What changed in this filing

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Item 1. Business

2026-02-27 compared with 2025-02-27 · 113 added, 84 removed, 231 unchanged (46% of the section changed)

We are developing an all-electric, vertical take-off and landing (“eVTOL”) air taxi which we intend to operate in cities around the world.

We have spent more than a decade designing and testing a piloted, all-electric, vertical take-off and landing (“eVTOL”) air taxi which we intend to operate in cities around the world.

We intend to operate air taxi services both directly and through strategic partnerships, while also pursuing aircraft sales to distributors and expanding into defense and other specialized markets.

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 up to four passengers - or an expected payload of up to 1,000 pounds - at speeds of up to 200 mph.

The Joby eVTOL is being designed to transport a pilot and up to four passengers - or a targeted 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.

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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, 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.

Instead, we plan to manufacture, own and operate our aircraft ourselves, building a vertically integrated transportation company that will deliver transportation services to customers, including government agencies such as the U.S.

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

We began initial service operations with the U.S.

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

We have also begun working with regulators in other countries, including the United Kingdom, Japan, South Korea, Australia, the Kingdom of Saudi Arabia, 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.

We have identified three potential routes to market for our electric air taxi:

(1) Joby owned and operated air taxi service (2) affiliate owned and operated service and (3) direct sales & defense.

We plan to manufacture, operate and sell our aircraft, and are building a vertically integrated transportation company to maximize the value of our investments.

In addition to building a novel aircraft, we are also building both an air taxi service and a next-generation aviation company.

Elevate OS is our proprietary operating system that integrates data across aircraft build, operations and maintenance - establishing a scalable, software-enabled platform designed to improve efficiency and performance as our networks grow.

At the front-end, we are developing a convenient consumer app to deliver the first on-demand, aerial ridesharing service.

We are targeting carrying our first passengers in 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.

Vertical integration is also the key to fast design, test and launch iterations, as well as limiting our dependence on outside suppliers while developing valuable know-how and intellectual property in-house.

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.

With local support from California state incentives and grants, in 2025, we completed construction of a new 226,000 square foot building at our Marina site to support manufacturing and training.

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 processes.

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 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, 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.

Our high-rate production facility is planned for Dayton, Ohio where we purchased a 40,300 square foot facility in 2024 and an additional 728,000 square foot facility in January 2026 that has the potential to support significant growth over time.

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

In August 2025, we acquired Blade Urban Air Mobility, Inc.

and its subsidiaries (“Blade”) which operates a technology-powered, global urban air mobility platform through which they provide air charter broker and other services.

Following the acquisition, Blade continues to operate its air charter broker service as our wholly owned subsidiary.

We expect the acquisition to provide immediate market access, including an established customer base, operational expertise, airport relationships and infrastructure across key urban corridors in New York City and Southern Europe.

We expect our Blade operations to support our go-to-market strategy by providing near-term operating experience and customer insights, and by contributing relationships and infrastructure that we expect to leverage as we prepare for certification and the eventual launch of our eVTOL service.

Our preparations for commercial passenger service also includes forming sector-leading relationships with partners such as Toyota, Uber, and Delta Air Lines, each of whom have invested in Joby.

We have also established relationships with global partners such as ANA Airlines in Japan, the Road and Transport Authority in Dubai and with Abdul Latif Jameel (ALJ) (a diversified Saudi-based business group), with whom we entered into a memorandum of understanding in June 2025 to explore opportunities to support distribution and operations in Saudi Arabia and the broader Middle East.

We have also established relationships with infrastructure providers including fixed base operators and landing site partners 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.

Additionally, we have long-standing relationships with U.S.

federal government agencies.

Joby Aero, Inc.

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In August 2021, Legacy Joby and Reinvent Technology Partners, a Cayman Islands exempted company and special purpose acquisition company (“RTP”), completed a merger and other transactions pursuant to which a subsidiary of RTP was merged with and into Legacy Joby and Legacy Joby survived as a wholly owned subsidiary of RTP.

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

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

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

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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.

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.

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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.

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

Distributed electric propulsion has greater redundancy than centrally-located internal combustion engines.

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We’ve made safety a core value, and we actively promote that value across the team.

Given our intent to both manufacture and operate our aircraft, we are developing a comprehensive, vertically-integrated, Enterprise Safety Management System (“SMS”), covering aircraft, manufacturing, operations, maintenance and flight training.

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.

