Joby Aviation (JOBY)
Builds electric air taxis and operates conventional passenger flights through Blade.
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Joby has spent nearly two decades building an electric aircraft that takes off like a helicopter and flies like a small plane, and it still has not been cleared to carry a paying passenger. Almost all the money coming in today is from Blade, the helicopter and seaplane shuttle it bought last year. Investors fund the aircraft; the shuttle holds the routes the aircraft is meant to inherit.
Item facts: H1 FY2026 · six months ended Jun 30, 2026, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
6 in detail · 13 more below
Blade
The helicopter and seaplane shuttle Joby bought in 2025 — Manhattan to the airports and the Hamptons, Nice to Monaco. It is nearly all of Joby's revenue and grew about a third in the first half. What caps it now is aircraft, not demand.
Competes with Scheduled shuttle flights to East Hampton (Tradewind Aviation) · Whole-aircraft helicopter charter on the same city pairs (Foxtrot) · Planned US air-taxi operations (Archer Aviation)
In plain English
Think of a bus route run with helicopters. You buy one seat — Manhattan out to the airport, or to the Hamptons for the weekend — and what you are really buying is the hour you would have spent in traffic. A Manhattan helicopter departure runs about three times the fare of the equivalent small plane out of Teterboro, and people pay it, more so around the events that jam the roads: roughly 4,500 seats went out around the Monaco Grand Prix.
The routes come with terminals, landing slots and regulars. The plan is to put the electric aircraft on them once it is allowed to fly.
S4 electric air taxi
A four-passenger aircraft with six tilting propellers, in the last stage of FAA review after eighteen years — five are flying, twelve more being built, and the flight tests the FAA must witness have not started. Partners have signed letters of intent for hundreds of aircraft; none are firm orders.
Competes with Midnight (Archer Aviation) · VX4 (Vertical Aerospace) · ALIA (Beta Technologies)
In plain English
Six propellers that point straight up for take-off, then tilt forward so the aircraft flies like a small plane. The S4 carries a pilot and four passengers about a hundred miles on batteries.
It earns nothing until a government inspector signs off that it is safe to carry people, and that has taken eighteen years so far. Joby is in the final stage. All of it has been paid for by selling shares rather than aircraft — roughly $2.3 billion of cash and investments was on hand at mid-year — and the company says building the things, not designing them, is the current hold-up.
eIPP launch flights
A federal program that lets state-led groups fly air taxis in real airspace before full certification. Joby is in winning applications across Texas, Florida, New York, North Carolina and a Utah-led group; the first week of Dallas–Fort Worth flights flew in September. No fare has been charged.
Competes with Midnight US launch operations (Archer Aviation) · Incumbent helicopter service on the same city routes (Foxtrot)
In plain English
Normally an aircraft has to be fully approved before it goes anywhere near a busy airport. This program is the exception: the government picked a handful of state-led groups and opened real airspace to them early, the way a city closes a few streets so a new kind of vehicle can be tried out in traffic.
Joby flew the first of those weeks in September, into Dallas–Fort Worth. The stated order is pilot alone first, then passengers who fly free, then passengers who pay. Asked whether the program brings in money, the finance chief called the question premature.
Joby Toyota manufacturing venture
The joint venture meant to build the S4 — Toyota owns the majority, Joby the rest. Joby is to hand it exclusive rights to make its only product and license the designs free of charge; the terms that set prices and profits are still unwritten.
Competes with Contract manufacturing with Stellantis (Archer Aviation) · In-house aircraft production (Beta Technologies)
In plain English
A new company set up with Toyota, the car maker that had already put close to $650 million into Joby. Toyota holds fifty-one percent of it and Joby forty-nine, and once the remaining agreements are signed, the aircraft may only be built there, with some exceptions.
Why give that away? Joby calls it a more efficient path to building at volume. The catch is easy to state: the line that will make the company's only product sits inside a business Joby does not control, and how the money gets divided between the two has not been made public.
Superpilot
Software that flies an ordinary propeller plane while the safety pilot just watches — one crossed the United States, 3,199 miles, with no input from the seat. The Air Force pays for this today; it is also what could one day take the pilot out of the air taxi.
