Deal structure

$500M Resonant Sciences acquisition

Cash-and-stock split, stock portion priced at the 20-business-day VWAP ending two days prior to the Aug. 8, 2026 signing.

Total price$500M Cash portion$450M Stock portion$50M VWAP / share$7.4752 Implied new shares~6.69M

The $50M stock component is a committed issuance to Resonant management at a fixed $7.4752 per share — locked in below Joby's spot price at signing. It is structurally different from the open-ended $750M at-the-market facility filed the same week, which Joby can tap at its discretion into prevailing liquidity.

Resonant economics

Target: profitable, fast-growing, cleared

TTM revenue and growth support a sane deal multiple; the high-teens EBITDA margin is unlike Joby's pre-revenue profile.

TTM revenue$100M YoY growth~40% Adj. EBITDA margin~17.5%
$100M
$0$500M

At $500M total price on ~$100M TTM revenue, the deal values Resonant at roughly 5.0x trailing revenue — a measured multiple for a 40%-growth, high-teens-margin defense business with a doubling backlog.

Joby scale mismatch

Acquirer's own Q2 2026 profile

Quarterly revenue and net loss explain why a $450M cash deal forces dilutive financing.

Q2 2026 revenue$38.6M Q2 2026 net loss$245.4M
-$245.4M net loss
-$500M$0

Resonant's ~$100M trailing revenue is roughly 2.6x Joby's $38.6M Q2 revenue, and Joby's quarterly cash burn ($245.4M net loss) is more than half the cash consideration due at close.

Crawlable data

All 11 evidence points by unit

Deal structure Resonant economics Joby scale

Caveats: Resonant's >$100M TTM revenue and ~40% growth are announcement-day figures from the press release; the ~5x revenue multiple is an approximation (deal value is $500M total including the $50M stock component). Resonant's actuals at the 1H 2027 close may differ. The ~6.69M share figure for the stock portion is derived as $50M ÷ $7.4752 VWAP and is not a confirmed share count from the 8-K.