Joby gave Toyota 51% of the company that will build its eVTOL — its $39m of Q2 revenue is all helicopter bookings (Blade), with a $245m quarterly loss
Q2 2026 10-Q: a joint venture (JTAMPC) formed with Toyota on June 29 to establish the entity that will manufacture the S4 eVTOL — Toyota 51%, Joby 49%. Of $38.6m of revenue, $36.2m is passenger transport by helicopter and fixed-wing aircraft through Blade, acquired last year. Operating loss $261m; stock-based compensation $44m (114% of revenue). February raise of $576m in shares and $670m in convertible notes; cash and short-term investments $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%.
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 ($15k a year earlier), an operating loss of $260,883k ($167,864k a year earlier) and a net loss of $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.
The related-party note reads as follows. On June 29 Joby Aero (a subsidiary) and Toyota incorporated JTAMPC, a joint venture, to establish an entity that will manufacture the S4 series eVTOL. Upon funding, Joby will hold 980,000 shares ($0.98m) for 49% and Toyota 1,020,000 shares ($1.02m) for 51%.
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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 committed capital so far is $2m of preparatory funding. The future capital structure, profit sharing and accounting (such as equity-method treatment) of the manufacturing entity are not disclosed. What the structure implies is explained in the subscriber section.
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. First-half operating cash outflow was $255.4m and capex $106.6m. The company says that with Toyota's further $250m investment and other sources it has sufficient funding beyond the initial launch of commercial operations.
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.
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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.
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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 · SEC EDGAR · This article is not investment advice. Disclaimer
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aiSwingX™ analyzes US filings and reports them as news investors can read.
