What changed in this filing

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Item 1. Business

2025-02-27 compared with 2024-02-27 · 89 added, 81 removed, 226 unchanged (43% of the section changed)

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Our mission is to help the world connect faster and more easily with the people and places that matter most by delivering a new form of clean, fast, quiet and convenient aerial transportation service.

The Joby eVTOL is designed to transport a pilot and four passengers at speeds of up to 200 mph with a range of 100 miles.

The Joby eVTOL is designed to transport a pilot and up to four passengers - or an expected payload of up to 1,000 pounds - at speeds of up to 200 mph.

The aircraft is optimized for urban routes, with a target range of up to 100 miles on a single charge.

According to our modeling, more than 99% of urban routes in cities such as New York City and Los Angeles are significantly shorter than this, enabling higher utilization through faster turnaround times of our aircraft.

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Our aircraft has been specifically designed with multiple redundancies across systems and components for enhanced safety and to achieve a considerably lower noise footprint than that of similarly sized conventional aircraft or helicopters.

It is quiet at takeoff and near silent when flying overhead, which we anticipate will allow us to operate from new skyport locations nearer to where people live and work, in addition to utilizing the more than 5,000 heliport and airport infrastructure facilities already in existence in the U.S.

It is quiet at takeoff and near silent when flying overhead, which we anticipate will allow us to operate from new vertiport locations nearer to where people live and work, in addition to utilizing the more than 5,000 heliport and airport infrastructure facilities already in existence in the U.S.

We are in the process of certifying our aircraft with the U.S.

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This involves a rigorous process of design, testing, verification and quality control.

We have also begun working with regulators in other countries, including the United Kingdom, Japan, South Korea and the United Arab Emirates (“UAE”) to pursue commercialization opportunities in those markets.

While foreign certification in many countries leverages our work with

the FAA, in some, such as the UAE, it may also provide a path to commercial operations prior to receiving certification in the United States.

Through 2023 we have flown more than 30,000 miles in our prototype aircraft.

In November 2023, we completed our first urban flight exhibition at an event in New York City hosted by Mayor Eric Adams and the New York City Economic Development Corporation, and attended by critical stakeholders such as the Port Authority of New York and New Jersey and elected officials.

We have also begun working with regulators in other countries, including the United Kingdom, Japan, South Korea, Australia and the United Arab Emirates (“UAE”) to pursue

commercialization opportunities in those markets.

While foreign certification in many countries leverages our work with the FAA, in some, such as the UAE, it may also provide a path to commercial operations prior to receiving certification in the United States.

In November 2024, we completed our first international exhibition flight at Toyota’s Higashi-Fuji Technical Center in Shizuoka, Japan.

Shortly thereafter, in December 2024, we completed a series of flight tests in Korea as part of the K-UAM Grand Challenge.

We do not currently intend to sell our aircraft to independent third parties or individual customers as a primary business model.

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Air Force (“USAF”) through sales or contracted operations, and to individual end-users through a convenient app-based aerial ridesharing service.

We believe this vertically-integrated business model will generate the greatest economic returns, while providing us with end-to-end control over the customer experience to optimize for customer safety, comfort and value.

There may be circumstances in which it is either required (for example, due to operating restrictions on foreign ownership in other countries) or otherwise desirable to sell aircraft in the future.

We do not expect this would change our core focus on building a vertically integrated transportation company.

We began initial service operations with the U.S.

Department of Defense (“DOD”) in September 2023 and are targeting commercial passenger operations in 2025.

Department of Defense (“DOD”) in September 2023 and are targeting initial passenger operations in 2025 or 2026.

We believe this vertically-integrated business model will generate the greatest economic returns over time, while providing us with end-to-end control over the customer experience to optimize for customer safety, comfort and value.

There may be circumstances in which it is either required (for example, due to operating restrictions on foreign ownership in other countries) or otherwise desirable (for example, direct sale of aircraft to business customers with ongoing training and maintenance support packages) to sell aircraft in the future.

