joby-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_____________________________________________

FORM 10-Q

_____________________________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to ____________

Commission File Number: 001-39524

_____________________________________________

Joby Aviation, Inc.

(Exact Name of Registrant as Specified in its Charter)

_____________________________________________


Delaware			98-1548118
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
333 Encinal Street, Santa Cruz, CA			95060
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (831) 201-6700

_____________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.0001

JOBY

New York Stock Exchange

Warrants to purchase common stock

JOBY WS

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer	x	Accelerated filer	o
Non-accelerated filer	o	Smaller reporting company	o
Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

The registrant had 983,642,852 shares of common stock outstanding as of May 4, 2026.

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		Page
	Special Note Regarding Forward-Looking Statements	2

PART I.	FINANCIAL INFORMATION	3

Item 1.	Condensed Consolidated Financial Statements (Unaudited)	3
	Condensed Consolidated Balance Sheets (Unaudited)	3
	Condensed Consolidated Statements of Operations (Unaudited)	4
	Condensed Consolidated Statements of Comprehensive Loss (Unaudited)	5
	Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)	6
	Condensed Consolidated Statements of Cash Flows (Unaudited)	8
	Notes to Condensed Consolidated Financial Statements (Unaudited)	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	37
Item 4.	Controls and Procedures	37

PART II.	OTHER INFORMATION	38

Item 1.	Legal Proceedings	38
Item 1A.	Risk Factors	38
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 3.	Defaults Upon Senior Securities	39
Item 4.	Mine Safety Disclosures	39
Item 5.	Other Information	39
Item 6.	Exhibits	40
	Signatures	41

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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Statements contained in this Quarterly Report on Form 10-Q which are not historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include, without limitation, statements regarding the future financial position, business strategy and plans and objectives of management of Joby Aviation, Inc. (the “Company,” “Joby,” “we,” “us” or “our”). These statements constitute projections and forecasts and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Quarterly Report, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

These forward-looking statements are based on information available as of the date of this Quarterly Report and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. While we believe these expectations, forecasts, assumptions and judgments are reasonable, our forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Our business, prospects, financial condition, operating results and the price of our common stock may be affected by a number of factors, whether currently known or unknown, including but not limited to those discussed in this Quarterly Report in Part I., Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the section titled “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 27, 2026. Any one or more of these factors could, directly or indirectly, cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

As a result of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements.

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PART I—FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements (Unaudited)

JOBY AVIATION, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and per share amounts)


	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	874,524	$	240,810
Short-term investments	1,591,665		1,167,106
Total cash, cash equivalents and short-term investments	2,466,189		1,407,916
Restricted cash	166		220
Accounts and other receivables	11,498		7,139
Prepaid expenses and other current assets	33,736		30,479
Total current assets	2,511,589		1,445,754
Property and equipment, net	211,087		146,571
Operating lease right-of-use assets	31,826		31,837
Restricted cash	693		693
Intangible assets	20,360		18,859
Goodwill	89,383		89,422
Other non-current assets	62,716		61,933
Total assets	$	2,927,654	$	1,795,069
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	7,889	$	3,604
Operating lease liabilities, current portion	9,034		8,404
Accrued expenses and other current liabilities	96,956		48,018
Total current liabilities	113,879		60,026
Operating lease liabilities, net of current portion	25,463		26,167
Long-term debt	701,056		—
Warrant liability	29,461		104,878
Earnout shares liability	86,942		156,692
Other non-current liabilities	13,142		37,593
Total liabilities	969,943		385,356
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock: $0.0001 par value - 100,000,000 shares authorized. No shares issued and outstanding.	—		—
Common stock: $0.0001 par value - 2,800,000,000 shares authorized; 980,638,400 and 915,076,698 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively.	98		91
Additional paid-in capital	4,856,330		4,193,684
Accumulated deficit	(2,895,529)		(2,785,579)
Accumulated other comprehensive income (loss)	(3,188)		1,517
Total stockholders’ equity	1,957,711		1,409,713
Total liabilities and stockholders’ equity	$	2,927,654	$	1,795,069

