Joby Aviation, Inc.
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
JOBY$5.92-4.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities | |||
| Net loss | $(929,842) | $(608,034) | $(513,050) |
| Reconciliation of net loss to net cash used in operating activities: | |||
| Depreciation and amortization expense | 40,158 | 35,572 | 30,493 |
| Stock-based compensation expense | 127,887 | 104,446 | 93,636 |
| Loss from change in the fair value of warrants, earnout shares and contingent consideration | 211,850 | 53,973 | 86,378 |
| Loss on common stock issuance in private placement | 40,258 | — | — |
| Net accretion and amortization of investments in marketable debt securities | (7,832) | (15,821) | (20,202) |
| Changes in operating assets and liabilities | |||
| Other receivables and prepaid expenses and other current assets | 9,043 | (11,803) | (573) |
| Other non-current assets | 1,442 | (545) | 309 |
| Accounts payable and accrued expenses and other liabilities | (6,902) | 6,116 | 6,442 |
| Non-current liabilities | 4,045 | (171) | 2,736 |
| Net cash used in operating activities | (509,893) | (436,267) | (313,831) |
| Cash flows from investing activities | |||
| Purchase of marketable securities | (1,170,369) | (603,777) | (809,978) |
| Proceeds from sales and maturities of marketable securities | 745,418 | 715,157 | 920,879 |
| Purchases of property and equipment | (53,918) | (40,617) | (30,597) |
| Acquisitions, net of cash | 3,453 | — | — |
| Net cash provided by (used in) investing activities | (475,416) | 70,763 | 80,304 |
| Cash flows from financing activities | |||
| Underwritten public offering gross proceeds | 591,016 | 232,300 | — |
| Underwritten public offering commission and offering expenses | (15,081) | (10,446) | — |
| Proceeds from issuance of common stock in private placement, net | 249,905 | — | 280,110 |
| At-the-market public offering gross proceeds | 158,868 | 133,019 | — |
| At-the-market public offering commission and offering expenses | (5,301) | (4,183) | — |
| Proceeds from the issuance of common stock under the Employee Stock Purchase Plan | 12,073 | 11,200 | 6,918 |
| Proceeds from the exercise of stock options and warrants issuance | 36,791 | 1,659 | 2,055 |
| Repayments of obligations under finance lease and tenant improvement loan | (1,628) | (2,435) | (844) |
| Net cash provided by financing activities | 1,026,643 | 361,114 | 288,239 |
| Net change in cash, cash equivalents and restricted cash | 41,334 | (4,390) | 54,712 |
| Cash, cash equivalents and restricted cash, at the beginning of the year | 200,389 | 204,779 | 150,067 |
| Cash, cash equivalents and restricted cash, at the end of the year | $241,723 | $200,389 | $204,779 |
| Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets | |||
| Cash and cash equivalents | $240,810 | $199,627 | $204,017 |
| Restricted cash | 913 | 762 | 762 |
| Cash, cash equivalents and restricted cash in consolidated balance sheets | $241,723 | $200,389 | $204,779 |
| Non-cash investing and financing activities | |||
| Cashless exercise of private warrants | $85,159 | $— | $— |
| Acquisitions in exchange for stock issuance | $74,496 | $— | $— |
| Unpaid property and equipment purchases | $2,720 | $6,536 | $1,769 |
| Property and equipment purchased through financing leases | $4,424 | $2,537 | $5,221 |
| Right-of-use assets acquired through operating leases | $4,215 | $5,115 | $5,652 |
| Net non-cash assets acquired | $— | $9,472 | $— |
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