We do not expect this would change our core focus on building a vertically integrated transportation company.

We operate a powertrain and electronics engineering and manufacturing facility in San Carlos, California, as well as 130,000 square feet of additive and subtractive manufacturing, machining, aircraft assembly and flight test facilities in Marina, California.

With local support from California state incentives and grants, we have begun construction of a new building at our Marina site to support manufacturing and training that will double the footprint of that location.

These facilities are utilized to design, build and test the components, systems and assemblies for our aircraft as we refine our design and hone our production process.

We believe that our California operations will both be able to support our initial low-rate production plans as well as serve as a testing and development facility for future innovations.

Our high-rate production facility is planned for Dayton, Ohio where we have identified a 140-acre site that has the potential to support significant growth over time, with enough land to build over two million square feet of manufacturing space.

Our high-rate production facility is planned for Dayton, Ohio where we purchased a 40,300 square foot facility in 2024 and have identified a separate 140-acre site that has the potential to support significant growth over time, with enough land to build over two million square feet of manufacturing space.

With strong financial incentives and support from state and local governments, we look forward to expanding our manufacturing in the birthplace of aviation as our business grows.

Our preparations for commercial passenger service include forming sector-leading relationships with partners such as Toyota, Uber, Delta Air Lines, and SK Telecom in South Korea, all of whom have invested in Joby, as well as global partners such as ANA Airlines in Japan and the Road and Transport Authority in Dubai.

Our preparations for commercial passenger service include forming sector-leading relationships with partners such as Toyota, Uber, and Delta Air Lines, all of whom have invested in Joby, as well as global partners such as ANA Airlines in Japan and the Road and Transport Authority in Dubai.

We have also established relationships with infrastructure providers including fixed base operators of landing sites such as Atlantic Aviation, Helo Holdings, Inc.

(“HHI”) and Skyports to facilitate infrastructure development in key markets.

Additionally, we have long-standing relationships in research and development with federal government agencies as we evolved our design for the fastest, quietest eVTOL in its class.

Additionally, we have long-standing relationships in research and development with federal government agencies as we evolved our design.

Joby Aero, Inc.

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In connection with the transactions, Legacy Joby changed its name to Joby Aviation, Inc.

See Part II, Item 7.

“Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Part II, Item 8.

“Financial Statements and Supplementary Data” for more information.

Our principal executive office is located at 333 Encinal Street, Santa Cruz, CA 95060.

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We also make available, free of charge, all of our SEC filings on our website at ir.jobyaviation.com as soon as reasonably practicable after they are electronically filed with or furnished to the SEC.

The information contained on any of the websites referenced in this Annual Report on Form 10-K are not part of or incorporated by reference into this or any other report we file with or furnish to the SEC.

We have a code of ethics that applies to our executive officers, directors and employees, including our principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.

The code of ethics is available on our website, ir.jobyaviation.com.

We intend to make any legally required disclosures regarding amendments to, or waivers of, provisions of our code of ethics on our website rather than by filing a Current Report on Form 8-K.

The information contained on any of the websites referenced in this Annual Report are not part of or incorporated by reference into this or any other report we file with or furnish to the SEC.

Our team of world-class engineers has been working for more than a decade to develop an aircraft specifically designed for aerial ridesharing.

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Developing much of the aircraft in-house has required greater up-front investment, but has also allowed us to develop systems and components that are specifically engineered for their intended applications.

We believe this has resulted in an aircraft with best-in-class capabilities across key performance metrics, while reducing

reliance on program critical third-party suppliers that add cost to the final product and risk to development and certification schedules.

We believe this has resulted in an aircraft with best-in-class capabilities across key performance metrics, while reducing reliance on program critical third-party suppliers that add cost to the final product and risk to development and certification schedules.

