What the changes say
- Blade acquisition adds risks involving integration, charter-flight safety, operators, terminals, market expansion, and branded aircraft conduct.
- Tariffs and geopolitical trade measures threaten globally sourced components, especially batteries and related materials.
- The company now emphasizes software vulnerabilities, charging-system compatibility, and Blade’s personal-data processing.
- Government-contract risk is less specific after removing the prior reference to shifting defense priorities toward hybrid and autonomous aircraft.
What changed since the prior 10-K
New
- NewRisks Related to Our Business and Industry
Global trade policies, including tariffs, could adversely affect our operations
U.S. and reciprocal tariffs, export restrictions, and other trade measures could raise costs or disrupt globally sourced batteries and raw materials.
- NewRisks Related to Our Business and Industry
The market for UAM has not been established with precision. Customers may be reluctant to adopt this new form of mobility, or to pay our projected prices
Consumer demand for eVTOL travel and willingness to pay projected prices may be insufficient, limiting passenger volumes and profitability.
- NewRisks Related to Our Business and Industry
Errors or vulnerabilities in software code could harm our business
Errors or vulnerabilities in Joby’s booking app or third-party software could block bookings, disrupt flight communications, cause security incidents, or reduce users.
- NewRisks Related to our Blade Air Charter Operations
We may not realize the anticipated benefits of our acquisition of Blade, and the acquisition may expose us to integration challenges, additional liabilities and costs, and potential dilution
Integrating Blade could divert resources, fail to deliver market and customer benefits, create liabilities, and require up to $45 million in additional payments.
- NewRisks Related to our Blade Air Charter Operations
We could suffer losses and adverse publicity stemming from accidents involving small aircraft, helicopters, or charter flights generally and, in particular, from any accident or incident involving Blade charter flights
Accidents involving Blade charter flights, other small aircraft, or third-party operators could reduce demand, damage the brand, and create liability.
- NewRisks Related to our Blade Air Charter Operations
The markets for our Blade offerings are still in relatively early stages of growth, and such markets may not continue to grow, or may grow more slowly than we expect
Blade may struggle to grow beyond its limited metropolitan markets because of weak brand recognition, competition, and required infrastructure and marketing investment.
- NewRisks Related to our Blade Air Charter Operations
If we are unable to obtain and maintain adequate facilities and infrastructure, we may be unable to offer our existing Blade flight schedule and to expand our route network in the future
Congested airports and heliports or expiring terminal leases and permits could prevent Blade from maintaining schedules or expanding routes.
- NewRisks Related to our Blade Air Charter Operations
We rely on our third-party operators to provide and operate aircraft. If such third-party operators do not perform adequately or terminate their relationships with us, our costs may increase
Poor performance or termination by third-party aircraft operators could cause delayed or canceled Blade flights and increase costs.
- NewRisks Related to our Blade Air Charter Operations
Illegal, improper, or otherwise inappropriate operation of branded aircraft by our third-party aircraft operators, regardless of whether they are operating aircraft on our behalf, could harm our reputation, business, brand, financial condition, and results of operations
Misconduct by operators using Blade-branded aircraft, even outside Blade service, could cause reputational, regulatory, or litigation damage.
- NewRisks Related to Our Finances and Operations
We may invest significant resources in developing new offerings and exploring the application of our proprietary technologies for other uses and those opportunities may never materialize
Investments in hydrogen-electric aircraft, autonomy, defense aircraft, and other technologies may consume resources without producing viable products or growth.
- NewRisks Related to Our Finances and Operations
Our Certificate of Incorporation, Bylaws, and policies and procedures are designed to ensure compliance with applicable aviation regulations
Foreign ownership or control exceeding aviation-law limits could threaten compliance with U.S. air-carrier ownership requirements.
Dropped
- DroppedRisks Related to Our Business and Industry
The market for UAM has not been established with precision, is still emerging and may not achieve the growth potential we expect or may grow more slowly than expected
- DroppedRisks Related to Our Business and Industry
Our growth is highly dependent upon consumer adoption of an entirely new form of mobility offered by eVTOL aircraft and the UAM market. If consumers do not adopt this new form of mobility or are not willing to pay the prices we project for our services, our business may never materialize
- DroppedRisks Related to Our Business and Industry
We may be unable to effectively build a customer-facing business or app
- DroppedRisks Related to Our Finances and Operations
While our primary focus is on the design, manufacture and operation of our eVTOL aircraft and the related aerial mobility service, we may invest significant resources in developing new technologies, services, products and offerings. However, we may not realize the expected benefits of these investments
Reworded
- 43% rewrittenRisks Related to Our Finances and Operations
We will need additional capital in the future, including to build high-volume manufacturing, and to develop a vertiport network to support a high-volume service
No substantive change shown; the risk still centers on capital required for manufacturing capacity, aircraft, vertiports, and facilities.
