PART I. FINANCIAL INFORMATION [Condensed Consolidated Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The unaudited condensed consolidated financial statements present Joby Aviation's financial position, results of operations, and cash flows for the three and six months ended June 30, 2025 [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20(Unaudited)) As of June 30, 2025, total assets increased to **$1.26 billion** from **$1.20 billion** at year-end 2024, with total liabilities growing to **$361.6 million** and stockholders' equity slightly decreasing Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$1,259,876** | **$1,203,465** | | Cash, cash equivalents and short-term investments | $990,984 | $932,851 | | Property and equipment, net | $134,999 | $120,954 | | **Total Liabilities** | **$361,584** | **$291,102** | | Warrant liability | $108,861 | $95,410 | | Earnout shares liability | $159,199 | $117,416 | | **Total Stockholders' Equity** | **$898,292** | **$912,363** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20(Unaudited)) For Q2 2025, net loss significantly increased to **$324.7 million**, driven by fair value changes in warrants and earnout shares, a private placement loss, and higher R&D expenses Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $15 | $28 | $15 | $53 | | Research and development | $136,387 | $112,996 | $270,674 | $228,632 | | Loss from operations | $(167,864) | $(144,287) | $(331,148) | $(290,184) | | Loss from change in fair value of warrants | $(126,295) | $9,814 | $(55,275) | $48,841 | | **Net loss** | **$(324,674)** | **$(123,292)** | **$(407,080)** | **$(217,879)** | | **Net loss per share** | **$(0.41)** | **$(0.18)** | **$(0.52)** | **$(0.32)** | [Condensed Consolidated Statements of Comprehensive Loss](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss%20(Unaudited)) Comprehensive loss for Q2 2025 was **$324.6 million**, increasing from **$123.7 million** in 2024, primarily due to the rise in net loss Comprehensive Loss (in thousands) | Period | 2025 | 2024 | | :--- | :--- | :--- | | **Three Months Ended June 30** | **$(324,556)** | **$(123,744)** | | Net loss | $(324,674) | $(123,292) | | Other comprehensive gain (loss) | $118 | $(452) | | **Six Months Ended June 30** | **$(407,051)** | **$(219,432)** | | Net loss | $(407,080) | $(217,879) | | Other comprehensive gain (loss) | $29 | $(1,553) | [Condensed Consolidated Statements of Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity%20(Unaudited)) Stockholders' equity decreased to **$898.3 million** by June 30, 2025, as net loss was largely offset by capital raised from stock issuances and stock-based compensation - The company issued **49,701,790 shares** in a private placement, raising **$290.2 million** in net proceeds during the six months ended June 30, 2025[20](index=20&type=chunk) - Total stockholders' equity stood at **$898.3 million** as of June 30, 2025, down from **$912.4 million** at the beginning of the year[20](index=20&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) Net cash used in operations was **$217.5 million** for H1 2025, while financing activities provided a substantial **$298.0 million**, leading to a **$136.6 million** net increase in cash Six Months Ended June 30 Cash Flow Summary (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(217,533) | $(205,471) | | Net cash provided by investing activities | $56,156 | $171,271 | | Net cash provided by financing activities | $297,994 | $5,283 | | **Net change in cash, cash equivalents and restricted cash** | **$136,617** | **$(28,917)** | - Financing activities in the first six months of 2025 were primarily driven by **$249.9 million** net proceeds from a private placement and **$43.0 million** net proceeds from an at-the-market public offering[26](index=26&type=chunk)[157](index=157&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Notes detail accounting policies, fair value measurements, stock warrants, and related party transactions, including a private placement with Toyota and a subsequent acquisition agreement - In May 2025, the company completed an initial closing of a stock purchase agreement with Toyota, issuing **49.7 million shares** for **$250 million**, resulting in a noncash loss of **$40.3 million**[93](index=93&type=chunk) - On August 1, 2025, the company agreed to acquire Blade Air Mobility's passenger segment for up to **$125.0 million**, payable in cash or stock, including **$80 million** at closing[103](index=103&type=chunk) - On July 17, 2025, a triggering event caused **3,426,000 Earnout Shares** to vest as the company's stock price exceeded the **$12.00** threshold[101](index=101&type=chunk)[102](index=102&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Joby's eVTOL aircraft development, operational progress, and financial results, highlighting increased R&D spending and strong liquidity from recent financing activities - Joby is developing a piloted, all-electric, vertical take-off and landing (eVTOL) aircraft with a target range of up to **100 miles** and speeds up to **200 mph**, aiming for commercial launch in **2026**[107](index=107&type=chunk)[108](index=108&type=chunk) - The