We designed our aircraft to be safe, quiet and performant - all characteristics that we believe are critical to unlocking the aerial ridesharing market.

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Through the enterprise approach, SMS interfaces will facilitate the exchange of information to continuously improve the safety of our aircraft and operations.

In 2024, we were accepted into the FAA Voluntary SMS for Air Operations.

Developing an aircraft with a low noise footprint that allows for regular operations within metropolitan areas is critical to community acceptance.

In addition to the benefits afforded by an all-electric powertrain, we’ve spent substantial engineering resources to reduce the noise signature of the aircraft even further.

In addition to the benefits afforded by an all-electric powertrain, we’ve devoted substantial engineering resources to reduce the noise signature of the aircraft even further.

The result is an aircraft that is significantly quieter than a twin-engine helicopter, exhibiting a noise profile in the range of 65 dBA during takeoff and landing (the noisiest configuration), roughly the volume of a normal speaking voice.

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We have developed proprietary charging infrastructure optimized for electric aircraft.

Joby’s Global Electric Aviation Charging System (GEACS) is designed to support the safe and efficient operation of all electric aircraft under development today, including our own quiet, emissions-free air taxi.

Joby’s Global Electric Aviation Charging System (GEACS) is designed to support the safe and efficient operations of electric aircraft, including simultaneous charging of multiple battery packs, battery conditioning for ultra-fast charging, and secure data download to address safety and cybersecurity.

After 10 years of development, in 2023, we announced that we would open-source and share the specifications for the universal charging interface we developed, making it freely available to our industry.

We believe this will help spur adoption of new transportation technologies and specifically, of air taxis.

The Urban Air Mobility Market

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Population growth and urbanization are stretching ground-based transportation infrastructure to its limits.

Today, more than fifty percent of the world’s 7.8 billion people live in urban areas.

The top fifteen megacities alone are home to more than 300 million inhabitants, and the United Nations (“UN”) predicts that by 2050 the world’s urban population will grow by an additional 2.5 billion people.

Today, more than fifty percent of the world’s approximately 8 billion people live in urban areas.

Megacities, with 10 million people or more inhabitants, are home to a growing share of the world’s population, projected to reach 752 million people by 2030, according to the United Nations (“UN”).

Transportation is the life-blood of urban areas, and population growth combined with increased urbanization will continue to push this infrastructure to the brink.

According to recent research, the cost of traffic congestion to the U.S.

According to a 2021 report, the cost of traffic congestion to the U.S.

economy alone was more than $190 billion in 2019.

The same study found that, in the top 15 metro areas alone, automobile commuters spent an aggregate of nearly 5 billion hours per year in traffic congestion and burned an extra 1.83 billion gallons of fuel.

New light rail lines cost more than $100 million per mile in the U.S.

New light rail lines can cost more than $100 million per mile in the U.S.

and routinely exceed twice that number.

Moving beneath the surface to expand our subway networks is even more expensive, with new subway lines often costing nearly a $1 billion per mile.

These ground-based networks can’t scale efficiently, and the costs are prohibitive.

These ground-based networks cannot scale efficiently, and the costs are prohibitive.

We believe that cities need a new, sustainable mobility solution.

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Over the past two decades, improvements in lithium-ion batteries and power electronics alongside the ever-increasing performance of microelectronics have enabled the development and deployment of new sustainable energy and transportation solutions.

The success of electric ground vehicles has fueled continued investments in improving these technologies.

Battery energy densities, in particular, have improved enough that application to aviation is now practical.

The success of electric ground vehicles has fueled continued investments in these technologies.

Battery energy densities, in particular, have improved such that application to aviation is now practical.

Additionally, we believe that other future technologies, such as hydrogen and solid-state batteries, have the potential to play an important role in decarbonizing flight in the longer term.

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We believe it is an important part of our design, manufacturing and operations as it enables us to develop a more performant aircraft and tightly-integrated operations with a goal of long-term, durable margins.

