and WILMINGTON TRUST, NATIONAL ASSOCIATION as Trustee ───────────────────── FIRST SUPPLEMENTAL INDENTURE Exhibit 4.2 Execution Version JOBY AVIATION, INC. Dated as of February 2, 2026 ───────────────────── 0.75% Convertible Senior Notes due 2032 ═══════════════════════════════════════════════════════ ═══════════════════════════════════════════════════════ ═══════════════════════════════════════════════════════ ═══════════════════════════════════════════════════════ CROSS REFERENCE TABLE* | Tru | s | t | I | ...

Cathie Wood对Joby Aviation的投资动向 - ARK Invest创始人Cathie Wood在Joby Aviation股价近期疲软时买入 于1月29日通过ARK ETFs买入781,519股 价值超过1000万美元[1] - 此举符合ARK一贯的投资风格 即利用市场回调来增持面向未来的投资 并体现了其对以自动驾驶和空中系统为核心的“出行即服务”巨大潜力的长期看好[2] - Wood曾明确表示空中出租车行业即将到来 并将电动垂直起降飞机视为科技创新的下一个重要领域[2] Joby Aviation的业务与市场机遇 - Joby Aviation是一家电动垂直起降飞机制造商 其核心目标是让空中出租车成为一种实用、日常的交通方式 业务模式更接近“空中优步”而非传统航空航天制造商[5] - 公司瞄准的市场总规模巨大 例如 全球网约车市场目前规模为1844.9亿美元 预计到2031年将达到3922.7亿美元[6] - 特别是eVTOL市场 预计将从2024年的近114亿美元增长至2034年的878亿美元[7] Joby Aviation的飞机性能与价值主张 - 飞机配置为1名飞行员加4名乘客 或可承载1000磅有效载荷[8] - 最高飞行速度可达200英里/小时 单次充电续航里程最远可达100英里 专为城市航线优化[8] - 其核心价值主张是出行时间比驾车快最多10倍 起飞和降落时的噪音约为65分贝 相当于正常交谈音量 且其噪音工作已获NASA验证[8] Joby Aviation当前面临的挑战与前景 - 公司经历了强劲的一年 业务端取得积极进展 但在一轮大规模融资后 其股价大幅下跌[1] - 2026年对公司而言是“证明给我看”的一年 公司正经历美国联邦航空管理局认证中最具考验的阶段 以及迈向商业化过程中异常昂贵的产能爬坡 这实质上是一个成败攸关的局面[3] - 若能成功通过FAA认证并以令人鼓舞的速度扩大规模 公司将拥有巨大的上涨潜力 反之 股价可能很快跌至低价股区间[4]

文章核心观点 - 电动垂直起降飞行器市场拥有巨大的上行潜力，但也伴随下行风险 [1] - Joby Aviation 相比竞争对手如 Archer Aviation 拥有更令人兴奋的未来和更大的潜在上行空间，但在投资其股票前需解决其面临的重大风险 [1] 业务模式与战略定位 - Joby Aviation 的核心目标是打造一家垂直整合的交通服务公司，即自行制造、拥有并运营其飞行器 [2] - 竞争对手 Archer Aviation 则专注于成为原始设备制造商，向第三方销售 eVTOL 飞行器 [2][7] - Joby 的垂直整合商业模式，在行业普遍面临的美国联邦航空管理局认证风险之外，带来了额外的风险 [3] 运营与认证进展 - Joby 在认证竞赛中处于领先地位，目前已进入认证的最后阶段，FAA飞行员正在测试其飞行器并评估其可靠性与运营准备状态 [4][5] - 公司主要自行开发技术和部件，而 Archer 则依赖 Stellantis、霍尼韦尔和赛峰等成熟公司的技术与部件 [4] - 无法保证 Joby 一定能获得 FAA 的最终批准 [5] 财务与资金状况 - Joby 的市值为 96 亿美元 [3] - 公司需要投资扩大制造产能，投资建设垂直起降机场，并在开始从空中出租车服务产生收入前，组建运营机队 [7] - 华尔街共识预计 Joby 将在 2026 年通过股权融资等方式筹集资金 [8] - 根据预测，Joby 在 2026 年将消耗 6.46 亿美元现金，而年初净现金仅为 7.1 亿美元，因此很难在 2026 年底实现 10 亿美元的净现金目标 [8] - 公司现金消耗情况为：2023年3.44亿美元，2024年4.77亿美元，2025年预计5.38亿美元，2026年预计6.46亿美元，2027年预计5.74亿美元 [9] - 华尔街对 Joby 净现金的共识预测为：2023年10.32亿美元，2024年9.33亿美元，2025年预计7.1亿美元，2026年预计10.34亿美元，2027年预计9.25亿美元 [9] 竞争格局与潜在威胁 - Joby 的商业模式面临来自波音子公司 Wisk 的长期威胁，后者也计划开发 eVTOL 并提供自己的空中出租车服务 [10] - Wisk 计划使用自动驾驶 eVTOL，由于无需飞行员，可能在定价上对 Joby 构成潜在威胁 [10] - 然而，Joby 很可能对 Wisk 拥有先发优势，且自动驾驶 eVTOL 在技术、监管和成本方面面临更大挑战 [12] 合作伙伴与上行潜力 - Joby 拥有强大的合作伙伴网络，包括达美航空和 Uber [11] - 达美航空计划使用空中出租车运送乘客至机场 [11] - Joby 的空中出租车服务将接入 Uber 的应用程序 [11] - 丰田是帮助 Joby 制造运营的重要合作伙伴 [11] - Joby 正在与英伟达合作，未来可能推出自己的自动驾驶 eVTOL [11] - 尽管存在风险，但公司通过其垂直整合的商业模式拥有巨大的上行潜力 [12]

