Joby Aviation, Inc. · NYSE:JOBY
Joby Aviation — Reinvent Technology Partners — SPAC Merger (July 2021)
113 slides from Joby Aviation's SPAC merger presentation, Jul 8, 2021
Slide 1: Reinvent & Joby Investment Memo July 2021
Reinvent & Joby Investment Memo July 2021 Updated 7/8/21
Slide 2: Disclaimer
Disclaimer This presentation (this “Presentation”) was prepared by Reinvent Technology Partners (“RTP”) and Joby Aero, Inc. (“Joby”) in connection with their proposed business combination. By accepting this Presentation, you agree to use this Presentation for the sole purpose of evaluating the poten
Slide 3: Slide 3
Slide 4: Reinvent team
Reid Mark Michael David Daniel Matt Hoffman Pincus Thompson Cohen Urdaneta DeGraw • Co-lead Director of RTP • Co-lead Director of RTP • CEO, CFO & Director of RTP • Secretary of RTP • Investment Partner at Reinvent Capital • Principal at Reinvent Capital • Partner at Greylock • Founder and Chairman
Slide 5: Reinventing Mobility: Joby + Reinvent
Reinventing Mobility: Joby + Reinvent goal: to partner with amazing founders with game Joby offers opportunity for Venture Capital @Scale changing technologies who are inventing or reinventing industries Reinvent vision for Joby: Uber meets Tesla in the air Experience as entrepreneurs, operators, in
Slide 6: Joby Has a Highly Attractive and Scalable Business Model
4 Joby Has a Highly Attractive and Scalable Business Model Attractive Unit Economics… …Lead to a Scalable Financial Profile Contribution Margin and Payback Analysis 2026E Financial Highlights $M 2.2 (0.9) Revenue / $2,050M / 185% % YoY Growth (0.2) (0.1) (0.1) 1.0 Gross Profit(3) / $1,183M / 58% Gro
Slide 7: Table of Contents
Table of Contents The Time is Now 8 Historical Context 19 Executive Investment Summary 26 Joby Vehicle Advantage: 55 Technology 57 Certification 62 Go-To-Market 69 Production 76 Massive and Growing Market 82 Competitive Dynamics 87 Key Business Drivers & Unit Economics 92 Transaction Context 103 Fin
Slide 8: The Time is Now
The Time is Now
Slide 9: Congestion is a Problem
Congestion is a Problem Secular trends: urbanization causing congestion, greater emissions; cost of infrastructure increasing in cities; increases in traffic causing large economic losses • Congestion is bad … and getting worse • Population growth, urbanization, and underfunded infrastructure are ke
Slide 10: Road Infrastructure Costs are Unmanageable
Road Infrastructure Cost per Mile for Road Construction Increasing Exponentially…(2) Costs are Unmanageable $M cost per mile for US road construction; indexed to 2016 USD ~$250.0M • Need for new solutions. Road infrastructure cost increasing dramatically driven by labor, land, permitting, and materi
Slide 11: Time Lost in Traffic
Time Lost in Traffic • Texas A&M estimates that time lost in traffic cost Americans ~$180 billion in 2017 and is forecasting that number to rise to ~$237 billion by 2025 • Problem just as acute in emerging market countries that are quickly urbanizing and industrializing EXCESS FUEL PER HOURS LOST IN
Slide 12: The Time is Now
The Time is Now For almost 100 years, we have expected “flying cars” / “flying taxis”… what makes now the right time? 12
Slide 13: Why Now?