Particularly in a new industry such as Urban Air Mobility, everything from the exacting requirements for an electric air taxi to the experience of end users utilizing new transportation solutions can best be managed with a vertical integration business model.

Particularly in a new industry such as Urban Air Mobility, everything from the exacting certification requirements for an electric air taxi to the individual experience of end users can be better managed with a vertically integrated business model.

When we started the business, the existing supply base did not have the technology we required in the size, dimensions and power needed.

There are multiple examples of Joby-engineered parts, such as our flight control computer or direct drive electronic propulsion unit, that we believe generate more power in a smaller footprint and with fewer moving parts than ever before possible.

Close collaboration between design, production and testing teams yield tight, iterative cycles which yield innovative solutions in less time than if we were dependent on outside vendors.

Close collaboration between design, production and testing teams yield tight, iterative cycles, leading to innovative solutions in less time than if we were dependent on outside vendors.

We expect this will be a competitive advantage now and in future years as our experience operating the air taxi service will flow into the design of next generation products.

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Whether our service is accessed through our own platform, or through a partner app, we will integrate ground transportation providers for the first and last mile with our aerial service, providing a seamless, end-to-end travel experience.

We refer to trips that integrate air and ground legs together as ‘multimodal’.

By building network management software that efficiently sequences multimodal trips, we believe we can provide substantial time savings to travelers while coordinating the development of optimally-located skyport infrastructure.

We refer to trips that integrate air and ground legs together as ‘multimodal.’ By building network management software that efficiently sequences multimodal trips, we believe we can provide substantial time savings to travelers while coordinating the development of optimally-located vertiport infrastructure.

Additionally, we are developing software that will coordinate multiple riders into each air leg, allowing us to drive high utilization rates for our aircraft and, in turn, progressive reduction in end-user pricing.

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In the U.S., new aircraft designs are required to pass through the rigorous FAA design certification process, known as type certification, before the aircraft can be issued a standard airworthiness certificate to fly in the National Airspace System (“NAS”).

This is an exacting process often extending over 5 or more years that requires extensive ground and in-flight testing with the FAA.

This is an exacting process that requires extensive ground and in-flight testing with the FAA.

We anticipate we will initially certify the aircraft for day and night visual flight rules (“VFR”) operations and we plan to amend the design to include instrument flight rules (“IFR”) capabilities.

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Upon successful completion of this stage, a type certification is issued.

With a mature design based on more than 1,000 test flights to date, we are well on our way towards certification and are engaging with the FAA to perform the hard work and testing required to earn FAA type certification.

With a mature design based on thousands of test flights to date, we are well on our way towards certification and are engaging with the FAA to perform the hard work and testing required to earn FAA type certification.

We expect the FAA type certificate will be reciprocated in certain international markets pursuant to bilateral agreements between the FAA and its counterpart civil aviation authorities.

In 2022, we applied for aircraft certification in the United Kingdom and Japan, following announcements by regulators in those countries adopting streamlined certification processes based on FAA certification.

In 2022, we applied for aircraft certification in the United Kingdom and Japan and in 2024, we applied for aircraft certification in Australia, following announcements by regulators in those countries adopting streamlined certification processes based on FAA certification.

In 2023, we signed an agreement with Road and Transport Authority of Dubai (“RTA”) for Joby to provide air taxi services in Dubai.

The RTA agreement includes a roadmap for local approval by the UAE General Civil Aviation Authority that could precede type certification by the FAA.

The RTA agreement includes a roadmap for local approval by the UAE General Civil Aviation Authority (“GCAA”) that could precede type certification by the FAA.

These arrangements provide a means of efficient international expansion as we develop commercial operations around the world.

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If such an air carrier receives a commuter air carrier authorization from the DOT, the air carrier may provide unlimited scheduled operations as well as on-demand operations.

