JOBY

Cluster: Capital Raising and Offering Disclosures

Commitment: October 09, 2025: Provide the final prospectus supplement and accompanying prospectus for the underwritten offering free of charge via EDGAR and from Morgan Stanley, superseding earlier availability statements.

🟡 Partially Met | Certainty: 80%

Analysis: The offering closed on 2025-10-09, which strongly implies the final prospectus supplement and prospectus were filed and available via EDGAR and the bookrunner. While this is standard and expected at closing, the provided summaries do not explicitly state availability language. The 2025-10-09 closing update supersedes prior availability statements from 2024.

Progress:* A recent update from 2025-10-09 confirms the offering closed; standard practice indicates the final prospectus supplement was filed and made available, superseding earlier availability statements.* Earlier evidence from 2025-10-07 references the effective shelf registration and bookrunner details; newer closing update governs availability expectations.

Commitment: October 07, 2025: Price an underwritten offering of 30,500,000 shares at $16.85 per share (≈$513.9 million gross) with closing expected on October 09, 2025, updating the earlier launch announcement from the same day.

✅ On Track | Certainty: 98%

Analysis: Pricing was announced at 30.5 million shares at $16.85, and the offering successfully closed on 2025-10-09. The closing confirms execution at the priced terms and supersedes the launch announcement earlier that day.

Progress:* A recent update from 2025-10-09 confirms the offering closed, validating the 2025-10-07 pricing.* Earlier evidence from 2025-10-07 announced pricing (30,500,000 shares at $16.85); the closing update supersedes the launch announcement.

Commitment: October 07, 2025: Grant underwriters a 30‑day option to purchase up to an additional 4,575,000 shares, superseding the prior $75 million option framing disclosed at launch.

🌟 Exceeded Expectations | Certainty: 100%

Analysis: The underwriters were granted a 30-day option for 4,575,000 shares and fully exercised it at closing, exceeding the initial launch framing of a $75 million option. The full exercise confirms completion and supersedes the earlier dollar-based framing.

Progress:* A recent update from 2025-10-09 confirms full exercise of the 4,575,000-share option at closing, superseding the earlier $75 million option framing.* Earlier evidence from 2025-10-07 detailed the grant of a 4,575,000-share option.

Commitment: October 07, 2025: Use net proceeds to fund certification and manufacturing, prepare for commercial operations, and for general working capital and corporate purposes, updating similar 2024 use‑of‑proceeds disclosures.

✅ On Track | Certainty: 90%

Analysis: The offering closed with approximately $591.0 million in gross proceeds, enabling the stated uses. While specific spending against these categories is not detailed, the funds have been raised, and this disclosure supersedes 2024 use-of-proceeds statements.

Progress:* A recent update from 2025-10-09 confirms gross proceeds of ~$591.0 million, enabling the stated uses and updating 2024 disclosures.* Earlier evidence from 2025-10-07 reiterated intended uses; the closing update confirms proceeds availability.

Commitment: October 07, 2025: Engage Morgan Stanley as book‑running manager for the offering, reaffirming the manager appointment.

🌟 Exceeded Expectations | Certainty: 100%

Analysis: Morgan Stanley served as book-running manager at pricing and is confirmed as book-runner at closing, fully meeting and reaffirming the commitment.

Progress:* A recent update from 2025-10-09 confirms Morgan Stanley acted as book‑running manager at closing.* Earlier evidence from 2025-10-07 confirms Morgan Stanley as book-runner at launch and pricing.

Commitment: October 25, 2024: Price a prior $202 million offering to fund certification, manufacturing, commercial preparation and general corporate purposes, now superseded by the larger October 2025 financing.

✅ On Track | Certainty: 95%

Analysis: The 2024 offering was priced and closed per the 2024 disclosures. The October 2025 financing is larger and supersedes the 2024 plan for current needs.

Progress:* Earlier evidence from 2024-10-25 confirms pricing of the $202 million offering; later 2025 financing supersedes these funds for current planning.* A recent update from 2025-10-09 indicates a larger $591.0 million raise, superseding 2024 funding scale.

Commitment: October 24, 2024: Launch a prior underwritten offering of up to $200 million (with a $30 million overallotment option) for certification and manufacturing funding, superseded by the October 2025 offering.

✅ On Track | Certainty: 95%

Analysis: The 2024 launch and subsequent pricing occurred. The October 2025 offering supersedes the prior offering’s role in current capital planning.

Progress:* Earlier evidence from 2024-10-24 confirms the launch of the $200 million offering with a $30 million option.* A recent update from 2025-10-09 reflects a substantially larger capital raise, superseding the 2024 plan.

Cluster: FAA Certification and Operational Readiness

Commitment: September 23, 2025: Prepare for initial FAA Type Inspection Authorization (TIA) flight tests with a targeted start in early 2026.

