Joby FAA Certification Progress and Its Financial Implications Q1 2026

Current status of Joby’s FAA certification process (from the provided Q1 2026 update)

Joby’s certification work for its first conforming aircraft is still in the later phases of the FAA type certification process, with specific progress reported during Q1 2026:

• Joby reported it is focused on the “fifth and final stage” of type certification and stated it is making “strong progress” toward that phase. ¹
• During the quarter, Joby successfully completed its SR3 audit with the FAA, which Joby describes as a milestone in the process. ¹
• Management characterized the SR3 audit as reviewing the aircraft’s design and safety requirements, test results, and development standards, and that it confirmed the test results being produced meet the FAA’s expectations for the final phase of certification. ¹
• Joby also stated it has an aircraft flying: it has built and flown its first conforming aircraft (with FAA DERs and VARs involved in the process), but emphasized that the next step for the FAA is pilot testing of the conforming aircraft. ²
• Joby described three parallel streams supporting the transition to FAA pilot activity:
  1. components/parts getting tested,
  2. Joby pilots flying the conforming aircraft and running all test points prior to FAA pilots, and
  3. training FAA pilots using a simulator. ²
• Supporting the simulator readiness, Joby stated it has an installed flight simulator and is preparing it “for beginning to train the FAA pilots,” in partnership with CAE. ³

Bottom line on status: Based on these excerpts, Joby is not “waiting” for certification to begin; it has moved into the final stage work, completed at least one key FAA audit milestone (SR3), is conducting conforming test article work, and is transitioning toward FAA pilot testing with simulator training and Joby pilot flights running in parallel. ²¹³

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How certification progress could impact Q1 2026 and future earnings timing

1) Near-term earnings impact: continued high cash burn and negative adjusted EBITDA

Even with clear certification progress, Q1 2026 results show earnings are still heavily pressured by certification and ramp investment:

• Joby reported Revenue of $24 million for Q1, “mostly Blade,” and noted revenue was down versus Q4 due to the absence of one-time Japan flight demonstration revenue. ⁴
• Total operating expenses were $258 million in Q1 versus $238 million in Q4; management attributed the increase primarily to “continued investment to support certification, manufacturing ramp and commercial readiness.” ⁴
• Adjusted EBITDA was a loss of $179 million in Q1 (worse than a $154 million loss in Q4). ⁴

This matters for your “future earnings in Q1 2026” phrasing in two ways:

• Q1 2026 earnings are already being dominated by pre-commercial spend, including the certification effort; the certification milestones visible in Q1 have not yet translated into profitability in that same period. ⁴¹

2) Expected linkage between FAA certification steps and commercialization revenue (timing)

The excerpts indicate commercialization depends on certification—and that Joby is actively building toward it—but the financial statements provided show commercialization cash flows are not yet the driver of Q1 earnings.

• Management described eIPP as paving the way to bring aircraft and service to U.S. communities “ahead of FAA type certification.” ⁵
• Separately, for certification itself, Joby stated the next step is FAA pilot testing with Joby pilots and simulator training in parallel. ²
• Joby also reported that during Q1 it completed SR3 audit and described continued work leading toward the final stage of type certification. ¹

Implication for Q1 2026 earnings: Because eIPP can begin before full type certification, certification progress may not immediately drive revenue in Q1; instead, it likely affects:

• ongoing operating expense levels (staying high as certification costs persist), ⁴
• and the shape/timing of later revenue once certification and FAA pilot-testing milestones are completed and operations scale. ²⁵

3) Relationship to “future earnings” after Q1 2026 (how certification milestones may affect profitability trajectory)

While the question asks about “future earnings in Q1 2026,” the more meaningful connection in the excerpts is how certification status supports the path to later earnings improvements:

• Joby stated it is investing to “advance certification, scaling manufacturing… and building the foundation for commercial launch,” and emphasized Q1 as investment-heavy. ⁴
• Management also reported a manufacturing ramp tied to building conforming parts: from composite parts for the first conforming aircraft to building conforming parts for additional conforming aircraft (e.g., “parts for our ninth conforming aircraft”). ¹⁶
• Joby said it is ramping manufacturing “as aggressively as we can” while focusing on quality (driving MCRs to 0). ⁶

If certification and pilot-testing proceed as the plan implies (FAA pilot testing plus simulator readiness), the pathway to earlier commercialization can improve later operating leverage—but that benefit is not yet visible as profitability in Q1 2026, given the reported adjusted EBITDA loss and expense levels. ⁴²

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Specific takeaway: “How might it impact the company’s future earnings in Q1 2026?”

Interpreting this as “the impact certification status could have on earnings going forward from Q1 2026,” the provided excerpts support the following:

1. Certification progress is real but not earnings-positive yet.
   Joby’s Q1 results show revenue is still modest and operating costs are substantial, with adjusted EBITDA loss continuing, even as it reports SR3 completion and ongoing final-stage certification work. ¹⁴

2. Certification steps likely extend the period of elevated operating expenses.
   Management explicitly linked the Q1 operating expense increase to “continued investment to support certification.” ⁴

3. Earnings upside depends on successful completion of FAA pilot-testing readiness and commercialization scaling, but timing isn’t shown to have occurred in Q1.
   The excerpt on certification emphasizes FAA pilot testing as the next step and simulator training as preparation, which suggests additional time before revenue from FAA-certified operations can materially change earnings. ²³

4. Q1 2026 expense/revenue profile already incorporates certification spend, implying earnings pressure persists at least through Q1.
   The operating expense drivers (certification + manufacturing ramp + commercial readiness) are already present in Q1 financials. ⁴

Net conclusion: In Q1 2026, Joby’s FAA certification process appears to be in the final-stage work with an important SR3 audit milestone achieved and a clear next-step plan toward FAA pilot testing supported by simulator readiness. ¹²³ However, the company’s earnings are still dominated by certification- and ramp-related expenses, so certification progress in this period does not yet translate into improved profitability; instead, it likely sets up the later timing of commercialization-related revenue and operating leverage after certification/pilot-testing milestones progress further. ⁴²¹