We also received our Part 145 Repair Station Certificate in February 2024, which qualifies us to perform select aircraft maintenance activities and will lay the foundation for us to perform maintenance, repair, and overhaul services on our eVTOL aircraft once it is certified for commercial operations.

The FAA recently indicated that they do not expect the relevant operational regulations, or Special Federal Aviation Regulations (“SFARs”), for eVTOL aircraft to be finalized until late 2024.

If the publication of the SFARs is further delayed or if there are other regulatory changes or revisions, this could delay our ability to obtain type certification, and could delay our ability to launch our commercial passenger service.

We received our Part 145 Repair Station Certificate in February 2024, which qualifies us to perform select aircraft maintenance activities and will lay the foundation for us to perform maintenance, repair, and overhaul services on our eVTOL aircraft once it is certified for commercial operations.

Additionally, in December 2024, we received our Part 141 Flight School Certificate for our Joby Aviation Academy pilot training program.

In October 2024, the FAA published the Special Federal Aviation Regulations (“SFARs”), which include operational regulations for eVTOL aircraft.

We will need to comply with these SFARs as we add our aircraft to our Part 135 operating

If there are other changes or revisions to the SFARs or other applicable regulations, this could delay our ability to obtain type certification, and could delay our ability to launch our commercial passenger service.

Our operations may become subject to additional federal, state and local requirements in the future.

Airspace Integration

The aircraft has been designed to be operated under fixed-wing flight rules and regulations with a qualified pilot in command onboard the aircraft.

The aircraft has been designed to be operated within the existing airspace rules and regulations with a qualified pilot in command onboard the aircraft.

As the density of air traffic increases, we believe there are opportunities to expand ground infrastructure and create air traffic efficiencies.

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Policy Engagements with Decision Makers & Communities

Providing a successful air transportation service requires collaboration with local communities to assure the services provide the right solutions in the right locations.

Providing a successful air transportation service requires collaboration with local communities to ensure the services provide the right solutions in the right locations.

We plan to grow our engagement at the state and local levels within the U.S.

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Accordingly, minimizing the volume and characteristics of noise within and above communities has been an important focus for us in order to drive community acceptance.

Our aircraft has been designed to minimize noise to allow for operations in and out of new skyports that are nearer to where people want to live and work.

Our aircraft has been designed to minimize noise to allow for operations in and out of new vertiports that are nearer to where people want to live and work.

At our noisiest configuration, the aircraft has a noise profile in the range of 65 dBA, roughly the volume of a normal talking voice.

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Toyota Motor Corporation

Toyota has invested nearly $400 million in Joby to date, making Toyota our largest outside investor.

As of December 31, 2024, Toyota has invested nearly $400 million in Joby, making Toyota our largest outside investor.

In 2024, Toyota signed a stock purchase agreement pursuant to which they committed to invest up to an additional $500 million, subject to the satisfaction of certain closing conditions.

As of the date of this Annual Report, no closing have occurred under the stock purchase agreement.

In addition to their substantial financial backing, Toyota engineers are working shoulder to shoulder with their Joby counterparts on a daily basis, collaborating on projects such as factory planning and layout, manufacturing process development and design for manufacturability.

Additionally, in 2023 we signed a long-term supply agreement with Toyota to supply key powertrain and actuation components for our aircraft.

In 2023, we signed a long-term supply agreement with Toyota to supply key powertrain and actuation components for our aircraft.

We believe that our collaboration with Toyota has provided and continues to provide us with a significant competitive advantage as we design and build out our high-volume manufacturing capability.

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First, through our 2021 acquisition of Elevate we were able to welcome experienced team members from Uber, along with a set of software tools focused on planning and operations the Elevate team had developed over several years.

We believe the acquisition of Elevate positions us to make uniquely informed, data-driven decisions in the lead up to commercial launch, as well as accelerating our operational readiness.

We believe this positions us to make uniquely informed, data-driven decisions in the lead up to commercial launch, as well as accelerating our operational readiness.

