Joby Aviation Acquires Resonant Sciences for $500M

Joby Aviation has finalized a deal to purchase Resonant Sciences for $500 million in a combination of cash and stock, as outlined in a recent regulatory filing. The acquisition marks Joby Aviation's strategic expansion into the defense sector, with Resonant Sciences, a company specializing in radio frequency and sensor systems based in Ohio, set to operate as a dedicated defense business under Joby Aviation. J. Micah North, co-founder and CEO of Resonant Sciences, will spearhead this new division, which will integrate Joby's defense projects, including the development of turbine-electric and hydrogen-electric aircraft, as well as autonomy technology stack.

This move will enable the remaining arm of Joby Aviation to concentrate on the certification, production, and launch of its electric air taxi network, a flagship initiative of the California-based company. Notably, Joby's recent pursuits in the defense realm have gained prominence, with a partnership established last year with L3Harris Technologies to explore the creation of a gas-turbine hybrid VTOL aircraft for defense applications.

Joby's acquisition of Resonant Sciences not only brings in a revenue-generating business, boasting $100 million in trailing 12-month revenue, but also provides access to classified U.S. government programs. Furthermore, Resonant's expertise in radio frequency and sensing technology aligns with Joby's eVTOL aircraft capabilities. Leveraging its acquisition strategy to drive revenue, Joby previously acquired Blade Air Mobility's helicopter rideshare business, yielding immediate access to a network of 12 terminals in key markets and contributing significantly to Joby's revenue, which amounted to $38.6 million in the second quarter of this year, with $36.2 million attributed to Blade.