Joby Aviation's Strategic Pivot: Defense and Air Taxi Progress

Joby acquired Resonant Sciences ($500M) to scale defense operations, while advancing its air taxi service with a flight simulator at San Jose Mineta airport (2027 target). A $750M equity offering caused a 47% YTD drop, but analyst consensus remains a hold with average target ~$10.68. Revenue beat by 36% in the latest quarter. Valuation is stretched (P/B 4.3x), but the defense deal and eVTOL milestones provide catalysts. A recent article addressed reverse split concerns, arguing Joby is unlikely to do one given its current price and management confidence, which is a positive for long-term holders.