Additionally, our collaboration agreement with Uber provides for the integration of our aerial ridesharing service into the Uber app across global markets.

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As one of the largest and most innovative companies in Asia, SKT operates many complementary lines of business including telecom data, navigation systems, EV charging network and operations, rideshare and real estate assets.

Joby expects to participate alongside SKT in Korea’s 2024 K-UAM Grand Challenge, a phased demonstration program designed to foster the adoption of aerial ridesharing in Korea.

In 2024, Joby participated alongside SKT in Korea’s K-UAM Grand Challenge, a phased demonstration program designed to foster the adoption of aerial ridesharing in Korea, successfully completing the work we set out to do in 2023.

In December 2020, we became, to our knowledge, the first company to receive airworthiness approval for an eVTOL aircraft from the USAF, and in the first quarter of 2021 we officially began on-base operations under contract pursuant to the USAF’s Agility Prime program.

Our multi-year relationship with the USAF and other U.S.

Government agencies provides us with a compelling opportunity to more thoroughly understand the operational capabilities and maintenance profiles of our aircraft in advance of commercial launch.

We believe it will also provide an opportunity to test various aspects of the consumer-facing aerial ridesharing service.

Government agencies has provided us with a compelling opportunity to more thoroughly understand the operational capabilities and maintenance profiles of our aircraft in advance of commercial launch.

By operating our aircraft on U.S.

military installations we expect to gain valuable insight that will result in a more reliable service at launch.

In 2023, we marked our first delivery to a customer by delivering and flying the first eVTOL aircraft at Edwards Air Force base as part of our contract with the DOD worth up to $131 million.

The Joby aircraft will be used to demonstrate a range of logistics missions, in addition to providing a showcase for other federal agencies and airspace studies for NASA.

military installations we have gained valuable insight that will result in a more reliable service at launch.

In 2023, we marked our first delivery to a customer by delivering and flying the first eVTOL aircraft at Edwards Air Force base as part of our contract with the DOD, and in January 2025, we delivered our second aircraft under this contract.

The Agility Prime program also supported our June 2024 flight of our hybrid hydrogen-electric demonstrator.

As government programs continue to focus on early-stage, emerging technologies, we anticipate some federal program investment in eVTOLs may be reduced, and we do not expect the USAF to fully exercise the remaining options under our existing contract.

However, having completed initial testing and capability demonstration programs with multiple branches of the U.S.

military, we believe we are well positioned to participate in future initiatives focusing on advancements in hybrid and autonomous technologies as described below.

Future Market Opportunities

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In 2021 we acquired H2FLY, which, in 2023, accomplished the world’s first piloted flight of a liquid hydrogen-powered electric aircraft.

In 2024, using a fuel cell system designed and built by H2FLY, we successfully flew a hydrogen-electric demonstrator based off of our current aircraft design more than 500 miles.

Additionally, in 2024 we acquired certain assets of the autonomy division of Xwing Inc., and the acquired technology was subsequently used to fly a fully-autonomous Cessna Caravan over 3,900 miles as part of the U.S.

Air Force’s Agile Flag 24-3 exercise.

Intellectual Property

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To establish and protect our proprietary rights, we rely on a combination of intellectual property rights (e.g., patents, patent applications, trademarks, copyrights, and trade secrets, including know-how and expertise) and contracts (e.g., license agreements, confidentiality and non-disclosure agreements with third parties, employee and contractor disclosure and invention assignment agreements, and other similar contractual rights).

As of January 15, 2024, we have 223 issued or allowed patents (of which 169 are U.S.

filings) and 193 pending patent applications (of which 106 are U.S.

As of January 17, 2025, we have over 270 issued or allowed patents (of which over 200 are U.S.

filings) and over 215 pending patent applications (of which over 120 are U.S.

The patent portfolio is primarily related to eVTOL vehicle technology and UAM/aerial rideshare technology.