A Joby Eletric air taxi performs a flying display at Al-Maktoum International Airport during the Dubai Airshow 2025 in Dubai on November 17, 2025. (Photo by Giuseppe CACACE / AFP) (Photo by GIUSEPPE CACACE/AFP via Getty Images)AFP via Getty ImagesJOBY stock has declined by 16.7% in a single day. This recent decline is driven by apprehensions around Joby’s enlarged capital raise and the potential for dilution, yet significant drops like this frequently prompt a more challenging question: is this weakness a s ...

The Joby Aviation stock price nosedived and reached to a low of $11, its lowest level since July last year. It has plunged by nearly 50% from its highest level in 2025, meaning that the market capital... ...

We recently published 10 Stock Titans With Massive Losses. Joby Aviation Inc. (NYSE:JOBY) was one of the worst performers on Thursday. Joby Aviation declined by 16.68 percent on Thursday to close at $11.14 apiece as investors digested the potential dilution of existing shares following plans to raise  $1.38 billion in fresh funds from the issuance of convertible senior notes and new stocks. In a statement, Joby Aviation Inc. (NYSE:JOBY) said that it plans to offer $690 million from the issuance of conver ...

Joby Aviation (NYSE:JOBY), a developer of electric vertical takeoff and landing (eVTOL) aircraft for air taxi services, closed Thursday at $11.13, down 16.72%. The stock moved lower after Joby priced upsized concurrent stock and convertible note offerings around $1.2 billion. Investors are watching how the enlarged capital raise and dilution shape funding for certification and commercial launch plans. Trading volume reached 145.5 million shares, about 475% above its three-month average of 25.3 million share ...

Joby Aviation (JOBY) shares crashed as much as 18% on Jan. 29, after the eVTOL firm announced a significantly upsized capital raise totaling about $1.2 billion. JOBY’s proposed offering includes $600 million in convertible senior notes due 2032 and nearly 53 million shares priced at $11.35, representing a 15% discount to its previous close. The company’s share price cratered this morning as investors priced in the expected dilution from this capital injection. However, JOBY stock remains up 130% versus i ...

Why Joby Aviation Stock Is Plunging - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.# Why Joby Aviation Stock Is PlungingBy [Al Root]ShareResize---ReprintsIn this article[JOBY][SPX][DJIA]Joby is aiming to sell electric air taxis and analysts ...

Was it really just three weeks ago that I warned investors that Joby Aviation (NYSE: JOBY), the former SPAC IPO air taxi company with zero profits and zero free cash flow, was "likely [to] run out of cash and need to sell more stock (diluting its shareholders in the process)"? And that when that happened, it "won't be good news for the stock price?" Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor. See ...