Joby Aero, Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Net Loss Per Share Attributable to Common Stockholders

Net Loss Per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2026

Net Loss per Share Attributable to Common Stockholders

Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per share gives effect to all potentially dilutive securities outstanding during the period, using the treasury stock method or the if-converted method, as applicable, including any related adjustments to the numerator, to the extent their effect is dilutive. For the three and nine months ended September 30, 2026 and 2025, basic and diluted net loss per share were the same because the effect of potentially dilutive securities was antidilutive.

As of September 30, 2026 and 2025, respectively, 5,833,333 and 12,833,333 shares of common stock issuable upon exercise of the Delta Warrant were excluded from the computation of diluted net loss per share and the table of antidilutive securities below because the applicable milestones had not been achieved. In addition, the 13,704,000 Earnout Shares, although legally issued and outstanding, were excluded from the computation of basic and diluted net loss per share because they remained contingently returnable pending achievement of the applicable stock price thresholds. See Note 7 for additional information regarding the terms of the Delta Warrant and the Earnout Shares.

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator:
Net loss attributable to common stockholders	$	(211,830)	$	(401,226)	$	(567,223)	$	(808,306)
Denominator:
Weighted-average shares outstanding	978,533,969		844,551,006		964,109,268		803,188,296
Net loss per share attributable to common stockholders, basic and diluted	$	(0.22)	$	(0.48)	$	(0.59)	$	(1.01)

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive:


	September 30, 2026	September 30, 2025
Common stock warrants	—	14,367,942
Unvested restricted stock awards	334,803	780,799
Unvested restricted stock units	54,635,770	40,295,737
Options to purchase common stock	4,899,866	6,900,057
Unvested early exercised common stock options	445,552	796,458
If-converted common stock from 2032 Notes (1)	48,634,374	—
Total	108,950,365	63,140,993

(1) On February 2, 2026, the Company issued $690.0 million in aggregate principal amount of the 2032 Notes (Note 6). The Company applies the if-converted method in computing the effect of the 2032 Notes on diluted net loss per share attributable to common stockholders. The 2032 Notes were not included for purposes of calculating the number of diluted shares outstanding as their effect would have been anti-dilutive. In connection with the issuance of the 2032 Notes, the Company entered into the Capped Call Transactions (Note 9), which were not included for purposes of calculating the number of diluted shares outstanding as their effect would have been anti-dilutive.