We regularly file patent applications and from time to time acquire patents from third parties.

Our patent filings include 104 issued or allowed patents and 132 pending patent applications relating to our aircraft, its architecture, powertrain, acoustics, energy storage and distribution systems, flight control system and system resiliency, as well as certain additional aircraft configurations and technologies.

Additionally, we have 119 issued or allowed patents and 61 pending patent applications related to aerial rideshare technology, such as fleet and infrastructure utilization, routing, air traffic coordination, rideshare software applications, vertiport infrastructure, and ancillary computer technologies.

Our Commitment to Environmental, Social and Governance ( “ ESG ” ) Leadership

By developing an efficient, all-electric aircraft with no operating emissions, a low noise footprint and high levels of safety, we believe we can make a meaningful contribution to tackling the dual challenges of congestion and climate change.

We are building a dedicated, diverse and inclusive workforce to achieve this goal while adhering to best practices in risk assessment, mitigation and corporate governance.

In 2023 we released our first ESG report, in which we described how we oversee and manage ESG factors material to our business.

Our ESG initiative is organized into three pillars, which, in turn, contain focus areas for our attention and action:

• Environmental - Our Environmental pillar is focused on being a good steward of the natural environment through our own operations and the production and development of innovative designs that reduce resource use and energy consumption.

• Social - Our Social pillar is focused on promoting diversity, equity, and inclusion, while underpinning all of our activities with a core focus on health and safety.

• Governance - Our Governance pillar focuses on upholding our commitment to ethical business conduct, integrity, and corporate responsibility, and integrating strong governance and enterprise risk management oversight across all aspects of our business.

Our Focus on Sustainable Manufacturing and Safety

Our engineering and design standards are designed with the goal of operating in an efficient, safe, sustainable and compliant manner, and encourage us to be leaders in pursuing environmentally friendly production practices.

Our Environmental Sustainability Team works closely with our Facilities team and operating units to track energy consumption and material inputs and outputs, to build strategies for energy reduction and to review the proper handling and disposal of our materials.

In 2023, we reported our first greenhouse gas inventory for our offices and manufacturing locations.

Where possible, we strive to increase our percentage of electricity that is renewable, further reducing our manufacturing impact.

In 2023, we also expanded two recycling programs for the manufacturing processes.

We now recycle our aircraft batteries after testing or end-of-life and expanded our carbon fiber scraps to include additional types of carbon fiber.

These programs allow us to streamline our manufacturing lines while reducing our impact.

Our patent filings include over 135 issued or allowed patents and over 145 pending patent applications relating to our aircraft, its architecture, powertrain, acoustics, energy storage and distribution systems, flight control system and system resiliency, as well as certain additional aircraft configurations and technologies.

Additionally, we have over 130 issued or allowed patents and over 65 pending patent applications related to aerial rideshare technology, such as fleet and infrastructure utilization, routing, air traffic coordination, rideshare software applications, vertiport infrastructure, and ancillary computer technologies.

Our Commitment to having a Positive Impact

By developing an efficient, all-electric aircraft with no operating emissions, a low noise footprint and multiple redundancies designed to enhance safety, we believe we can help reduce congestion in cities while also reducing the transportation sector’s environmental impact.

We are building a dedicated workforce to achieve this goal while aiming to adhere to best practices in risk assessment, mitigation and corporate governance.

Corporate responsibility topics such as environmental impact, building a sustainable workforce and strong governance practices are overseen by the Nominating and Corporate Governance Committee and the Compensation Committee of our Board of Directors in addition to our management team.

This work is organized into three pillars, which, in turn, contain focus areas for our attention and action:

• Environmental - We aim to be stewards of the natural environment by minimizing the impact of our own operations and developing and producing innovative aircraft that reduce resource use and energy consumption compared to traditional aviation and other modes of transportation.