Why Now? Battery Tech Computing (Density Power & Cost) Increases • The idea of eVTOL has been around for decades… • JoeBen himself has been thinking about how to create a viable eVTOL aircraft since the early 1990s • Only recently have enabling technology improvements made it possible to build an eV
Slide 14: Rapid Improvements in Battery Technology
Rapid Improvements in Electric motors are quieter than combustion engines, but low battery density historically limited the application of electric motors in aviation. Battery evolution is enabling the practical use of electric motors in aircraft as increased battery density is increasing range and
Slide 15: Carbon Fiber Tech Advancing and Manufacturing Capabilities Scaling
Carbon Fiber Tech Advancing and Manufacturing Capabilities Scaling Carbon Fiber Demand, Metric Tons (1) End market 2017 2020 (est.) 2025 (est.) Aerospace 18,000 24,500 30,000 • As a metal replacement, carbon fiber composites Industrial 68,000 85,000 142,350 offer 10 times the strength of steel at ha
Slide 16: Continuous Improvements in Localized Compute Power
Continuous Improvements in Localized Compute Power Moore’s Law: The Number of Transistors on Microchips Doubles Every Two Years (1) Moore’s law describes the empirical regularity that the Transistor Count number of transistors on integrated circuits doubles 50,000,000,000 approximately every two yea
Slide 17: Shift Toward Sustainable Mobility and Electrification
Shift Toward Sustainable Mobility and Electrification of Transportation Electrification of the grid and reducing operating emissions are key components in the fight against climate change • Sustainable mobility has never been more needed given the threat that climate change poses to our communities
Slide 18: Aerial Ridesharing Unlocks the Third Dimension of Urban Transportation
Aerial Ridesharing Unlocks the Third Dimension of Urban Transportation Sustainable All-electric aircraft, zero operating emissions Fast 5X faster than driving in major metros(1) Scalable Exponential scaling of routes at a fraction of the infrastructure cost (1) Calculated based on average Joby S-4 s
Slide 19: Historical Context
Historical Context
Slide 20: Silicon Valley Retrenches to Capital Light
Silicon Valley Retrenches to (1) Capital Invested ($Bn) Industrials Capital Invested % of Total VC Capital Light 140 16% 14% $124B $121B 14% 120 13% 12% 11% 11% 11% 12% $97B 100 10% 9% 9% 9% 10% 80 9% 9% 9% 8% 8% $72B 7% $67B $72B 7% 8% 7% 60 6% • Over the last 20 years, Silicon Valley has retrenche
Slide 21: Consumer Behavior Adapts Quickly to New Transportation Modalities
Consumer Behavior Adapts Quickly to New Transportation Modalities Humans have Consistently Underestimated How Quickly Transportation Modalities Change • No one in the early 1800s would have expected to be able to move around the country in railroads; similarly in 1900 with cars • We expect eVTOL may
Slide 22: A New Kind of TAM: Expanding the Pie
A New Kind of TAM: Radical changes to transportation modality don’t so much ‘cannibalize’ Expanding the Pie the current/prevailing form of transport as much as totally re-invent and re-scale the size of the market itself, frequently by orders of magnitude New Travel Capabilities Offered by eVTOLs Co
Slide 23: U.S. DoD Advances Leading to Civilian Adoption
U.S. DoD Advances Leading U.S. DoD often leads the civilian approval and development of key aerospace technologies such as: jet engines, satellites, GPS, drones, and to Civilian Adoption radar Joby’s U.S. Department of Defense contract is a key advantage as it allows for advanced product testing in
Slide 24: Macro Trends: World Should Look Completely Different in 2030
Macro Trends—World Should This decade is potentially a “once in a 100-year decade” as it relates to infrastructure spending Look Completely Different in 2030 Urbanization Infrastructure Spending U.S. Population Shift to Cities HERE IS WHAT’S IN BIDEN’S Big-money Proposal $2 TRILLION DOLLAR The presi
Slide 25: Macro Trends: World Should Look Completely Different in 2030 (cont'd)
Macro Trends—World Should Expanding ground-based networks to address congestion and move people cost-effectively through cities has become increasingly difficult, if not Look Completely Different in impossible 2030 (cont’d) Cost Per Mile of Infrastructure Spending Light Rail Lines Four-lane freeway
Slide 26: Executive Investment Summary
Executive Investment Summary
Slide 27: Reinvent Investment Thesis
Reinvent Investment Thesis 1 Team & Technology 5 Immense Potential TAM -> Small Penetration = Leadership Large Outcomes World-class eVTOL team; clear technology leaders in developing eVTOL technology fit-for- Use cases for UAM across human transportation and movement of goods support $500B+ purpose
Slide 28: Team & Technology Leadership
1 Team & Technology Leadership World-class Team Visionary Leadership with 20+ World-class Key Partnerships Years Experience Functional Experts De-Risk Path to Market Dedicating large resources towards production design and execution Go-to-market and demand Eric Allison Bonny Simi Joe Brennan aggrega
Slide 29: Team & Technology Leadership: Building Deep Competitive Lead
1 Team & Technology Leadership Building Deep Competitive Lead The Right Aircraft • First to market with the right aircraft • World class engineering and certification team for the Market • In-house development of key parts and technologies • FAA Part 23 general aviation certification enables global
