$JOBY

Joby Aviation, Inc.

CIK:0001819848|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Revenue	$ 38,639	$ 15	$ 62,885	$ 15
Operating expenses:
Cost of Revenue	28,298	10	47,101	10
Research and development	194,662	136,387	372,132	270,674
Selling, general and administrative	76,562	31,482	138,115	60,479
Total operating expenses	299,522	167,879	557,348	331,163
Loss from operations	(260,883)	(167,864)	(494,463)	(331,148)
Interest and other income, net	18,929	9,849	36,713	19,747
Loss on common stock issuance in private placement	0	(40,258)	0	(40,258)
Gain (loss) from change in fair value of warrants, earnout shares and contingent consideration, net	(3,347)	(126,295)	102,667	(55,275)
Total other income (loss), net	15,582	(156,704)	139,380	(75,786)
Loss before income taxes	(245,301)	(324,568)	(355,083)	(406,934)
Income tax expense	142	106	310	146
Net loss	$ (245,443)	$ (324,674)	$ (355,393)	$ (407,080)
Net loss per share, basic (in dollars per share)	$ (0.25)	$ (0.41)	$ (0.37)	$ (0.52)
Net loss per share, diluted (in dollars per share)	$ (0.25)	$ (0.41)	$ (0.37)	$ (0.52)
Weighted-average shares outstanding, basic (in shares)	969,905,441	796,798,437	956,777,375	781,936,215
Weighted-average common stock outstanding, diluted (in shares)	969,905,441	796,798,437	956,777,375	781,936,215

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (355,393)	$ (407,080)
Reconciliation of net loss to net cash used in operating activities:
Depreciation and amortization expense	22,853	18,885
Stock-based compensation expense	96,016	53,577
(Gain)/Loss from change in the fair value of warrants, earnout shares and contingent consideration, net	(102,667)	55,276
Non-cash interest expense, and amortization of debt discount and issuance costs	3,614	0
Loss on common stock issuance in private placement	0	40,258
Net accretion and amortization of investments in marketable debt securities	(1,937)	(5,132)
Changes in operating assets and liabilities
Accounts and other receivables and prepaid expenses and other current assets	(8,972)	13,343
Other non-current assets	(333)	173
Accounts payable and accrued expenses and other current liabilities	58,113	12,053
Non-current liabilities	(28,876)	1,114
Net cash used in operating activities	(317,582)	(217,533)
Cash flows from investing activities
Purchases of marketable securities	(814,141)	(285,428)
Proceeds from sales and maturities of marketable securities	341,339	368,673
Purchases of property and equipment and other long-lived assets	(106,559)	(27,089)
Acquisitions, net of cash	39	0
Net cash provided by (used in) investing activities	(579,322)	56,156
Cash flows from financing activities
Gross proceeds from issuance of convertible notes	690,000	0
Convertible notes underwriting discounts and commissions and issuance costs	(20,311)	0
Proceeds from mortgage loan	30,750	0
Payment for capped call transactions	(63,273)	0
Proceeds from issuance of common stock in private placement, net	0	249,905
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan	8,191	5,022
Proceeds from the exercise of stock options and warrants	70,690	964
Repayments of obligations under finance lease and tenant improvement loan	(1,134)	(859)
Net cash provided by financing activities	1,291,249	297,994
Net change in cash, cash equivalents and restricted cash	394,345	136,617
Cash, cash equivalents and restricted cash, at the beginning of the period	241,723	200,389
Cash, cash equivalents and restricted cash, at the end of the period	636,068	337,006
Reconciliation of cash, cash equivalents and restricted cash in balance sheets
Cash and cash equivalents	629,861	336,313
Restricted cash	6,207	693
Cash, cash equivalents and restricted cash in balance sheets	636,068	337,006
Non-cash investing and financing activities
Unpaid property and equipment purchases	2,014	5,460
Property and equipment purchased through finance leases	3,602	3,665
Right-of-use assets acquired through operating leases	3,496	1,990
Underwritten Public Offering
Cash flows from financing activities
Proceeds from issuance of common stock	600,000	0
Underwritten public offering and At-the-market public offering commission and offering expenses	(23,664)	0
At-The-Market Public Offering
Cash flows from financing activities
Proceeds from issuance of common stock	0	44,529
Underwritten public offering and At-the-market public offering commission and offering expenses	$ 0	$ (1,567)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 629,861	$ 240,810
Short-term investments	1,633,965	1,167,106
Total cash, cash equivalents and short-term investments	2,263,826	1,407,916
Restricted cash	1,304	220
Accounts and other receivables	12,449	7,139
Prepaid expenses and other current assets	38,679	30,479
Total current assets	2,316,258	1,445,754
Property and equipment, net	229,828	146,571
Operating lease right-of-use assets	30,920	31,837
Restricted cash	4,903	693
Intangible assets	18,155	18,859
Goodwill	89,390	89,422
Other non-current assets	62,723	61,933
Total assets	2,752,177	1,795,069
Current liabilities:
Accounts payable	8,273	3,604
Operating lease liabilities, current portion	9,027	8,404
Accrued expenses and other current liabilities	111,558	48,018
Total current liabilities	128,858	60,026
Operating lease liabilities, net of current portion	24,531	26,167
Long-term debt	701,874	0
Warrant liability	21,505	104,878
Earnout shares liability	95,565	156,692
Other non-current liabilities	13,121	37,593
Total liabilities	985,454	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.	0	0
Common stock: $0.0001 par value - 2,800,000,000 shares authorized; 986,521,249 and 915,076,698 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively.	99	91
Additional paid-in capital	4,913,728	4,193,684
Accumulated deficit	(3,140,972)	(2,785,579)
Accumulated other comprehensive income (loss)	(6,132)	1,517
Total stockholders’ equity	1,766,723	1,409,713
Total liabilities and stockholders’ equity	$ 2,752,177	$ 1,795,069