Resonant Sciences

eVTOL · Defense Technology · Aerospace

Acquisition

Joby Aviation acquires defense contractor Resonant Sciences for $500M

The deal hands the loss-making air-taxi maker an already profitable revenue stream from classified national-security programs.

• Joby Aviation agreed to acquire Resonant Sciences, a Dayton, Ohio defense technology company, for about $500 million, in a deal expected to close in the first half of 2027.
• Resonant designs and manufactures radio-frequency sensing, mission systems and low-observability aircraft technology for U.S. national security customers, and employs about 250 people, more than 90% of whom hold security clearances.
• The consideration is roughly $450 million in cash plus $50 million in Joby common stock, with no earnout; seller Cerberus Capital Management, which invested in Resonant in 2023, is exiting.
• Resonant generated more than $100 million in trailing-twelve-month revenue, up about 40% year over year with high-teens adjusted EBITDA margins, versus Joby's own $63 million in first-half revenue.
• Joby shares fell 6.5% in premarket trading on the news, even as eVTOL developers increasingly court defense budgets amid rising military spending tied to conflicts in Ukraine and the Middle East.
• Upon closing, Resonant will keep its name and be led by co-founder and CEO J. Micah North as Joby's dedicated defense unit, absorbing Joby's existing hybrid aircraft and autonomy programs.
• The acquisition shows eVTOL makers increasingly leaning on defense contracts for near-term profitability while their commercial air-taxi businesses remain years from comparable revenue.