Joby Aviation, Inc.

Greetings and welcome to Joby Aviation First Quarter 2026 Financial Results Conference Call and Webcast. At this time, all participants are in a listen-only mode. If anyone should require operator assistance during the conference, please press star and then zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Teresa Truffiel. Please go ahead.

Thank you. Good afternoon and evening, everyone. Thank you for joining us for Joby Aviation's first quarter 2026 financial results conference call. I'm Teresa Ferrethiel, Joby's head of investor relations. We will begin today with prepared comments from Joe Ben Bevert, founder and chief executive officer, and Rodrigo Brumana, chief financial officer. For the Q&A portion of today's call, we will also be joined by our executive chairman, Paul Sciarra. Please note that our discussion today will include statements regarding future events and financial performance, as well as statements of belief, expectation, and intent. These forward-looking statements are based on management's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. For a more detailed discussion of these risks and uncertainties, please refer to our filings with the SEC and the Safe Harbor disclaimer contained in today's shareholder letter. The forward-looking statements included in this call are made only as of the date of this call, and the company does not assume any obligation to update or revise them. Also during the call, we will refer both to GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in our Q1 2026 shareholder letter, which you can find on our investor relations website, along with a replay of this call. With all of that said, it is my pleasure to turn the call over to Joe Bennett.

