Quarterly report [Sections 13 or 15(d)]

Income Taxes

v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s effective tax rate represents the Company’s estimated tax rate for the year based on projected income and the mix of income among the various states tax jurisdictions, adjusted for any discrete transactions occurring during the period. The sale of the Company’s Passenger business to the Joby Buyer constituted a discrete transaction in the quarter ended September 30, 2025, as did the acquisition of Keystone. There was no tax expense associated with the acquisition of Keystone.
For the three months ended September 30, 2025 and 2024, income tax expense from continued operations was $— and $—, respectively. For the nine months ended September 30, 2025 and 2024, income tax expense from continued operations was $— and $—, respectively.

The Company maintains a full valuation allowance on net deferred tax assets as of September 30, 2025 and December 31, 2024.  

On July 4, 2025, the One Big Beautiful Bill Act, a budget reconciliation package that changes the U.S. federal income tax laws, including extensions of various expiring provisions from the Tax Cuts and Jobs Act of 2017, was signed into law. The Company expects no material impact of the legislation and forthcoming administrative guidance and regulations to our financial statements and results of operations .