company has made significant progress with the FAA, having completed or substantially completed three of the five stages of the type certification process[115](index=115&type=chunk) - As of June 30, 2025, the company had an accumulated deficit of **$2.26 billion** and has funded its operations primarily through stock issuances[109](index=109&type=chunk) [Results of Operations](index=29&type=section&id=Results%20of%20Operations) R&D expenses increased by **21%** in Q2 2025, contributing to a significantly widened net loss primarily due to non-cash losses on warrants and a private placement Comparison of Operating Results (in thousands) | Metric | Q2 2025 | Q2 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Research and development | $136,387 | $112,996 | $23,391 | 21% | | Selling, general and administrative | $31,482 | $31,304 | $178 | 1% | | Loss from operations | $(167,864) | $(144,287) | $(23,577) | 16% | | Net loss | $(324,674) | $(123,292) | $(201,382) | 163% | - The decrease in Total Other Income was primarily driven by a **$136.1 million** unfavorable change in the fair value of warrants and earnout shares and a **$40.3 million** loss on the common stock issuance in a private placement in Q2 2025[138](index=138&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company held **$991.7 million** in cash and investments, deemed sufficient to fund operations beyond initial commercial launch, bolstered by recent financing - As of June 30, 2025, the company had cash, cash equivalents, and restricted cash of **$337.0 million** and short-term investments of **$654.7 million**[148](index=148&type=chunk) - In the first half of 2025, the company raised **$249.9 million** net from a private placement with Toyota and **$43.0 million** net from its ATM offering[147](index=147&type=chunk)[157](index=157&type=chunk) - The company believes its current cash and investments will be sufficient to fund operations beyond the initial commercial launch[149](index=149&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate risk on its **$991.7 million** in short-term investments, though a **10%** rate change is not expected to have a material impact - The company's primary market risk is interest rate changes affecting its **$991.7 million** in cash, cash equivalents, and short-term investments as of June 30, 2025[163](index=163&type=chunk) - Management does not believe a hypothetical **10%** change in interest rates would materially impact its financial position or interest income[163](index=163&type=chunk) [Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[167](index=167&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[168](index=168&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various claims in the ordinary course of business but does not anticipate a material adverse impact on its financial position - The company is not involved in any material legal proceedings and believes existing claims will not have a material adverse impact[170](index=170&type=chunk) [Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) This section highlights risks associated with the planned acquisition of Blade Air Mobility's passenger operations, including closing uncertainties, potential stock dilution, and integration challenges - A new risk factor has been added regarding the acquisition of Blade's passenger operations, which is subject to closing conditions that may not be met[173](index=173&type=chunk)[175](index=175&type=chunk) - The acquisition payment of up to **$125 million** may be made in Joby's common stock, which could cause dilution to existing stockholders[173](index=173&type=chunk) - The company acknowledges risks associated with investing in new offerings and acquiring other companies, which may divert management attention, result in dilution, and disrupt business[177](index=177&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=36&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the period - None[178](index=178&type=chunk) [Defaults Upon Senior Securities](index=36&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the period - None[178](index=178&type=chunk) [Mine Safety Disclosures](index=36&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[179](index=179&type=chunk) [Other Information](index=36&type=section&id=Item%205.%20Other%20Information) Two company officers adopted Rule 10b5-1 trading plans in May 2025 to sell shares of common stock starting in September 2025 - Chief Legal Officer Kate DeHoff adopted a Rule 10b5-1 trading plan to sell up to **303,285 shares** of common stock[180](index=180&type=chunk) - Chief Policy Officer Greg Bowles adopted a Rule 10b5-1 trading plan to sell up to **176,169 shares** of common stock[181](index=181&type=chunk) [Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Quarterly Report on Form 10-Q, including corporate governance documents, material contracts, and officer certifications - The report includes exhibits such as the Amended and Restated Certificate of Incorporation, recent agreements with Toyota, and officer certifications required by the Sarbanes-Oxley Act[184](index=184&type=chunk)