Thank you, Teresa, and thank you, everyone, for joining us today. It's been less than 10 weeks since we last spoke, but despite the short window, I'm pleased to report that it's been another exceptional quarter of progress across all core areas of Joby's business. Perhaps the biggest news of the quarter was the selection of states that will participate in the White House-backed EIPP program. This program paves the way for us to bring our aircraft and service directly to U.S. communities this year ahead of FAA-type certification. And to speak frankly, we were awarded this dream slate of opportunities. We were selected as part of five applications covering 11 states, including Texas, New York, and Florida. Each of the selected programs is now in the process I'm finalizing an OTA agreement with the FAA and the Department of Transportation. These agreements are flexible R&D contracting mechanisms that enable faster and less restrictive collaboration than traditional federal contracts. They will define the scope, roles, and timelines for what happens next. But our work has already begun. In New York, we're progressing with the installation of Joby charging infrastructure at both east side heliports, and the Port Authority of New York and New Jersey recently released a solicitation for a vertiport on the LaGuardia Airport Terminal C parking garage roof. In Texas, we've secured our MRO facility to support operations in the region, and in Florida, we've been working with Orlando International Airport on the development of a dedicated vertiport for air taxis. In other states, like North Carolina and Utah, we're planning how to begin autonomous cargo flights using our super pilot technology. Importantly, we're also already showing that we have the technical and operational maturity required to participate in the program. Alongside flying our first FAA-conforming aircraft for TIA this quarter, we conducted a series of demonstration flights in the Bay Area and New York. During those flights, we landed at two major international airports, Oakland, and JFK. We flew to three Manhattan teleports. We operated within Class B airspace, which surrounds our nation's busiest airports, and we demonstrated our ability to charge in a range of different environments. The New York flights, in particular, took our demonstrations to the next level by connecting JFK with the Wall Street Teleport, the West 30th Street Teleport, and the East 34th Street Teleport. We not only demonstrated real-life use cases flown by our Blade customers today, we also completed the first-ever flight of an eVTOL aircraft between an international airport and a downtown heliport. And as they say, if you can make it in New York, you can make it anywhere. Whether it's flying past the Statue of Liberty or the Golden Gate Bridge, these flights demonstrated without question that we have the aircraft, the team, the tools, and the experience required to make the most of the EIPP program. But that maturity hasn't come overnight. Our first transition flight with this design was way back in 2017. The success you are seeing today is the culmination of years of careful work in developing, testing, and producing mature VTOL-capable aircraft. And that maturity will be key to delivering real VTOL passenger operations as part of the IPP program. But to do that, you also need infrastructure. And I'm pleased to report we're making excellent progress on that front, too. Our New York demos highlighted the incredible value of the landing sites and lounges we gained access to as part of our blade acquisition, which includes America's three busiest teleports. In LA, we announced a partnership with the Rubin Brothers to bring a vertiport to the iconic towers at Century Plaza. In the Bay Area, we announced a partnership with the SAP Center to develop a vertiport in a key San Jose location. And in Dubai, we celebrated the completion of the first ever purpose-built commercial vertiport located right next to Dubai International Airport. It will serve as the operational hub for our services in the region. These are the first of multiple infrastructure developments and partnerships you'll be hearing about as our recent demonstration flights and EIPP opportunities accelerate conversations with partners around the world. Over the last few years, we have set ourselves apart thanks to the maturity of our aircraft design and our progress through certification. But as we scale production to meet the demands of our early markets and the EIPP program, it's clear that our head start on manufacturing will be equally important. The experience we are already building in certifiable production processes, production efficiency, supply chain optimization, and inventory management are all going to be just as important as the technical and certification lead we've built over the last few years. By producing more aircraft, we'll be able to serve more markets and more customers, enabling us to access progressively lower unit costs ahead of our peers. To put our ramp into context, we are adding a third ship to our composites layup team and our automated fiber placement team. We're training batches of new technicians each month, and our composites team is already producing two and a half times the volume of parts it was producing this time last year. But it's not just about volume. It's also about quality, and to some extent, speed. We aren't building prototype parts anymore. We're building conforming parts for conforming aircraft, and we're seeing incredible results as we ramp production. As we move from producing composite parts for our first conforming aircraft to our fifth conforming aircraft, we have the time required to produce parts while simultaneously improving quality. Today, we're producing parts for our ninth conforming aircraft, and we continue to do all of this with Toyota at our side. We're embedding the knowledge and experience of the Toyota production system as we go, including practices such as where you observe work directly on the factory floor and OVEA rooms that centralize project information to accelerate decision-making and foster collaboration. This kind of day-to-day collaboration and knowledge sharing is invaluable as we ramp production, and we're incredibly fortunate to be learning directly from such an experienced automaker. On certification, we remain focused on the fifth and final stage of the type certification process and are making strong progress. During the quarter, we successfully completed our SR3 audit with the FAA, a milestone years in the making. The audit reviewed our aircraft design and safety requirements, test results, and development standards and confirmed that the test results we are producing meet the FAA's expectations for the final phase of certification. This achievement, along with so much of what we've discussed today, is testament to the incredible work our teams have done over the last five years, and I'd like to take this opportunity to thank Didier for his remarkable contributions. He will be with us through early July and will continue to support us as an advisor after that. As we look ahead, we are promoting a number of our leaders to optimize our organizational efficiency and velocity. Looking more broadly across our product platform, we also completed full transition flights with our turbine electric VTOL aircraft during the quarter, including a 148-mile flight at our max takeoff weight of 2,400 kilograms. As a reminder, this aircraft is built on our standard electric S4 platform and introduces a gas turbine for increased range and payload. Achieving transition is one of the hardest technical challenges faced in the development of this technology. But by using our existing platform, our own core technologies, and our experienced team, we've been able to deliver it in record time. That allowed us to demonstrate its maneuverability and endurance to the U.S. Army last month alongside our partner, L3Harris. There are live contract opportunities in this space today with clear capability gaps and strong demand for this type of system. That same operational experience and aircraft maturity is key to the partnership we announced with ASI, or Airspace Intelligence, last month. ASI has quietly built a reputation as a true leader in airspace modernization with their high fidelity 4D modeling and AI tools. And they are one of three companies currently competing to provide the software foundation for the FAA's brand new air traffic control system. While our aircraft was designed to operate comfortably within the current system, We have always believed there are better ways to deliver higher volume eVTOL operations, and we are very excited about the ongoing work to modernize air traffic control led by Secretary Duffy. Alongside ASI, we plan to run real life demonstrations of how scaled operations can be safely integrated into complex and high traffic airspace later this year. This work is also an important step towards fully autonomous eVTOL operations. With our super pilot stack, we already have the technology to do this. What's been missing is an airspace management system that allows for fully digital deconfliction of the airspace. Our work with ASI should help pave the way for this important next step, and if it's successful, it should mean safer, lower-cost aerial transportation for eVTOL and every other aircraft that uses U.S. airspace. We closed out the first quarter with a very strong balance sheet, incredible progress across all areas of our business, and the clearest path we've ever had to beginning passenger operations. With our recent New York and San Francisco demos behind us and the EIPP program ahead of us, communities across America aren't just reading about the future of flight or hearing about it on calls like these anymore. They're seeing it in the skies above their own cities. And as I said to our team when we rang the opening bell at the New York Stock Exchange last week, just half a mile from where our aircraft landed an hour later, we are quite literally ringing in the next golden age of flight. Rodrigo, over to you.