Given our intent to both manufacture and operate our aircraft, we are developing a comprehensive, vertically-integrated, Enterprise Safety Management System (“SMS”) that covers aircraft design, manufacturing, global air operations, maintenance and training.

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

In 2025, we formally initiated the implementation of a Part 5-compliant SMS for our OEM operations.

This expansion builds on our established, fully compliant Part 5 SMS, which currently governs our Part 135 air operations.

Our commitment to safety has been further validated by an independent, internationally recognized safety audit certification (IS-BAO Stage 2) qualification for our commercial air operations, demonstrating our adherence to internationally recognized aviation safety best practices and our dedication to continuous improvement.

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

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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.

In over-head flight as low as 500 feet the aircraft is near silent.

We have independently validated the noise footprint of our prototype aircraft through our work with NASA.

In over-head flight as low as 500 feet the aircraft is nearly silent.

We have independently validated the noise footprint of our prototype aircraft through our work with the National Aeronautics and Space Administration (“NASA”).

• Performant :

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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 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”).

Today, more than half of the world’s approximately 8.2 billion people live in urban areas.

According to a report by the United Nations (“UN”), the number of Megacities (metropolitan areas with 10 million people or more inhabitants) has increased from 8 in 1975 to 33 in 2025 and is projected to rise to 37 by 2050.

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 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.

According to a 2025 urban mobility report, Americans lost an average of 63 hours to traffic delays in 2024 (the highest level ever measured), and national congestion costs approximately $269 billion annually.

The report also notes that congestion is increasingly occurring outside of traditional weekday rush hours.

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.

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

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

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Sizable Untapped Market Opportunity

Developing sustainable mobility solutions is particularly critical and timely given the threat that climate change poses to our communities and to our planet.

Developing sustainable mobility solutions is particularly critical and timely.

According to the U.S.

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Any solution to current and future transportation demands must embrace sustainability.

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 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.

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.

We believe that deploying a new type of aerial mobility network in cities represents an extensive market opportunity.

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By maintaining full control over the design, development, test, manufacture and operations of our aircraft, we intend to deliver a service that is optimized from beginning to end, positioning us to be the leading company in this market.

Our vertically integrated business model ensures we are not simply manufacturing aircraft for sale and receiving one-time revenues, but instead generating recurring revenues over the lifetime of the aircraft with corresponding benefits to contribution margin.

Additional Opportunities at Scale

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Emerging technologies often benefit from positive network effects as the product or service enters the market, and we expect this to hold true for aerial ridesharing.

We have identified 3 routes to bring our eVTOL aircraft to markets globally.

Joby Owned & Operated Air Taxi Service

We plan to own and operate our aircraft in markets including the United States and Dubai.

As additional passengers enter the network, we expect utilization rates for our aircraft will increase, thereby improving unit economics and allowing costs to be amortized over a greater number of trips.

At the same time, we believe reductions in per aircraft costs driven by greater manufacturing scale will be able to support progressively lower pricing while maintaining similar per aircraft unit profitability.

At the same time, we believe reductions in per aircraft costs driven by greater manufacturing scale will be able to support progressively lower pricing to consumers while maintaining similar per aircraft unit profitability.

As our networks expand and grow in utilization, their value is also expected to grow to produce enduring, long-term margins.

Affiliate Owned & Operated Service

In other markets, we intend to collaborate with established local partners to facilitate the operation of Joby eVTOL aircraft.

This strategic approach offers several advantages.

Partnering with regional entities allows Joby to leverage partners’ deep understanding of local regulations, market dynamics, and customer preferences.

Additionally, by sharing startup costs with regional partners, we can reduce the financial burden and risks associated with entering new markets.

This collaboration model not only fosters mutual growth but also supports Joby’s goal of scaling eVTOL operations globally, while adapting to the unique needs of each market.

Direct Sales & Defense

In other instances, we anticipate selling aircraft directly into markets.

In 2025, we signed a memorandum of understanding with Abdul Latif Jameel to explore the delivery of up to 200 electric aircraft and related services valued at approximately $1 billion in Saudi Arabia, and signed a letter of intent to sell aircraft and services valued at up to $250 million to Alatau Advance Air Group in Kazakhstan.

We are also working with L3Harris to adapt our existing eVTOL aircraft platform to address defense applications which may also involve aircraft sales in the future.

Certification

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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.

Our aircraft was originally intended to be certified in line with the FAA's existing Part 23 requirements as a normal category piloted electric airplane that can also takeoff and land vertically.

