Joby Aviation (JOBY) investor relations material

Deal rationale and strategic fit

• Acquisition creates a dedicated defense business, accelerating autonomy and expanding the technology stack through established defense programs, classified infrastructure, and customer relationships.

• Resonant will serve as the dedicated defense business, consolidating existing defense initiatives and leveraging complementary technologies, including RF sensing, low observability, and secure communications.

• The combination enables immediate opportunities to unite dual-use aircraft, propulsion, and autonomy technologies with advanced RF, sensing, and mission systems.

• Resonant's expertise in low-observability aircraft design and mission systems aligns with the strategic shift toward autonomous, lower-cost defense platforms.

• Structure preserves focus on both commercial air taxi and defense growth, with dedicated leadership for each.

Financial terms and conditions

• Purchase price is approximately $500 million, funded with $450 million in cash and $50 million in common stock, with certain Resonant employees receiving stock consideration.

• Price per share for stock consideration fixed at signing; Resonant employee stockholders to receive part of consideration in common stock, aligning interests.

• Transaction funded from a position of financial strength, with $2.3 billion in cash and short-term investments as of June 30, 2026.

• Transaction expected to close in the first half of 2027.

Synergies and expected cost savings

• Complementary technologies expected to deliver multiplicative value, enabling solutions neither company could address alone.

• Acquisition provides immediate access to scale, infrastructure, and customer relationships, avoiding years of internal investment.

• Integration expected to accelerate development of software-defined autonomous systems and differentiated mission systems for defense customers.

• Anticipated margin expansion as production volumes increase and new programs move into production.

• Opportunity to efficiently scale autonomous defense solutions and expand the value of the technology stack.