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Joby gave Toyota 51% of the company that will build its eVTOL
Q2 2026 10-Q: on 29 June a manufacturing joint venture with Toyota (JTAMPC) was formed for the S4 eVTOL, owned 51% by Toyota and 49% by Joby. Of $38.6m of revenue, $36.2m is helicopter and fixed-wing passenger flying from Blade, acquired last year. February brought stock and convertible notes; cash and short-term investments stand at $2.26bn
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Joby Aviation Form 10-Q for Q2 2026: statement of operations, cash-flow statement, balance sheet, related-party note (Toyota, JTAMPC stockholders agreement, stock purchase agreement), revenue note (passenger, Blade), convertible notes note (0.75% notes due 2032), warrant and earnout fair-value note, MD&A liquidity
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Joby Aviation (JOBY) reported revenue of $38,639k for the second quarter of 2026 and a net loss of $245,443k. The related-party note of the 10-Q filed on August 6 records a joint-venture agreement with Toyota signed on June 29: an entity, JTAMPC, formed to establish the manufacturer of Joby's S4 series eVTOL aircraft — in which, upon funding, Toyota will hold 51% and Joby 49%.
In plain terms
Joby set up a company with Toyota in which Joby holds less than half. The two together put in $2m, which is still very small. Joby's revenue for the quarter is of a similar size.
What happened
Joby Aviation (JOBY) develops electric vertical take-off and landing (eVTOL) 'air taxis'. Toyota is a major shareholder, with more than 10% of the votes.
Its Q2 2026 quarterly report (10-Q) shows revenue of $38,639k, against $15k a year earlier. The operating loss was $260,883k ($167,864k a year earlier) and the net loss $245,443k. Of the $38.6m of revenue, $36.2m is passenger transport — helicopter and fixed-wing flights booked through Blade, the air-charter broker acquired in August 2025. There is no commercial revenue yet from Joby's own eVTOL.
We find the numbers that are in the filing but not in the news, and analyze what they mean, how big they are and what to watch next quarter — with the arithmetic and quarterly metrics. Cancel any time.
The 10-Q says only that JTAMPC was formed 'for the purpose of establishing an entity to manufacture the Company's S4 Series eVTOL aircraft' and that, upon funding, Toyota holds 51% and Joby 49%. The remaining figures and what they mean are in the subscriber section of this article.
Why did revenue rise from $15k to $38.6m?
Because of Blade's helicopter and fixed-wing passenger transport ($36.2m), acquired in August 2025. The 10-Q shows no commercial revenue from Joby's own aircraft yet.
How long does the cash last?
At June 30: cash, equivalents and restricted cash $636.1m plus short-term investments $1,634.0m, about $2.26bn in total. The remaining figures and what they mean are in the subscriber section of this article.
Where can I verify these numbers?
On SEC EDGAR: Joby's Q2 2026 Form 10-Q (accession 0001819848-26-000435), the related-party note (Toyota, JTAMPC), revenue note (passenger), convertible notes note, warrant and earnout fair-value note and the cash-flow statement.
How aiSwingX™ wrote this
We read the filing on SEC EDGAR in full — statements, notes, MD&A. Press releases and news are not used as sources.
Every figure is reconciled to its location in the filing and to XBRL data. One mismatch means no publication.
An editor reviews before publication; any later change is recorded in the revision history.
Open the filing cited at the bottom of the article (e.g. the 10-Q note number) on SEC EDGAR via the link at the end of the article.
What is the at-a-glance box?
A four-item summary of the article: the key figure, what it means, the source, and what to watch next quarter. If you are short on time, read just that.
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aiSwingX™ analyzes US filings and reports them as news investors can read.
20 Amazon: 8 Meta AI: 6 Claude: 3 ChatGPT: 2 Perplexity: 2 Google · Gemini: 0 Others: 10
Read by AI & crawlers
Amazon8
Meta AI6
Claude3
ChatGPT2
Perplexity2
Google · Gemini0
Others10
Counted by the name each crawler gives. Google · Gemini includes Googlebot, whose index Google also uses for its AI features; other search engines and bots are in Others.