✅ On Track | Certainty: 90%

Analysis: The company is preparing for initial TIA flight tests targeted for early 2026, aligning with updated timelines and demonstrating readiness activities.

Progress:* A recent update from 2025-09-23 confirms preparation for TIA with targeted start in early 2026.* Earlier evidence from 2025-08-06 anticipated TIA pilot flights in 2025; the 2025-09-12/09-23 guidance supersedes with early 2026 timing.

Commitment: September 12, 2025: Participate in the White House eVTOL Integration Pilot Program to begin operations in select markets ahead of full FAA certification, with projects to be chosen within 180 days.

✅ On Track | Certainty: 90%

Analysis: Participation is announced, with a defined 180-day window for project selection. No contradictory updates; timelines are current.

Progress:* A recent update from 2025-09-12 confirms participation and 180-day selection window for projects.

Commitment: September 12, 2025: Fly the first of five FAA‑conforming aircraft this year and begin flight testing with FAA pilots early next year, sharpening prior TIA timing guidance.

🟡 Partially Met | Certainty: 80%

Analysis: The plan is to fly the first conforming aircraft in 2025 with FAA-pilot flight testing early 2026. This supersedes earlier 2025 FAA-pilot timing and reflects a refined schedule.

Progress:* A recent update from 2025-09-12 states first conforming aircraft expected this year; FAA pilot testing early next year (supersedes earlier 2025 FAA-pilot timing).* Earlier evidence from 2025-08-06 anticipated FAA pilots “shortly thereafter” in 2025; newer guidance shifts to early 2026.

Commitment: August 15, 2025: Begin flight testing with FAA pilots early next year after completing final assembly of the first TIA aircraft, updating August 06 guidance.

✅ On Track | Certainty: 85%

Analysis: The “early next year” timeline is reaffirmed by the 2025-09-12 update, consistent with early 2026 FAA-pilot testing following first conforming aircraft assembly.

Progress:* A recent update from 2025-09-12 confirms early next year timing for FAA-pilot testing, reinforcing the 2025-08-15 update.* Earlier evidence from 2025-08-06 suggested 2025; the newer updates supersede with early 2026.

Commitment: August 15, 2025: Demonstrate piloted eVTOL operations between two public airports within FAA‑controlled airspace to validate integration and ATC procedures.

🌟 Exceeded Expectations | Certainty: 98%

Analysis: The company completed the first piloted eVTOL flight between two U.S. public airports (OAR to MRY) in FAA-controlled airspace, validating ATC integration.

Progress:* Evidence from 2025-08-15 confirms the Marina–Monterey piloted airport-to-airport flight in controlled airspace.

Commitment: August 06, 2025: Deliver the first conforming aircraft intended for TIA flight tests in 2025 to advance toward certification, now reinforced by the August 15 assembly update.

🟡 Partially Met | Certainty: 75%

Analysis: Final assembly of the first conforming aircraft began in August. The 2025-09-12 update indicates first conforming aircraft to fly in 2025, reinforcing progress but not yet confirming delivery.

Progress:* A recent update from 2025-09-12 indicates first conforming aircraft expected to fly this year, reinforcing progress toward delivery.* Earlier evidence from 2025-08-06 announced final assembly commencement; delivery not yet confirmed.

Commitment: December 10, 2024: Operate an FAA‑approved Part 141 Flight Academy to build a pilot pipeline in advance of commercial service.

✅ On Track | Certainty: 95%

Analysis: The company received Part 141 approval and is operating the Flight Academy, supporting pilot pipeline development.

Progress:* Earlier evidence from 2024-12-03 confirms FAA Part 141 certificate and Flight Academy operation.

Commitment: December 10, 2024: Implement an FAA‑compliant Safety Management System for air operations ahead of regulatory deadlines.

✅ On Track | Certainty: 95%

Analysis: Acceptance into the FAA Part 5 SMS demonstrates compliance ahead of deadlines.

Progress:* Earlier evidence from 2024-12-03 confirms FAA acceptance of the Safety Management System.

Commitment: December 20, 2024: Target the start of TIA flight testing in 2025 as part of the final certification phase, updated by 2025 guidance specifying early 2026 FAA‑pilot testing.

⚠️ Warning: Poor Execution | Certainty: 90%

Analysis: The original 2025 TIA flight testing target has shifted; updated 2025 guidance states FAA-pilot testing will begin early 2026. The newer data supersedes the 2024 target, indicating schedule slippage.

Progress:* A recent update from 2025-09-12/09-23 revises FAA-pilot testing to early 2026, superseding the 2024 target.* Earlier evidence from 2024-12-20 targeted 2025 start; now out of date.

Commitment: October 24, 2024: Advance a global certification strategy by engaging international regulators to support validation of the FAA type certificate across key markets.

✅ On Track | Certainty: 90%

Analysis: Ongoing engagement with international regulators (U.K., Japan, Australia, and others) supports validation strategies.