Slide 30: Team & Technology Leadership: Clear Technology Leader
1 Team & Technology Leadership Clear Technology Leader Joby’s Leadership Position is Supported by a Wide Consensus of Participants and Experts “When comparing current air taxi providers more holistically, we identified Joby Aviation as the most Joby is the highest ranked Advanced Air Mobility (AAM)
Slide 31: Strongly Positioned to be First-to-Market with FAA Certified Aircraft
2 Strongly positioned to be first-to-market with FAA certified aircraft Strongly Positioned to be First-to-market with FAA Certified Aircraft What Needs to be Done? Technology Certification Scaled Manufacturing Roll-out and Adoption Significantly de-risked based on where Significantly de-risked thro
Slide 32: Key Business Model Unlock
2 Strongly positioned to be first-to-market with FAA certified aircraft Key Business Model Unlock Joby’s Ability to Get to Market is Unlocked by the Interplay of Three Key Factors: Aircraft’s Technology Certification Pathway Full Vertical Integration Key Technology Highlights • Signed G-1 agreement
Slide 33: Highly Attractive Business Model: Uber Case Study
3 Highly attractive business model & unit economics • Uber serves as attractive case study on winner-take-most markets: higher Traditional Ride-Sharing rider and driver density + better customer traffic data → cheaper and faster service Case Study • Uber has 65%+ market share in many mature market
Slide 34: Why Joby Chose Ridesharing Business Model
3 Highly attractive business model & unit economics Joby doesn’t intend to sell vehicles to third parties or individual consumers. Instead, it Why Joby Chose expects to manufacture, own, and operate the aircraft, building a vertically integrated transportation company that will deliver a convenient
Slide 35: Overview of Unit Economics
3 Highly attractive business model & unit economics Overview of Unit Economics Economics of 1 Aircraft Economics of 1 City (1) Potential Value Creation Potential Aircrafts / City: US Cities >750k people: $1.3M cost per aircraft 100—300 20 Cities $2.2M annual revenue / Potential Revenue / City: Globa
Slide 36: Large Macroeconomic and Environmental Tailwinds
4 Large Macroeconomic and Environmental Tailwinds Megatrends Driving Growing TAM Macro Trends Technology Trends Driving increased demand and urgency Improving product and expanding modalities Compute power – AI, Machine Learning, Autonomous Increasing population density globally Transport Accelerati
Slide 37: Immense Potential TAM, Small Penetration, Large Outcomes
5 Immense Potential TAM → Small Penetration = Large Outcomes Solving large problems →potential for immense shareholder value creation Large TAM for UAM over the next decade • Joby long-term mission: save 1 billion people 1 hour a day • $500B+ potential market across applications • Market is big
Slide 38: Compounding Network Effects; Winner Take Most
6 Potential for Compounding Network Effects; “Winner Take Most” Consumer Value Proposition & Network Effects Compound Dedicated Establish Drive Lower First to Aggregate Skyport Initial Network Prices, Better Market Entry Demand Development Routes Density Availability Competitive Barrier to Entry Com
Slide 39: Why Being the Leader Matters
6 Potential for Compounding Network Effects; “Winner Take Most” Why Being the Leader Matters – Compounding Network Effects Supply Side Economies Demand Network Effects TESLA of Scale Demand network aggregator w/ localized Beneficiary of economies of scale from being network effects first to produce
Slide 40: Many Ways to Win: Global Population Growth & Urbanization
7 Many “ways to win” with upside tailwinds • Over the next 30 years, over 2.3 billion people are expected to move into Long-Term Upside Drivers — urban areas. This will drive large increases in congestion and the need for new urban transport solutions Macroeconomic Trends • Joby will be the benefici
Slide 41: Many Ways to Win: Land Infrastructure Development Costs
7 Many “ways to win” with upside tailwinds Long-Term Upside Drivers — Macroeconomic Trends Land Infrastructure Development Costs • Labor and materials inflation trends are driving up land infrastructure development costs and making aerial alternatives much more Cost per Mile of Infrastructure Spendi
Slide 42: Many Ways to Win: Demand for Green Infrastructure
7 Many “ways to win” with upside tailwinds Long-Term Upside Drivers — Macroeconomic Trends Demand for Green Infrastructure Increasing Global demand for more energy efficient infrastructure will be a many decade tailwind “Those that do take action and make bold investments in their people in a clean
Slide 43: Many Ways to Win: Battery Technology Improvements
7 Many “ways to win” with upside tailwinds Joby will benefit from continued rapid improvements in battery and other Long-Term Upside Drivers — clean energy storage technologies. While Joby’s aircraft can hit its specs based on today’s battery tech and improvements aren’t a necessity, Technology Impr
Slide 44: Many Ways to Win: Compute and AI Improvements
7 Many “ways to win” with upside tailwinds Long-Term Upside Drivers — Technology Improvements Continued Compute and AI Improvements • Localized compute power improvements will continue to enable ability of Joby to perform powerful localized calculation to expand automated functions of the aircraft •
