Joby Aviation shares trade near their 52-week low as investors await meaningful revenue growth from electric air taxis. The company is taking decisive action to expand its revenue base through a strategic acquisition.
On August 11, Joby announced an agreement to acquire Resonant Sciences, a defense technology company, for approximately $500 million—comprising $450 million in cash and $50 million in stock. This acquisition would roughly double Joby’s revenue on a trailing twelve-month basis, significantly enhancing the company’s financial profile.
Image source: Joby Aviation.
Fast growth in defense
Resonant, headquartered in Dayton, Ohio, develops radio frequency (RF) and mission systems for U.S. national security customers. The company also specializes in low-observability technology—systems that help military aircraft sense their surroundings while avoiding detection.
Resonant generated more than $100 million in trailing twelve-month revenue, representing approximately 40% year-over-year growth. The business also produces positive adjusted EBITDA. Demand is accelerating significantly: in the first half of 2026, Resonant booked more than three times as much new business as in the prior year, and its backlog more than doubled year over year.
Joby’s own outlook, raised in August, projects full-year 2026 revenue of $115 million to $125 million. Resonant’s trailing-twelve-month revenue is nearly comparable to Joby’s full-year expectations.
The deal is expected to close in the first half of 2027, subject to regulatory reviews. None of Resonant’s results are currently reflected in Joby’s financial statements.
Can Joby afford it?
Joby’s balance sheet appears capable of supporting this acquisition. The company held approximately $2.3 billion in cash and short-term investments at the end of June. Management expects to use $385 million to $415 million during the second half of 2026 alone. The $450 million cash portion for Resonant represents roughly one-fifth of the current cash position.
In February, Joby raised approximately $576 million in net proceeds from a stock offering and an additional $670 million from convertible notes. The company is deploying capital that was raised from investors, rather than cash generated from operations.
Combined with guided second-half cash usage and the Resonant payment, approximately $850 million of the June 30 cash balance is already allocated. The $50 million in stock consideration has minimal dilution impact, adding less than 1% to share count. However, Joby simultaneously announced a program to sell up to $750 million in new stock over time.
Joby stock is still an air taxi bet
Currently, nearly all of Joby’s revenue comes from sources other than electric air taxis. Of the $38.6 million reported for the second quarter, $36.2 million came from passenger flights booked through Blade—the passenger business Joby acquired in August 2025. Blade’s demand peaks during summer months, and the $38.6 million in Q2 represented growth from approximately $24 million in Q1. The full-year outlook implies second-half revenue comparable to the first half, rather than acceleration.
The air taxi business itself is not yet generating meaningful revenue. Joby reported strong quarterly progress in the fifth and final stage of FAA type certification in its August update. The company maintains its target for first passenger flights before the end of 2026, with initial flights under a federal pilot program expected to begin in Texas.
The acquisition valuation appears reasonable relative to Joby’s own valuation. With a market capitalization of approximately $6.7 billion, Joby trades at over 50 times the midpoint of its 2026 revenue guidance. In contrast, Resonant is being acquired at less than 5 times trailing sales—a modest valuation for a business growing approximately 40% annually.
Investors are not paying for Joby’s current revenue. They are paying for the air taxi business the company hopes to build.
The acquisition represents a sensible deployment of Joby’s cash reserves, acquiring a business with potential for continued growth regardless of air taxi timeline. However, this deal does not alter what this growth stock fundamentally represents: a wager that electric air taxis become a significant business before the company’s cash position is depleted.
