What Joby Aviation, Inc. told the SEC could break it.

Despite high vertical integration, Joby relies on globally sourced purchased parts and materials — some from single-source suppliers — and many components must be custom-made for it, exposing production to shortages and disruption.

“we still rely on purchased parts and materials for aircraft production and manufacturing equipment which we source from suppliers globally, some of whom are currently single source suppliers. Many of the components used in our aircraft must be custom made for us.”

Joby's Santa Cruz, California testing facilities are in a high wildfire-risk area (and subject to zoning/permitting closure risk); destruction or prolonged unavailability could delay its development timeline.

“Our Santa Cruz testing facilities, in particular, are located in an area that is at high risk due to wildfire.”

Joby's early (~$53M) revenue is concentrated: two customers were ~14% and ~12% of FY2025 total revenue (and one customer 12% of other receivables), reflecting reliance on a few sources (Blade passenger service, a DOD agency, demo flights).

“Customer A represented approximately 14 % of total revenues, while Customer B represented approximately 12 % of total revenues.”

Joby's commercial launch depends on completing rigorous FAA type certification of its eVTOL aircraft (and reciprocal foreign certifications); delays or changes to FAA SFARs/processes would push out commercial passenger service.

“We are in the process of certifying our aircraft with the U.S. Federal Aviation Administration (“FAA”). This involves a rigorous process of design, testing, verification and quality control.”