SANTA CRUZ, August 11, 2026, 17:25 EDT
- Joby shares ended the session down 4.43% at $8.42 following news of a $500 million defense purchase.
- The $450 million in cash represents 19.9% of cash and short-term investments as of June.
- Resonant Sciences has generated over $100 million in trailing revenue and maintains adjusted EBITDA margins in the high teens.
Shares of Joby Aviation, Inc. NYSE:JOBY declined on Tuesday following the announcement it will acquire Resonant Sciences for approximately $500 million. The acquisition aims to expand Joby’s defense segment into a broader, revenue-generating operation.
Cash is at the center of market attention. Joby will use $450 million in cash and $50 million in stock for the deal. The cash outlay represents 19.9% of its liquidity as of June.
This is a significant pledge for a business still investing in aircraft certification and launch. Joby spent $202 million in cash during the second quarter. The company anticipates additional cash usage between $385 million and $415 million in the second half.
| JOBY market snapshot | August 11 close |
|---|---|
| Share price | $8.42 |
| Daily change | -4.43% |
| Day range | $8.30-$8.99 |
| Volume | 53.48 million |
| Average volume | 46.44 million |
| Market value | $8.33 billion |
| 52-week range | $6.63-$19.98 |
Trading activity was brisk, though not excessive, with volume coming in 15% higher than the recent average. The shares ended the session close to the bottom of Tuesday’s range, Google Finance showed.
Resonant shifts the composition of revenue. The privately held Dayton, Ohio-based contractor reported over $100 million in revenue for the past 12 months. According to Joby, that amount increased roughly 40% compared to the previous year.
| Acquisition measure | Disclosed value | Investor comparison |
|---|---|---|
| Total price | Approximately $500 million | Below 5.0 times Resonant’s trailing revenue |
| Cash consideration | $450 million | Represents 19.9% of Joby’s June available funds |
| Stock consideration | $50 million | Accounts for 10% of overall price |
| Resonant trailing revenue | Exceeds $100 million | Equals at least 80% of Joby’s $125 million top-end projection |
| Expected close | First half of 2027 | Dependent on conditions and regulatory approval |
The purchase-price and liquidity ratios are based on Joby’s disclosed minimum revenue and its June balance sheet. Joby plans for Resonant to retain its current name and function as a dedicated unit focused on defense. Resonant employs approximately 250 staff and reports adjusted EBITDA margins in the high teens.
Chief Executive JoeBen Bevirt stated, “Resonant has built an exceptional business.” Chief Financial Officer Rodrigo Brumana pointed to “strong visibility into future revenue.” These assertions must now be demonstrated through converting backlog and achieving targeted margins. Company statement
Bookings for the target in the first half exceeded three times those of the previous year. The backlog also more than doubled. Joby reports that over 90% of Resonant employees possess security clearances.
Joby’s funding challenge is not addressed by revenue alone. Most second-quarter sales derived from Blade’s passenger operations, acquired by Joby the previous year. Core air-taxi certification continues to be expensive.
| Operating measure | Q1 2026 | Q2 2026 | Sequential change |
|---|---|---|---|
| Revenue | $24.25 million | $38.64 million | up 59% |
| Operating loss | $233.58 million | $260.88 million | Loss increased 12% |
| Adjusted EBITDA loss | About $178 million | $197.05 million | Loss increased 11% |
| Cash use | $163 million, implied | $202 million | up 24% |
Blade reported second-quarter revenue of $36.2 million, making up 94% of Joby’s total revenue of $38.64 million. Joby ended June with $2.264 billion in cash and short-term investments. The company increased its revenue guidance for 2026 to a range between $115 million and $125 million.
The defense division may broaden that foundation. Resonant develops advanced electronics, antennas, and radomes integrated into over 20 commercial and military airframes. The company also contributes certified manufacturing capabilities and access to customers.
The combination is strategically sound. Joby produces hybrid-electric aircraft and autonomous technologies for defense clients, while Resonant brings existing programs and a track record of positive adjusted EBITDA.
| Analyst | Firm | Rating | Target | Latest action |
|---|---|---|---|---|
| Amit Dayal | H.C. Wainwright | Buy | $18.00 | Kept Aug. 11 |
| Not listed | Cantor Fitzgerald | Hold | $8.00 | Kept Aug. 10 |
| James Kirby | J.P. Morgan | Sell | $7.00 | Kept Aug. 7 |
| Austin Moeller | Canaccord Genuity | Hold | $11.50 | Kept Aug. 6 |
| Chris Pierce | Needham | Buy | $15.00 | Reaffirmed Aug. 6 |
| Noah Poponak | Goldman Sachs | Sell | $8.00 | Kept Aug. 5 |
Analyst sentiment on Wall Street is evenly divided, with two buy ratings, two holds and two sell recommendations. The consensus price target from the six analysts is $11.25, ranging from a low of $7 to a high of $18. The wide spread in targets underscores differing opinions about the timeline for certification and requirements for financing.
Risks: The deal may encounter regulatory delays. Resonant might not achieve its projected growth or margin goals. Additionally, Joby’s air-taxi initiative could require more cash than anticipated, raising the possibility of dilution or additional debt.
Execution is the next milestone. Investors require evidence that Resonant’s backlog will generate sustained cash flow before the $450 million payment deadline.
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