JOBY · CIK 0001819848
What Joby Aviation, Inc. told the SEC could break it.
Joby's disclosures are those of a pre-commercial eVTOL developer whose path to flight runs through suppliers and regulators. Even though it is highly vertically integrated, it still depends on globally sourced parts — some from single-source suppliers — and many components must be custom-made for it, so shortages or a supplier failure could stall production. Its commercial launch hinges on completing the FAA's rigorous type-certification process (plus reciprocal foreign approvals), where delays would push out passenger service. Its early revenue, only about $53 million, is concentrated, with two customers at roughly 14% and 12%, and it flags physical risk at its Santa Cruz testing facilities in a high wildfire-risk area.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Sole-source dependency
- single-source, custom-made aircraft componentshigh
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.”
SEC filing →As of 2026
Climate & physical
- Santa Cruz testing facilities in high wildfire-risk areamedium
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.”
SEC filing →As of 2026
Customer concentration
- Customer A 14%, Customer B 12% of revenuemedium
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.”
SEC filing →As of 2026
Regulatory & policy
- FAA type certification of eVTOL aircraftlow
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.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“We believe that our relationship with Delta, in addition to providing additional capital, will be another important method of customer acquisition when we launch our commercial 12 Table of Contents passenger service, and will also provide opportunities to leverage Delta's exp”
Cited →
Its suppliers
“We sell our avionics solutions through our network of more than 650 dealers to sell products to owner-operators of general aviation aircraft and directly as an OEM solution to Robinson Helicopters, Pilatus, Honeywell, and Joby Aviation.”
Cited →“The Company made payments to Toyota for these parts and materials totaling $ 1.1 million, $ 0.7 million and $ 1.3 million during the years ended December 31, 2025, 2024 and 2023, respectively.”
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