What Did Joby Aviation’s Quarter Change For Its Stock?
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Joby Aviation (JOBY) shares rose 5.0% in the session following the company’s fiscal Q3 2026 report on November 4, 2026. The S&P 500 fell 4.4% in the same session, while peers Archer Aviation and Eve posted steeper declines. Management also raised its full-year sales forecast. This guidance matters to shareholders only if Blade, the passenger flight unit behind most of Joby’s sales, keeps growing and the extra sales start to narrow Joby’s losses. Is the sales growth more than one good quarter?
Joby’s Sales Rose In The Last Two Quarters
Sales have now risen for two consecutive quarters, climbing from $24.2 million in fiscal Q1 2026 to $55.1 million in fiscal Q3 2026. Third-quarter sales were 144% higher than a year earlier, and management said most of these sales came from Blade. The unit flew more than 44,000 passengers during the quarter, the most in any quarter in its history.
The updated forecast, however, implies a much smaller fourth quarter. Management raised its full-year sales range to between $135 million and $140 million, up from $115 million to $125 million in August. Joby had already booked $118 million through September, so under the new range, fourth-quarter sales would be $17 million to $22 million. Management said the fourth quarter is a seasonally quiet period for Blade. Separately, the company noted that the year-ago fourth quarter included about $8 million in one-time demonstration revenue in Japan, a detail that only affects the comparison with a year earlier. Management said it is being prudent about the rest of the year.
Does Joby Lose Less As Its Sales Grow?
Not yet. Joby reported an operating loss of $278 million in fiscal Q3 2026, widening from $182 million a year earlier and $261 million in the second quarter. The loss also grew on management’s own measure, adjusted EBITDA, reaching $208 million compared with $197 million in the second quarter. Management said the company is directing more of its spending toward production and preparing for commercial service.
Joby’s net loss did narrow, dropping to $212 million from $245 million in the second quarter. But management said most of that improvement came from a noncash gain on warrants and similar items, whose value moves mainly with Joby’s share price. The loss from running the business is still widening as sales grow.
Part Of Joby’s Cash Comes From Selling Shares
Joby ended the third quarter with about $2.2 billion in cash and short-term investments, a total that includes about $128 million raised during the period by selling shares. Management expects to use $385 million to $415 million in the second half of 2026, though it gave no figure for how long the cash will last. Instead, the company added an expected $250 million from Toyota and its room to sell more shares, then deducted fourth-quarter spending and a $450 million payment due in early 2027. On that count, management said Joby can get well beyond the start of commercial service in 2027.
When Joby sells stock, each existing share owns a smaller part of the company. Joby reported a diluted share count of 979 million over the twelve months to September 2026, compared with 845 million a year earlier.
Blade is flying more passengers than ever, but Joby’s operating loss is still widening. When the company reports next, expected in February 2027, the fourth-quarter operating loss compared against the third quarter’s will be the number to watch.
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