Joby Aviation agrees $500 million Resonant Sciences deal to expand defense business
Joby Aviation agreed to buy Ohio defense tech firm Resonant Sciences for a $500 million base price, with about $450 million in cash and $50 million in Joby shares. Joby says Resonant generated over $100 million in revenue in the latest 12 months and high-teens adjusted EBITDA margins. Closing is expected in 1H 2027, subject to approvals, with price adjustments.
How this was made
The 30-second read
Why it matters
If approvals are obtained, Joby gains a dedicated defense business with reported >$100M revenue and high-teens adjusted EBITDA margins, potentially improving revenue mix and funding resilience. However, the transaction is not expected to close until 1H 2027 and includes integration and benefit-realization risks, while Joby also authorized up to $750M of at-the-market equity sales that can dilute holders.
Market read
Definitive acquisition terms plus a separate equity-sale authorization create a clear near-to-medium-term catalyst for Joby’s valuation, financing expectations, and risk premium.
What to watch
The final share issuance is adjustable and the ATM program is not earmarked for the deal, so actual dilution timing and magnitude could differ from investor expectations.
Background
Joby is an eVTOL developer focused on certifying and commercializing all-electric passenger aircraft, while Resonant provides radio-frequency and mission systems for US national-security customers.
Ticker impact
Joby agreed to buy Resonant Sciences for a $500 million base price, adding a defense unit expected to generate over $100M revenue.
Near-term volatility likely, with upside bias on deal details and downside risk around financing/dilution and regulatory timing.
The article discloses a definitive $500M acquisition structure (cash plus stock), expected close in 1H 2027, and a separate $750M at-the-market share-sale program that could dilute shareholders before/around closing.
Market effects
Highlights a broader trend of electric aircraft firms seeking defense revenue streams to offset heavy commercial certification spend.
Expands manufacturing and integration footprint in the Dayton, Ohio region, potentially strengthening local defense supply-chain positioning.
Could influence investor sentiment across defense aviation and eVTOL peers by validating defense systems as a near-term revenue lever.
Counterpoint
The $500M price is only a multiple of trailing revenue and may not translate into durable margins after integration, retention, and national-security approval hurdles.
Key entities
- companyJoby Aviation
Agreed to acquire Resonant Sciences for $500M base price and consolidate its defense work into a dedicated unit.
- companyResonant Sciences
Ohio-based defense technology firm providing RF and mission systems; expected to operate under its existing name post-close.
- personJ. Micah North
Joby defense unit leader post-close, co-founder and CEO of Resonant Sciences.
