Jury orders Joby Aviation to pay $116.9 million

A federal jury in Tampa, Florida, reached a verdict ordering electric air taxi developer Joby Aviation to pay roughly $116.9 million to aviation supplier Aerosonic. The decision followed allegations that Joby breached a confidentiality agreement and improperly used trade secrets related to air data sensor probes.

The award consists of more than $48 million for misappropriating trade secrets and more than $68 million for breaching a nondisclosure agreement. Aerosonic claimed that Joby used its proprietary designs to develop internal probes in about two years, an effort Aerosonic argued would have otherwise taken roughly a decade. The jury also dismissed a countersuit by Joby alleging Aerosonic sold it defective probes.

Joby denied the accusations and stated that it developed its systems independently. The verdict, delivered on Oct. 2, remains subject to post-trial motions and potential appeals. Joby confirmed it asked the court to overturn the decision and plans to pursue all available legal remedies.

Shares of Joby were unchanged at $5.78 in Tuesday trading. The stock has fallen by more than 55% so far this year amid investor scrutiny over timelines and capital requirements across the electric vertical takeoff and landing sector.