Joby Aviation (JOBY) shares are flying higher after the company reported first-quarter results that beat analyst estimates. The stock is up about 1% in after-hours trading, sitting at $8.77.

Here's what happened and why it matters.

Q1 Financials: Better Than Expected

Joby reported revenue of $24.25 million for the first quarter, beating the Street consensus of $20.20 million. The company also posted a loss of $0.12 per share, narrower than the expected loss of $0.20 per share. It ended the quarter with $2.5 billion in cash and cash equivalents—plenty of runway for a company that hasn't started commercial operations yet.

Milestones and What's Next

The quarter was packed with progress. Joby kicked off its 2026 Electric Skies Tour in March, featuring flight demonstrations tied to the 250th anniversary of the U.S. In April, the company completed the first-ever point-to-point electric vertical takeoff and landing (eVTOL) flight for New York City.

Looking ahead, Joby expects initial operations to begin in 2026. Through the White House eVTOL Integration Pilot Program, the company can start early operations in up to 11 states—including New York, Texas, and Florida—before it receives full FAA type certification.

Joby is also continuing to work toward that full certification.

"With our world-leading demos behind us and the eIPP program ahead, communities across America aren't just reading about the future of flight anymore, they're seeing it in the skies above their own cities," CEO JoeBen Bevirt said. "We are ringing in the next golden age of flight."

Bevirt added that the company has "the clearest path we've ever had to beginning passenger operations."

Stock Price Action

Joby shares traded at $8.77 in after-hours Tuesday, up 1.04%. The stock's 52-week range is $6.18 to $20.95.