Joby Aviation spends $450 million to acquire Resonant Sciences

Joby Aviation announced on August 11 that it will spend about $450 million in cash to acquire defense technology company Resonant Sciences, a deal that could roughly double the electric‑air‑taxi maker’s revenue base. The purchase price is $500 million in total, consisting of $450 million in cash and $50 million in stock, and the transaction is expected to close in the first half of 2027 after regulatory reviews. Until the deal closes, Resonant’s results are not yet reflected in Joby’s financial statements.

The move comes as Joby’s share price has fallen to just under $7, its lowest in a year, after investors grew tired of waiting for the company’s electric air‑taxis to generate steady revenue. Resonant, based in Dayton, Ohio, builds radio‑frequency and mission systems for U.S. national‑security customers and specialises in low‑observability technology that helps military aircraft avoid detection. In the past 12 months the company generated more than $100 million in revenue, up about 40 percent year‑over‑year, and it reported positive EBITDA. Its backlog more than doubled in the first half of 2026, and it booked three times as much new business as it did a year earlier, signalling accelerating demand.

Joby’s own guidance, raised in August, projects full‑year revenue of $115 million to $125 million for 2026. Resonant’s trailing‑12‑month revenue is almost as large as the entire amount Joby expects to book that year, so the acquisition would nearly double Joby’s top line. The company’s cash and short‑term investments stood at about $2.3 billion at the end of June, and management plans to use between $385 million and $415 million of that in the second half of 2026 alone. The $450 million earmarked for Resonant represents roughly one‑fifth of Joby’s cash reserve, indicating the deal is affordable on paper but will significantly reduce the company’s liquidity cushion.

The acquisition will close in the first half of 2027, pending regulatory approval. Once finalized, Joby will have a more diversified revenue stream and a higher‑margin defense business that could offset the high capital costs of developing electric air taxis. The deal also signals a broader trend of tech companies seeking to tap defense spending for growth. Investors will watch how the integration proceeds and whether the added revenue from Resonant can accelerate Joby’s path to profitability.