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The G-1 certification basis is an agreement with the FAA that lays out the specific requirements that need to be met by our aircraft for it to be certified for commercial operations.

In May 2022, the FAA indicated that they were revisiting the decision to

certify all eVTOLs under Part 23 and would, instead, require certification under the “powered lift” classification.

Based on the FAA’s revised certification requirements, we signed an updated G-1 certification basis in July 2022, which was published in the federal register in November 2022.

In May 2022, the FAA indicated that they were revisiting the decision to certify all eVTOLs under Part 23 and would, instead, require certification under the “powered lift” classification.

Based on the FAA’s revised certification requirements, we signed an updated G-1 certification basis in July 2022, which was published in the federal register in March 2024.

We think of the type certification process in five stages.

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

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.

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 component and flight testing required to earn FAA type certification.

Additionally, in September 2025 the President issued an Executive Order directing the U.S.

Department of Transportation (“DOT”) and FAA to ensure that mature eVTOL aircraft can begin operations in select markets ahead of full FAA certification.

This eVTOL Integration Pilot Program, or “eIPP” is designed to allow mature aircraft designs to demonstrate eVTOL use cases, such as passenger transportation, cargo delivery, and emergency response, ahead of achieving type certification.

We supported several state and local governments in submitting proposals under the eIPP.

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.

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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

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

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.

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In the long term, digital clearance deliveries, airspace authorizations and automated coordination between service providers and operators may be required to further increase airspace scalability.

We expect to continue to be involved in long-term activities to develop concepts and technologies (for example those led by the National Aeronautics and Space Administration (“NASA”) and the FAA) to further enable scaling towards mature and autonomous operations.

We expect to continue to be involved in long-term activities to develop concepts and technologies (for example those led by NASA and the FAA) to further enable scaling towards mature and autonomous operations.

Policy Engagements with Decision Makers & Communities

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The Airport Noise and Capacity Act of 1990 recognizes the rights of operators of airports to implement noise and access restrictions so long as such programs do not interfere unreasonably with interstate or foreign commerce or the national air transportation system.

In addition, states and local municipalities are able to set ordinances for zoning and land use, which may include noise or other restrictions such as curfews.

In addition, states and local municipalities are able to set ordinances for zoning and land use, which

may include noise or other restrictions such as curfews.

Finally, foreign governments may allow airports and/or municipalities to enact similar restrictions.

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Given our low noise profile, we do not expect our operations to be constrained to on-airport operations.

We believe that our strategic relationships provide us with another point of competitive differentiation.

Across each of the important activities of high-volume manufacturing, go-to-market strategy and pre-certification operations, we have established strong collaborations and relationships with Toyota, Delta, Uber, SK Telecom and the DOD to help achieve our objectives and de-risk our commercial strategy.

We believe that our strategic relationships reflect another point of competitive differentiation.

Across each of the important activities of high-volume manufacturing, go-to-market strategy and pre-certification operations, we have established strong collaborations and relationships with Toyota, Delta, Uber, L3 Harris and the Department of Defense (“DOD”) to help achieve our objectives and de-risk our commercial strategy.

Toyota Motor Corporation

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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 May 2025, Toyota invested the first $250 million contemplated under the 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.

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and our acquisition of Uber’s Elevate business, provides us with two important competitive advantages in our go-to-market planning and execution.

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.

Through our 2021 acquisition of Elevate we welcomed experienced team members from Uber and acquired a set of software tools focused on planning and operations the Elevate team had developed over several years.

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.

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Uber will also be reciprocally integrated into any future Joby Aviation mobile application on a non-exclusive basis to service the ground-based component of multi-modal journeys booked by customers through our application.

In September 2025, we announced plans to integrate Blade’s air mobility services into the Uber app, and we are working with Uber to integrate ground transportation into our planned service in the UAE.

The goal of this mutual integration is to ensure passengers can access a multi-modal travel experience, seamlessly transitioning from ground-to-air-to-ground with unified, one-click booking.

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At the same time, Delta invested $60 million through a purchase of our common stock and also received warrants which, if exercised, could expand their total investment to $200 million.

We believe that our relationship with Delta, in addition to providing additional capital, will be another important method of customer acquisition when we launch our commercial passenger service, and will also provide opportunities to leverage Delta’s expertise in providing a seamless passenger experience and expertise in building out infrastructure at key airports.

In June 2023, SK Telecom, South Korea’s leading telecommunications conglomerate (“SKT”), invested $100 million in Joby.