Slide 45: Improvement of Enabling Technologies Will Increase Addressable Market
7 Many “ways to win” with upside tailwinds Long-Term Upside Drivers — Technology Improvements Continued Improvement of Enabling Technologies Will Further Increase Addressable Market • Hydrogen and/or solid-state (or other) battery improvements will enable longer-range trips (capturing 150mi-400mi+)
Slide 46: Light Weight Manufacturing Improvements
7 Many “ways to win” with upside tailwinds Long-Term Upside Drivers — Technology Improvements Light Weight Manufacturing Improvements Carbon fiber in the car industry(1) Production time per car Demand • Rapid improvements in cost, scale, and speed of manufacturing aerospace ‘000 hours Lbs, M grade c
Slide 47: What an Upside Case Could Look Like
7 Many “ways to win” with upside tailwinds Long-Term Upside Drivers — What an Upside Case Could Look Like A Fully Embedded eVTOL Future Autonomous Flights Drive Multiple Use Cases Global Adoption • There are 20 US cities with 700K+ people(1), while there are 557 • Aerial Ride Sharing cities globally
Slide 48: Asymmetry of Return Profile
8 Downside protection from accumulated IP & strategic value Asymmetry of Return Profile Key Upside Drivers Margin of Safety Drivers 01 MACROECONOMIC TRENDS: 01 Many options available to Joby that provide margin of safety in adverse scenarios: Global Population Density & Urbanization Large Helicopter
Slide 49: Margin of Safety: Helicopter Replacement
8 Downside protection from accumulated IP & strategic value Margin of Safety – What Do Downside Cases Look Like? Helicopter Replacement TAM Capture Alone Worth $5B+ • Global helicopter market is expected to grow at a 12% CAGR with large demand for eVTOL(1) Existing DoD contracts offer • The US has ~
Slide 50: Margin of Safety: Defense Opportunity
8 Downside protection from accumulated IP & strategic value Margin of Safety – What Do Downside Cases Look Like? Defense Opportunity in the US and Globally • The opportunity to sell into the DoD is highly attractive on a standalone basis Early Revenue Opportunity that Reduces Technology Risk • Exist
Slide 51: Margin of Safety: Alternative Downside Cases
8 Downside protection from accumulated IP & strategic value Margin of Safety – What Do Downside Cases Look Like? Sale of Aircraft Instead International Launch Strategic Interest in Accumulated IP(1) of Operate(1) instead of Domestic(1) • Before and after type certification we believe there is large
Slide 52: $2.0B in Capital De-Risks Path to Market
8 Downside protection from accumulated IP & strategic value $2.0B in Capital De-Risks Path to Market Significant Cash Runway w/ $2.0B PF Cash Positive Reflexivity Impacts PF Cash on Balance Sheet: (1) $2.0B Visibility to aid with regulators and customers Less: Projected Burn through $(1.4B) 2024YE:
Slide 53: Key Risks & Mitigants
Key Risks & Mitigants Risk Mitigant • Significant capital buffer with $2.0B cash Certification Delays • Ability to concurrently test and correct issues • Line of sight to certification • Deep expertise in aircraft production manufacturing both within Joby and in strategic partnership with Mass Produ
Slide 54: Key Risks & Mitigants (cont'd)
Key Risks & Mitigants Risk Mitigant • Convenience, speed, and competitive per mile pricing will drive demand once Consumer Demand & consumers embrace new technology • Certification and testing stats will give confidence on safety while hearing the aircraft in action will deliver Willingness to Adopt
Slide 55: Joby Vehicle Advantage
Joby Vehicle Advantage: Technology Certification Go-To-Market Production
Slide 56: Joby's Four Keys to Right Aircraft, Certified Success
Joby’s Four Keys to Right Aircraft, Certified Success 1. Technology 2. Certification 3. Go-To-Market 4. Production
Slide 57: Joby Vehicle Advantage: Technology
Joby Vehicle Advantage: Technology These advancements are hard problems to solve, a product of Joby’s Key Technology Components 10+ years of R&D, and act as key differentiators to competition. & Innovations Advanced Flight Electric Propulsion Integrated Control Software System Powertrain • Advanced
Slide 58: Investing in Designing, Manufacturing, and Testing In-house
Joby Vehicle Advantage: Technology Investing In Designing, Manufacturing, and Testing In-house 10+ Years of In-house R&D Advanced Manufacturing Improves Unit Cost, Performance, and Weight Production and testing done at our San Carlos facility • Reduction in materials and weight • Composite automatio
Slide 59: Stringent Testing Across All Components
Joby Vehicle Advantage: Technology Stringent Testing Across All Components Battery in altitude chamber Battery HIRF test Vibration test Battery undergoing electrical test Battery pack drop test
Slide 60: Joby Aircraft versus Helicopter
Joby Vehicle Advantage: Technology Joby Aircraft versus Helicopter Step Change Beyond Existing Helicopter Technology …At a Fraction of the Cost Noise ~100x Quieter Than a Helicopter… Cost (and speed) • Low noise is critically • Fault-tolerant architecture and Helicopter | 93 dBa important for commun
Slide 61: Joby Aircraft versus Helicopter: Safety
Joby Vehicle Advantage: Technology Joby Aircraft versus Helicopter Safety • Distributed electric propulsion rather than a centrally-located internal combustion engine, allows for a fault-tolerant overall architecture for the aircraft with high levels of redundancy – 6 propellors – can fly safely wit
Slide 62: What Does a G-1 Certification Mean?
