Here are a few brief analogies for Joby Aviation:

• Joby is like Tesla for air taxis.
• Joby is like Uber of the skies.

• eVTOL Aircraft: Design, development, and manufacturing of an all-electric, five-seat aircraft capable of vertical take-off and landing.
• Air Taxi Service: Planning to operate a commercial passenger transportation service utilizing its proprietary eVTOL aircraft for on-demand aerial ridesharing.

Joby Aviation (JOBY)

Major Customers

Joby Aviation's primary long-term commercial strategy is to operate its own air taxi service, meaning the company ultimately sells its service primarily to individuals. These customers will utilize Joby's electric vertical takeoff and landing (eVTOL) aircraft for convenient and rapid short-haul air travel. The primary categories of individual customers Joby aims to serve include:

• Time-Sensitive Business & Executive Travelers: This category comprises individuals, often high-net-worth professionals, who prioritize time efficiency and convenience. They will use Joby's service for rapid point-to-point transfers to bypass ground traffic congestion for business meetings, corporate campuses, or executive commutes, valuing speed and reliability to maximize productivity.

• Premium Leisure & Experiential Travelers: Affluent individuals and tourists who are seeking unique and elevated travel experiences. This includes those interested in scenic flights, luxurious transfers to resorts or entertainment venues, or special occasion travel, where the journey itself contributes significantly to the overall premium experience.

• Urban/Regional Commuters & Airport Connections: Travelers in dense urban and metropolitan areas who require fast, reliable, and comfortable transportation for routine commutes or critical connections to major transportation hubs, such as airports. This group seeks to avoid the inefficiencies, delays, and stress associated with traditional ground transportation.

Joby Aviation has identified the following major suppliers:

• SK On (a subsidiary of SK Innovation, KRX: 096770)
• Toray Advanced Composites (a subsidiary of Toray Industries, Inc., TSE: 3402)
• Toyota Motor Corporation (NYSE: TM)

JoeBen Bevirt, Founder and Chief Executive Officer

JoeBen Bevirt is the founder and Chief Executive Officer of Joby Aviation, which he established in 2009. He is a serial entrepreneur who co-founded Velocity11 in 1999, a company focused on robotic laboratory systems, which was later acquired by Agilent Technologies in 2007. He also founded Joby Inc. in 2005, known for consumer products like the Gorillapod flexible camera tripod, and started Joby Energy, which focused on airborne wind turbines. During the COVID-19 pandemic, he launched SummerBio, a company providing affordable PCR tests. Joby Aviation went public in 2021 through a SPAC merger with Reinvent Technology Partners, and has raised funds from investors including Toyota, Laurene Powell Jobs' Emerson Collective, and Jeff Skoll's Capricorn Investment Group.

Rodrigo Brumana, Chief Financial Officer

Rodrigo Brumana serves as Joby Aviation's Chief Financial Officer, overseeing the company's accounting, finance, tax, treasury, and investor relations. Prior to joining Joby, his experience included scaling global finance operations at companies such as HP, Amazon, eBay, and Poshmark. He also worked in complex manufacturing at Fairchild Semiconductor and Palm, Inc. He was appointed CFO effective May 29, 2025.

Bonny Simi, President of Operations

Bonny Simi is Joby Aviation's President of Operations. Her background includes several operational and strategic roles at JetBlue, encompassing Flight Operations, System Operations, People, Airports, and Customer Support. Notably, she founded and led JetBlue Technology Ventures. Bonny is also an experienced airline pilot, having commanded Boeing, Airbus, and Embraer aircraft for both United Airlines and JetBlue Airways, and is a 3-time Olympian in the sport of Luge.

Didier Papadopoulos, President of Aircraft OEM

Didier Papadopoulos is Joby Aviation's President of Aircraft OEM. He joined Joby in 2021 from Garmin International, where he held the position of VP of Aviation Systems, Programs, and Business Development. He brings over two decades of aviation experience, having started his career at CAE developing flight simulators for commercial and business aviation.

Eric Allison, Chief Product Officer

Eric Allison serves as Joby Aviation's Chief Product Officer. Before joining Joby, he led the Elevate team at Uber, where he focused on developing software tools for on-demand mobility. He also served as CEO of Zee Aero, where he spearheaded the development of Cora, an autonomous air taxi vehicle. His expertise spans aerospace research, electric propulsion, energy storage, vehicle autonomy, and composite structures.