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.

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

In January 2026, Delta exercised 7,000,000 warrants at an exercise price of $10 per share.

We believe that our relationship with Delta, in addition to providing additional capital, will be another important method of customer acquisition when we launch our commercial

passenger service, and will also provide opportunities to leverage Delta’s expertise in providing a seamless passenger experience and expertise in building out infrastructure at key airports.

Throughout our company’s history, Joby has benefitted from a relationship with the United States Air Force (“USAF”).

As a leader in eVTOL technology and a participant in numerous public-private sector programs, Joby has delivered value in multiple USAF programs and continues to target new ones.

In December 2020, we became, to our knowledge, the first company to receive airworthiness approval for an eVTOL aircraft from the USAF.

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.

With growing USAF interest in hybrid powertrains and autonomy in aviation, we leveraged our existing aircraft platform to address these areas.

In the summer of 2025, we participated in the USAF’s Resolute Force Pacific (“REFORPAC”) exercise, successfully demonstrating our Superpilot (TM) autonomous flight technology, logging over 7,000 miles of autonomous operations.

We continue to work on autonomy programs with the USAF.

Additionally, we are working with L3Harris on leveraging our platform to address opportunities to sell aircraft for defense applications.

Just three months after announcing the aircraft concept and collaboration with L3Harris, we conducted the first flight of our turbine electric autonomous VTOL aircraft.

The successful REFORPAC exercise positions Joby to compete for upcoming Department of Defense programs.

In addition, our work with defense partners can inform future integration of autonomous capabilities into our commercial air taxi platform.

Dubai Road & Transport Authority

In 2024, Joby signed a definitive agreement with Dubai’s Road and Transport Authority (“RTA”) to launch air taxi services in the Emirate.

The agreement provides Joby with the exclusive right to operate air taxis in Dubai for six years and secures a variety of support from the RTA, including financial mechanisms, for entry and maturing of service operations in Dubai.

Future Market Opportunities

We believe there are opportunities to address markets that are adjacent to our core mobility business, including delivery and logistics as well as emergency services.

We believe there are opportunities to address markets that are adjacent to our core mobility business, including delivery and logistics, communications, and emergency services.

We may make select investments to address these market adjacencies over time.

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Our success depends in part upon our ability to protect our core technology and intellectual property.

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).

confidentiality and non-disclosure agreements with third parties, employee and contractor disclosure and invention assignment agreements, and other similar contractual rights).

As of January 31, 2026, we have over 330 issued or allowed patents (of which over 230 are U.S.

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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 Board of Directors and management team oversee the company’s strategy and programs as it relates to corporate responsibility topics.

At the board level, this specifically includes our Nominating and Corporate Governance Committee and the Compensation Committee of our Board of Directors.

Topics range from the Company’s environmental impact, talent management and workforce development, and corporate governance practices.

Our Focus on Safety and Sustainable Manufacturing

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

This includes adherence to safety rules, best practices, and compliance.

This includes adherence to safety rules, best practices, and compliance standards.

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.

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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.

This is demonstrated in our energy and waste management programs.

Our Sustainability team works closely with our operating units and Facilities teams to measure our energy consumption, identify reduction opportunities and implement energy efficiency measures.

We strive to source renewable electricity for all primary facilities in the most cost effective manner, further reducing our manufacturing impact.

In 2024, we increased our total renewable electricity procured by 19% while significantly increasing manufacturing capacity.

Additionally, these teams along with our Environmental Health and Safety team ensure proper handling and disposal of our manufacturing materials including carbon fiber, spent batteries, and electronic waste.

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.

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Many of our employees are located in highly competitive labor markets.

In addition to competitive cash and equity compensation, offering employees a compelling vision and an opportunity to positively impact their communities is a key part of our strategy to grow our workforce.

In addition to competitive cash, benefits, and equity compensation, offering employees a compelling vision and an opportunity to positively impact their communities is a key part of our strategy to grow our workforce.

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 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.

Our manufacturing apprentice program in

our Marina, California location 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.

The measurement model is a combination of vendor content and in-house-developed content led by our Industrial/Organizational Psychologists on the Talent Development & Analytics team.

For 2024, we achieved a response rate of 82% and the survey included 49 items capturing 12 key areas of the employee experience.

We encourage employee engagement through a variety of mechanisms including seminars and panel discussions where our employees can gather and discuss topics that are important to them and 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.

As of January 31, 2026, we had 2,559 employees.

13 unchanged sentences

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