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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to ____________

Commission File Number: 001-39524

 

Joby Aviation, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

98-1548118

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

2155 Delaware Avenue, Suite #225

Santa Cruz, CA

95060

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (831) 426-3733

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

Title of each class

 

Trading

Symbol(s)

 

 

Name of each exchange on which registered

Common Stock, par value $0.0001

 

JOBY

 

New York Stock Exchange

Warrants to purchase common stock

 

JOBY WS

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

 

The number of shares of registrant’s Common Stock outstanding as of November 8, 2021 was 603,894,394.

 

 

 

 


 

Table of Contents

 

 

 

Page

 

Special Note Regarding Forward-Looking Statements

2

 

 

 

PART I.

FINANCIAL INFORMATION

3

 

 

 

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

3

 

Condensed Consolidated Balance Sheets (Unaudited)

3

 

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

4

 

Condensed Consolidated Statements of Comprehensive Loss (Unaudited)

5

 

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Unaudited)

6

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

8

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

30

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

46

Item 4.

Controls and Procedures

46

 

 

 

PART II.

OTHER INFORMATION

47

 

 

 

Item 1.

Legal Proceedings

47

Item 1A.

Risk Factors

47

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

47

Item 3.

Defaults Upon Senior Securities

47

Item 4.

Mine Safety Disclosures

47

Item 5.

Other Information

47

Item 6.

Exhibits

48

 

Signatures

49

 

 

 

 

i


 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:

Forward-looking statements in this Quarterly Report on Form 10-Q may include, for example, statements about:

our ability to raise financing in the future;
our success in retaining or recruiting, or changes required in, our officers, key employees or directors;
the impact of the regulatory environment and complexities with compliance related to such environment;
factors relating to our publicly traded securities and our business, operations and financial performance, including:
the impact of the COVID-19 pandemic;
our ability to maintain an effective system of internal controls over financial reporting;
our ability to grow market share in our existing markets or any new markets we may enter;
our ability to respond to general economic conditions;
our ability to manage our growth effectively;
our ability to achieve and maintain profitability in the future;
our ability to access sources of capital to finance operations and growth; and
the success of our strategic relationships with third parties.

The list above is not intended to be an exhaustive list of all of our forward-looking statements. Our forward-looking statements are based on information available as of the date of this Quarterly Report on Form 10-Q and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. While we believe these expectations, forecasts, assumptions and judgments are reasonable, our forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Our business, prospects, financial condition, operating results and the price of our common stock may be affected by a number of factors, whether currently known or unknown, including but not limited to those discussed in this Quarterly Report in Part I., Item 1. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the section titled “Risk Factors” in our Registration Statement on Form S-1 (File No. 333-260608), filed with the SEC on October 29, 2021. Any one or more of these factors could, directly or indirectly, cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements.

Unless the context otherwise requires, references in this Quarterly Report on Form 10-Q to the “company,” “Joby Aviation,” “we,” “us” and “our” refer to Joby Aviation, Inc.

 

2


 

PART 1. FINANCIAL INFORMATION

 

Item 1. Condensed Consolidated Financial Statements (Unaudited)

 

JOBY AVIATION, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(In thousands, except share and per share amounts)

 

 

 

September 30,
2021

 

 

December 31,
2020

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,016,496

 

 

$

77,337

 

Short-term investments

 

 

345,991

 

 

 

368,587

 

Other receivables

 

 

2,419

 

 

 

2,227

 

Prepaid expenses and other current assets

 

 

17,588

 

 

 

3,032

 

Total current assets

 

 

1,382,494

 

 

 

451,183

 

Property and equipment, net

 

 

43,977

 

 

 

34,126

 

Restricted cash

 

 

762

 

 

 

693

 

Equity method investment

 

 

20,177

 

 

 

10,990

 

Intangible assets

 

 

13,818

 

 

 

 

Goodwill

 

 

4,880

 

 

 

 

Other non-current assets

 

 

65,861

 

 

 

262

 

Total assets

 

$

1,531,969

 

 

$

497,254

 

Liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit)

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

3,558

 

 

$

4,928

 

Tenant improvements loan, current portion

 

 

259

 

 

 

244

 

Capital lease, current portion

 

 

1,006

 

 

 

792

 

Deferred rent, current portion

 

 

362

 

 

 

295

 