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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JOBY AVIATION, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except share and per share data)


	Three Months Ended March 31,
	2026		2025
Revenue	$	24,246	$	—
Operating expenses:
Cost of Revenue	18,803		—
Research and development	177,470		134,287
Selling, general and administrative	61,553		28,997
Total operating expenses	257,826		163,284
Loss from operations	(233,580)		(163,284)
Interest and other income, net	17,784		9,898
Gain from change in fair value of warrants, earnout shares and contingent consideration, net	106,014		71,020
Total other income, net	123,798		80,918
Loss before income taxes	(109,782)		(82,366)
Income tax expense	168		40
Net loss	$	(109,950)	$	(82,406)
Net loss per share, basic and diluted	$	(0.12)	$	(0.11)
Weighted-average common shares outstanding, basic and diluted	943,503,442		766,908,858

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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JOBY AVIATION, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

(In thousands)


	Three Months Ended March 31,
	2026		2025
Net loss	$	(109,950)	$	(82,406)
Other comprehensive gain (loss):
Unrealized loss on available-for-sale securities	(4,593)		(146)
Foreign currency translation gain (loss)	(112)		57
Total other comprehensive loss	(4,705)		(89)
Comprehensive loss	$	(114,655)	$	(82,495)

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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JOBY AVIATION, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(In thousands, except share data)


	Common Stock			Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total Stockholders’ Equity
	Shares	Amount
Balance at January 1, 2026	915,076,698	$	91	$	4,193,684	$	(2,785,579)	$	1,517	$	1,409,713
Net loss	—	—		—		(109,950)		—		(109,950)
Stock-based compensation	—	—		41,161		—		—		41,161
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options	691,952	—		512		—		—		512
Issuance of common stock upon release of restricted stock units	5,003,139	—		—		—		—		—
Issuance of common stock in Public Offering, net of issuance cost of $23,664	52,863,437	6		576,330		—		—		576,336
Issuance of common stock upon exercise of Delta warrant	7,000,000	1		69,999		—		—		70,000
Reclassification of Delta warrant liability upon exercise	—	—		37,870		—		—		37,870
Issuance of common stock upon exercise of public warrants	3,174	—		47		—		—		47
Payment for capped call transactions	—	—		(63,273)		—		—		(63,273)
Other comprehensive loss	—	—		—		—		(4,705)		(4,705)
Balance at March 31, 2026	980,638,400	$	98	$	4,856,330	$	(2,895,529)	$	(3,188)	$	1,957,711

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JOBY AVIATION, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(In thousands, except share data)


	Common Stock			Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total Stockholders’ Equity
	Shares	Amount
Balance at January 1, 2025	784,176,364	$	78	$	2,768,605	$	(1,855,737)	$	(583)	$	912,363
Net loss	—	—		—		(82,406)		—		(82,406)
Stock-based compensation	—	—		27,019		—		—		27,019
Issuance of common stock upon exercise of stock options	807,475	—		547		—		—		547
Issuance of common stock upon release of restricted stock units	4,063,821	—		—		—		—		—
Issuance of common stock in at-the-market public offering, net of issuance cost of $81	246,167	1		1,993		—		—		1,994
Vesting of early exercised stock options	—	—		13		—		—		13
Other comprehensive loss	—	—		—		—		(89)		(89)
Balance at March 31, 2025	789,293,827	$	79	$	2,798,177	$	(1,938,143)	$	(672)	$	859,441

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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JOBY AVIATION, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities
Net loss	$	(109,950)	$	(82,406)
Reconciliation of net loss to net cash used in operating activities:
Depreciation and amortization expense	10,988		9,132
Stock-based compensation expense	44,045

SEC Form 10-Q filed by Joby Aviation Inc.