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Joby Aviation to buy Resonant Sciences in $500M defense deal
The purchase, expected to close in the first half of 2027, comes with a $750M at-the-market equity facility and includes $385M to $415M of projected cash use in the second half of 2026.
Joby Aviation shares dropped about 4.5% after the company announced a $500 million acquisition of defense technology developer Resonant Sciences, along with a $750 million at-the-market equity distribution facility.
Under the definitive agreement, Joby will pay $450 million in cash and $50 million in common stock priced at a fixed volume-weighted average price, and the deal is expected to close in the first half of 2027. Resonant Sciences is based in Dayton, Ohio, and has more than $100 million in trailing 12-month revenue, with high-teens EBITDA margins.
The company described the move as a strategic defense pivot, aimed at adding high-margin government contract revenue to help fund the extended timeline for commercial air-taxi certification. Resonant reported roughly 40% year-over-year sales growth, a contract backlog that doubled over the past year, and more than three times the bookings in the first half of 2026 versus the prior-year period.
Joby also projects cash usage of $385 million to $415 million in the second half of 2026 for manufacturing, commercial readiness, and flight certification, according to analysis from MarketBeat Ratings. The report said investors focused on the cash outlay and potential equity issuance, but framed the defense unit as a cash-generative foundation to support ongoing capital needs.