Accrued expenses and other current liabilities

 

 

2,418

 

 

 

1,746

 

Total current liabilities

 

 

7,603

 

 

 

8,005

 

Tenant improvements loan, net of current portion

 

 

750

 

 

 

946

 

Capital lease, net of current portion

 

 

741

 

 

 

661

 

Deferred rent, net of current portion

 

 

1,044

 

 

 

1,321

 

Warrant Liability

 

 

64,765

 

 

 

 

Earnout Shares Liability

 

 

151,323

 

 

 

 

Stock repurchase liability

 

 

1,072

 

 

 

1,177

 

Total liabilities

 

 

227,298

 

 

 

12,110

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

Redeemable convertible preferred stock: $0.0001 par value - 100,000,000 and 364,736,031 shares authorized at September 30, 2021 and December 31, 2020, no shares and 332,764,215 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively (Cumulative liquidation preference nil and $769,679 at September 30, 2021 and December 31, 2020, respectively)

 

 

 

 

 

768,312

 

Stockholders’ equity (deficit):

 

 

 

 

 

 

Common stock: $0.0001 par value - 1,400,000,000 shares and 517,865,383 authorized at September 30, 2021 and December 31, 2020, 604,335,426 and 122,058,940 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively

 

 

60

 

 

 

 

Additional paid-in capital

 

 

1,786,118

 

 

 

12,591

 

Accumulated deficit

 

 

(481,655

)

 

 

(296,286

)

Accumulated other comprehensive income

 

 

148

 

 

 

527

 

Total stockholders’ equity (deficit)

 

 

1,304,671

 

 

 

(283,168

)

Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit)

 

$

1,531,969

 

 

$

497,254

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

3


 

JOBY AVIATION, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(In thousands, except share and per share data)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development (including related party
   purchases of $
547 and $345 for the three months
   ended September 30, 2021 and 2020, respectively,
   $
1,523and $969 for the nine months ended
   September 30, 2021 and 2020, respectively)

 

$

52,092

 

 

$

30,713

 

 

$

140,310

 

 

$

76,940

 

Selling, general and administrative (including related
   party purchases of $
154 and $97 for the three
   months ended September 30, 2021 and 2020,
   respectively, $
390 and $247 for the nine months
   ended September 30, 2021 and 2020, respectively)

 

 

15,607

 

 

 

5,515

 

 

 

41,587

 

 

 

15,112

 

Total operating expenses

 

 

67,699

 

 

 

36,228

 

 

 

181,897

 

 

 

92,052

 

Loss from operations

 

 

(67,699

)

 

 

(36,228

)

 

 

(181,897

)

 

 

(92,052

)

Interest and other income, net

 

 

163

 

 

 

1,081

 

 

 

872

 

 

 

4,813

 

Interest expense

 

 

(484

)

 

 

(65

)

 

 

(2,388

)

 

 

(193

)

Income from equity method investment

 

 

10,331

 

 

 

286

 

 

 

19,222

 

 

 

286

 

Gain on disposal of subsidiary

 

 

 

 

 

6,904

 

 

 

 

 

 

6,904

 

Transaction expenses related to merger

 

 

(9,015

)

 

 

 

 

 

(9,015

)

 

 

 

Loss from changes in fair value of derivative liability

 

 

(11,489

)

 

 

 

 

 

(11,489

)

 

 

 

Convertible notes extinguishment loss

 

 

(665

)

 

 

 

 

 

(665

)

 

 

 

Total other income (loss)

 

 

(11,159

)

 

 

8,206

 

 

 

(3,463

)

 

 

11,810

 

Loss before income taxes

 

 

(78,858

)

 

 

(28,022

)

 

 

(185,360

)

 

 

(80,242

)

Income tax expense

 

 

 

 

 

6

 

 

 

9

 

 

 

23

 

Net loss

 

$

(78,858

)

 

$

(28,028

)

 

$

(185,369

)

 

$

(80,265

)

Net loss per share, basic and diluted

 

$

(0.20

)

 

$

(0.27

)

 

$

(0.91

)

 

$

(0.79

)

Weighted-average common stock outstanding, basic
   and diluted

 

 

385,560,732

 

 

 

104,760,660

 

 

 

203,536,351

 

 

 

102,103,326

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

4


 

JOBY AVIATION, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(unaudited)

(In thousands)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(78,858

)