Progress:* Earlier evidence from 2024-10-24 confirms hosting international regulators for certification alignment.

Commitment: October 22, 2024: Enhance powered‑lift pilot training aligned with the FAA’s newly published Special Federal Aviation Regulation for eVTOL operations.

🟡 Partially Met | Certainty: 80%

Analysis: The SFAR was published, and the company has expanded pilot training infrastructure (Part 141). Direct evidence of SFAR-aligned curricula is not explicit, but actions are consistent with compliance.

Progress:* Earlier evidence from 2024-10-22 acknowledges the SFAR publication (framework in place).* Earlier evidence from 2024-12-03 shows Flight Academy and SMS steps; SFAR alignment is implied but not explicitly documented.

Cluster: Manufacturing Scale‑Up and Capital Support

Commitment: September 12, 2025: Double U.S. production capacity to up to 24 aircraft per year across 435,000 square feet in Marina, California.

✅ On Track | Certainty: 95%

Analysis: Capacity expansion to 435,000 sq ft and doubling to 24 aircraft/year is reaffirmed by multiple 2025 updates, indicating readiness to meet near-term production goals.

Progress:* A recent update from 2025-09-12 reiterates doubling capacity to 24 aircraft/year across 435,000 sq ft.* Earlier evidence from 2025-07-15 details expanded Marina capacity and scaling plan.

Commitment: September 12, 2025: Ramp manufacturing facilities in Dayton, Ohio to support large‑scale aircraft production.

✅ On Track | Certainty: 90%

Analysis: Equipment installation and plans to scale to up to 500 aircraft/year in Dayton are underway, indicating substantive ramp activity.

Progress:* Earlier evidence from 2025-07-15 confirms equipment installation and plan for up to 500 aircraft/year in Dayton.* A recent update from 2025-09-12 reiterates Dayton ramp for large-scale production.

Commitment: August 06, 2025: Expand the Marina facility to 435,000 square feet to double capacity to 24 aircraft per year, reaffirmed and detailed on September 12.

✅ On Track | Certainty: 95%

Analysis: Expansion status is consistent across August and September updates, confirming footprint and capacity targets.

Progress:* A recent update from 2025-09-12 reconfirms the 435,000 sq ft expansion and capacity target.* Earlier evidence from 2025-08-06 describes the expansion and doubling plan.

Commitment: July 15, 2025: Add hundreds of full‑time jobs in California as part of capacity expansion and vertical integration.

🟡 Partially Met | Certainty: 75%

Analysis: The company announced plans to add hundreds of jobs; specific hiring totals are not yet reported in the summaries.

Progress:* Earlier evidence from 2025-07-15 announces plans to add hundreds of full-time jobs in California.

Commitment: July 15, 2025: Ramp production capability in Dayton, Ohio with equipment installation underway and plans to build up to 500 aircraft per year.

✅ On Track | Certainty: 90%

Analysis: Equipment installation is underway and long-term capacity plans are defined, indicating tangible ramp progress.

Progress:* Earlier evidence from 2025-07-15 confirms equipment installation and 500/year plan.* A recent update from 2025-09-12 aligns with scaling intent in Dayton.

Commitment: May 27, 2025: Deploy a $250 million strategic investment from Toyota to support certification and commercial production, including manufacturing process enhancements.

✅ On Track | Certainty: 100%

Analysis: The $250 million Toyota investment closed and is explicitly tied to certification and production support, enabling manufacturing enhancements.

Progress:* Earlier evidence from 2025-05-27 confirms closing of Toyota’s $250 million investment.

Commitment: May 07, 2025: Receive the first $250 million tranche of a planned $500 million Toyota investment (subject to closing), which subsequently closed on May 27, 2025.

🌟 Exceeded Expectations | Certainty: 100%

Analysis: The first tranche was received and the broader investment closed, fully meeting and advancing beyond the initial tranche milestone.

Progress:* Earlier evidence from 2025-08-06 references Toyota’s tranche and cash position.* Earlier evidence from 2025-05-27 confirms the closing of the $250 million investment.

Commitment: May 07, 2025: Take handover of the expanded Marina facility in June 2025 to more than double the footprint and add training and maintenance centers.

✅ On Track | Certainty: 95%

Analysis: Subsequent updates (July/September) reflect the expanded Marina footprint and doubled capacity, implying handover completion in June as planned.

Progress:* Earlier evidence from 2025-07-15 indicates expanded Marina operations consistent with June handover.* A recent update from 2025-09-12 confirms the 435,000 sq ft footprint and capacity doubling.

Cluster: UAE and Middle East Operations

Commitment: September 29, 2025: Launch a passenger air taxi service network in Ras Al Khaimah by 2027 through a long‑term collaboration with RAKTA and Skyports.

🟡 Partially Met | Certainty: 80%

Analysis: Parties signed an MoU targeting a 2027 launch; planning and partnership structures are in place, with timelines aligned to Dubai operations.

