Joby is acquiring a stealth-technology company for $500 million and restructuring its defense division around this acquisition.

      Joby Aviation has reached an agreement to acquire Resonant Sciences, a radar and low-observability expert based in Dayton, Ohio, for approximately $500 million. This marks the largest acquisition for the electric air taxi firm and is a clear indication of where it anticipates its near-term revenue will originate.

      The deal includes $450 million in cash and approximately $50 million in Joby common stock valued at the time of signing, with some shareholders from Resonant opting for equity to maintain a stake in the unified business. Notably, there is no earnout associated with the transaction, which is often included in deals of this size. Cerberus Capital Management, which invested in Resonant in 2023, is the seller. The acquisition is expected to close in the first half of 2027, pending regulatory approval.

      Founded in 2015, Resonant employs around 250 people across states including Ohio, Virginia, West Virginia, Michigan, Colorado, and North Carolina. The company specializes in designing radio frequency and mission systems, such as advanced apertures, electromagnetic measurement, electronic countermeasures, instrumentation radars, and the frequency-selective radome and antenna work essential to low-observability aircraft design.

      More than 90% of Resonant’s workforce holds security clearances, and the company is accredited for facility clearance, selling directly to the US government and major contractors. Additionally, Resonant is profitable, which Joby currently is not. In the past twelve months, Resonant reported over $100 million in revenue, reflecting a roughly 40% year-over-year increase, with adjusted EBITDA margins in the high teens. Bookings in the first half of this year more than tripled compared to the same period in 2025, and its backlog more than doubled. In contrast, Joby recorded $63 million in revenue for the first half of this year and experienced an operating cash burn of $318 million, according to Motley Fool's analysis of its filings.

      JoeBen Bevirt, Joby's founder and CEO, remarked, “Resonant has built an exceptional business that combines advanced technology, vertically integrated production capabilities and deep customer trust.” He emphasized that the acquisition is additive rather than defensive: “This gives us the ability to do projects that Resonant couldn’t do alone and Joby couldn’t do alone.”

      Post-acquisition, Resonant will retain its name and function as Joby’s dedicated defense unit, led by co-founder and CEO J. Micah North, and will incorporate Joby's existing military initiatives focused on turbine-electric and hydrogen-electric aircraft and autonomy. The combined operations in Ohio will cover approximately one million square feet, primarily situated near Wright-Patterson Air Force Base, which hosts Air Force Materiel Command and the service's life-cycle management center. The strategic location aids in customer engagement.

      Joby already has a defense presence; it has operated aircraft under the Air Force's Agility Prime program at Edwards and MacDill, with a contract extended in 2023 totaling $131 million, and last year it flew an autonomous hybrid VTOL demonstrator developed with L3Harris. However, it still lacks FAA type certification for the aircraft it was established to manufacture. Joby remains the furthest along in this process and has conducted demonstration flights between JFK and Manhattan in seven minutes while awaiting certification.

      The announcement did not please investors. Joby shares declined on Tuesday, with various readings showing a drop of approximately 4.4% to $8.42 at one point, about 6% in another context, and 6.5% in premarket trading. The company's liquidity is projected to decrease from around $2.3 billion to an estimated $1.85 billion once the cash is disbursed.

      The broader air-taxi industry has faced delays in timelines for years while certification processes evolve. Acquiring a cleared and profitable defense contractor provides a means to circumvent this waiting period. Joby anticipates closing the deal in roughly ten months.

      This marks the second instance within a year where Joby has pursued a revenue-generating acquisition rather than waiting for organic growth. Last August, it announced plans to acquire Blade Air Mobility’s passenger helicopter business for up to $125 million, securing routes and customers before having a certified aircraft to operate them. Joby has also been piloting a demonstration network in Dubai, aiming for a commercial launch this year. The approach is clear: acquire operational businesses now and certify aircraft later.