Joby Aviation, Inc. (JOBY) SEC Filings & Earnings Calls

Potential dilution from resale of shares

“2,419,801 shares registered for resale”

Significant dilution risk from $750M ATM offering.

“may offer and sell... up to an aggregate of $750,000,000 of shares of its Common Stock”

Acquisition integration risk for Strix Holdings.

“Stock Purchase Agreement... to acquire Strix Holdings, Inc.”

Certification Delay Risk

“If the FAA requires further modifications to our existing G-1 certification basis, makes subsequent modifications to the SFARs, or if there are other regulatory changes or revisions, this could delay our ability to obtain type certification, and could delay our ability to launch our commercial passenger service.” · word for word

Market Development Risk

“While we believe the global market for UAM will be large, it remains undeveloped and there is no guarantee of future demand.” · word for word

Liquidity Risk

“We have incurred net losses and negative operating cash flows from operations since inception, and we expect to continue to incur losses and negative operating cash flows for the foreseeable future until we successfully commence sustainable commercial operations.” · word for word

Certification and operational risks typical for eVTOL startup.

“Still in fifth and final stage of FAA type certification; first passengers targeted in 2026.”

Potential dilution from warrant exercise

“14,237,486 Warrants outstanding; each exercisable for one share at $11.50”

Agreement subject to termination if FAA certifications not maintained or production metrics not met.

“written notice by Toyota, subject to a 60-day cure period, if Joby fails to maintain Federal Aviation Administration (“FAA”) type certification or production certification”

Insider selling risk

“On May 14, 2026, the Reporting Person entered into a trading plan ... to make periodic sales of up to an aggregate of 1,875,000 shares of Common Stock on behalf of the Reporting Person.” · word for word

Insider selling risk

“On May 14, 2026, the Reporting Person entered into a trading plan ... to make periodic sales of up to an aggregate of 1,875,000 shares of Common Stock on behalf of the Reporting Person.” · word for word

Pre-Revenue Commercialization Risk

“Joby has not yet achieved profitability or commercial scale; net loss of $110M in Q1 2026.”

Cash Burn Rate

“Operating cash flow -$144M in Q1 2026, though well-funded with $2.47B in cash and investments.”

Regulatory Certification Risk

“Joby's business depends on FAA certification of its eVTOL aircraft, which is not yet achieved.”

Pre-revenue company; no financial results disclosed in excerpt.

“No revenue or earnings data in the excerpt.”

Loss of key executive in aircraft development may impact program momentum.

“President of Aircraft OEM resigning; advisory role may mitigate but transition risk remains.”

Certification and Commercialization Risk

“The H2’25 PSU Program was designed with performance goals that would be challenging but, if fully achieved, would demonstrate exceptional progress across our certification, manufacturing, and commercialization efforts... the overall achievement level was significantly below target because a number of the goals were not fully completed as of the date required” · word for word

Cash Burn Risk

“Net loss increased from $608.0M in 2024 to $929.8M in 2025, reflecting significant cash burn as the company invests in certification and commercialization without generating operating revenue.”

Loan is secured by property and membership interest; non-recourse carveout guaranty and environmental indemnity from Aero; customary events of default.

“Loan secured by mortgage and accommodation pledge; Aero provides non-recourse carveout guaranty and environmental indemnity.”

Certification Delay Risk

“If the FAA requires further modifications to our existing G-1 certification basis, makes subsequent modifications to the SFARs, or if there are other regulatory changes or revisions, this could delay our ability to obtain type certification.” · word for word

Cash Burn Risk

“Net cash used in operating activities for the year ended December 31, 2025 was $509.9 million” · word for word

Market Adoption Risk

“While we believe the global market for UAM will be large, it remains undeveloped and there is no guarantee of future demand.” · word for word

Certification and regulatory approval risk remains, though progress is strong.

“Certification stages still incomplete; stage 4 at 12% for Joby vs 4% for FAA.”

Dependence on government support and partnerships for early operations.

“Operations expected to begin in Dubai and U.S. via eIPP program, which are subject to government approvals.”

Pre-revenue company with significant cash burn; capital raise indicates need for funding; dilution risk for existing shareholders.

“Preliminary unaudited financial information; company is in development stage (eVTOL aircraft); convertible notes and equity offering suggest ongoing capital needs.”

Execution risk in scaling production to 4 aircraft per month; capital expenditure commitment.

“facility will initially support Joby’s plans to double production to four aircraft per month in 2027”

Letter of intent is non-binding; definitive agreements may not be reached. Execution risk in foreign market with regulatory and infrastructure dependencies.

“aircraft sales to AAAG will be subject to the negotiation of definitive agreements, which we may not be able to enter into on acceptable terms or at all”

Certification Delay Risk

“If the FAA requires further modifications to our existing G-1 certification basis, makes subsequent modifications to the SFARs, or if there are other regulatory changes or revisions, this could delay our ability to obtain type certification, and could delay our ability to launch our commercial passenger service.” · word for word

DOD Contract Reduction

“In 2025, the DOD shifted its focus under the Agility Prime program towards hybrid aircraft and autonomous flight technologies and reduced the scope of our existing contract.” · word for word

Tariff Cost Risk

“over time new tariffs or other restrictions imposed in connection with trade wars or political instability could increase the costs of raw materials and other goods, both for us and our suppliers, particularly as we begin to scale our manufacturing operations and produce aircraft for commercial use.” · word for word

Accumulated Deficit

“As of September 30, 2025, we had an accumulated deficit of $2,664 million.” · word for word

Certification timeline uncertainty

“TIA testing is final stage but timing of Type Certification remains uncertain.”

No revenue yet; pre-commercial stage

“Company has not yet generated revenue from aircraft sales or operations.”

Certification timeline uncertainty

“TIA testing is final stage but timing of Type Certification remains uncertain.”