Ondas Holdings (ONDS)
Ondas Inc. (Nasdaq: ONDS, formerly Ondas Holdings Inc.) is a provider of autonomous systems, robotics, and mission-critical technologies for defense, homeland security, public safety, critical infrastructure, and industrial markets[^c1]. The company develops and deploys integrated unmanned and autonomous platforms across air, ground, and stratospheric environments — including autonomous drone systems, counter-UAS technologies, robotic ground systems, advanced unmanned aircraft and propulsion solutions, demining and engineering systems, and integrated sensing and communications technologies. Its solutions are deployed globally by government, defense, and commercial customers to protect infrastructure, borders, transportation networks, personnel, and strategic assets[^c1]. Ondas operates through the Ondas Autonomous Systems (OAS) business unit, which groups its drone, robotics, counter-UAS, ISR, and defense-software subsidiaries, together with Ondas Networks, a private wireless broadband business, and Ondas Capital, an investment and advisory unit.
Ondas has grown rapidly through acquisition. It completed 15 acquisitions over the two years to mid-2026[^c4], among them the Israeli companies Airobotics, Sentrycs, Rotron Aero, Roboteam, BIRD Aerosystems, 4M Defense, and Omnisys; the U.S. defense businesses Mistral, World View Enterprises, and DZYNE Technologies; and the Scottish infrastructure-inspection company Cyberhawk. In July 2026 the company formed Ondas Sentinel, a dedicated operating division unifying its U.S. portfolio of autonomous defense technologies[^c7]. The acquisition-driven "Core + Strategic Growth" program has positioned Ondas as a defense prime contractor with direct access to major U.S. government contract vehicles, an expanding Israeli defense portfolio, and a European manufacturing footprint through the ONBERG joint venture with Heidelberg.
In the second quarter of 2026, Ondas reported record revenue of $83.8 million, compared with $50.1 million in the first quarter and $6.3 million in the same quarter of 2025[^c2]. On a pro forma basis, revenue grew approximately 85 percent year over year[^c10]. Reported backlog reached approximately $613 million as of June 30, 2026[^c3], while pro forma backlog — including recently completed and pending acquisitions — stood at $757 million[^c9]; the two-year strategic program pipeline exceeded $11 billion[^c12]. The company raised its full-year 2026 revenue target to a range of $525 million to $550 million[^c8] and expected to exit the year at a $1 billion annualized revenue run rate[^c11]. Ondas ended the quarter with approximately $1.4 billion in cash, while reporting a net loss of $89.7 million driven partly by large non-cash stock-based compensation charges. In August 2026, its defense prime contractor Mistral Inc. received an additional U.S. Army order for lethal unmanned systems that brought its total program awards to more than $240 million[^c6].
Leadership and business development also accelerated in mid-2026. In August, former Mossad Director David Barnea joined Ondas Defense Ltd. as Global President and Chairman[^c5]. Ondas and RSE Ventures co-led a strategic investment in FPF Defense, a counter-UAS startup developing the low-cost Hammerhead kinetic interceptor; Sentrycs counter-drone systems protected a majority of stadiums at the 2026 FIFA World Cup and were selected for the Jacksonville Jaguars' home stadium; and the Australian Department of Defence placed a $6.9 million order for counter-UAS kits delivered through the Ondas Sentinel division.