Joby Aviation, Inc. M&A announcement

Good morning everyone, and thank you for listening. I'm Teresa Thuruthiyil, Joby's Head of Investor Relations. Before the market opened on August 11, 2026, Joby announced that we have entered into a definitive agreement to acquire Resonant Sciences, a Dayton, Ohio-based defense technology company, for approximately $500 million. The transaction is expected to close in the first half of 2027 subject to customary closing conditions, including applicable regulatory reviews. This recorded briefing accompanies the press release, slide presentation, blog, and Form 8-K that we filed this morning, all of which are available on the investor relations page of our website at ir.jobyaviation.com. In a moment, you'll hear from JoeBen Bevirt, Joby Aviation's Founder and CEO. Please note that this briefing includes statements regarding future events and financial performance, as well as statements of belief, expectation, and intent, including statements regarding the anticipated benefits and expected timing of the proposed transaction.

These forward-looking statements are based on management's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including the risk that the transaction may not be completed in a timely manner or at all. For a more detailed discussion of these risks and uncertainties, please refer to our filings with the SEC, including the Form 8-K filed today, and the safe harbor disclaimer contained in today's press release. The forward-looking statements in this briefing are made only as of the date of this recording. With all of that said, here's JoeBen.

Thank you, Teresa, and thank you everyone for taking the time to listen in. Today, I'd like to talk about the value that the Resonant team and their technologies bring to Joby, why we believe the companies fit so well together, and the opportunity presented by building a defense business alongside our commercial business. Joby has been working with defense and intelligence customers for more than a decade. That work has given government customers firsthand insight into an emerging technology class and helped position the United States as the global leader in the eVTOL industry. The acquisition we announced today will significantly expand that work, giving Joby immediate scale through a rapidly growing EBITDA-positive defense business that already supports active U.S. national security programs. Over the last 12 months, Resonant generated more than $100 million in revenue, an increase of approximately 40% year-over-year.

Our intention is that Resonant and its 250-person team will become Joby's dedicated defense business. It will continue to operate under the Resonant Sciences name, led by its Co-Founder and CEO, J. Micah North. We plan to move Joby's defense initiatives into the Resonant business under Micah's leadership. This will enable us to capitalize on our investments in dual-use turbine electric and hydrogen electric aircraft, as well as our dual-use autonomy stack with Resonant leading the application of our technology to defense missions. By housing this work within Resonant, we will create a clear home for Joby's defense work and allow our commercial aviation organization to stay focused primarily on certifying, manufacturing, and commercializing our electric air taxi. Over the last three years, our companies have quietly worked together on the design and development of next-generation aircraft.