# 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

![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](https://aiswingx.com/static/covers/joby-2026q2_cover.jpg?v=1790014221)

**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**

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%.

- 종목: JOBY (Joby Aviation)
- 분기: 2026Q2 · 10-Q
- 작성: 2026-09-21 18:10 UTC · 업데이트: 2026-09-21 19:03 UTC
- 원문: https://aiswingx.com/p/joby-2026q2

## 숫자 하나
JTAMPC ownership: Toyota 51% (1,020,000 shares, $1.02m), Joby 49% (980,000 shares, $0.98m). Q2 revenue $38.6m, of which passenger transport (Blade) $36.2m. Operating loss $260.9m. Stock-based compensation $44.0m = 114% of revenue. First-half operating cash flow −$255.4m, capex −$106.6m. Cash and short-term investments $2,263.8m.

## 비유 하나
(구독자 전용)

## 출처 하나
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

## 다음 분기에 볼 것
(구독자 전용)

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## 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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(End of free preview. What the numbers mean, why it matters, company context, the next-quarter checklist and the arithmetic are available to subscribers — https://aiswingx.com/pricing)

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## FAQ

**Q. What does a 49% stake in the joint venture mean?**

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.

**Q. 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.

**Q. 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.

**Q. 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.