 

$

(28,028

)

 

$

(185,369

)

 

$

(80,265

)

Other comprehensive (loss) gain:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

 

(94

)

 

 

194

 

 

 

(42

)

 

144

 

Unrealized (loss) gain on available-for-sale
   securities

 

 

(14

)

 

 

(517

)

 

 

(337

)

 

847

 

Total other comprehensive (loss) gain

 

 

(108

)

 

 

(323

)

 

 

(379

)

 

991

 

Comprehensive loss

 

$

(78,966

)

 

$

(28,351

)

 

$

(185,748

)

 

$

(79,274

)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

5


 

JOBY AVIATION, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

(unaudited)

(In thousands, except share data)

 

 

 

Preferred Stock

 

 

 

Common Stock

 

 

Additional

 

 

 

 

 

Accumulated
Other

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Paid-In
Capital

 

 

Accumulated
Deficit

 

 

Comprehensive
Income (Loss)

 

 

Stockholders’
Equity (Deficit)

 

 Balance at January 1, 2021

 

 

332,764,215

 

 

$

768,312

 

 

 

 

122,058,940

 

 

$

12

 

 

$

12,579

 

 

$

(296,286

)

 

$

527

 

 

$

(283,168

)

 Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(41,505

)

 

 

 

 

 

(41,505

)

 Issuance of redeemable convertible preferred stock

 

 

8,924,010

 

 

 

77,619

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,808

 

 

 

 

 

 

 

 

 

4,808

 

 Other noncash compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,741

 

 

 

 

 

 

 

 

 

1,741

 

 Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

 

746,830

 

 

 

 

 

 

303

 

 

 

 

 

 

 

 

 

303

 

 Vesting of early exercised stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

75

 

 

 

 

 

 

 

 

 

75

 

 Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(309

)

 

 

(309

)

 Balance at March 31, 2021

 

 

341,688,225

 

 

 

845,931

 

 

 

 

122,805,770

 

 

 

12

 

 

 

19,506

 

 

 

(337,791

)

 

 

218

 

 

 

(318,055

)

 Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(65,006

)

 

 

 

 

 

(65,006

)

 Issuance of redeemable convertible preferred stock

 

 

2,677,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,992

 

 

 

 

 

 

 

 

 

6,992

 

 Other noncash compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,006

 

 

 

 

 

 

 

 

 

2,006

 

 Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

 

592,948

 

 

 

 

 

 

217

 

 

 

 

 

 

 

 

 

217

 

 Vesting of early exercised stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

112

 

 

 

 

 

 

 

 

 

112

 

 Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38

 

 

 

38

 

 Balance at June 30, 2021

 

 

344,365,425

 

 

 

845,931

 

 

 

 

123,398,718

 

 

 

12

 

 

 

28,833

 

 

 

(402,797

)

 

 

256

 

 

 

(373,696

)

 Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(78,858

)

 

 

 

 

 

(78,858

)

 Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,618

 

 

 

 

 

 

 

 

 

7,618

 

 Other noncash compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,028

 

 

 

 

 

 

 

 

 

2,028

 

 Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

 

699,852

 

 

 

 

 

 

347

 

 

 

 

 

 

 

 

 

347

 

 Issuance of common stock upon exercise of SVB warrants

 

 

 

 

 

 

 

 

 

752,732

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Issuance of redeemable convertible preferred stock upon exercise of In-Q-Tel warrants

 

 

68,629

 

 

 

 

 

 

 

 

 

 

 

 

 

691

 

 

 

 

 

 

 

 

 

691

 

 Issuance of common stock upon conversion of Uber convertible notes

 

 

 

 

 

 

 

 

 

7,716,780

 

 

 

1

 

 

 

77,398

 

 

 

 

 

 

 

 

 

77,399

 

 Conversion of redeemable convertible preferred stock into common stock in connection with the reverse recapitalization

 

 

(344,434,054

)

 

 

(845,931

)

 

 

 

344,434,054

 

 

 

34

 

 

 

845,897

 

 

 

 

 

 

 

 

 

845,931

 

 Issuance of common stock upon the reverse recapitalization, net of issuance costs

 

 

 

 

 

 

 

 

 

127,333,290

 

 

 

13

 

 

 

823,256

 

 

 

 

 

 

 

 

 

823,269

 

 Vesting of early exercised stock options