Joby Aviation, Inc. (JOBY) Cash Flow Statement

The OCF/NI ratio of 1.29 in 2026Q2 suggests that non-cash charges like stock-based compensation are masking a deeper cash outflow. While SBC is a non-cash expense, it represents real dilution to shareholders, and the widening gap between net income and operating cash flow indicates that the company's cash consumption is accelerating faster than reported losses suggest. Investors should monitor this divergence as it implies the true cash cost of operations is higher than GAAP earnings convey.

The sequential jump in FCF burn from -$222.4M in 2026Q1 to -$424.1M in 2026Q2 is driven by a surge in capex to $106.6M, likely reflecting investment in manufacturing and certification assets. Even with revenue guidance raised to $115M-$125M, the absolute scale of cash burn remains far above revenue, implying that the company is still in a heavy investment phase with no near-term path to positive FCF. The trajectory suggests that external funding will be required to sustain operations through certification.

The dramatic increase in capex, particularly in 2026Q2, suggests that Joby is transitioning from prototype development to early production capabilities, likely for its certification aircraft and initial commercial units. While this is a positive signal for long-term scalability, it also amplifies near-term cash burn and raises the stakes on achieving certification milestones. The capital intensity is expected to remain elevated as the company builds out its manufacturing footprint, which will pressure liquidity until revenue scales.

The positive working capital contribution in 2026Q2 suggests that Joby is receiving advance payments or efficiently managing payables, which provides a temporary cushion to cash burn. However, the volatility in working capital changes across quarters indicates that the company's cash flow is heavily dependent on the timing of government contract milestones and supplier terms. As revenue grows, working capital dynamics may become more predictable, but for now they add uncertainty to quarterly cash flow projections.

The absence of any shareholder returns is consistent with a pre-commercial company that must conserve cash for certification and production ramp. The $39.0K in acquisition-related cash outflows in 2026 quarters is negligible, indicating that M&A is not a current priority. Management appears focused on organic investment, but the lack of capital returns also means that investors are entirely reliant on future equity appreciation, which is contingent on successful commercialization.

The cumulative gap between net income and operating cash flow of approximately $480M is primarily attributable to stock-based compensation and depreciation, which are non-cash items. This suggests that while the company is burning cash at a rapid pace, the reported net losses overstate the actual cash consumption. However, the cash burn is still substantial, and the divergence highlights the importance of focusing on cash flow metrics rather than GAAP earnings when assessing Joby's liquidity runway.