- 38% rewrittenRisks Related to Our Finances and Operations
If conflicts arise between us and our strategic partners, our business could be adversely affected, or these parties may act in a manner adverse to us
The wording shifts from conflicts potentially limiting strategy implementation to conflicts potentially adversely affecting manufacturing, UAM launches, and international scaling.
- 30% rewrittenRisks Related to Our Business and Industry
The U.S. government may modify or terminate one or more of our existing contracts
The updated text removes the specific concern that defense priorities may shift toward hybrid aircraft and autonomous flight technology.
- 30% rewrittenRisks Related to Our Finances and Operations
We are dependent on our senior management team and other highly skilled personnel, including pilots and mechanics, and we may not be successful in attracting or retaining these personnel
The risk now identifies a current CFO who joined in May 2025, replacing the prior interim-period disclosure while the company searched.
- 26% rewrittenRisks Related to Our Business and Industry
Our aircraft may fail to achieve performance expectations
No substantive change shown; the risk still covers aircraft noise, payload, range, software defects, and unvalidated lifetime performance.
- 25% rewrittenRisks Related to Our Business and Industry
We are subject to rapidly changing and increasingly restrictive laws, regulations and other obligations relating to privacy, data protection, and data security, which may be costly and difficult to comply with
The risk now says Blade already collects passenger data and Joby will collect it for future air-taxi services.
Was: We will be subject to rapidly changing and increasingly restrictive laws, regulations and other obligations relating to privacy, data protection, and data security, which may be costly and difficult to comply with
- 24% rewrittenRisks Related to Our Finances and Operations
We may be unable to protect our intellectual property rights from unauthorized use by third parties
No substantive change shown; Joby still relies on patents, trade secrets, confidentiality measures, and unregistered software copyrights.
- 23% rewrittenRisks Related to Our Business and Industry
If we are unable to obtain and maintain adequate facilities and infrastructure, including access to key infrastructure such as airports, we may be unable to offer our service in a way that is useful to passengers
The company now warns that incompatible vertiport charging systems could lengthen charging times and increase operating costs.
- 21% rewrittenRisks Related to Our Business and Industry
If current airspace regulations are not modified to increase air traffic capacity, our business could be subject to considerable capacity limitations
- 21% rewrittenRisks Related to Our Business and Industry
Our prospects may be adversely affected by changes in consumer preferences, discretionary spending and other economic conditions that affect demand for our services
Was: Our prospects may be adversely affected by changes in consumer preferences, discretionary spending and other economic conditions that affect demand for our services, including changes resulting from the COVID-19 pandemic
All 56 risk factors
Headings as the filing states them, in filing order.
Risks Related to Our Business and Industry
- 01We may be unable to obtain relevant regulatory approvals for the commercialization of our aircraft or operation of our mobility service, either in the United States or in foreign markets
- 02Regulatory authorities may disagree with our view that integrating our service into the National Airspace System is possible without changes to existing regulations and procedures
- 03If current airspace regulations are not modified to increase air traffic capacity, our business could be subject to considerable capacity limitations21% rewritten
- 04Changes in government regulation could increase our operating costs or extend our certification timeline
- 05We may be subject to security regulation that will increase our operating costs
- 06We are subject to stringent U.S. export and import control laws and regulations, which may change. We may be unable to comply with these laws and regulations or U.S. government licensing policies, or to secure required authorizations in a timely manner
- 07Global trade policies, including tariffs, could adversely affect our operationsNew
- 08We are subject to rapidly changing and increasingly restrictive laws, regulations and other obligations relating to privacy, data protection, and data security, which may be costly and difficult to comply with25% rewritten
- 09The market for UAM has not been established with precision. Customers may be reluctant to adopt this new form of mobility, or to pay our projected pricesNew
- 10We may face delays in launching our commercial service
- 11Errors or vulnerabilities in software code could harm our businessNew
- 12We may be unable to reduce end-user pricing at rates sufficient to drive growth for our service
- 13Our competitors may commercialize their technology before us, or we may not be able to fully capture the first mover advantage that we anticipate
- 14If we are unable to integrate our service with ground transportation services it may limit customer adoption and harm our business
- 15Customers may not differentiate our services from our competitors
- 16Our prospects may be adversely affected by changes in consumer preferences, discretionary spending and other economic conditions that affect demand for our services21% rewritten
- 17If we are unable to obtain and maintain adequate facilities and infrastructure, including access to key infrastructure such as airports, we may be unable to offer our service in a way that is useful to passengers23% rewritten
- 18Our aircraft utilization may be lower than expected due to weather and other factors
- 19Our aircraft may fail to achieve performance expectations26% rewritten
- 20We may not be able to produce aircraft in the volumes and on the timelines we project