Progress:* A recent update from 2025-09-29 announces the RAKTA–Joby–Skyports partnership and 2027 launch target.

Commitment: September 29, 2025: Establish an inter‑emirate air taxi corridor linking Dubai to Ras Al Khaimah’s hospitality destinations by 2027.

🟡 Partially Met | Certainty: 75%

Analysis: Corridor planning is part of the MoU; execution steps will depend on vertiport development and regulatory progress.

Progress:* A recent update from 2025-09-29 outlines the inter‑emirate corridor concept and 2027 timeline.

Commitment: September 29, 2025: Build the first vertiport on Al Marjan Island for the 2027 launch with additional vertiports to follow in phases.

🟡 Partially Met | Certainty: 75%

Analysis: Al Marjan Island is designated for the first vertiport; detailed construction milestones were not provided.

Progress:* A recent update from 2025-09-29 designates the Al Marjan site and phased vertiport plan.

Commitment: September 29, 2025: Progress toward carrying first passengers in Dubai in 2026, aligning RAK plans with Dubai’s earlier timeline.

✅ On Track | Certainty: 85%

Analysis: Dubai remains targeted for 2026 passenger service; RAK alignment supports broader UAE rollout.

Progress:* Earlier evidence from 2025-06-30 confirms anticipated Dubai passenger service in 2026 under exclusive rights.* A recent update from 2025-09-29 aligns RAK plans with the Dubai 2026 timeline.

Commitment: June 30, 2025: Construct the first commercial vertiport at Dubai International Airport with Skyports, on track for completion in Q1 2026.

✅ On Track | Certainty: 90%

Analysis: Construction is underway at DXB and on track for Q1 2026 completion, enabling 2026 service.

Progress:* Earlier evidence from 2025-06-30 states construction underway with Q1 2026 target.* Earlier evidence from 2024-11-12 confirms the start of DXB vertiport construction.

Commitment: June 30, 2025: Commence anticipated passenger service in Dubai in 2026 under six‑year exclusive operating rights.

✅ On Track | Certainty: 85%

Analysis: Exclusive rights are confirmed; vertiport construction and readiness activities support the 2026 service start.

Progress:* Earlier evidence from 2025-06-30 reiterates 2026 start under exclusive rights.* Earlier evidence from 2024-11-12 and 2024-12-10 confirms exclusivity and infrastructure build.

Commitment: June 30, 2025: Integrate Dubai air taxi services with public transport systems to enable seamless multimodal travel.

🟡 Partially Met | Certainty: 80%

Analysis: Integration intent is clear; specific integration milestones are not detailed yet.

Progress:* Earlier evidence from 2025-06-30 states plans to integrate with public transport systems.

Commitment: December 10, 2024: Integrate Joby service into Jetex’s Middle East terminal network and install GEACS charging at Jetex sites to support operations.

🟡 Partially Met | Certainty: 80%

Analysis: Strategic partnership with Jetex was announced; installation progress and operational integration details remain pending.

Progress:* Earlier evidence from 2024-12-10 confirms partnership with Jetex and GEACS plans.

Commitment: December 10, 2024: Maintain six‑year exclusive rights to operate air taxis in Dubai under a definitive agreement, reaffirmed by 2025 market‑readiness updates.

✅ On Track | Certainty: 95%

Analysis: Exclusive rights are repeatedly confirmed in 2024–2025 updates, supporting Dubai market readiness.

Progress:* Earlier evidence from 2024-11-12 and 2025-06-30 confirms six-year exclusive rights.

Commitment: December 10, 2024: Pursue a UAE Air Operator Certificate to become the first certificated air taxi operator and enable Abu Dhabi expansion via a multilateral agreement.

✅ On Track | Certainty: 80%

Analysis: The AOC pursuit is underway and consistent with the broader UAE rollout; no conflicting updates.

Progress:* Earlier evidence from 2024-12-10 notes ongoing AOC pursuit in the UAE.

Cluster: Japan Strategy and Expo 2025

Commitment: September 30, 2025: Conduct public flight demonstrations of Joby’s air taxi at Expo 2025 Osaka over 13 days with plans for 20+ flights.

🟡 Partially Met | Certainty: 85%

Analysis: The 9/30 announcement describes public demonstrations over 13 days with 20+ flights in collaboration with ANA. As of the latest summaries (through 10/09), no post-event tally is provided; however, the timing indicates likely execution during Oct 1–13.

Progress:* A recent update from 2025-09-30 announces the 13-day demonstration plan with 20+ flights at Expo 2025.* Earlier evidence from 2025-08-05 set Oct 1–13 demonstration dates; the 9/30 update refines and confirms plans.

Commitment: September 30, 2025: Use demonstration data to collaborate with the Japan Civil Aviation Bureau on regulatory pathways for advanced air mobility.

