1. Joby signs an exploratory agreement with L3Harris for defense aircraft development. 2. The collaboration aims for a gas-turbine hybrid VTOL targeted at military use. 3. Flight testing for the new aircraft is set to start this fall. 4. Joby emphasizes range and mission-specific capabilities for potential DoD contracts. 5. Long-range capabilities are critical, as demonstrated by its hydrogen-electric prototype.
The partnership with L3Harris enhances Joby’s defense portfolio, increasing its market potential and attractiveness to investors. Similar past collaborations in defense sectors led to substantial growth for companies involved.
The defense sector offers significant revenue streams, elevating JOBY's valuation amid increasing interest in electric and hybrid technology applications for military purposes.
The agreement could take time to develop into tangible contracts, with effective outcomes expected around 2026. Companies can experience long-term growth post-establishing defense contracts as seen with aerospace entities like Lockheed Martin.