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Joby Aviation (NYSE: JOBY) finances $61,500,000 Ohio property with new loan

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Joby Aviation, Inc., through wholly-owned subsidiaries, entered into a senior, secured, non-revolving Loan Agreement for $30,750,000 to help finance the acquisition of an Ohio property. The loan is interest-only with a ten (10) year term and is secured by a mortgage on the property and a pledge of the borrower’s equity.

The funds are used to acquire approximately 728,000 square feet of real estate at 1669 Capstone Way in Vandalia, Ohio, which Aero purchased for a $61,500,000 purchase price. Various guaranties and environmental indemnities support the structure, and the borrower must fund reserves for property taxes and insurance premiums.

Positive

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Negative

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Insights

Joby adds long-term secured debt to fund a large Ohio facility.

Joby Aviation is using a senior, secured, non-revolving loan of $30,750,000 to support a real estate purchase priced at $61,500,000. The loan is interest-only for a ten (10) year term, with a fixed rate tied to the ten year treasury yield plus a negotiated margin.

Collateral includes a mortgage over the property and a pledge of the PropCo membership interests, with HoldCo providing a payment guaranty. Aero adds a non-recourse carveout guaranty and environmental indemnity, while PropCo must maintain reserves for property taxes and insurance premiums, reinforcing lender protections.

This structure increases secured leverage but aligns it with a specific operating asset of approximately 728,000 square feet in Vandalia, Ohio. Over the ten (10) year horizon, debt service will be shaped by the fixed-rate terms and the property’s operational performance under the covenants and single purpose entity requirements.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.01 Completion of Acquisition or Disposition of Assets Financial
The company completed a significant acquisition or sale of business assets.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 6, 2026
Joby Aviation, Inc.
(Exact name of Registrant as Specified in Its Charter)
Delaware001-3952498-1548118
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
333 ENCINAL STREET
SANTA CRUZ,California95060
(Address of Principal Executive Offices)(Zip Code)
Registrant’s Telephone Number, Including Area Code: 831 201-6700
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.0001 per shareJOBYNew York Stock Exchange
Warrants to purchase common stockJOBY WSNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.




Item 1.01. Entry into a Material Definitive Agreement
Entry into Loan Agreement
On March 6, 2026, 1669 Capstone Way, LLC (“PropCo”), a Delaware limited liability company and wholly-owned subsidiary of Joby Aero, Inc. (“Aero”), and an indirect wholly-owned subsidiary of Joby Aviation, Inc., (the “Company”), entered into a Loan Agreement (“Loan Agreement”) with B UL LLC (“Lender”), pursuant to which Lender agreed to lend to PropCo and PropCo agreed to borrow from Lender $30,750,000 (the “Loan”) in connection with the acquisition of property described below in Item 2.01 (the “Property”). Aero is the sole owner of PropCo, through a separate wholly-owned subsidiary, 1669 Capstone Holdco, LLC (“HoldCo”), a Delaware limited liability company.
The Loan Agreement provides the terms of the Loan, which is a senior, secured, non-revolving loan, to be used by PropCo solely for the purpose of acquiring the Property. The Loan is secured by (i) a mortgage over the Property granted by PropCo in favor of Lender, and (ii) an accommodation pledge granted by HoldCo, in favor of Lender, of its membership interest in PropCo. The Loan Agreement contains customary representations, warranties and both affirmative and negative covenants with negotiated exceptions. The Loan Agreement also contains customary events of default, such as payment defaults, failure to maintain the single purpose entity status of PropCo and HoldCo, inaccuracy of representations and warranties, bankruptcy and insolvency events, the transfer of ownership in the Property to third parties, and the failure to observe the negative covenants and certain other covenants related to the operation of the Property.
The Loan is evidenced by a standard promissory note, and is an interest-only loan with a ten (10) year term, without a specified extension option. Interest on the Loan accrues at a fixed rate based on the ten year treasury yield rate plus a negotiated margin. The Loan may be prepaid at any time, subject to negotiated prepayment charges.
In connection with its pledge to Lender of the membership interests in PropCo, HoldCo has provided a guaranty to Lender regarding payment of the Loan. HoldCo has no assets other than its membership interest in PropCo. In addition, Aero has provided Lender (i) a customary non-recourse carveout guaranty, pursuant to which Aero indemnifies Lender for certain losses resulting from actions solely within the control of Aero, and (ii) a typical environmental indemnity in favor of Lender.
PropCo is required by Lender to fund ongoing reserves for property taxes and insurance premiums relating to the Property.
The Loan is not subject to the approval of the Company’s shareholders.
The foregoing description of the Loan Agreement and Loan is a summary and is qualified in its entirety by reference to the full text of the Loan Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 2.01. Completion of Acquisition or Disposition of Assets
On March 6, 2026, Aero completed the previously disclosed purchase of certain real property, improvements and other assets (the “Property”) from Capstone STS, LLC, a Texas limited liability company, for a purchase price of $61,500,000 (the “Purchase Price”).
The Property consists of approximately 728,000 square feet located at 1669 Capstone Way, Vandalia, Ohio.
The foregoing description is a summary and is qualified in its entirety by reference to the full text of the Purchase and Sale Agreement, which was filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 7, 2026.



Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information included in Item 1.01 under the heading “Entry into Loan Agreement” above is incorporated by reference into this Item 2.03.
Item 9.01.    Financial Statements and Exhibits.
(d)    Exhibits.
Exhibit No.Exhibit Description
10.1
Loan Agreement dated March 6, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Joby Aviation, Inc.
Date:March 11, 2026By:/s/ Rodrigo Brumana
Name:Rodrigo Brumana
Title:Chief Financial Officer

FAQ

What loan agreement did Joby Aviation (JOBY) enter into on March 6, 2026?

Joby Aviation, through subsidiary 1669 Capstone Way, LLC, entered a senior, secured, non-revolving Loan Agreement for $30,750,000. The loan is interest-only, has a ten (10) year term, and is secured by a mortgage on the acquired property and a pledge of the borrower’s equity.

How is Joby Aviation (JOBY) financing its Vandalia, Ohio property purchase?

Joby Aviation is partially financing the Vandalia, Ohio property with a $30,750,000 senior, secured, interest-only loan. The total purchase price is $61,500,000, with the loan secured by a mortgage on the property and a pledge of membership interests in the property-owning subsidiary.

What are the key terms of Joby Aviation’s new $30,750,000 loan?

The loan is interest-only with a ten (10) year term and no specified extension option. Interest accrues at a fixed rate based on the ten year treasury yield rate plus a negotiated margin. It may be prepaid at any time, subject to negotiated prepayment charges agreed with the lender.

What property did Joby Aviation (JOBY) acquire in Ohio and at what price?

Joby Aviation’s subsidiary Aero acquired certain real property, improvements and other assets at 1669 Capstone Way, Vandalia, Ohio. The property consists of approximately 728,000 square feet, and the purchase price was $61,500,000 under a previously disclosed Purchase and Sale Agreement.

What guarantees and indemnities support Joby Aviation’s new loan structure?

HoldCo provided a guaranty of payment to the lender tied to its membership interest in PropCo. Aero added a non-recourse carveout guaranty for specified losses and a typical environmental indemnity. These obligations supplement the mortgage and equity pledge securing the $30,750,000 loan.

Does the new Joby Aviation loan require shareholder approval?

The loan is not subject to Joby Aviation shareholders’ approval. The financing is arranged at the subsidiary level, secured by the Vandalia, Ohio property and membership interests, and supported by guaranties and indemnities, without requiring a shareholder vote to proceed under the disclosed terms.

Filing Exhibits & Attachments

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