The key risks to Joby Aviation (JOBY) are predominantly associated with its pioneering position in an emerging industry, facing significant regulatory, financial, and market challenges.

1. Regulatory and Certification Delays

   The foremost risk for Joby Aviation is the delay in obtaining necessary regulatory approvals and certification for its electric vertical take-off and landing (eVTOL) aircraft and services. The company's commercial operations are entirely contingent on receiving Federal Aviation Administration (FAA) type certification, a process that is unprecedented for eVTOL aircraft. Recent filings have indicated that the FAA has requested additional safety documentation, causing delays in the certification timeline. These regulatory hurdles could postpone Joby's commercial deployment by several quarters, creating significant uncertainty for investors and impacting future revenue.

2. Significant Financial Losses and Prolonged Path to Profitability

   Joby Aviation is currently a pre-revenue company, or generates very limited revenue, and has incurred substantial losses since its inception, with expectations of continued losses as it moves towards commercial launch. The development, manufacturing, and operational scaling of its air taxi network are capital-intensive endeavors. The company's significant cash burn, approximately $500 million annually, necessitates ongoing funding, which could lead to further equity dilution for existing shareholders. The path to achieving sustainable profitability is long and faces challenges in building manufacturing capacity, establishing operational infrastructure, and convincing customers to adopt the service at economically viable prices.

3. Uncertain Market Adoption and Intense Competition

   The urban air mobility (UAM) market is still in its nascent stages, leading to uncertainty regarding consumer adoption and their willingness to pay the projected prices for air taxi services. Delays in launching commercial services and developing the necessary ground infrastructure could impact growth. Furthermore, the competitive landscape is intensifying, with several rivals such as Archer Aviation, Vertical Aerospace, and Lilium, as well as established aerospace giants like Boeing and Airbus, all vying for market share. This intense competition could limit Joby's early pricing power and extend the time it takes to reach profitability.

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Here is a summary of Joby Aviation's capital allocation decisions over the last 3-5 years:

Share Issuance

• In August 2021, Joby Aviation went public through a SPAC merger with Reinvent Technology Partners, which provided approximately $1.6 billion in gross proceeds to fund the company through initial commercial operations.
• In October 2025, Joby Aviation completed an underwritten public offering of 35,075,000 shares of common stock, including the full exercise of the underwriter's option, raising approximately $591.0 million in gross proceeds. The net proceeds from this offering are intended to fund certification and manufacturing efforts, prepare for commercial operations, and for general working capital.
• In August 2025, Joby Aviation filed prospectus supplements for the resale of 5,325,585 shares related to its acquisition of Strata Critical Medical, Inc., and 49,701,790 shares from a stock purchase agreement with Toyota Motor Corporation.

Inbound Investments

• Toyota Motor Corporation has made significant investments, including an initial backing in Joby's $620 million Series C round in 2020. Toyota announced an additional $500 million investment in October 2024, to be paid in two equal tranches in 2024 and 2025, bringing its total investment in Joby to $894 million. The first $250 million tranche of this investment closed in May 2025.
• Delta Air Lines made an upfront equity investment of $60 million in October 2022, with the opportunity to expand the total investment up to $200 million based on the achievement of milestones.
• SK Telecom, South Korea's leading telecommunications company, made a $100 million equity investment in Joby Aviation in June 2023 as part of an expanded partnership.

Outbound Investments

• In December 2020, Joby Aviation acquired Uber Elevate, Uber's air taxi platform, including key personnel and software tools for multi-modal operations management and demand simulation.
• In August 2025, Joby announced a definitive agreement to acquire the passenger business of Blade Air Mobility for up to $125 million. This acquisition aims to leverage Blade's existing customer base and operational expertise.
• In 2024, Joby acquired Xwing for its autonomous flight technology, which will be incorporated into its aircraft platform.

Capital Expenditures

• Joby Aviation's capital expenditures amounted to -$40.6 million USD for the fiscal year ending December 31, 2024.
• The company forecasts its 2025 outgoings, which include capital expenditures for eVTOL aircraft development, to be as high as $540 million.
• Capital expenditures are primarily focused on developing manufacturing facilities and accelerating aircraft certification and commercial production. This includes an expanded facility in Marina, California, which will more than double its manufacturing footprint, and plans for a larger factory in Ohio.