- 21Crashes, accidents or incidents of eVTOL and other aircraft could have a material adverse effect on our business, financial condition, and results of operations
- 22We will initially rely on a single type of aircraft to support our commercial UAM business, which makes us vulnerable to design defects or mechanical problems
- 23We depend on suppliers and service partners for raw materials, parts and components
- 24Our aircraft may require maintenance at frequencies or at costs which are unexpected
- 25The U.S. government may modify or terminate one or more of our existing contracts30% rewritten
- 26We may be unable to grow our relationship with the U.S. government and the Department of Defense
- 27We conduct a portion of our business pursuant to U.S. government contracts, which are subject to unique risks
Risks Related to our Blade Air Charter Operations
- 28We may not realize the anticipated benefits of our acquisition of Blade, and the acquisition may expose us to integration challenges, additional liabilities and costs, and potential dilutionNew
- 29We could suffer losses and adverse publicity stemming from accidents involving small aircraft, helicopters, or charter flights generally and, in particular, from any accident or incident involving Blade charter flightsNew
- 30The markets for our Blade offerings are still in relatively early stages of growth, and such markets may not continue to grow, or may grow more slowly than we expectNew
- 31If we are unable to obtain and maintain adequate facilities and infrastructure, we may be unable to offer our existing Blade flight schedule and to expand our route network in the futureNew
- 32We rely on our third-party operators to provide and operate aircraft. If such third-party operators do not perform adequately or terminate their relationships with us, our costs may increaseNew
- 33Illegal, improper, or otherwise inappropriate operation of branded aircraft by our third-party aircraft operators, regardless of whether they are operating aircraft on our behalf, could harm our reputation, business, brand, financial condition, and results of operationsNew
Risks Related to Our Finances and Operations
- 34We have incurred significant losses since inception, we expect to incur losses in the future, and we may not be able to achieve or maintain profitability
- 35We will need additional capital in the future, including to build high-volume manufacturing, and to develop a vertiport network to support a high-volume service43% rewritten
- 36We have broad discretion in how we use our assets, and we may not use them effectively
- 37Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited
- 38If we fail to maintain an effective system of disclosure controls and internal control over financial reporting, investors may lose confidence in the accuracy and completeness of our financial reports and our ability to comply with applicable regulations could be impaired
- 39We may be unable to protect our intellectual property rights from unauthorized use by third parties24% rewritten
- 40If conflicts arise between us and our strategic partners, our business could be adversely affected, or these parties may act in a manner adverse to us38% rewritten
- 41We may invest significant resources in developing new offerings and exploring the application of our proprietary technologies for other uses and those opportunities may never materializeNew
- 42Any material disruption in our information systems could adversely affect our business
- 43If we or our third-party service providers experience a security breach, or if unauthorized parties otherwise obtain access to our customers’ data, our reputation may be harmed, demand for services may be reduced, and we may incur significant liabilities
- 44Our concentration in large metropolitan areas and heavily trafficked airports also makes our business susceptible to an outbreak of a contagious disease, both due to the high volume of travelers flying into and out of such airports and the ease at which contagious diseases can spread through densely populated areas
- 45We currently have subsidiaries located outside of the United States and plans for international operations in the future, which could subject us to political, operational and regulatory challenges
- 46We are subject to risks arising from natural disasters and severe weather conditions and risks associated with climate change, including the potential increased impacts of severe weather events on our operations and infrastructure
- 47We are subject to many hazards and operational risks that can disrupt our business, including interruptions or disruptions in service at our facilities, for which we may not be able to secure adequate insurance policies, or secure insurance policies at reasonable prices
- 48We are dependent on our senior management team and other highly skilled personnel, including pilots and mechanics, and we may not be successful in attracting or retaining these personnel30% rewritten
- 49Our business may be adversely affected by union activities
- 50The price of our common stock has been and may continue to be volatile
- 51We do not intend to pay cash dividends for the foreseeable future
- 52If analysts do not publish research about our business or if they publish inaccurate or unfavorable research, our stock price and trading volume could decline
- 53We may be subject to securities litigation, activist investors and short-selling campaigns, which are expensive and could divert management attention
- 54Future resales of common stock may cause the market price of our securities to drop significantly
- 55Our Certificate of Incorporation, Bylaws, and policies and procedures are designed to ensure compliance with applicable aviation regulationsNew
- 56If we are deemed to be an investment company under the Investment Company Act of 1940, our results of operations could be harmed
Other Joby Aviation 10-Ks
- FY2024 10-K risk factors49 risks
FAA certification, airspace capacity, and evolving aviation rules could delay or constrain Joby’s commercial launch.
Filed Feb 27, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.