🟡 Partially Met | Certainty: 75%

Analysis: Intent to use demo data with JCAB is stated. Execution depends on demos; collaboration steps post-demo are not yet documented.

Progress:* A recent update from 2025-09-30 commits to using demo data to engage JCAB on regulatory pathways.

Commitment: September 30, 2025: Advance a national air taxi ecosystem with vertiports, pilot training, and maintenance support, beginning with a phased rollout in Tokyo.

🟡 Partially Met | Certainty: 70%

Analysis: The plan is defined; concrete rollout milestones are pending.

Progress:* A recent update from 2025-09-30 outlines a phased rollout in Tokyo with supporting infrastructure.

Commitment: September 30, 2025: Engage communities, collaborate with regulators, and expand partnerships to build public acceptance and deployment momentum.

✅ On Track | Certainty: 80%

Analysis: Engagement is ongoing via Expo demonstrations and partner outreach; further metrics expected post-Expo.

Progress:* A recent update from 2025-09-30 emphasizes community engagement and partnership expansion during Expo.

Commitment: September 30, 2025: Showcase quiet, clean air taxi service at Expo 2025 to accelerate public acceptance among large daily audiences.

🟡 Partially Met | Certainty: 80%

Analysis: The showcase plan is articulated; post-event impact metrics are not yet available.

Progress:* A recent update from 2025-09-30 describes showcasing the aircraft to large audiences at Expo.

Commitment: August 05, 2025: Establish a joint venture to provide air taxi service in Japan, planning to deploy 100+ Joby aircraft in the coming years.

🟡 Partially Met | Certainty: 75%

Analysis: Intent to establish a JV is announced; final formation and regulatory approvals are not yet confirmed in the summaries.

Progress:* Earlier evidence from 2025-08-05 announces intent for a JV with >100 aircraft planned.

Commitment: August 05, 2025: Hold public demonstration flights of ANA‑branded Joby aircraft during Expo 2025 from October 01–13, 2025, now specified in the September 30 announcement.

🟡 Partially Met | Certainty: 85%

Analysis: Dates and plans were reaffirmed on 9/30; post-event confirmation pending.

Progress:* A recent update from 2025-09-30 confirms the demonstration window and plans, superseding prior placeholders.* Earlier evidence from 2025-08-05 set Oct 1–13 timing.

Commitment: August 05, 2025: Accelerate development of the Japanese ecosystem in coordination with national and local governments and partners including Toyota.

✅ On Track | Certainty: 80%

Analysis: Ongoing efforts reflected in Expo activities and partner coordination; no contradictions.

Progress:* A recent update from 2025-09-30 highlights engagement with JCAB and partners; Toyota’s strategic role noted.

Cluster: Platform and Market Access via Blade and Uber

Commitment: September 10, 2025: Integrate Blade’s air mobility services into the Uber app so riders can book Blade flights as soon as next year.

🟡 Partially Met | Certainty: 80%

Analysis: Integration announcement made; execution slated for next year. No contrary updates.

Progress:* A recent update from 2025-09-10 announces Uber–Blade integration targeting availability as soon as next year.

Commitment: September 10, 2025: Introduce Joby’s zero‑emissions air taxi to commercial passenger service in key markets in the years ahead, leveraging Uber and Blade distribution.

✅ On Track | Certainty: 75%

Analysis: The strategic pathway is set; timing depends on certification and market readiness.

Progress:* A recent update from 2025-09-10 outlines leveraging Uber and Blade for future Joby eVTOL service introductions.

Commitment: September 10, 2025: Leverage Blade’s infrastructure and decade of operational experience to accelerate Joby’s global launch.

✅ On Track | Certainty: 90%

Analysis: With the Blade passenger business acquisition closed, Joby has immediate access to Blade’s network and operations.

Progress:* Earlier evidence from 2025-08-29 confirms the Blade passenger business acquisition completion.* A recent update from 2025-09-10 reiterates leveraging Blade’s infrastructure.

Commitment: August 29, 2025: Continue Blade’s passenger operations as a wholly owned subsidiary to preserve terminals and loyal flyers post‑acquisition.

✅ On Track | Certainty: 95%

Analysis: Acquisition is complete and operations continue under Blade branding with leadership continuity.

Progress:* Earlier evidence from 2025-08-29 confirms Blade’s passenger operations continue as a wholly-owned subsidiary.

Commitment: August 29, 2025: Pursue entry into commercial passenger service with Joby eVTOL aircraft once certified, using Blade’s network to accelerate rollout.

✅ On Track | Certainty: 80%

Analysis: Strategy is clear; execution awaits certification.

Progress:* Earlier evidence from 2025-08-29 details the plan to use Blade’s network post-certification.

Commitment: August 29, 2025: Integrate Blade’s network and user base into Joby’s apps over time to expand access.

