Investors are tired of waiting, but air-taxi pioneer Joby Aviation continues to make progress.

On Wednesday, the maker of electric vertical takeoff and landing, or eVTOL, aircraft reported second-quarter sales of $38.6 million and an operating loss of $260.9 million. Wall Street was looking for sales of $30 million and an operating loss of $210 million. A year ago, Joby reported no sales and a comparable operating loss of $168 million, according to FactSet.

Sales were better-than-expected, but costs were also higher-than-expected. Joby stock was down 1.7% in after-hours trading, shortly after results were released.

Joby started generating significant sales after acquiring Blade Air Mobility's air-taxi business in 2025. The company expects about $120 million in 2026 revenue, up from prior guidance of $110 million. Wall Street currently projects sales of $117 million.

A guidance increase is positive, but investors are waiting for something else. The Blade business currently operates helicopters. It is expected to incorporate Joby aircraft once they receive approval. Certification is slated for late 2026 or early 2027.

"We continue to make important progress on certification and production, " the company said in a news release. "We made our strongest progress yet in the fifth and final stage of type certification and now have five electric air taxis flying, including our first FAA-conforming aircraft. Twelve additional aircraft are in various stages of production, including two planned for delivery this year."

It's progress. Investors have grown tired of waiting. Through Wednesday trading, Joby stock was down 41% year-to-date and off 60% over the past 12 months.

Investors might feel better when Joby eVTOL aircraft are carrying paying passengers.