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]

本文源自：智通财经网 周一，Joby Aviation(JOBY.US)股价走高，截至发稿，该股涨超17%，报20.13美元。Blade Air Mobility(BLDE.US)涨超28%，报4.86美元。消息面上，该公司有意以公司股票或现金形式最高出资1.25 亿美元收购Blade Air Mobility的客运业务。这笔交易预计将在未来几周内完成。 ...

Core Insights - Joby Aviation announced the acquisition of Blade Air Mobility's passenger business for up to $125 million, enhancing its market presence and operational capabilities [1][3] - The acquisition provides Joby with access to urban markets, a loyal customer base, and a decade of operational knowledge, which will support its electric air taxi business launch [3][4] - Joby also formed a strategic partnership with L3Harris Technologies to develop hybrid VTOL aircraft for military applications, with flight testing expected to begin this fall [4][5] Company Developments - Joby Aviation's stock has surged nearly 100% over the past month, reflecting investor enthusiasm for the VTOL sector's growth potential and favorable market conditions [6] - Joby shares rose by 19.6% to $20.53, while Blade Air Mobility shares increased by 27.6% to $4.82 on the announcement day [6] Market Context - Blade Air Mobility is recognized for its urban helicopter ride-share service, having served over 50,000 passengers in 2024, which adds significant value to Joby's acquisition [2] - The partnership with L3Harris is aimed at leveraging dual-purpose technologies developed in collaboration with the Department of Defense, indicating a strong focus on military applications [5]

Core Insights - Joby Aviation Inc announced the acquisition of Blade Air Mobility's helicopter ride-share business for $125 million, leading to a significant increase in its stock price [1] - The stock price of JOBY rose by 16.8% to $20.04, reaching an all-time high of $20.45, and has shown a year-to-date increase of 146.2% [2] - Despite the stock's impressive performance, analysts remain bearish, with six out of nine analysts rating it as "hold" or worse, and 13% of the shares sold short [2] Company Performance - Joby Aviation's stock has experienced a notable increase, bouncing off the $16 level and achieving a year-to-date lead of 146.2% [2] - The stock's current trading volume is significantly higher than average, with 53,000 calls and 37,000 puts placed, indicating active trading interest [4] - The most active options contract is the weekly 8/8 20-strike call, with new positions being bought to open [4] Market Sentiment - Options traders are leaning bearish on Joby Aviation, as indicated by a high put/call volume ratio that ranks above 94% of readings from the past year [3] - The stock has a Schaeffer's Volatility Scorecard (SVS) of 83 out of 100, suggesting it has tended to outperform volatility expectations in recent months [4]

Core Viewpoint - Joby Aviation is planning to acquire Blade Air Mobility's passenger business for up to $125 million in cash or stock, which has positively impacted the stock prices of both companies [1] Group 1: Company Performance - Joby Aviation's stock price increased by over 17%, reaching $20.13 [1] - Blade Air Mobility's stock price surged by over 28%, reaching $4.86 [1] Group 2: Acquisition Details - The acquisition is expected to be completed within the next few weeks [1] - The total potential investment for the acquisition is up to $125 million [1]

Group 1 - Joby Aviation's stock has seen a significant increase, rising 14.4% following the announcement of a new acquisition [2][4] - The acquisition involves the urban air mobility business of Blade Air Mobility, valued at up to $125 million, providing Joby immediate market access in New York City and Southern Europe [4][5] - Joby will become the preferred VTOL partner for Blade's organ transport business, although Blade's medical division is not included in the acquisition [5] Group 2 - The acquisition is strategically important for Joby, supporting the launch of its commercial operations in Dubai and its global rollout [5][6] - Blade estimates that it flew over 50,000 passengers in 2024 from a network of 12 urban terminals, enhancing Joby's position in the air taxi market [6][7] - This acquisition adds to the compelling reasons for investors to consider buying Joby shares at this time [7]

Group 1 - Joby Aviation's stock price increased over 17%, reaching $20.13 [1] - Blade Air Mobility's stock price rose over 28%, reaching $4.86 [1] - Joby Aviation intends to acquire Blade Air Mobility's passenger business for up to $125 million in stock or cash [1] Group 2 - The acquisition is expected to be completed in the coming weeks [1]