🟡 Partially Met | Certainty: 75%

Analysis: Integration roadmap is defined; early execution steps include Uber app integration in 2026 timeframe.

Progress:* A recent update from 2025-09-10 signals integration via Uber app as a first step.* Earlier evidence from 2025-08-29 commits to gradual app/user base integration.

Commitment: August 04, 2025: Acquire Blade’s passenger business for up to $125 million (including $35 million in earnouts) to accelerate market access.

🌟 Exceeded Expectations | Certainty: 100%

Analysis: The deal closed on 2025-08-29, fulfilling the acquisition objective.

Progress:* Earlier evidence from 2025-08-29 confirms acquisition completion.

Commitment: August 04, 2025: Integrate ElevateOS software into Blade operations to drive cost efficiency and enhance passenger experience.

🟡 Partially Met | Certainty: 70%

Analysis: Integration intent is stated; specific deployment milestones are not yet documented.

Progress:* Earlier evidence from 2025-08-04 describes plans to integrate ElevateOS.

Commitment: August 04, 2025: Become Blade’s preferred VTOL partner for organ transport wherever Joby operates to expand high‑value medical use cases.

🟡 Partially Met | Certainty: 75%

Analysis: Preferred partner status is defined as part of the acquisition; activation depends on Joby’s operational footprint.

Progress:* Earlier evidence from 2025-08-04 sets Joby as Blade’s preferred VTOL partner for organ transport post-acquisition.

Cluster: Brand Activation and Community Engagement

Commitment: September 23, 2025: Participate in the California International Airshow with aircraft on display, guided walkthroughs, and hands‑on activations on October 04–05, 2025.

🟡 Partially Met | Certainty: 85%

Analysis: Participation was announced; the event dates fall before the latest summaries, but no post-event recap is provided.

Progress:* A recent update from 2025-09-23 confirms planned participation and activations on Oct 4–5.

Commitment: September 23, 2025: Continue local community outreach and STEM education with hands‑on experiences and school partnerships building on 6,500 students engaged across 18 events in 2024.

✅ On Track | Certainty: 80%

Analysis: Ongoing outreach is described, with 2024 baseline metrics; continued activations are reported.

Progress:* A recent update from 2025-09-23 details ongoing community events and education initiatives.

Commitment: September 18, 2025: Serve as the Official Air Mobility Partner of the 2025 Ryder Cup at Bethpage Black, providing air mobility services September 25–28, 2025.

🟡 Partially Met | Certainty: 85%

Analysis: Partnership and operational plans were announced before the event; no post-event summary is included in the provided materials.

Progress:* A recent update from 2025-09-18 confirms the partnership and service window.

Commitment: September 18, 2025: Transport approximately 3,000 passengers over four days between lounges, the Bethpage Vertiport, and Republic Airport to reduce ground congestion.

🟡 Partially Met | Certainty: 70%

Analysis: This is a target metric; execution data post-event is not provided.

Progress:* A recent update from 2025-09-18 sets the ~3,000 passenger target; no subsequent tally available.

Commitment: September 18, 2025: Operate an onsite Ryder Cup Vertiport with 15 landing zones and an amphibious seaplane landing zone to support high‑volume movements.

🟡 Partially Met | Certainty: 75%

Analysis: Operational plan announced; execution confirmation not provided in summaries.

Progress:* A recent update from 2025-09-18 outlines vertiport and landing zone infrastructure plans for the event.

Commitment: September 18, 2025: Offer an on‑course Ryder Cup Lounge with VIP access, golf‑cart transfers, and hospitality consistent with Blade’s global lounge standards.

🟡 Partially Met | Certainty: 70%

Analysis: Planned amenities are described; post-event confirmation is not available.

Progress:* A recent update from 2025-09-18 details lounge and hospitality offerings.

Commitment: September 18, 2025: Provide themed amenities including a dedicated bar, golf simulator, and exclusive vantage points for attendees.

🟡 Partially Met | Certainty: 70%

Analysis: Planned amenities noted; execution confirmation not included.

Progress:* A recent update from 2025-09-18 lists amenities including a dedicated bar and golf simulator.

Commitment: September 18, 2025: Display Joby’s next‑generation all‑electric aircraft and an augmented reality simulator onsite to highlight the transition to quieter eVTOL travel.

🟡 Partially Met | Certainty: 75%

Analysis: Planned display; no post-event confirmation in the provided summaries.

Progress:* A recent update from 2025-09-18 commits to aircraft display and AR simulator presence.

Commitment: September 18, 2025: Promote emissions‑free, quieter urban air mobility through event activations showcasing eVTOL benefits.

🟡 Partially Met | Certainty: 70%

Analysis: Promotional intent is clear; broader impact metrics are pending.

Progress:* A recent update from 2025-09-18 outlines promotional objectives for urban air mobility during the event.

