Related Party Transactions |
6 Months Ended |
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Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions The Company’s Chief Executive Officer and founder has ownership interests in certain vendors that provide services to the Company. Services purchased from these vendors include rent of office space and certain utilities and maintenance services related to the property on which the rented premises are located, and an aircraft charter. Expenses and related payments to these vendors totaled $0.1 million and $0.3 million during the three and six months ended June 30, 2026, respectively and $0.1 million and $0.3 million during the three and six months ended June 30, 2025, respectively. The Company owed these vendors $0.0 million and $0.0 million as of June 30, 2026 and December 31, 2025, respectively.
Toyota Motor Corporation (“Toyota”) is a beneficial owner of more than 10% of the voting interests of the Company and has the right to designate a director for election to the Company’s Board of Directors. Toyota is developing prototypes and supplying parts and materials for some of the Company’s manufactured subassembly components. The Company made payments to Toyota for these parts and materials totaling $0.7 million and $1.3 million during the three and six months ended June 30, 2026, respectively, and $0.4 million and $0.6 million during the three and six months ended June 30, 2025, respectively. Additionally, the Company identified an embedded finance lease within the Company’s purchase and sale agreement with Toyota for subassembly components in the amount of $7.2 million and $7.2 million as of June 30, 2026 and December 31, 2025, respectively. The Company owed Toyota $0.0 million and $0.1 million as of June 30, 2026 and December 31, 2025, respectively.
In October 2024, the Company and Toyota signed a stock purchase agreement pursuant to which Toyota committed to invest up to an additional $500 million, subject to the satisfaction of certain closing conditions. In May 2025, the Company completed initial closing under this stock purchase agreement and issued 49,701,790 shares at the per share purchase price of $5.03, for an aggregate purchase price of $250,000,000 (“Initial Closing”). The Company recorded a noncash loss of $40.3 million in relation to the Initial Closing to account for the difference between the amount of aggregated purchase price and the fair value of shares issued as of the date of issuance. The fair value of the stock as of the date of issuance was determined based on the market price of the Company’s shares adjusted for a lack of marketability discount, as issued shares were not registered with the SEC.
On June 29, 2026, Joby Aero, Inc. (“Joby Aero”), a wholly-owned subsidiary of the Company, entered into a stockholders agreement (the “Stockholders Agreement”) with Joby Toyota Aero Manufacturing Preparation Company, a Delaware corporation (“JTAMPC”), and Toyota, pursuant to which Joby Aero and Toyota jointly incorporated JTAMPC as a joint venture for the purpose of establishing an entity to manufacture the Company’s S4 Series eVTOL aircraft. Substantially simultaneously with the entry into the Stockholders Agreement, each of Joby Aero and Toyota also entered into a common stock purchase agreement with JTAMPC, pursuant to which Joby Aero will acquire 980,000 shares of JTAMPC’s common stock, par value $0.0001 per share (the “JTAMPC Common Stock”), which upon funding, will represent a 49% ownership interest in JTAMPC, for an aggregate cash purchase price of $980,000 to JTAMPC, and Toyota will acquire 1,020,000 shares of the JTAMPC Common Stock, which upon funding, will represent a 51% ownership interest in JTAMPC, for an aggregate cash purchase price of $1,020,000 to JTAMPC.
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