JOBY

Capital Raising and Offering Disclosures

Cluster Description

Commitments related to raising equity capital and associated offering disclosures; October 2025 actions update and supersede prior 2024 offering plans.

Commitments

• 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.
• 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.
• 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.
• 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.
• October 07, 2025: Engage Morgan Stanley as book‑running manager for the offering, reaffirming the manager appointment.
• 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$202 million offering to fund certification, manufacturing, commercial preparation and general corporate purposes, now superseded by the larger October 2025 financing.
• 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offering of up to $200 million (with a $30 million overallotment option) for certification and manufacturing funding, superseded by the October 2025 offering.

FAA Certification and Operational Readiness

Cluster Description

Regulatory, certification, training, and readiness steps toward commercial operations; 2025 guidance refines and updates 2024 timelines.

Commitments

• September 23, 2025: Prepare for initial FAA Type Inspection Authorization (TIA) flight tests with a targeted start in early 2026.
• 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.
• 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.
• 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.
• August 15, 2025: Demonstrate piloted eVTOL operations between two public airports within FAA‑controlled airspace to validate integration and ATC procedures.
• 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.
• December 10, 2024: Operate an FAA‑approved Part 141 Flight Academy to build a pilot pipeline in advance of commercial service.
• December 10, 2024: Implement an FAA‑compliant Safety Management System for air operations ahead of regulatory deadlines.
• 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.
• October 24, 2024: Advance a global certification strategy by engaging international regulators to support validation of the FAA type certificate across key markets.
• October 22, 2024: Enhance powered‑lift pilot training aligned with the FAA’s newly published Special Federal Aviation Regulation for eVTOL operations.

Manufacturing Scale‑Up and Capital Support

Cluster Description

Scaling production capacity and facilities, supported by strategic investment; later 2025 disclosures reaffirm and expand earlier plans.

Commitments

• September 12, 2025: Double U.S. production capacity to up to 24 aircraft per year across 435,000 square feet in Marina, California.
• September 12, 2025: Ramp manufacturing facilities in Dayton, Ohio to support large‑scale aircraft production.
• 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.
• July 15, 2025: Add hundreds of full‑time jobs in California as part of capacity expansion and vertical integration.
• July 15, 2025: Ramp production capability in Dayton, Ohio with equipment installation underway and plans to build up to 500 aircraft per year.
• May 27, 2025: Deploy a $250 million strategic investment from Toyota to support certification and commercial production, including manufacturing process enhancements.
• 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.
• 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.

UAE and Middle East Operations

Cluster Description

Commercialization in the UAE and broader Middle East, including exclusive operating rights in Dubai; 2025 milestones build on 2024 agreements.

Commitments

• 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.
• September 29, 2025: Establish an inter‑emirate air taxi corridor linking Dubai to Ras Al Khaimah’s hospitality destinations by 2027.
• September 29, 2025: Build the first vertiport on Al Marjan Island for the 2027 launch with additional vertiports to follow in phases.
• September 29, 2025: Progress toward carrying first passengers in Dubai in 2026, aligning RAK plans with Dubai’s earlier timeline.
• June 30, 2025: Construct the first commercial vertiport at Dubai International Airport with Skyports, on track for completion in Q1 2026.
• June 30, 2025: Commence anticipated passenger service in Dubai in 2026 under six‑year exclusive operating rights.
• June 30, 2025: Integrate Dubai air taxi services with public transport systems to enable seamless multimodal travel.
• December 10, 2024: Integrate Joby service into Jetex’s Middle East terminal network and install GEACS charging at Jetex sites to support operations.
• December 10, 2024: Maintain six‑year exclusive rights to operate air taxis in Dubai under a definitive agreement, reaffirmed by 2025 market‑readiness updates.
• 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.

Japan Strategy and Expo 2025

Cluster Description

Demonstration flights and ecosystem development in Japan culminating around Expo 2025; September 2025 details refine the August 2025 plan.

Commitments

• September 30, 2025: Conduct public flight demonstrations of Joby’s air taxi at Expo 2025 Osaka over 13 days with plans for 20+ flights.
• September 30, 2025: Use demonstration data to collaborate with the Japan Civil Aviation Bureau on regulatory pathways for advanced air mobility.
• September 30, 2025: Advance a national air taxi ecosystem with vertiports, pilot training, and maintenance support, beginning with a phased rollout in Tokyo.
• September 30, 2025: Engage communities, collaborate with regulators, and expand partnerships to build public acceptance and deployment momentum.
• September 30, 2025: Showcase quiet, clean air taxi service at Expo 2025 to accelerate public acceptance among large daily audiences.
• August 05, 2025: Establish a joint venture to provide air taxi service in Japan, planning to deploy 100+ Joby aircraft in the coming years.
• 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.
• August 05, 2025: Accelerate development of the Japanese ecosystem in coordination with national and local governments and partners including Toyota.

Platform and Market Access via Blade and Uber

Cluster Description

Use of Blade’s network and Uber’s platform to accelerate market access; August–September 2025 actions operationalize the acquisition.