We believe that this focus allows us to recognize cost savings in our operations while positively impacting the communities in which we operate.

• Social - We believe that, providing high quality jobs that are supportive of and welcoming to all can minimize employee turnover and have a positive impact on the communities in which our operations are located.

We underpin all of these activities with a core focus on health and safety.

• Governance - We maintain our commitment to ethical business conduct, integrity, and corporate responsibility by integrating strong governance and enterprise risk management oversight across all aspects of our business.

Our Focus on Safety and Sustainable Manufacturing

With safety as a core value, we emphasize the importance of safety in everything that we do.

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Every employee is trained in the safety policies and procedures that are relevant to their role, and we encourage all employees to participate in company-wide safety initiatives, including participating in our non-punitive safety reporting program to identify hazards and reduce risks.

Employees are encouraged to own and participate in safety and we conduct regular audits to ensure proper safety procedures are being used and that hazard identification and risk assessment information is being conducted.

Employees are reminded that everyone is part of the safety team and we conduct regular audits with the goal of ensuring proper safety procedures are being used and that hazard identification and risk assessment information is being collected and acted on in a timely and appropriate manner.

Our engineering and design standards are designed with the goal of operating in a safe, efficient, sustainable and compliant manner, and encourage us to be leaders in pursuing environmentally friendly production practices.

Our Sustainability and Environmental Health and Safety teams work closely with our Facilities team and operating units to track energy consumption and material inputs and outputs, to refine our energy efficiency initiatives and provide proper handling and disposal of our materials.

As our U.S.-based manufacturing footprint grows, we strive to source renewable electricity for all primary facilities in the most cost effective manner, further reducing our manufacturing impact.

In 2023, we also expanded two recycling programs for the manufacturing processes.

As our testing and production operations have scaled, we have continued to recycle our aircraft batteries, and any carbon fiber scraps are recycled into inputs for high strength steel.

These programs allow us to streamline our manufacturing lines, reduce hazardous waste processing costs and reduce our impact.

Social and Human Capital

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Additionally, we invest in the communities where we operate, with programs enabling accessibility, education and training.

This has multiple benefits including broadening the reach of new technologies such as electric aviation, improving awareness and social license to operate in communities, extending opportunities to underserved communities, and developing our future workforce.

This has multiple benefits including broadening the reach of new technologies such as electric aviation, improving awareness and acceptance to operate in communities, extending opportunities to underserved communities, and developing our future workforce.

For example, we are working with Aviation High School in New York City to prepare the next generation of aircraft maintenance technicians and aerospace leaders for career opportunities created by the electric age of flight.

We also operate a manufacturing apprentice program in our Marina, California location that provides paid training opportunities for individuals with no prior experience to prepare them for fulfilling careers in aerospace manufacturing.

We work diligently to create a work environment that is welcoming for all.

We provide equal opportunities for growth, success, promotion, learning and development.

We encourage employee engagement through a variety of mechanisms including providing opportunities such as seminars and panel discussions, for our employees to gather and discuss topics that are important to them and to provide feedback on how we can better support their growth and career development We are focused on building support across all teams and individuals, ensuring everyone has a voice, and treats each other with respect.

Our annual employee engagement survey captures team member feedback.

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We believe we have good relationships with our employees and have not experienced any interruptions of operations due to labor disagreements.

Diversity and Inclusion

We work diligently to create a diverse, inclusive and equitable work environment.

We provide equal opportunities for growth, success, promotion, learning and development, and aim to achieve parity in the way we organize, assign and manage projects.

We encourage employee engagement through resource groups including Women of Joby and Joby Pride.

We also host seminars to discuss gender and racial equality issues and other topics that are important to our employees.

We are focused on building support across all teams and individuals, ensuring everyone has a voice, and treats each other with respect.

We believe that the primary sources of competition for our service are ground-based mobility solutions, other eVTOL developers/operators and local/regional incumbent aircraft charter services.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business