Competes with Autonomous eVTOL (Wisk Aero) · Autonomous conversion of conventional aircraft (Reliable Robotics) · Autonomous flight retrofits (Merlin Labs)
In plain English
Take a Cessna Caravan — a plain single-engine workhorse — and teach it to fly itself. Joby bought the small company that had done exactly that and kept building on the work. A person still rides along in case something goes wrong; on a recent trip across the United States that person touched nothing for 3,199 miles.
The money in it today is defense money, and there is not much of it: this sits inside the roughly $2.5 million a quarter of engineering and demonstration work Joby books outside Blade. The Air Force has flown the system in an exercise — over 7,000 miles with nobody flying, across more than forty hours in the air.
Resonant Sciences
A Dayton, Ohio defense electronics firm Joby agreed to buy for about $500 million, closing expected in the first half of 2027. It sells more than $100 million a year, growing about 40% — roughly doubling Joby's revenue and the one piece that earns more than it costs to run.
Competes with Radar-sensing and low-observable subsystems (Leidos) · Low-observability subsystems (Leonardo DRS) · Hybrid VTOL defense programs (Beta Technologies)
In plain English
Radar-dodging skins and antennas, more or less. Resonant makes the smooth covers that sit over radar equipment, the antennas beneath them and the custom electronics that go with both — work done largely on classified US government programs by about 250 people in Dayton, Ohio, more than nine in ten of them security-cleared.
Joby agreed in August to pay around $500 million, $450 million of it cash due in the first half of 2027. On closing it becomes Joby's defense business under its own name and absorbs the defense work Joby does today.
BladeThe helicopter and seaplane shuttle Joby bought in 2025 — Manhattan to the airports and the Hamptons, Nice to Monaco. It is nearly all of Joby's revenue and grew about a third in the first half. What caps it now is aircraft, not demand.The helicopter and seaplane shuttle Joby bought in 2025 — Manhattan to the airports and the Hamptons, Nice to Monaco. It is nearly all of Joby's revenue and grew about a third in the first half. What caps it now is aircraft, not demand.
In plain English
Think of a bus route run with helicopters. You buy one seat — Manhattan out to the airport, or to the Hamptons for the weekend — and what you are really buying is the hour you would have spent in traffic. A Manhattan helicopter departure runs about three times the fare of the equivalent small plane out of Teterboro, and people pay it, more so around the events that jam the roads: roughly 4,500 seats went out around the Monaco Grand Prix.
The routes come with terminals, landing slots and regulars. The plan is to put the electric aircraft on them once it is allowed to fly.
Competes with Scheduled shuttle flights to East Hampton (Tradewind Aviation) · Whole-aircraft helicopter charter on the same city pairs (Foxtrot) · Planned US air-taxi operations (Archer Aviation)
S4 electric air taxiA four-passenger aircraft with six tilting propellers, in the last stage of FAA review after eighteen years — five are flying, twelve more being built, and the flight tests the FAA must witness have not started. Partners have signed letters of intent for hundreds of aircraft; none are firm orders.A four-passenger aircraft with six tilting propellers, in the last stage of FAA review after eighteen years — five are flying, twelve more being built, and the flight tests the FAA must witness have not started. Partners have signed letters of intent for hundreds of aircraft; none are firm orders.
In plain English
Six propellers that point straight up for take-off, then tilt forward so the aircraft flies like a small plane. The S4 carries a pilot and four passengers about a hundred miles on batteries.
It earns nothing until a government inspector signs off that it is safe to carry people, and that has taken eighteen years so far. Joby is in the final stage. All of it has been paid for by selling shares rather than aircraft — roughly $2.3 billion of cash and investments was on hand at mid-year — and the company says building the things, not designing them, is the current hold-up.
Competes with Midnight (Archer Aviation) · VX4 (Vertical Aerospace) · ALIA (Beta Technologies)
eIPP launch flightsA federal program that lets state-led groups fly air taxis in real airspace before full certification. Joby is in winning applications across Texas, Florida, New York, North Carolina and a Utah-led group; the first week of Dallas–Fort Worth flights flew in September. No fare has been charged.A federal program that lets state-led groups fly air taxis in real airspace before full certification. Joby is in winning applications across Texas, Florida, New York, North Carolina and a Utah-led group; the first week of Dallas–Fort Worth flights flew in September. No fare has been charged.