Commitments

• September 10, 2025: Integrate Blade’s air mobility services into the Uber app so riders can book Blade flights as soon as next year.
• 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.
• September 10, 2025: Leverage Blade’s infrastructure and decade of operational experience to accelerate Joby’s global launch.
• August 29, 2025: Continue Blade’s passenger operations as a wholly owned subsidiary to preserve terminals and loyal flyers post‑acquisition.
• August 29, 2025: Pursue entry into commercial passenger service with Joby eVTOL aircraft once certified, using Blade’s network to accelerate rollout.
• August 29, 2025: Integrate Blade’s network and user base into Joby’s apps over time to expand access.
• August 04, 2025: Acquire Blade’s passenger business for up to $125 million (including $35 million in earnouts) to accelerate market access.
• August 04, 2025: Integrate ElevateOS software into Blade operations to drive cost efficiency and enhance passenger experience.
• August 04, 2025: Become Blade’s preferred VTOL partner for organ transport wherever Joby operates to expand high‑value medical use cases.

Brand Activation and Community Engagement

Cluster Description

Public showcases, events, and education to build familiarity and acceptance; 2025 activations emphasize visibility ahead of service launches.

Commitments

• September 23, 2025: Participate in the California International Airshow with aircraft on display, guided walkthroughs, and hands‑on activations on October 04–05, 2025.
• 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.
• 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.
• September 18, 2025: Transport approximately 3,000 passengers over four days between lounges, the Bethpage Vertiport, and Republic Airport to reduce ground congestion.
• September 18, 2025: Operate an onsite Ryder Cup Vertiport with 15 landing zones and an amphibious seaplane landing zone to support high‑volume movements.
• 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.
• September 18, 2025: Provide themed amenities including a dedicated bar, golf simulator, and exclusive vantage points for attendees.
• 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.
• September 18, 2025: Promote emissions‑free, quieter urban air mobility through event activations showcasing eVTOL benefits.

Defense and Dual‑Use Autonomy

Cluster Description

Development and deployment of autonomous and hybrid VTOL capabilities for defense with commercial spillover; 2025 items build toward 2026 demonstrations.

Commitments

• September 03, 2025: Pursue long‑term development of dual‑use technologies (Superpilot) for defense and commercial markets.
• September 03, 2025: Compete for upcoming Department of Defense autonomous and hybrid aircraft programs informed by FY26 budget priorities.
• September 03, 2025: Integrate autonomous capabilities validated with defense partners into Joby’s commercial air taxi platform.
• September 03, 2025: Move toward field deployment of dual‑use autonomous technologies following the REFORPAC demonstration.
• September 03, 2025: Accelerate autonomy development post‑acquisition of Xwing’s autonomy division for defense and commercial applications.
• 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.
• August 01, 2025: Demonstrate and deploy dual‑purpose technologies with DoD partners targeting readiness for 2026 operational demonstrations.
• August 01, 2025: Advance a gas turbine hybrid powertrain for the S4 platform, building on a June 2024 561‑mile hydrogen‑electric hybrid flight.

Global Market Development and Regulatory Engagement

Cluster Description

Market‑entry partnerships and regulator engagement outside the UAE and Japan; 2025 initiatives extend 2024 groundwork.

Commitments

• 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.
• June 03, 2025: Collaborate to launch local air taxi services in Saudi Arabia with MRO and pilot training capabilities in the coming years.
• June 03, 2025: Support Saudi Vision 2030 by driving socio‑economic growth and employment through advanced air mobility initiatives.
• December 13, 2024: Advance commercialization in Korea through the K‑UAM Grand Challenge with local consortium partners to improve connectivity in Seoul and Jeju.
• October 24, 2024: Host international aviation regulators and align on global certification approaches to enable validation of the FAA type certificate across markets.

Corporate Strategy, Funding, and Governance

Cluster Description

Strategic commitments spanning business model, financing, R&D, and international expansion; later MD&A statements reflect the most current plan.

Commitments

• 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.
• August 10, 2025: Achieve FAA airworthiness certification with three of five stages completed and progress toward international validation.
• August 10, 2025: Expand U.S. government contracts post‑2025 focused on hybrid aircraft and autonomous flight technologies.
• August 10, 2025: Build a vertically integrated business that manufactures, operates, and sells eVTOL aircraft to maximize utilization and reduce turnaround times.
• August 10, 2025: Increase R&D investment as staffing grows to support engineering and software development for next‑generation aircraft.
• August 10, 2025: Maintain regulatory compliance including adherence to newly published SFARs for eVTOL operations.
• August 10, 2025: Secure sufficient funding via equity and debt to sustain operations until commercial scale is achieved while monitoring cash flow and liquidity.
• May 15, 2025: Develop necessary infrastructure including vertiports and pilot training facilities in step with certification and production ramp‑up.
• February 27, 2025: Expand internationally with agreements in the UK, Japan, and Dubai and pursue validation of the FAA type certificate abroad.