Cluster: Defense and Dual‑Use Autonomy

Commitment: September 03, 2025: Pursue long‑term development of dual‑use technologies (Superpilot) for defense and commercial markets.

✅ On Track | Certainty: 90%

Analysis: Successful autonomous demonstrations under REFORPAC and the Xwing autonomy acquisition underpin continued dual-use development.

Progress:* A recent update from 2025-09-03 details REFORPAC results and commitment to dual-use development.

Commitment: September 03, 2025: Compete for upcoming Department of Defense autonomous and hybrid aircraft programs informed by FY26 budget priorities.

✅ On Track | Certainty: 85%

Analysis: Post-REFORPAC readiness positions the company to compete for FY26-aligned programs.

Progress:* A recent update from 2025-09-03 indicates competitive positioning for DoD programs.

Commitment: September 03, 2025: Integrate autonomous capabilities validated with defense partners into Joby’s commercial air taxi platform.

✅ On Track | Certainty: 80%

Analysis: Integration intent is stated; sequencing depends on certification and commercial readiness.

Progress:* A recent update from 2025-09-03 points to integrating autonomous capabilities into the commercial platform.

Commitment: September 03, 2025: Move toward field deployment of dual‑use autonomous technologies following the REFORPAC demonstration.

✅ On Track | Certainty: 90%

Analysis: The REFORPAC exercise delivered extensive autonomous flight hours and miles, enabling field deployment planning.

Progress:* A recent update from 2025-09-03 reports 43.7 hours and 7,342 miles of autonomous operations in REFORPAC.

Commitment: September 03, 2025: Accelerate autonomy development post‑acquisition of Xwing’s autonomy division for defense and commercial applications.

✅ On Track | Certainty: 90%

Analysis: The Xwing autonomy division acquisition is acknowledged as a key accelerator post-2024.

Progress:* A recent update from 2025-09-03 references the 2024 acquisition and ongoing acceleration.

Commitment: August 01, 2025: Collaborate with L3Harris on a gas turbine hybrid VTOL aircraft for defense with flight testing starting fall 2025 and operational demonstrations in 2026.

🟡 Partially Met | Certainty: 75%

Analysis: Collaboration established with test start targeted for fall 2025; as of the latest summaries, start-of-testing confirmation is not yet documented.

Progress:* Earlier evidence from 2025-08-01 announces collaboration and timelines; no later confirmation of testing start.

Commitment: August 01, 2025: Demonstrate and deploy dual‑purpose technologies with DoD partners targeting readiness for 2026 operational demonstrations.

✅ On Track | Certainty: 85%

Analysis: REFORPAC outcomes and L3Harris collaboration align the company with 2026 demonstration readiness.

Progress:* Earlier evidence from 2025-08-01 states 2026 demo targets; 2025-09-03 REFORPAC results support readiness.

Commitment: August 01, 2025: Advance a gas turbine hybrid powertrain for the S4 platform, building on a June 2024 561‑mile hydrogen‑electric hybrid flight.

✅ On Track | Certainty: 85%

Analysis: Advancements on hybrid powertrain continue, leveraging prior 561-mile hybrid demonstration.

Progress:* Earlier evidence from 2025-08-01 and 2024-12-26/2025-02-26 references the 561-mile hybrid flight and ongoing development.

Cluster: Global Market Development and Regulatory Engagement

Commitment: June 03, 2025: Explore a distribution agreement in Saudi Arabia for up to 200 electric aircraft valued at approximately $1 billion to support local air taxi services.

✅ On Track | Certainty: 80%

Analysis: An MoU with Abdul Latif Jameel is in place to explore distribution of up to 200 aircraft; subsequent execution steps pending.

Progress:* Earlier evidence from 2025-06-03 confirms the MoU with potential ~$1B value.

Commitment: June 03, 2025: Collaborate to launch local air taxi services in Saudi Arabia with MRO and pilot training capabilities in the coming years.

✅ On Track | Certainty: 75%

Analysis: Collaboration intent is stated; detailed milestones are forthcoming.

Progress:* Earlier evidence from 2025-06-03 commits to local services, MRO, and training development.

Commitment: June 03, 2025: Support Saudi Vision 2030 by driving socio‑economic growth and employment through advanced air mobility initiatives.

✅ On Track | Certainty: 75%

Analysis: Strategic alignment is documented; measurable outcomes will appear as programs mature.

Progress:* Earlier evidence from 2025-06-03 frames alignment with Vision 2030 outcomes.

Commitment: December 13, 2024: Advance commercialization in Korea through the K‑UAM Grand Challenge with local consortium partners to improve connectivity in Seoul and Jeju.

✅ On Track | Certainty: 90%

Analysis: Successful flight tests in Korea (K‑UAM GC) demonstrate progress toward commercialization.

Progress:* Earlier evidence from 2024-12-13 confirms successful flight tests within Korea’s K‑UAM Grand Challenge.

