Joby Aviation Acquires Defense Leader Resonant Sciences for $500M, Launches $750M ATM

summarizeSummary

Joby Aviation announced a $500M acquisition of defense tech firm Resonant Sciences and a new $750M at-the-market equity offering program, significantly expanding its defense business while raising capital.

check_boxKey Events · M&A and Partnerships · JOBY

• Acquisition of Resonant Sciences

  Joby Aviation entered into a definitive agreement to acquire Resonant Sciences for $500 million — $450 million in cash and $50 million in Joby common stock priced at $7.4752 per share (20-day VWAP). Resonant is a defense technology company with >$100M TTM revenue, ~40% YoY growth, and high-teens adjusted EBITDA margins.

• Strategic Rationale

  The acquisition creates a dedicated defense business unit for Joby, combining Resonant's RF sensing, low-observability, and mission systems with Joby's aircraft, propulsion, and autonomy technologies. Resonant brings classified infrastructure, a cleared workforce, and established programs with the U.S. government and prime contractors.

• $750M At-the-Market Equity Program

  Joby entered into an Equity Distribution Agreement with Morgan Stanley, J.P. Morgan, Allen & Company, and BofA Securities to sell up to $750 million of common stock from time to time, with up to 3.0% commission. This ATM program provides capital but creates potential dilution for existing shareholders.

• Financial Impact and Dilution

  The $50M stock consideration at $7.4752 implies issuance of approximately 6.7 million shares (0.6% dilution). The $750M ATM, if fully utilized at current prices, could add roughly 85 million shares (~8% dilution). Combined, the transactions could dilute existing shareholders by up to ~9%.

auto_awesomeAnalysis · JOBY · Manufacturing

In a move that reshapes its strategic profile, Joby Aviation is acquiring Resonant Sciences for $500 million — $450 million in cash and $50 million in stock — adding a fast-growing, EBITDA-positive defense business with over $100 million in trailing revenue and 40% year-over-year growth. The deal gives Joby immediate scale in defense, classified infrastructure, and a cleared workforce, while Resonant's RF and low-observability expertise complements Joby's aircraft and autonomy tech. Simultaneously, Joby established a $750 million at-the-market equity program, creating potential dilution but providing capital to fund the acquisition and ongoing operations. The combination transforms Joby into a dual-use aviation and defense platform, but the ATM overhang and integration risks are significant.