Joby Vehicle Advantage: Certification What Does a G-1 Certification Mean? Compliance Reports Type Certification Data G-1 G-2 Sheet (TCDS) FAA l Aircraft Forma Certification Certified Design Begin FAA Certification Basis Means of Compliance Demonstration of Verification of Compliance (What Rules Appl
Slide 63: Paving the Certification Path
Joby Vehicle Advantage: Certification Paving the Certification Path Was Over a Decade of Hard Work… 2007 2011 2013 2015 2017 2018 2020 FAA Revitalizing Part 23 G1 Issued Joby Preliminary discussions with FAA Formal FAA Certification
Slide 64: Certification Continues to Progress Well
Joby Vehicle Advantage: Certification … And Continues to Progress Well Joby’s Progress Certification Means of Compliance Demonstration of Compliance Verification of Basis Compliance
Slide 65: Part 23 Certification Was a Conscious and Advantageous Choice
Joby Vehicle Advantage: Certification Part 23 Certification Was a Conscious and Advantageous Choice Airplane Part 23 provides flexibility and certainty Part 23 • Pilots are widely available Helicopter • Use of existing aviation infrastructure • Clear certification pathway Part 27/29 • Certification
Slide 66: Overview of Certification Path
Joby Vehicle Advantage: Certification Key initial unlock is type certification: Joby already has signed G-1 agreement defining Overview of Certification Path the discrete path to certification Part 23 Type Design Certification Part 135 Operational Certification Production Certification Purpose Purpo
Slide 67: World Class Certification Team
Joby Vehicle Advantage: Certification World Class Certification Team FAA Part 23 Certification World Class Team Greg Bowles Aircraft certified 25+ Aircrafts Head of Government and Regulatory Affairs Former Co-Chairman of the FAA Part 23 Aggregate years of experience 1,400+ Years Reorganization Aviat
Slide 68: Line of Sight to Certification in 2023
Joby Vehicle Advantage: Certification Line of Sight To Certification in 2023 G-1 paper lays out discrete steps remaining to achieve certification + These steps can be worked on in parallel so a delay in one area will not push back all other areas + Once all steps have been completed, FAA will issue
Slide 69: Joby Vehicle Advantage: Go-To-Market
Joby Vehicle Advantage: Go-To-Market There are 5 key categories of unlocks that impact the manned UAM market, all of Go-To-Market Unlock which are benefitting from positive tailwinds: Regulation Infrastructure Technology Public Acceptance Customer Acquisition • Airworthiness certification • Air traf
Slide 70: Major Milestones: Certification, Production, and Commercialization
Joby Vehicle Advantage: Go-To-Market Major Milestones: Certification, Production, and Commercialization Today Time 2021 2022 2023 2024 Right Aircraft, Certified ✓ H2 H1 G1 cert First FAA FAA flight test, Basis for-credit testing First flight of Type cert issued type-design-representative aircraft Sc
Slide 71: Roll Out Strategy Overview
Joby Vehicle Advantage: Go-To-Market Roll Out Strategy Overview → One City A few cities Wide Urban Expansion • Start in one city with a few aircrafts • Keep in 2-3 cities through 2025; then • Large number of target cities that align well to key criteria creates optionality at all stages • Optional
Slide 72: Path to Increasing Density in Cities
Joby Vehicle Advantage: Go-To-Market Joby is expected to start as fixed routes (airport to fixed places w/ highest demand) → interest Path to Increasing Density in in incremental nodes once consumer acceptance there →potential in the future for this to be on demand versus scheduled service Citie
Slide 73: Noise and Safety are the Two Key Unlocks
Joby Vehicle Advantage: Go-To-Market Noise and Safety are the Two Key Unlocks to Drive Municipalities and Consumers Municipality and Consumer Adoption + → + Noise Safety Municipalities Consumers 100x quieter than a helicopter Rigorous FAA certification process Work with target cities to explain St
Slide 74: Operations and Air Traffic Control