Joby Aviation, Inc. (JOBY) came out with a quarterly loss of $0.24 per share versus the Zacks Consensus Estimate of a loss of $0.18. This compares to a loss of $0.18 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -33.33%. A quarter ago, it was expected that this company would post a loss of $0.18 per share when it actually produced a loss of $0.18, delivering no surprise.Over the last four quarters, the company has not been a ...

Financial Data and Key Metrics Changes - The company ended Q2 2025 with cash and short-term investments totaling $991 million, having closed the first $250 million tranche from Toyota and received an additional $41 million through its ATM facility [27] - The Q2 2025 net loss was $325 million, which includes a $168 million operating loss and a $157 million non-operating loss, primarily due to non-cash items [28] - Adjusted EBITDA for Q2 was a loss of $132 million, reflecting an increase in spending compared to the previous quarter [29] Business Line Data and Key Metrics Changes - The company reported significant progress in flight testing, completing 76 flights in July alone, which is crucial for certification efforts [6] - The company is 70% complete on the Joby side and over 50% complete on the FAA side for stage four of certification, up 10 points from the previous quarter [7] Market Data and Key Metrics Changes - The company is witnessing a global regulatory momentum, with the U.S. government and other countries streamlining international validation of FAA type certification for eVTOL aircraft [9] - The acquisition of Blade's passenger business is expected to accelerate readiness for commercial eVTOL operations globally, including in key markets like Dubai [13] Company Strategy and Development Direction - The company aims to leverage the acquisition of Blade to enhance its operational capabilities and expand its route maps, thereby increasing margins and operational tempo [15] - The company is pursuing three paths to commercialization: owned and operated service, direct sales, and regional partnerships [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory environment and the company's ability to scale production capacity to meet demand [20] - The company is focused on methodical scaling, disciplined capital management, and translating technical progress into long-term value [26] Other Important Information - The company is expanding its production capabilities, with plans to double its production capacity to 24 aircraft per year at its Marina facility and eventually produce up to 500 aircraft per year [22] - The company is also developing a hybrid variant of its existing aircraft for defense applications, with flight tests expected to start in the fall [19] Q&A Session Summary Question: Plans for providing eVTOLs to local charter operators post-Blade acquisition - The company prefers retaining long-term cash flow from passenger service but sees value in Blade's asset-light model for flexibility [36] Question: Specifications of the TIA aircraft being constructed - The TIA aircraft is nearly identical to previous models, with FAA oversight during the build process [39] Question: Initial commercial service plans in the U.S. post-Blade acquisition - The acquisition enhances operations in New York, allowing for faster ramp-up due to existing infrastructure and customer base [44] Question: Remaining steps for type certification - The company is 70% complete on stage four, with the remaining steps expected to be completed over the next year [48] Question: Timeline for the Blade acquisition to impact financials - The acquisition is in the process of closing, with contributions expected in the fourth quarter [83]

