority for the DoD now, and what cadence should we expect? A: Paul Sciarra said the new contract "gear shifts" Joby's autonomy work with the DoD from demonstration and development to essential deployment over the next few quarters, allowing the company to put systems into service with customers rather than just demonstrate them. He noted increasing interest across the Air Force and multiple defense branches, with an opportunity to prove Joby's autonomy as best-in-class.
Q: Where will the next leg of cash use be directed more toward manufacturing or still R&D? A: CFO Rodrigo Brumana reminded that CapEx was front-end loaded to build capacity, with $131 million year to date but only $25 million in Q3. As aircraft are produced, spending will shift toward the expense side as well. He said more detail will come on the February call for 2027, noting the company has been disciplined and remains well within its cash use guidance with a robust balance sheet.
Q: When can shareholders anticipate full certification and the start of service in cities? A: JoeBen Bevirt pointed to spectacular progress on for-credit testing, deep vertical integration on the testing side paying dividends, and flight test team preparations for FAA pilots to begin TIA flight testing which he called "game time." He highlighted his own upcoming passenger flight in the next few months, the production ramp as essential to city deployment, Blade's operational momentum, and infrastructure progress, including the first flight at a new vertiport built by Orlando and FDOT.
Q: What are the key milestones before TIA flight testing begins? A: JoeBen Bevirt said two milestones remain: FAA pilots coming to Joby to train on the aircraft, and Joby completing its own flight testing on the relevant aircraft ahead of the FAA. Both are expected in the first half of next year. He also noted the first aircraft designated for passenger testing has been powered on, with his first flight as a passenger planned before the next quarterly call.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