In plain English
Normally an aircraft has to be fully approved before it goes anywhere near a busy airport. This program is the exception: the government picked a handful of state-led groups and opened real airspace to them early, the way a city closes a few streets so a new kind of vehicle can be tried out in traffic.
Joby flew the first of those weeks in September, into Dallas–Fort Worth. The stated order is pilot alone first, then passengers who fly free, then passengers who pay. Asked whether the program brings in money, the finance chief called the question premature.
Competes with Midnight US launch operations (Archer Aviation) · Incumbent helicopter service on the same city routes (Foxtrot)
Joby Toyota manufacturing ventureThe joint venture meant to build the S4 — Toyota owns the majority, Joby the rest. Joby is to hand it exclusive rights to make its only product and license the designs free of charge; the terms that set prices and profits are still unwritten.The joint venture meant to build the S4 — Toyota owns the majority, Joby the rest. Joby is to hand it exclusive rights to make its only product and license the designs free of charge; the terms that set prices and profits are still unwritten.
In plain English
A new company set up with Toyota, the car maker that had already put close to $650 million into Joby. Toyota holds fifty-one percent of it and Joby forty-nine, and once the remaining agreements are signed, the aircraft may only be built there, with some exceptions.
Why give that away? Joby calls it a more efficient path to building at volume. The catch is easy to state: the line that will make the company's only product sits inside a business Joby does not control, and how the money gets divided between the two has not been made public.
Competes with Contract manufacturing with Stellantis (Archer Aviation) · In-house aircraft production (Beta Technologies)
SuperpilotSoftware that flies an ordinary propeller plane while the safety pilot just watches — one crossed the United States, 3,199 miles, with no input from the seat. The Air Force pays for this today; it is also what could one day take the pilot out of the air taxi.Software that flies an ordinary propeller plane while the safety pilot just watches — one crossed the United States, 3,199 miles, with no input from the seat. The Air Force pays for this today; it is also what could one day take the pilot out of the air taxi.
In plain English
Take a Cessna Caravan — a plain single-engine workhorse — and teach it to fly itself. Joby bought the small company that had done exactly that and kept building on the work. A person still rides along in case something goes wrong; on a recent trip across the United States that person touched nothing for 3,199 miles.
The money in it today is defense money, and there is not much of it: this sits inside the roughly $2.5 million a quarter of engineering and demonstration work Joby books outside Blade. The Air Force has flown the system in an exercise — over 7,000 miles with nobody flying, across more than forty hours in the air.
Competes with Autonomous eVTOL (Wisk Aero) · Autonomous conversion of conventional aircraft (Reliable Robotics) · Autonomous flight retrofits (Merlin Labs)
Resonant SciencesA Dayton, Ohio defense electronics firm Joby agreed to buy for about $500 million, closing expected in the first half of 2027. It sells more than $100 million a year, growing about 40% — roughly doubling Joby's revenue and the one piece that earns more than it costs to run.A Dayton, Ohio defense electronics firm Joby agreed to buy for about $500 million, closing expected in the first half of 2027. It sells more than $100 million a year, growing about 40% — roughly doubling Joby's revenue and the one piece that earns more than it costs to run.
In plain English
Radar-dodging skins and antennas, more or less. Resonant makes the smooth covers that sit over radar equipment, the antennas beneath them and the custom electronics that go with both — work done largely on classified US government programs by about 250 people in Dayton, Ohio, more than nine in ten of them security-cleared.
Joby agreed in August to pay around $500 million, $450 million of it cash due in the first half of 2027. On closing it becomes Joby's defense business under its own name and absorbs the defense work Joby does today.
Competes with Radar-sensing and low-observable subsystems (Leidos) · Low-observability subsystems (Leonardo DRS) · Hybrid VTOL defense programs (Beta Technologies)
Named in filings, launches and programs
- Dubai air taxi serviceCustomer program · Pre-revenueA six-year exclusive right to fly air taxis in Dubai; one airport landing pad finished, the Marina site nearly done, first passengers targeted this year.