Financial Data and Key Metrics Changes - The company reported a Q2 net loss of $325 million, which includes a $168 million operating loss and a $157 million non-operating loss, both impacted by non-cash items [30] - Total operating expenses for the quarter were $168 million, up about $5 million from the prior quarter, driven by higher staffing and program spending [31] - Adjusted EBITDA was a loss of $132 million in Q2, about $4 million higher than the prior quarter, reflecting increased spending [32] Business Line Data and Key Metrics Changes - The company is 70% complete on the Joby side for stage four of certification, with a 10-point increase from the previous quarter [7] - The first of five aircraft for TIA flight testing is headed to final assembly, with plans to start flying TIA aircraft with Joby pilots this year [7][12] - The acquisition of Blade's passenger business is expected to accelerate readiness for commercial eVTOL operations globally [14][15] Market Data and Key Metrics Changes - The company completed 76 separate flights in July alone, with significant flight testing in Dubai, including operations in challenging conditions [6][12] - The company is exploring the sale of up to 200 aircraft in Saudi Arabia, valued at approximately $1 billion [18] Company Strategy and Development Direction - The company aims to leverage the acquisition of Blade to enhance its operational capabilities and customer experience, particularly in New York [16][46] - The company is pursuing three paths to commercialization: owned and operated service, direct sales, and regional partnerships [17][35] - The company is also developing hybrid aircraft for U.S. defense applications, indicating a dual-use strategy [19][22] Management's Comments on Operating Environment and Future Outlook - Management highlighted the global regulatory momentum for eVTOL, with significant collaboration among countries to streamline certification processes [10][11] - The company is focused on scaling production capacity to meet demand, with plans to double production capacity at its Marina facility [23][24] - Management expressed confidence in the company's ability to execute on its plans despite the challenges ahead [34] Other Important Information - The company ended Q2 with cash and short-term investments totaling $991 million [29] - The company remains on track with its full-year 2025 guidance of $500 million to $540 million in cash use [30] Q&A Session Summary Question: Plans for providing eVTOLs to local charter operators - The company prefers retaining long-term cash flow from passenger service but sees value in Blade's asset-light model for flexibility [38][39] Question: Specifications of TIA aircraft - The TIA aircraft is nearly identical to previous models, with FAA inspections ongoing during the build process [41][42] Question: Initial commercial service in the U.S. post-Blade acquisition - The acquisition enhances operations in New York, allowing for faster ramp-up due to existing infrastructure and customer base [46] Question: Certification timeline and remaining tasks - The company is on schedule to begin TIA flights with Joby pilots by late this year and with FAA pilots early next year [84][85] Question: Contribution from Blade operations in financials - The Blade acquisition is in the process of closing, with contributions expected in future quarters [86]

Core Insights - Joby Aviation reported a quarterly loss of 41 cents per share, which was worse than the analyst consensus estimate of a loss of 19 cents [1] - The company's quarterly revenue was $15,000, significantly missing the Street estimate of $43,000 [1] - Joby ended the quarter with $991 million in cash and short-term investments [2] - The CEO highlighted that regulatory progress is unlocking market access and emphasized the focus on scaling production to meet demand [2] - Joby Aviation's stock price decreased by 3.01% to $18.93 in extended trading [3]

Core Viewpoint - Blade Air Mobility Inc. has announced the sale of its passenger mobility business to Joby Aviation for up to $125 million, transitioning to a pure-play medical logistics company named Strata Critical Medical, which has led to a significant stock price increase followed by a decline due to mixed earnings results [1][2][3] Financial Performance - Blade reported a mixed earnings report, beating revenue expectations but posting a negative earnings per share of five cents, which was worse than the anticipated negative four cents [2] - The medical division contributed nearly 60% of the company's revenue and 84% of its EBITDA, with an 18% year-over-year revenue growth, contrasting with an 8% year-over-year revenue decline in the passenger division [5] Strategic Outlook - The management is optimistic about future growth, expecting continued organic growth and plans to pursue strategic acquisitions with an anticipated $200 million in cash after the sale of the passenger business [6][7] - The company aims to focus on non-emergency medical transport, organ transfer, and time-critical healthcare logistics, which are considered less volatile compared to urban air travel [8] Market Position - Blade estimates the organ logistics market to be worth about $1 billion, with the company currently controlling approximately 30% of this market [11] - The stock forecast indicates a potential upside of 61.29%, with a 12-month price target of $6.25 based on analyst ratings [11] Risks and Considerations - The sale to Joby will be paid entirely in stock, which introduces potential volatility based on Joby's share price, and the deal is expected to close in the first half of 2026, extending the timeline for stock price fluctuations [9][10] - Investors may experience choppy trading conditions until the passenger business is sold, with cautious optimism expected for the stock [12]

Shareholder Letter Q2 2025 7 Joby obyaviation.col UGUST 6, 2025 JOBY AVIATION Q2 2025 Highlights | Completed 21 | Collaborating with L3Harris | | --- | --- | | full-transition flights in | to develop a new class | | Dubai flight test campaign | of aircraft for US defense | | to validate commercial | | | market readiness | | | Dept. of Defense | Abdul Latif Jameel and | | has requested $9.4 billion | ANA agreements | | in its FY26 budget to | explore deployment of | | advance autonomous and | approximately 3 ...

