Joby Aviation, Inc. (JOBY) Cash Flow Statement

Operating cash flow exceeded the accounting loss in several quarters, such as a ratio of 1.29 in 2026Q2 and 1.31 in 2026Q1, which suggests cash outflows from operations have been larger than the reported loss and warrants investigation into working capital movements and cash-settled obligations. Stock-based compensation of $96.0M in 2026Q2 and $54.7M in 2026Q3 is added back to net income, so the cash burn is not an artifact of equity charges and instead appears to reflect real spending on personnel and certification activity. Investors should monitor whether the conversion ratio normalizes as activity scales or whether cash burn persists independent of accounting results.

Free cash flow margins of -11.0% in 2026Q2 and -9.2% in 2026Q1 are not meaningful as profitability measures for a pre-commercial company, but they illustrate the scale of cash consumption relative to a small revenue base. The trajectory has not shown a consistent improvement, with quarterly burn oscillating between roughly -$118M and -$424M, which suggests spending is driven by lumpy development milestones rather than a steady operating base. Whether this burn rate is sustainable depends on liquidity disclosures that are not fully reflected in the supplied data.

Capex-to-revenue ratios above 800% in 2025Q2 and between roughly 280% and 352% across 2024 quarters suggest development spending is largely unrelated to current revenue generation, consistent with prototype and facility build-out rather than maintenance of an existing productive asset base. The recent drop in capex may indicate a shift from facility construction toward flight test and production activity, though this interpretation is not confirmed by the data provided. Investors should monitor whether capex stabilizes at a level tied to production ramp requirements.

The absence of dividends and repurchases is consistent with a company consuming rather than generating cash, so capital deployment appears confined to funding operating losses and development spending. The small acquisition outflows do not represent a material use of capital, and the data does not disclose the nature of any larger transactions. The planned business combination referenced in recent context may materially change this picture, and its cash implications warrant close review once terms are disclosed.

The gap between net income and operating cash flow is modest in aggregate because stock-based compensation and depreciation offset part of the accounting loss, leaving cash burn as the more reliable measure of economic consumption. The cumulative picture suggests the company funds itself through external capital rather than internally generated cash, which implies ongoing reliance on equity or debt markets. This reliance raises dilution and financing risk that the income statement alone does not reveal.