- ElevateOSPlatformJoby's own software for running a flying service — pilot tools, scheduling, the rider app and the matching of seats to aircraft.
- Joby Flight Academy / CAE simulatorService · RampingThe first FAA-approved full-motion simulator for the S4, about $3 million, with a second planned — no approved training, no aircraft sales.
- Virgin Atlantic UK partnershipCustomer program · AnnouncedA binding multi-year deal making Virgin Atlantic the exclusive UK airline partner, Heathrow and Manchester first; Delta owns 49% of Virgin Atlantic.
- Abdul Latif Jameel — Saudi ArabiaCustomer program · AnnouncedA memorandum to explore up to 200 aircraft and services worth around $1 billion in Saudi Arabia — an intention, not an order.
- ANA Japan joint venture planCustomer program · AnnouncedA plan with airline ANA to deploy 100-plus aircraft in Japan alongside pilot training, landing pads and maintenance.
- Alatau Advance Air Group — KazakhstanCustomer program · AnnouncedA letter of intent in Kazakhstan covering aircraft and services worth up to $250 million.
- Atoms vertiport partnershipEcosystem · AnnouncedJoint development of landing pads in Florida, New York, Texas and California, paired with depots for self-driving cars.
- Metropolis Technologies partnershipEcosystem · AnnouncedTwenty-five US landing pads to be built on a parking-garage network.
- L3Harris hybrid VTOL collaborationProduct · AnnouncedA hybrid version of the aircraft for low-altitude defense work, demonstrated to the US Army early in 2026.
- GEACSProductJoby's own charging equipment for electric aircraft, named alongside the results in the latest shareholder letter.
- Hybrid hydrogen-electric demonstratorProduct · Pre-revenueA hydrogen-powered test aircraft named in the annual report; the chief executive talks it up, but no program or date is attached.
- Strata Critical Medical arrangementCustomer programJoby is the preferred vertical-flight partner to the organ-transport business kept by the seller of Blade.
Dubai air taxi serviceCustomer program · Pre-revenue
A six-year exclusive right to fly air taxis in Dubai; one airport landing pad finished, the Marina site nearly done, first passengers targeted this year.
ElevateOSPlatform
Joby's own software for running a flying service — pilot tools, scheduling, the rider app and the matching of seats to aircraft.
Joby Flight Academy / CAE simulatorService · Ramping
The first FAA-approved full-motion simulator for the S4, about $3 million, with a second planned — no approved training, no aircraft sales.
Virgin Atlantic UK partnershipCustomer program · Announced
A binding multi-year deal making Virgin Atlantic the exclusive UK airline partner, Heathrow and Manchester first; Delta owns 49% of Virgin Atlantic.
Abdul Latif Jameel — Saudi ArabiaCustomer program · Announced
A memorandum to explore up to 200 aircraft and services worth around $1 billion in Saudi Arabia — an intention, not an order.
ANA Japan joint venture planCustomer program · Announced
A plan with airline ANA to deploy 100-plus aircraft in Japan alongside pilot training, landing pads and maintenance.
Alatau Advance Air Group — KazakhstanCustomer program · Announced
A letter of intent in Kazakhstan covering aircraft and services worth up to $250 million.
Atoms vertiport partnershipEcosystem · Announced
Joint development of landing pads in Florida, New York, Texas and California, paired with depots for self-driving cars.
Metropolis Technologies partnershipEcosystem · Announced
Twenty-five US landing pads to be built on a parking-garage network.
L3Harris hybrid VTOL collaborationProduct · Announced
A hybrid version of the aircraft for low-altitude defense work, demonstrated to the US Army early in 2026.
GEACSProduct
Joby's own charging equipment for electric aircraft, named alongside the results in the latest shareholder letter.
Hybrid hydrogen-electric demonstratorProduct · Pre-revenue
A hydrogen-powered test aircraft named in the annual report; the chief executive talks it up, but no program or date is attached.
Strata Critical Medical arrangementCustomer program
Joby is the preferred vertical-flight partner to the organ-transport business kept by the seller of Blade.