What Has The Market Missed In Joby Stock’s Drop?

Most investors still view Joby Aviation (JOBY) as an early-stage air taxi developer with nothing to sell. Yet one division stands out: Blade, a functioning helicopter service that already sells seats. This active operation sits in stark contrast to the company’s recent market performance. Joby stock lost around 70% over the past twelve months, while the S&P 500 gained 17%. So, how much of Joby’s business is Blade today?

Most Of Joby’s Latest Quarterly Sales Came From Blade

The company reported $39 million in revenue for the second quarter of 2026. Executives noted that this money came primarily from the Blade passenger business.

That division is expanding. Blade saw its revenue rise 32% in the first half of 2026 compared with a year earlier. In the second quarter alone, the unit sold over 50% more seats than in the same period last year.  Executives described this performance as Blade’s best second quarter on that measure.

Following this growth, the company raised its revenue forecast for the full year. Joby now expects to generate $115 million to $125 million for 2026, an increase from its prior target of $105 million to $115 million.

As Blade sells more seats than a year ago, capacity is becoming an issue. During the August 5, 2026 call, executives told investors that the limit on many routes is now the number of available aircraft rather than a lack of passengers.

Does Blade Make Up For Joby’s Losses?

The short answer is no, and it is not close. Joby went through about $202 million of cash in the second quarter. That figure is roughly five times the revenue it collected.

Blade does address a separate doubt regarding whether travelers will pay a premium to fly directly out of a city center. Customers can book a conventional plane from Teterboro to Montauk for roughly a third of the price of a helicopter flight from Manhattan. Despite this price gap, the helicopter service sees significantly more use. Executives said demand for aircraft that take off vertically is very high.

The company must fund its losses out of its cash. Joby ended the second quarter with about $2.3 billion in cash and short-term investments. Looking ahead, the firm expects to use $385 million to $415 million in the second half of 2026. Additional cash is also anticipated from Toyota, whose $250 million direct investment is expected to close late in 2026 or early in 2027. Joby is clearly spending heavily, yet it retains plenty of cash to keep building.

Can Joby Build Its Own Aircraft In Numbers?

The company has not proven its manufacturing capabilities yet. During the August 5, 2026 call, executives confirmed that Joby had five electric air taxis flying and 12 more in production, with two of those units set for delivery in 2026. They noted plainly that manufacturing at scale is difficult, and that transitioning to building FAA-conforming aircraft represents a step change in complexity compared to earlier prototype models.

Meanwhile, the recent growth at Blade benefited from external factors. Executives pointed out that the second quarter was supported by the summer season, favorable weather, and demand around major events. They also noted that Blade typically peaks in the third quarter. If full-year revenue falls below $115 million, which sits at the bottom of the current guidance range, it would indicate that this summer strength did not last.

The most pressing unresolved issue remains Joby’s proprietary aircraft. The company maintains a target to carry Joby’s first air taxi passengers in 2026. Should the year end without them, it would signal that the aircraft is running behind schedule.

Does This Mean You Should Act On JOBY?

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