Joby Aviation has announced a definitive agreement to acquire Resonant Sciences, a defense technology firm, for approximately $500 million. This strategic acquisition marks a significant expansion of Joby's defense operations, integrating a profitable and rapidly growing business. The deal is poised to create a scaled defense platform by combining the unique strengths and advanced technologies of both companies.
Strategic Formation of a Dedicated Defense Unit
Upon completion, Resonant Sciences will form Joby's dedicated defense business unit, continuing to operate under its own name and leadership. Joby's existing defense projects, including dual-use aircraft and autonomy technologies, will be consolidated within this new division. This restructuring allows Joby's commercial aviation team to maintain its primary focus on certifying its electric air taxi for public use.
Synergies in Advanced Aerospace Technology
The merger is expected to create significant technological synergies, particularly in the realm of autonomous systems for defense applications. An early focus will be integrating Joby's dual-use autonomy stack with Resonant's advanced Radio Frequency sensing and signal-processing capabilities. This combination aims to accelerate the development of sophisticated, software-defined systems for national security customers.
Resonant Sciences' Established Expertise
Founded in 2015, Resonant Sciences has built a strong reputation with its team of approximately 250 employees. The company specializes in designing and manufacturing advanced RF and mission systems, including leadership in low-observability technologies. Its established production operations and deep customer trust within the U.S. national security sector are key assets in this acquisition.
A Profile of High Growth and Profitability
Resonant Sciences brings a robust financial profile to the deal, with revenues exceeding $100 million over the last twelve months, a 40% year-over-year increase. The company operates with high-teens adjusted EBITDA margins and has seen its backlog more than double year over year. This financial strength is supported by accelerating demand and a growing number of secured contracts in its core markets.
Expanding a Major Hub in Ohio
The acquisition will create a substantial aerospace and defense technology hub in the Dayton, Ohio, region. Resonant is already expanding its footprint to over 230,000 square feet, which will complement Joby's existing facilities. Together, the combined company will command approximately 1 million square feet of manufacturing, integration, and testing space in the area.
Transaction Terms and Closing Timeline
The transaction is valued at approximately $500 million, which Joby expects to fund with $450 million in cash and $50 million in common stock. The deal is subject to customary closing conditions and regulatory reviews, with an expected completion in the first half of 2027. Key Resonant employee stockholders will receive Joby stock, ensuring their continued interest in the combined company's success.
This acquisition strategically positions Joby Aviation as a major force in the defense industry while protecting the focus of its commercial air taxi program. The combination of Joby's innovative propulsion and autonomy with Resonant's established defense capabilities creates a powerful new entity. Ultimately, the deal forges a vertically integrated platform prepared to meet the growing demand for advanced aerospace and defense technology.