Joby Aviation (NYSE:JOBY) shares fell 6% on Tuesday after the electric aircraft developer agreed to acquire defense technology company Resonant Sciences for approximately $500 million, significantly expanding Joby’s exposure to the U.S. national security market.
Under the definitive agreement, Joby plans to pay approximately $450 million in cash and $50 million in common stock. The transaction is expected to close during the first half of 2027, subject to regulatory reviews and other customary closing conditions.
Following completion, Resonant will become Joby’s dedicated defense business unit while continuing to operate under the Resonant Sciences name.
Resonant brings more than $100 million in annual revenue
Dayton, Ohio-based Resonant generated more than $100 million of revenue over the trailing 12 months, representing approximately 40% year-on-year growth.
The company operates at adjusted EBITDA margins in the high teens and has also reported accelerating demand. Bookings during the first half of 2026 were more than three times their level in the comparable period of 2025, while backlog has more than doubled year on year.
Founded in 2015, Resonant employs approximately 250 people and develops advanced radio frequency and mission systems for U.S. national security customers.
Co-Founder and CEO J. Micah North will continue to lead the business following its acquisition by Joby.
Joby expands beyond its electric air taxi business
The acquisition will bring Resonant’s radio frequency, sensing and mission systems expertise together with Joby’s aircraft, propulsion and autonomy technologies.
Joby said its commercial aircraft operations will remain focused on its electric air taxi initiatives, while Resonant will provide a dedicated structure for the company’s growing defense activities.
The transaction therefore gives Joby an established revenue-generating defense operation alongside its existing aviation development programmes.
For investors, the acquisition adds more than $100 million of trailing annual revenue and a business with positive adjusted EBITDA margins, but it also requires Joby to deploy approximately $450 million of cash. The 6% share-price decline suggests the market is weighing those financial and execution considerations against the potential strategic benefits of expanding the defense business.
Combined Ohio footprint approaches 1 million square feet
Resonant currently operates approximately 105,000 square feet of engineering, manufacturing, testing and integration facilities across seven buildings in the Dayton area.
A further 125,000-square-foot facility is under construction.
Combined with Joby’s existing 768,000 square feet of Ohio facilities, the two companies would have approximately 1 million square feet of manufacturing, integration and testing space across the Dayton region.
The next major milestones will be the regulatory review and completion of the transaction, currently targeted for the first half of 2027, followed by the integration of Resonant as Joby’s dedicated defense operation.
Joby Aviation stock price