Joby Vehicle Advantage: Go-To-Market Joby’s aircraft fits into the existing aviation operations rules Operations and Air Traffic Control Aviation rules How we plan to operate Timeline Air Carrier Certificate Joby FAA Part 135 Mid 2022 x Pilots Commercial level pilots Exists today Airspace Existing V
Slide 75: Vision for Customer Experience
Joby Vehicle Advantage: Go-To-Market Vision for Customer Experience Press a button… get a flight Step 1 Step 2 Step 3 Step 4 Select your destination The Joby service will At the origin skyport, At the destination through the Joby app or a synthesize a trip for you, board a shared Joby skyport, anoth
Slide 76: Joby Vehicle Advantage: Production
Joby Vehicle Advantage: Production Staged approach to production supports certification and growth. Utilizing Joby Production Assumptions modern production methods to support rapid scaling. Phase II Production 10,131 Performance Auto – Ferrari Thousands of Aircraft per year 4,662 Performance Auto –
Slide 77: Joby Production Ramp Precedents
Joby Vehicle Advantage: Production Joby Production Ramp Precedents Electric vehicles with full vertical integration Light weight airplane production –current and historical Carefully engineered mass production of Designed for aerospace grade vehicles production, at automotive scale Complex aerospace
Slide 78: Tesla's Ramp to Mass Production
Joby Vehicle Advantage: Production Joby Production Analogy: Tesla’s Ramp to Mass Production Joby Aircraft Designed from Outset to Manufacture at Scale with Aerospace Quality Early Production Start Start + 5 years Start + 10 years 1k cars / year produced 51k cars / year produced 920k cars / year prod
Slide 79: Consistent Outperformance Relative to Production Expectations
Joby Vehicle Advantage: Production Consistent Outperformance Relative to Production Expectations Tesla Forecasted Annual Production from 2010A – 2028E 000s 1,600 1,400 1,363 2020E production exceeded all market expectations 1,316 1,320 1,330 • Last 5 years: Tesla 10x from ~50k cars / 1,200 year to ~
Slide 80: Current Light Aircraft Production
Joby Vehicle Advantage: Production • Global light aircraft production was at >1,000 planes / year as recently as Current Light Aircraft Production mid 2000s • At 1,000 aircrafts per year (roughly Joby’s expected production in 2027), Joby has a powerful business model given their strong per aircraft
Slide 81: Starlink Has Shown Ability to Quickly Scale Aerospace Grade Production
Joby Vehicle Advantage: Production Starlink Has Shown Ability to Quickly Scale Aerospace Grade Production Starlink Satellite Launches(1) 4,000 16,000 3,275 3,000 2,800 12,000 2,220 2,000 8,000 1,560 1,560 1,680 1,000 4,000 480 0 0 2020 2021 2022 2023 2024 2025 2026 Cumulative Operating Satellites Sa
Slide 82: Massive and Growing Market
Massive and Growing Market
Slide 83: Potential Use Cases
Potential Use Cases Use Case City to Airport Intra-city Inter-city Medical transport Sightseeing Commuter Leisure Rides to and Medical transport Tourist activities Home to work Travel to Description from airports Travel within a city Travel between cities of people and and trips and back destination
Slide 84: Large TAM for UAM
Large TAM for UAM Solving large problems →potential for immense shareholder value creation over the next decade • Joby long-term mission: save 1 billion people 1 hour a day • $500B+ potential market across applications • Market is big enough for multiple winners across multiple modalities Urban Ai
Slide 85: Megatrends Driving Growing TAM
Megatrends Driving Growing TAM Macro Trends Technology Trends Increasing population Compute power – AI, density globally Machine Learning, Autonomous Transport Accelerating land Energy density — batteries, infrastructure $500B+ Potential TAM hydrogen development costs fuel cells Light weight materia
Slide 86: Future Market Size
Future Market Size Alternatives Price Weather Environmental Hassle factor constraints Sustainability Trip time Equipment price Control model Market size increases as Public acceptance the technology and Infrastructures business model improve density and distribution creating a virtuous cycle UTM Tri
