[8-K] Joby Aviation, Inc. Reports Material Event

Rhea-AI Filing Summary

Amtech Systems (ASYS) Q3 FY25 (ended 6/30/25) – 10-Q highlights

• Net revenue fell 27% YoY to $19.6 m; Thermal Processing Solutions –21%, Semiconductor Fabrication Solutions –39%.
• Gross margin rose to 47% (36% prior year) aided by mix shift and a $2.1 m employee-retention tax credit; gross profit was $9.1 m.
• Operating income improved to $0.9 m; after $0.8 m tax expense, net income was $0.1 m or $0.01/sh (vs $0.03).
• Year-to-date: $20.4 m goodwill and $2.6 m intangible impairments drove a $31.4 m net loss; equity shrank to $51.7 m (9/30/24: $82.4 m).
• Cash & CE $15.6 m (up $4.5 m YTD); debt only $0.2 m; operating cash flow $5.6 m.
• New orders climbed 15% QoQ to $21.7 m, but backlog dropped 33% YoY to $21.2 m as lead-times normalized and demand softened.

Management attributes pressure to prolonged mature-node semiconductor weakness, inventory overhang and geopolitical tensions, while targeting AI, supply-chain relocation and EV mobility markets and continuing investment in its Aurora reflow platform.

Positive

• Gross margin expanded to 47% from 36%, indicating improved mix and cost control.
• Cash & equivalents increased to $15.6 m with only $0.2 m debt, bolstering liquidity.
• Sequential new orders rose 15%, suggesting some demand stabilization.
• Quarter delivered positive EPS of $0.01 despite revenue pressure.
• Inventory reduced by $7.2 m, freeing working capital.

Negative

• Revenue declined 27% YoY to $19.6 m amid mature-node semiconductor weakness.
• Backlog contracted 33% YoY to $21.2 m, lowering future revenue visibility.
• $20.4 m goodwill and $2.6 m intangible impairments drove a nine-month net loss of $31.4 m.
• Shareholders’ equity fell 37% since FY-end to $51.7 m.
• Thermal and Semiconductor segments posted double-digit sales declines of 21% and 39%, respectively.

Insights

Financial Analyst

TL;DR: Mixed quarter—margin and cash up, sales down, impairments weigh on YTD.

Revenue contraction of 27% confirms continued end-market softness, yet Amtech squeezed a 47% gross margin via product mix and the $2.1 m ERC. The quarter’s slim profit and stronger liquidity (cash +40% since FY-end, negligible debt) reduce near-term solvency risk. However, nine-month figures reveal structural challenges: $31 m loss and equity erosion from $20 m goodwill write-down highlight limits of the 2023 Entrepix acquisition. Order intake improved sequentially, but a 33% backlog slide signals limited visibility. Overall, the filing is neutral—operational resilience offsets top-line weakness yet lacks clear growth catalyst until mature-node demand recovers.

Risk Analyst

TL;DR: Material impairments and shrinking backlog elevate strategic and valuation risk.

The $20.4 m goodwill and $2.6 m intangible impairments—over 40% of FY24 equity—suggest prior growth assumptions were overly optimistic and raise questions about further asset write-downs. Backlog down a third year-on-year reduces revenue visibility just as macro and geopolitical pressures persist. Shareholder equity has fallen 37% since September, limiting balance-sheet flexibility. While cash is healthy, negative YTD ROIC and deteriorating book value could weigh on credit terms and market perception. From a risk perspective, the disclosure is negative.

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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): August 6, 2025

________________________________________________

Joby Aviation, Inc.

(Exact name of registrant as specified in its charter)

________________________________________________

Delaware

001-39524

98-1548118

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

333 Encinal Street

Santa Cruz

,

California

95060

(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:

o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o			Pre-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 class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

JOBY

New York Stock Exchange

Warrants to purchase common stock

JOBY WS

New 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. o

Item 2.02 Results of Operations and Financial Condition.

On August 6, 2025, Joby Aviation, Inc. (the “Company”) announced its financial results for the quarter ended June 30, 2025. A copy of the Company’s press release is attached hereto as Exhibit 99.1. The Company also issued a letter to its shareholders, which is attached hereto as Exhibit 99.2.

The information furnished in this Current Report, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number						Exhibit Description
99.1						Press Release dated August 6, 2025
99.2						Shareholder Letter dated August 6, 2025
104						Cover 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:			August 6, 2025			By:			/s/ Rodrigo Brumana
						Name:			Rodrigo Brumana
						Title:			Chief Financial Officer

FAQ

What were Amtech Systems' (ASYS) Q3 2025 revenues and year-on-year change?

Q3 2025 net revenue was $19.6 million, down 27% from $26.7 million in Q3 2024.

Did Amtech report a profit in the June-quarter?

Yes. Net income was $106,000, or $0.01 per diluted share.

Why is the nine-month net loss so large?

Results include $20.4 million goodwill and $2.6 million intangible impairments plus softer sales, leading to a $31.4 million loss.

How much cash and debt does ASYS have?

As of 6/30/25, cash and cash equivalents were $15.6 million; finance lease and long-term debt totaled only $0.2 million.

What happened to backlog and orders?

Backlog fell to $21.2 million (–33% YoY). New orders for the quarter were $21.7 million, up 15% sequentially.

Which segments drove the revenue decline?

Thermal Processing Solutions revenue dropped 21%, while Semiconductor Fabrication Solutions fell 39% versus the prior-year quarter.