Joby Aviation has agreed to acquire Ohio-based defense technology company Resonant Sciences for a base price of $500 million, with about $450 million expected to be paid in cash and $50 million in Joby shares. If completed, the purchase will give Joby a dedicated defense business that the company says generated more than $100 million in revenue during the latest 12-month period, while its commercial organization continues work on electric air taxis.
Joby announced the definitive agreement on August 11. The company expects the transaction to close in the first half of 2027, subject to customary conditions, including regulatory and national-security approvals.
An SEC filing describes $500 million as the base purchase price. The final amount can change based on Resonant’s cash, debt, transaction expenses and net working capital at closing.
The share component is expected to total about $50 million. The final number of Joby shares is not yet known because the purchase price remains adjustable.
Resonant will keep its name and management
After closing, Resonant will operate as Joby’s dedicated defense business and continue under its existing name, led by co-founder and chief executive J. Micah North.
Joby’s existing defense work, including turbine-electric and hydrogen-electric aircraft and autonomous-flight technology, will be consolidated within the unit.
Joby said its commercial aviation organization will remain focused on certifying, manufacturing and commercializing its all-electric aircraft for passenger service. The aircraft is an eVTOL, meaning it can take off and land vertically using electric propulsion.
North said: “Resonant’s name, leadership, people and commitments to our customers will remain in place. What changes is the scale of what we can build and deliver.”
What Resonant makes
Founded in 2015, Resonant employs approximately 250 people and designs radio-frequency and mission systems for US national-security customers.
Its work includes antennas, radomes, sensors, signal processing, electronic countermeasures and low-observability structures.
A radome is a protective cover for a radar or communications antenna that allows radio signals to pass through. Low-observability design seeks to make an aircraft or system harder to detect. Resonant also integrates payloads and modifies aircraft.
According to Joby, Resonant products are qualified on more than 20 commercial and defense airframes, while more than 90% of its employees hold security clearances.
The company operates approximately 105,000 square feet across seven buildings in the Dayton area and has another 125,000-square-foot facility under construction.
Once that expansion is included, Joby said the two companies will have about 1 million square feet of manufacturing, integration and testing space across the Dayton region.
Reported revenue grew about 40%
Joby said Resonant generated more than $100 million in revenue during the latest 12-month period, approximately 40% more than a year earlier. It also said the company operated at high-teens adjusted EBITDA margins in recent periods.
During the first half of 2026, Resonant recorded more than three times the bookings reported during the same period in 2025, while its backlog more than doubled year over year, according to Joby.
Adjusted EBITDA is an earnings measure that removes interest, taxes, depreciation, amortization and other company-selected adjustments. It is not the same as net profit.
Joby did not publish a full set of Resonant financial statements with the announcement, so the operating figures remain company-reported.
Based on those figures, the $500 million base price is less than five times Resonant’s reported trailing revenue, before closing adjustments.
The deal adds revenue while Joby continues to spend heavily
Joby is still spending heavily on aircraft certification, production and preparations for commercial service.
In the second quarter of 2026, the company reported $38.6 million in revenue and a net loss of $245.4 million. Research and development spending rose 43% year over year to $194.7 million.
Revenue during the quarter came primarily from passenger services provided through Blade, engineering services for third parties and third-party leasing arrangements, according to Joby’s quarterly SEC filing.
Joby held $2.26 billion in cash, cash equivalents and short-term investments on June 30. It used $317.6 million in operating activities during the first six months of 2026.
The expected $450 million cash portion of the Resonant deal would be paid at closing and may change with the purchase-price adjustments.
Resonant would give Joby an established defense revenue stream and an operation that Joby describes as adjusted EBITDA-positive. However, Joby’s transaction filing also identifies integration costs, employee retention and the possibility that the expected benefits may not materialize as risks.
The acquisition comes as electric aircraft developers seek more military work while commercial air-taxi programs continue to require large investments, Reuters reported.
Joby can sell up to $750 million of additional shares
In a separate filing on August 11, Joby established an at-the-market share-sale program covering up to $750 million of common stock.
This does not mean the company has already raised $750 million. It may sell shares over time at its discretion through Morgan Stanley, J.P. Morgan Securities, Allen & Company and BofA Securities.
Joby said proceeds may be used for aircraft certification and manufacturing, preparations for commercial operations, working capital and acquisitions.
The prospectus does not earmark the full program for the Resonant transaction. Any shares sold would increase Joby’s cash resources but dilute existing shareholders.
Closing remains subject to approval
The purchase agreement can be terminated if the transaction has not closed by February 8, 2027, although that deadline can be extended while the companies seek required regulatory and national-security approvals.
Until the transaction closes, Resonant will not become Joby’s defense business and the final purchase price remains subject to adjustment. Joby has not provided a numerical forecast for Resonant’s revenue or earnings after the acquisition.
