Revenue remains highly volatile, fluctuating from $15,000 in 2025Q2 to $24.2 million in 2026Q1, while gross margins continue to exhibit instability, swinging from a negative 649.9% to a positive 22.4% over the same period.
| Sales/Revenue | 77.67M | 53.42M | 136K | 1.03M | 0 | 0 | 0 |
| Revenue Growth % | 69873.87% | 39183.09% | -86.82% | - | - | - | - |
| Cost of Goods Sold | 68.95M | 69.49M | 67K | 200K | 0 | 0 | 0 |
| COGS % of Revenue | - | 130.06% | 49.26% | 19.38% | - | - | - |
| Gross Profit | 8.72M | -16.06M | 69K | 832K | 0 | 0 | 0 |
| Gross Margin % | 11.23% | -30.06% | 50.74% | 80.62% | - | - | - |
| Gross Profit Growth % | - | -23376.81% | -91.71% | - | - | - | - |
| Operating Expenses | 798.61M | 703.53M | 596.82M | 472.93M | 392.2M | 259.09M | 132.24M |
| OpEx % of Revenue | - | 1316.86% | 438840.44% | 45826.16% | - | - | - |
| Selling, General & Admin | 174.33M | 122.43M | 119.67M | 105.88M | 95.92M | 61.52M | 23.5M |
| SG&A % of Revenue | - | 229.16% | 87990.44% | 10259.4% | - | - | - |
| Research & Development | 624.28M | 581.1M | 477.16M | 367.05M | 296.28M | 202.6M | 108.74M |
| R&D % of Revenue | - | 1087.69% | 350850% | 35566.76% | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | -5.03M | 0 |
| Operating Income | -789.89M | -719.59M | -596.75M | -472.09M | -392.2M | -259.09M | -132.24M |
| Operating Margin % | -1016.97% | -1346.92% | -438789.71% | -45745.54% | - | - | - |
| Operating Income Growth % | - | -20.58% | -26.41% | -20.37% | -51.38% | -95.93% | - |
| EBITDA | -758.86M | -679.43M | -561.18M | -441.6M | -368.21M | -243.15M | -124.83M |
| EBITDA Margin % | -977.02% | -1271.75% | -412633.82% | -42790.79% | - | - | - |
| EBITDA Growth % | -31.31% | -21.07% | -27.08% | -19.93% | -51.43% | -94.78% | - |
| D&A (Non-Cash Add-back) | 31.03M | 40.16M | 35.57M | 30.49M | 24M | 15.94M | 7.4M |
| EBIT | -1.08B | -928.53M | -596.75M | -472.09M | -392.2M | -259.09M | -132.24M |
| Net Interest Income | 19.52M | 0 | 42.82M | 45.56M | 16.79M | -1.28M | 5.4M |
| Interest Income | 19.52M | 0 | 42.82M | 45.56M | 16.91M | 1.15M | 5.65M |
| Interest Expense | 0 | 0 | 0 | 0 | 118K | 2.43M | 249K |
| Other Income/Expense | -166.06M | -208.94M | -11.15M | -40.82M | 134.25M | 68.23M | 18.1M |
| Pretax Income | -955.95M | -928.53M | -607.9M | -512.91M | -257.95M | -190.86M | -114.13M |
| Pretax Margin % | -1230.77% | -1738.02% | -446988.97% | -49700.68% | - | - | - |
| Income Tax | 1.44M | 1.31M | 129K | 139K | 92K | -10.54M | 31K |
| Effective Tax Rate % | -0.15% | -0.14% | -0.02% | -0.03% | -0.04% | 5.52% | -0.03% |
| Net Income | -957.39M | -929.84M | -608.03M | -513.05M | -258.04M | -180.32M | -114.16M |
| Net Margin % | -1232.62% | -1740.46% | -447083.82% | -49714.15% | - | - | - |
| Net Income Growth % | -60.67% | -52.93% | -18.51% | -98.82% | -43.1% | -57.95% | - |
| Net Income (Continuing) | -957.39M | -929.84M | -608.03M | -513.05M | -258.04M | -180.32M | -114.16M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.01 | -1.13 | -0.87 | -0.79 | -0.44 | -0.30 | -0.19 |
| EPS Growth % | -35.29% | -29.89% | -10.13% | -79.55% | -46.67% | -57.89% | - |
| EPS (Basic) | - | -1.13 | -0.87 | -0.79 | -0.44 | -0.30 | -0.19 |
| Diluted Shares Outstanding | 943.5M | 826.24M | 699.79M | 647.91M | 585.54M | 591.49M | 603.89M |
| Basic Shares Outstanding | 943.5M | 826.24M | 699.79M | 647.91M | 585.54M | 591.49M | 603.89M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Liquidity and certification delays
As reported in recent financial statements, Joby’s revenue trajectory remains highly erratic, with quarterly figures fluctuating from $15,000 to $30.8 million, underscoring a business model currently tethered to sporadic government contract milestones rather than consistent commercial demand or predictable recurring revenue streams from aerial ridesharing operations.
The extreme variance in top-line performance suggests that revenue recognition is tied to specific, non-recurring project completions rather than a scalable commercial engine. Investors should monitor whether the company can transition from these milestone-based inflows to a repeatable service model, as the current lack of organic growth durability remains a significant hurdle.
Based on the provided income statement data, R&D expenses have consistently climbed from $102.1 million in 2023Q4 to $177.5 million by 2026Q1, indicating that the company is prioritizing aggressive engineering and certification efforts over immediate cost discipline or the achievement of near-term operational efficiency.
The persistent escalation in R&D spending relative to minimal revenue generation suggests that the company is in a deep-cycle investment phase. This cost structure appears to be a structural necessity for FAA type certification, yet it creates a high-burn environment that necessitates constant capital access to sustain operations.
According to quarterly filings, Joby’s reliance on stock-based compensation, which reached $44.0 million in 2026Q1, serves as a critical non-cash expense that masks the true economic cost of retaining specialized aerospace talent while simultaneously diluting existing shareholders to fund ongoing development and testing activities.
The use of equity to compensate personnel allows the firm to preserve cash, but it complicates the assessment of true operational profitability. Analysts should interpret these figures with caution, as the reliance on stock-based incentives may become increasingly expensive or dilutive if the company's valuation faces downward pressure.
Analysis of the income statement reveals that gross margins remain highly unstable, swinging from a negative 649.9% in 2025Q2 to a positive 22.4% in 2026Q1, which suggests that the company has yet to establish a predictable or sustainable unit economic profile for its aircraft production.
The volatility in gross margins implies that the company is struggling to manage the direct costs associated with prototype manufacturing and early-stage testing. This instability warrants further investigation into whether the firm can achieve the economies of scale required to reach positive gross margins before its current liquidity runway is exhausted.
Quick answers to the most common questions about buying JOBY stock.
For fiscal year 2025, Joby Aviation, Inc. (JOBY) reported total revenue of $53.4M.
Joby Aviation, Inc. (JOBY) reported a net loss of $929.8M for the fiscal year ending 2025.
Joby Aviation, Inc. (JOBY) reported an operating income of $-719.6M, resulting in an operating profit margin of -1346.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Joby Aviation, Inc. (JOBY) generated $-16.1M in gross profit for the year, representing a gross profit margin of -30.1%. This demonstrates the company's core pricing power and production efficiency.