Joby Aviation (JOBY) and Archer Aviation (ACHR) expect years of cash outflows before their eVTOL businesses mature, and both are awaiting FAA certification, so defense contracts are seen as an earlier source of reliable revenue. Joby is working with L3 Harris on defense eVTOLs, bought defense mission-systems company Resonant Sciences for $500 million, and holds a U.S. Air Force contract worth up to $163 million. Archer has a U.S. Air Force contract with a $142 million ceiling and an exclusive agreement with Anduril to develop defense eVTOLs. The article notes doubts about commercial prospects: United Airlines' CFO said initial adoption will be in less congested airspace and that wider use in congested airspace will take a few more years, which the article says weakens the investment case for airport shuttles. The article suggests defense revenue is an increasingly important bridge for both companies, and that both may develop their defense businesses in the near to medium term.
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