Ondas and the Stack Around the machine

Ondas is expanding its defense-autonomy business through acquisitions.

Since July 2025, the company has completed or announced acquisitions across ground robotics, counter-UAS, demining, electro-optics, airborne ISR, heavy platforms, procurement access, stratospheric persistence, and mission software plus strategic investments across adjacent autonomy, sensing, and manufacturing assets.

The transactions include completed acquisitions, announced deals, joint ventures and minority investments. Their legal status and ownership levels differ.

Software and hardware integration

Ondas is acquiring businesses across autonomous platforms, sensing, mission software, manufacturing and defence procurement.

Anduril uses Lattice to connect drones, underwater systems and interceptors. Ondas is assembling a portfolio of autonomous systems and mission software through acquisitions financed in part with public equity.

The acquisition map covers the air layer through Rotron and BIRD, the ground layer through Roboteam, INDO, Apeiro, and 4M Defense, counter-UAS through Sentrycs, sensing through SPO and Insight, procurement and integration access through Mistral, stratospheric ISR through World View, and mission orchestration software through Omnisys.

What the Numbers Show

Q1 2026 revenue was $50.1 million, up from $4.3 million in Q1 2025. Full-year 2025 revenue at Ondas Autonomous Systems was $49.7 million, up from $5.3 million in 2024. Following the Omnisys close in May, Ondas raised its full-year 2026 revenue guidance to at least $390 million, a roughly 670% increase from 2025.

Ondas has disclosed counter-UAS airport and civil-infrastructure activity in Europe, including two $8.2 million airport orders and a later undisclosed multi-million-dollar European order. It also disclosed a $20 million autonomous border protection purchase order, approximately $6 million in Sentrycs counter-drone orders, an Asia-Pacific defense contract via Airobotics, roughly $220 million in disclosed program and tender exposure across 4M Defense and INDO Earth, and Mistral's participation in a $982 million IDIQ loitering munitions program with the U.S. Army.

In a May 29 update, Ondas said it secured over $30 million in May orders, bringing Q2-to-date orders above $110 million across air defense and C-UAS, loitering munition and one-way attack systems, ISR, UGVs, robotic defense systems, and mission-critical security technologies.

An Indefinite Delivery, Indefinite Quantity (IDIQ) contract permits competition for task orders; it does not guarantee revenue. Mistral’s participation gives Ondas access to a procurement programme with a $982 million ceiling. Revenue depends on subsequent task-order awards.

Pro forma backlog reached $457 million as of March 31, 2026, compared with $68.3 million at the end of 2025. The pro forma figure includes backlog from acquired companies, including Mistral and World View, whose acquisitions closed in April; it does not represent purely organic order growth. Source

The Financial Reality

Q1 2026 operating loss was $42.7 million on $50.1 million in revenue. Adjusted EBITDA loss was $10.9 million. The headline net income figure of $361 million is almost entirely a non-cash gain from warrant fair value revaluation and does not reflect the underlying operating economics.

Ondas raised approximately $1 billion in a January 2026 equity offering, ending Q1 with $1.48 billion in cash and short-term investments. Shares outstanding grew from roughly 380 million to 469 million in a single quarter. Stock-based compensation was $19.7 million in Q1 alone. The Omnisys acquisition added another roughly $196.6 million in stock consideration. Authorized shares are being expanded from 800 million to 1.2 billion to support continued acquisition activity.

Ondas guides to adjusted EBITDA losses remaining elevated through at least the first half of 2026. OAS segment profitability is targeted for Q1 2027. Company-wide profitability is not expected until Q1 2028.

Manufacturing

In April, Ondas launched ONBERG Autonomous Systems, a 51%-owned joint venture with Heidelberger Druckmaschinen AG, operating from Brandenburg an der Havel. The initial focus is counter-UAS and ISR systems for Germany and Ukraine, with broader European expansion planned.

ONBERG adds European manufacturing capacity through a German industrial partner with 175 years of engineering history. The partner has not previously operated a defence-autonomy business.

The Omnisys Pivot

Ondas announced the Omnisys acquisition on May 18 and closed it on May 21 in a stock transaction valued at roughly $196.6 million. Source Source

Omnisys adds software for coordinating sensors, drones, ground vehicles, ISR and counter-UAS resources to Ondas’ hardware portfolio.

Ondas has not established how much the acquired businesses sell together. The potential integration includes Mistral procurement channels and offerings from Rotron, Roboteam, Sentrycs, BIRD, World View and Omnisys.

Palantir partnership

Ondas, World View and Palantir are developing SkyWeaver, a multi-domain intelligence platform. Source

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