Core Insights - Joby Aviation is advancing towards FAA certifications for its electric vertical takeoff and landing (eVTOL) aircraft, which is a primary focus for investors [1] - Joby has announced a collaboration with L3Harris Technologies to develop hybrid eVTOL aircraft for defense applications, which is expected to enhance investor sentiment [2][4] - The partnership aims to start test flights in the coming months, with demonstrations targeted for government use by 2026 [4] Company Developments - Joby has a history of working with the Department of Defense (DoD), having received airworthiness approval from the U.S. Air Force in 2020, marking a significant milestone for eVTOL companies [6] - The CEO of Joby highlighted the company's readiness to demonstrate and deploy dual-purpose technologies developed in collaboration with the DoD [5] - Archer Aviation is also pursuing defense applications, having secured a contract worth up to $142 million with the U.S. Air Force in 2023 to assess eVTOL technologies for DoD purposes [8] Industry Context - The U.S. defense budget is projected to exceed $1 trillion by 2026, indicating substantial opportunities for both Joby and Archer in the defense market [12] - The competition between Joby and Archer in the eVTOL market is intensifying, with both companies committed to expanding their operations beyond civilian air taxi services [10] - Partnerships with major defense contractors like L3Harris and Anduril are not mutually exclusive, suggesting a collaborative growth potential within the industry [11]

Core Insights - Joby Aviation (JOBY) has announced an acquisition of Blade Air Mobility's (BLDE) urban air mobility passenger business for up to $125 million, which will enhance Joby's market presence in the eVTOL sector [1][10] - The acquisition will provide Joby with immediate access to Blade's existing urban air routes and infrastructure, particularly in New York City, thereby strengthening its position in medical logistics [2][4] - Blade's medical division will remain separate and will be rebranded as Strata Critical Medical, partnering with Joby for organ transportation [3][10] Group 1: Acquisition Details - The deal allows Joby to leverage Blade's experience in premium customer transportation, potentially reducing infrastructure investment and customer acquisition costs [4][5] - Joby aims to commence passenger operations in Dubai next year, aligning with its air taxi commercialization efforts [4] - The acquisition is expected to provide Joby with a competitive edge by enhancing market access and scale while lowering costs for new vertiports [5] Group 2: Market Context - Archer Aviation (ACHR), a competitor in the eVTOL market, is also advancing with its Midnight aircraft for short-haul air taxi services, indicating a growing competitive landscape [6] - Archer has secured agreements for deploying its aircraft in multiple countries, showcasing the international expansion of eVTOL services [7] - Joby's stock performance has significantly outpaced its industry, with shares surging in triple digits over the past year [8][12] Group 3: Financial Metrics - Joby is currently trading at a price-to-book value of 15.81X, which is substantially higher than the industry average of 3.51X, indicating a premium valuation [12] - The Zacks Consensus Estimate for Joby's losses in 2025 and 2026 has remained stable, suggesting consistent expectations among analysts [13] - Joby currently holds a Zacks Rank of 4 (Sell), reflecting market sentiment towards the stock [14]

Group 1 - Joby Aviation is acquiring Blade Air Mobility, Inc., which is described as an "Uber for helicopters," leading to a 21% intraday spike in Joby shares [1] - The trade structure involves a net debit of $2.60, with a maximum gain that is uncapped, a maximum loss of $1,020, and a break-even point at $16.80 according to Fidelity's model [1][2] - The trade includes buying an $18 strike call expiring on January 16, 2026, selling a $17.50 strike put expiring on August 8, 2025, and buying a $15 strike put expiring on August 8, 2025 [4] Group 2 - The catalyst for this trade is the upcoming earnings report, which is expected to have additional headline potential in the following weeks [4] - The strategy aims to take advantage of elevated pre-earnings implied volatility to reduce net cost while maintaining uncapped upside potential [4] - The trade is designed to limit drawdown in case the catalyst does not meet expectations, indicating a cautious approach to risk management [4]