- Establishes Direct Access to U.S. Army and Special Operations IDIQ Contract Vehicles and Expands Domestic Manufacturing and Integration Capabilities
- Transaction Strengthens Ondas’ Position as a Next-Generation Defense Prime, Accelerating Deployment of Autonomous Systems Across U.S. Defense and Homeland Security Markets
- Adds Approximately $264 million to Ondas’ Backlog; Ondas Pro Forma Backlog, Adjusted for the Mistral and World View Acquisitions, was $457 Million as of March 31, 2026
WEST PALM BEACH, FL / April 24, 2026 / Ondas Inc. (Nasdaq:ONDS) (“Ondas” or the “Company”), a leading provider of autonomous aerial and ground-based intelligence systems through its Ondas Autonomous Systems (OAS) business unit and private wireless solutions through Ondas Networks, today announced it has completed its merger of MistralInc. (“Mistral”), a U.S.-based defense prime contractor with decades of experience supporting U.S. military, federal, and public safety programs.
The merger, valued at $175 million, provides the Company with direct prime contractor access to U.S. Army and Special Operations contract vehicles, while adding U.S.-based manufacturing, integration, and federal contracting infrastructure. The transaction marks a significant step in Ondas’ strategy to expand direct participation in large-scale U.S. government programs.
Mistral brings established relationships across U.S. defense and homeland security agencies, as well as a proven track record delivering mission-critical technologies into operational environments. Mistral will support and expand its existing programs, customers and partner relationships while forming a dedicated program capture arm for Ondas in the U.S., establishing a focused capability to deliver, support, and scale the deployment of Ondas’ integrated systems across defense and homeland security customers. The combination accelerates Ondas’ ability to deploy integrated autonomous systems, including aerial platforms, counter-UAS technologies, and ground robotics, directly into U.S. defense programs.
“This merger marks a significant step in positioning Ondas as a fully integrated defense prime contractor, accelerating our expansion across the U.S. defense market,” said Eric Brock, Chairman and CEO of Ondas. “Mistral brings established access to key contract vehicles, a U.S.-based manufacturing and integration footprint, and deep customer relationships across UAVs, loitering munitions, and ground robotics-directly aligned with the core segments of our platform. Together, we are strengthening our ability to deliver mission-ready systems to U.S. government customers at scale.”
“Mistral has already captured programs exceeding $1 billion in value and is expected to be a meaningful contributor to revenue growth and EBITDA leverage as we scale our U.S. operations,” Brock added.
With Mistral’s position as a prime contractor on established U.S. Army IDIQ programs and its role supporting advanced soldier and tactical systems initiatives, Ondas is now structurally positioned to pursue larger program awards and accelerate technology integration to program-of-record deployment. The addition of U.S.-based production and contract execution capabilities also strengthens Ondas’ ability to meet procurement requirements tied to domestic manufacturing, supply chain security, and long-term sustainment.
As of March 31, 2026, Ondas estimates its backlog with orders in hand was $177 million, an increase from $68 million at December 31, 2025. Mistral had $264 million in contracted backlog as of April 21, 2026 and World View Enterprises (“World View”), which was acquired on April 1, 2026, had contracted backlog of $16 million at closing. Ondas’ pro forma backlog as of March 31, 2026, was $457 million, adjusted for the addition of Mistral and World View.
For additional information regarding the merger, please see the Current Report on Form 8-K to be filed with the Securities and Exchange Commission later today. In connection with the merger, the Company approved inducement grants of restricted stock units (RSUs) representing 1,245,263 shares of the Company’s common stock to a total of 58 employees newly-hired in connection with the merger. The equity awards were granted pursuant to the Nasdaq Rule 5635(c)(4) inducement grant exception as a component of each individual’s employment compensation and were granted as an inducement material to his or her acceptance of employment with the Company. The RSUs will vest in twelve (12) equal quarterly installments through the third anniversary of the closing date, subject to the applicable employee’s continued employment with the Company.