Slide 87: Competitive Dynamics
Competitive Dynamics
Slide 88: Competitive Aircraft Configurations
Competitive Aircraft Configurations Multicopter Lift + Cruise (fixed wings) Vectored Thrust Thrusters only for lift, cruise via rotor pitch Independent thrusters used for cruise Thrusters used for lift and cruise and for lift Benefits • High redundancy • Redundancy benefits of multicopter without •
Slide 89: Each Airframe Configuration is Best Fit For a Specific Use Case
Each Airframe Configuration is Best Fit For a Specific Use Case Main airframe Use Case Types of Trips Players configurations Multicopter Short-haul intracity City aerial taxi: From home to office From train station to home Lift + cruise edium-haul intracity Suburb-to-city aerial taxi: (Fixed wings)
Slide 90: Competitive Positioning
Competitive Positioning With Over a Decade of Engineering and 1,000 Test Flights, Joby has Built the Leading Product and is Closest to Market Transition Sub-scale Full-scale from Vertical Certification Certification Conceptual Prototype Prototype to Wing-borne Basis Testing Years of Design Testing F
Slide 91: Joby is in Pole Position
Joby is in Pole Position A world class team with world class partners Vertically integrated approach Team of 800+ with deep aerospace, software, and electrical Key parts designed and produced in-house. Production scaling 01 engineering experience. 1000+ combined years of certification 04 supported b
Slide 92: Key Business Drivers & Unit Economics
Key Business Drivers & Unit Economics
Slide 93: Overview of Joby's Business Model
Overview of Joby’s Business Model Compelling Unit Economics… …Underpin Strong Business Model • Customers will book rides directly • Joby’s local aerial ridesharing networks will also through the Joby app or a partner app benefit from local network effects like Uber • Vertically integrated business m
Slide 94: The Power of Vertical Integration
The Power of Vertical Integration Vertical Integration is a Key Differentiator for Joby Comparable Transportation Business Models • Fully-vertically integrated business model allows Joby to capture Value Capture all of the economics created by first mover advantage and barriers to entry • Rideshare
Slide 95: Why are Joby's Economics Much Better than Airlines?
Why are Joby’s Economics Much Better than Airlines? Joby Business Model Airline Business Model ✓ Joby’s “fuel” costs are green, largely predictable, × Airlines don’t make money through cycles and comparatively cheap because of fuel costs and variability ✓ Vertical Integration, real estate partnershi
Slide 96: Why is CASM so Low?
Why is CASM so Low? Fewer mechanical parts Pilots cheaper than No hydrocarbon fuel is Top speed ~double that of means lower maintenance helicopters because Part 23 good for both the bottom conventional helicopters, costs and downtime general aviation line and the environment will deliver faster oper
Slide 97: Battery Cost is a Less Significant Driver of Unit Cost
Battery Cost is a Less Significant Driver of Unit Cost Compared to EVs BEV(1) eVTOL ~10% ~ 40% Battery Other Costs Battery Other Costs Reinvent (1) https://www.mckinsey.com/industries/automotive-and-assembly/our-insights/making-electric-vehicles-profitable# 97
Slide 98: Service Unit Economics at Scale in 2026
Service Unit Economics at Scale in 2026 Revenue Drivers Per Aircraft ($M) 7 Days a Week 24 Miles Revenue $2.2 ~40 Avg Trips / Day Avg Trip Length Revenue per available Cost of Goods Sold ($0.9) ~165 Miles / Hr $1.73 Cruising Speed seat mile Gross Margin $1.3 2.3 Passengers Cost per available seat $0
Slide 99: Service Cost Unit Economics at Scale in 2026
Service Cost Unit Economics at Scale in 2026 Cost Drivers Per Aircraft ($M) Per available seat mile 7 Days a Week ~22¢ Pilot Revenue $2.2 ~40 Avg Trips / Day Maintenance Cost incl. ~19¢ Cost of Goods Sold ($0.9) Labor Revenue per available $1.73 Skyport Support / seat mile ~11¢ Gross Margin $1.3 Lan
Slide 100: Attractive Unit Economics and Payback on Each Aircraft
