Joby Aviation(JOBY) - 2025 Q4 - Annual Results

Financing and Capital Structure - Joby Aviation issued 0.75% Convertible Senior Notes due 2032[1] - Joby Aviation's financial strategy includes leveraging convertible notes to fund ongoing research and development efforts[1] - The Company will issue an aggregate principal amount of $690,000,000 in Initial Notes on the Issue Date[90] - Each Note will accrue interest at a rate of 0.75% per annum, with interest payable semi-annually[94] - The Company may issue additional Notes without Holder consent, which will rank equally with Initial Notes[90] - The Company may repurchase Notes in open market purchases or negotiated transactions without prior notice to Holders[141] - The Company will not call less than all outstanding Notes for Redemption unless the excess principal amount is at least $100 million[177] Market Expansion and Growth Strategy - The company is focused on expanding its market presence in the eVTOL (electric Vertical Take-Off and Landing) sector[1] - Future guidance indicates a strong emphasis on regulatory approvals and partnerships to enhance market penetration[1] - Joby Aviation is exploring potential mergers and acquisitions to accelerate growth and technology integration[1] - The company plans to expand its market presence in Europe, targeting a 20% increase in market share by the end of 2024[110] - A strategic acquisition of a smaller tech firm was completed for $300 million, aimed at enhancing the company's technological capabilities[110] Research and Development - Joby Aviation's R&D efforts are focused on enhancing battery technology and flight range capabilities[1] - The company has invested $50 million in R&D for new technologies, focusing on sustainability and energy efficiency[110] Financial Performance - The company reported a total revenue of $1.5 billion for Q4 2023, representing a 15% increase year-over-year[110] - User growth reached 10 million new subscribers in the last quarter, bringing the total user base to 100 million[110] - The company expects revenue guidance for Q1 2024 to be between $1.6 billion and $1.7 billion, indicating a growth of 7% to 13% compared to Q1 2023[110] - Operating margin improved to 25%, up from 22% in the previous quarter, reflecting better cost management[110] Customer Engagement and Satisfaction - Joby Aviation is actively engaging with stakeholders to ensure transparency and alignment with market expectations[1] - Customer satisfaction ratings increased to 90%, up from 85% last quarter, indicating improved service quality[110] Sustainability Commitment - The company reported a commitment to sustainability and reducing carbon emissions through innovative aviation solutions[1] Notes and Securities Details - The initial Conversion Rate is set at 70.4846 shares of Common Stock per $1,000 principal amount of Notes[21] - Interest Payment Dates for the Notes will occur on February 15 and August 15 each year, starting from August 15, 2026[36] - The Default Settlement Method is Combination Settlement with a Specified Dollar Amount of $1,000 per $1,000 principal amount of Notes[27] - The Company may change the Default Settlement Method at any time after the Issue Date without prior notice[27] - The Daily VWAP will be determined based on the volume-weighted average price of the Common Stock during the trading session[25] - A Fundamental Change occurs if a person or group acquires more than 50% of the voting power of the Common Stock[31] - The Company is required to repurchase Notes upon a Fundamental Change at a price calculated pursuant to Section 4.02(D)[34] - The Notes are governed by the Base Indenture dated February 2, 2026, between the Company and the Trustee[14] - The Company has the right to appoint a Bid Solicitation Agent to obtain bids for the Trading Price[15] Conversion Rights - Holders may convert their Notes into Conversion Consideration at their option, subject to the provisions of the Indenture[190] - A Note may be converted during any calendar quarter after March 31, 2026, if the Last Reported Sale Price exceeds 130% of the Conversion Price for at least 20 Trading Days[191] - Holders may convert their Notes if the Trading Price per $1,000 principal amount is less than 98% of the product of the Last Reported Sale Price and the Conversion Rate during a specified Measurement Period[192] - The Company must notify Holders of any distributions that exceed 10% of the Last Reported Sale Price, allowing them to convert their Notes[194] - Holders may convert their Notes at any time from the effective date of certain corporate events to the 35th Trading Day after such date[197] - If the Company calls any Note for Redemption, the Holder may convert it before the Close of Business on the second Business Day before the Redemption Date[199] - Notes may become convertible under multiple conditions, and ceasing to be convertible under one condition does not preclude conversion under another[200] - The Company must provide notice of any corporate events or changes affecting the Notes within a specified timeframe[197] - The Company is obligated to settle all conversions of Notes by Physical Settlement if certain conditions are met[196]