Commitment: October 24, 2024: Host international aviation regulators and align on global certification approaches to enable validation of the FAA type certificate across markets.

✅ On Track | Certainty: 95%

Analysis: Hosting regulators from multiple countries supports international validation strategies and market entry.

Progress:* Earlier evidence from 2024-10-24 details the regulator engagement event and objectives.

Cluster: Corporate Strategy, Funding, and Governance

Commitment: August 10, 2025: Target carrying first passengers in 2026 with a piloted eVTOL optimized for up to 100‑mile urban missions delivering journeys up to 10x faster than driving.

✅ On Track | Certainty: 90%

Analysis: Multiple updates (Dubai 2026 target; Expo demos; U.S. readiness) support the 2026 first-passenger target.

Progress:* Earlier evidence from 2025-06-30 confirms anticipated passenger service in Dubai in 2026.* Earlier evidence from 2025-08-10 MD&A reiterates the 2026 passenger target and mission profile.

Commitment: August 10, 2025: Achieve FAA airworthiness certification with three of five stages completed and progress toward international validation.

✅ On Track | Certainty: 95%

Analysis: The company has completed three of five stages; stage four work is ongoing with international validation efforts active.

Progress:* Earlier evidence from 2024-12-20 and 2025-08-06 confirms completion of three stages and progress on stage four.* Earlier evidence from 2024-10-24 supports international validation engagement.

Commitment: August 10, 2025: Expand U.S. government contracts post‑2025 focused on hybrid aircraft and autonomous flight technologies.

✅ On Track | Certainty: 75%

Analysis: Defense-oriented collaborations (L3Harris) and autonomy demonstrations (REFORPAC) position the company for post‑2025 contract expansion.

Progress:* Earlier evidence from 2025-08-01 and 2025-09-03 supports readiness to pursue expanded government contracts.

Commitment: August 10, 2025: Build a vertically integrated business that manufactures, operates, and sells eVTOL aircraft to maximize utilization and reduce turnaround times.

✅ On Track | Certainty: 90%

Analysis: Manufacturing scale-up, Flight Academy, operations build-out, and Blade acquisition collectively advance vertical integration.

Progress:* Earlier evidence from 2025-07-15/09-12 covers manufacturing scale-up.* Earlier evidence from 2024-12-03 confirms Flight Academy; 2025-08-29 confirms Blade integration for operations.

Commitment: August 10, 2025: Increase R&D investment as staffing grows to support engineering and software development for next‑generation aircraft.

🌟 Exceeded Expectations | Certainty: 95%

Analysis: R&D rose 21% in Q2 2025, with personnel increases driving engineering and software development spend.

Progress:* Earlier evidence from 2025-08-10 (Q2 MD&A) reports a 21% increase in R&D to $136.4 million.

Commitment: August 10, 2025: Maintain regulatory compliance including adherence to newly published SFARs for eVTOL operations.

✅ On Track | Certainty: 85%

Analysis: The company acknowledged the SFAR publication and is aligning training and operations; continued compliance is implied.

Progress:* Earlier evidence from 2024-10-22/10-24 highlights SFAR publication and regulatory engagement.* Earlier evidence from 2024-12-03 indicates SMS and Part 141 approvals.

Commitment: August 10, 2025: Secure sufficient funding via equity and debt to sustain operations until commercial scale is achieved while monitoring cash flow and liquidity.

🌟 Exceeded Expectations | Certainty: 95%

Analysis: The company closed a $250 million Toyota tranche and raised ~$591 million gross via the October 2025 equity offering, materially enhancing liquidity.

Progress:* A recent update from 2025-10-09 confirms ~$591.0 million gross equity proceeds.* Earlier evidence from 2025-05-27 confirms $250 million Toyota investment closing.

Commitment: May 15, 2025: Develop necessary infrastructure including vertiports and pilot training facilities in step with certification and production ramp‑up.

✅ On Track | Certainty: 90%

Analysis: DXB vertiport construction is underway with Q1 2026 target; Flight Academy is operational; aligns with ramp milestones.

Progress:* Earlier evidence from 2025-06-30 confirms DXB vertiport construction schedule.* Earlier evidence from 2024-12-03 confirms Flight Academy establishment.

Commitment: February 27, 2025: Expand internationally with agreements in the UK, Japan, and Dubai and pursue validation of the FAA type certificate abroad.

✅ On Track | Certainty: 95%

Analysis: International agreements progressed (Virgin UK, ANA JV intent, Dubai exclusivity), with regulator engagement supporting validation.

Progress:* Earlier evidence from 2025-03-15/05-07 confirms the Virgin UK partnership.* Earlier evidence from 2025-08-05/09-30 covers Japan JV intent and Expo demos.* Earlier evidence from 2024-11-12/2025-06-30 confirms Dubai exclusivity and infrastructure build; 2024-10-24 supports regulator validation efforts.