Attractive Unit Economics and Payback on Each Aircraft Joby Service Unit Economics in 2026E Contribution Margin and Payback Analysis Attractive Payback Period Across Varying Load and Aircraft Cost Assumptions $M Years 2.2 (0.9) Passenger Load Factor 1.8 2.3 2.8 3.3 (0.2) (0.1) (0.1) 1.0 $0.9MM 1.6 0
Slide 101: Payback Period Sensitivity Analysis
Payback Period Sensitivity Analysis (Years) Price per Seat Mile $4.00 $3.50 $3.00 $2.50 $2.00 0.7 1.0 1.3 2.2 5.1 Cruising Speed (mph) Turnaround Load Factor (Passengers) 1.3 Years Time 70 110 150 190 3.0 0.8 Payback Period 5.0 6.7 1.8 1.1 0.9 2.5 1.1 7.0 12.9 2.4 1.5 1.1 2.0 1.9 Load Factor: 2.3 Cr
Slide 102: Market Economics: Indicative Market Returns
Market Economics Indicative Market Returns 20 node network 300+ aircraft in fleet > $500M annual revenue > $225M service contribution margin 102
Slide 103: Transaction Context
Transaction Context 103
Slide 104: Transaction Terms Overview
Transaction Terms Overview Transaction Structure Valuation Capital Structure • Joby and Reinvent are in discussion to combine in • Transaction implies a fully diluted pro forma • The transaction will be funded by a combination of order to grow the industry leading aerial ridesharing aggregate value
Slide 105: DeSPAC Structure Aligns Interests for Long-Term
DeSPAC Structure Aligns Interests for Long-Term ✓ Reid Hoffman to join board of directors at de-SPAC for three-year term followed by a consecutive three-year term by Michael Thompson ✓ Up to five-year lock-up on Reinvent shares ✓ Price-based vesting triggers of $12, $18, $24, $32 and $50 per share o
Slide 106: Joby Investor Base
Joby Investor Base Existing Investors Select PIPE Investors Fidelity Management & Research LLC Funds and accounts managed by BlackRock High quality financial and strategic investors deploying a mix of growth-oriented and value-oriented strategies 106
Slide 107: Financial Overview
Financial Overview
Slide 108: Joby Base Case Model & Drivers
Joby Base Case Model & Drivers 2021E 2022E 2023E 2024E 2025E 2026E Income Statement Items Total Revenue ——131 721 2,050 Growth(%) 450% 185% Recurring Aircraft Revenue(1) — — 186 796 New Aircraft Revenue ——131 535 1,254 Recurring Aircraft Revenue Contribution (%) 26% 39% (-) Cost of Goods Sold(2) ——5
Slide 109: Management Case: Per Aircraft Unit Economics
Management Case – Per Aircraft Unit Economics Key Assumptions and Performance Indicators in 2026 – Joby Service Aircraft Aircraft • Average of 963 total aircraft (850 in Service segment) • ~7 hours spent in flight per day with ~12 operating hours (1) • Fully loaded manufacturing cost of $1.3MM per a
Slide 110: Vertically Integrated Model Will Provide for Strong Growth and Margins
Vertically Integrated Model Will Provide for Strong Growth and Margins Joby Boasts Substantial Scale of up to ~4x Other Emerging Technology Winners… Revenue Growth 2025E Peer Revenues and 2021E-2025E CAGR unless otherwise noted Emerging Technology Winners Disruptive Transportation Vertically Integra
Slide 111: Joby Valuation Consistent with High Growth, Disruptive Companies
Joby Valuation Consistent with High Growth, Disruptive Companies …And Conservative on a Cash Flow Basis Current AV / 2025E Revenue Emerging Technology Winners Disruptive Transportation Vertically Integrated Platforms x 18.5x 16.4x Median: 11.5x 6.4x Median: 3.5x Median: 4.5x 6.7x 5.3x 5.0x 4.5x 3.2x
Slide 112: Long-Term Valuation Potential
Long-Term Valuation Cash Flows Support Attractive Entry Point for Investors Potential Relative to Present Value of Future Aggregate Value at an Illustrative 20% Discount Rate • Applies a 25-30x AV / EBITDA multiple range to Joby’s 2026E EBITDA to arrive at an Implied Future Aggregate Value Autonomou
Slide 113: Analogous Autonomous and Ridesharing Precedents
Analogous Autonomous and Ridesharing Precedents Valuation Across Last Five Rounds Latest Valuation • Recent validations from autonomous $Bn $Bn ridesharing precedents $30Bn 30 • Large, untapped addressable markets $19Bn 20 • Pre-commercialization phase $15Bn $31Bn $12Bn • Service-based models with s
Reinvent Technology Partners — SPAC Merger (July 2021) on 6ix