Ondas Holdings Inc. (NASDAQ: ONDS) completed a $175 million merger with U.S. defense prime contractor Mistral on April 24, 2026. The transaction adds approximately $264 million to Ondas’s backlog, bringing the pro‑forma backlog to $457 million as of March 31, 2026.
Mistral brings a U.S.-based manufacturing and integration footprint, deep customer relationships across UAVs, loitering munitions, and ground robotics, and a backlog of $264 million that includes programs exceeding $1 billion in value. The acquisition expands Ondas’s footprint in the defense sector and provides direct access to Army and Special Operations contract vehicles, positioning the company for accelerated revenue growth.
Eric Brock, Chairman and CEO of Ondas, stated: '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.' He added: '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.'
Brock also noted: '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.'
Prior to the merger, Ondas reported a Q4 2025 earnings per share of –$0.36, missing analyst expectations of –$0.04, and a net loss of $101 million driven by a non‑cash charge. The company’s backlog stood at $177 million as of March 31, 2026, up from $68 million at December 31, 2025.
Ondas has raised its full‑year 2026 revenue target to at least $375 million, more than doubling its previous outlook, and is guiding Q1 2026 revenue to $38–$40 million, in line with analyst forecasts of $39.36 million. The addition of Mistral’s backlog and programs is expected to accelerate the company’s path to profitability by expanding revenue opportunities and improving EBITDA leverage.
The announcement was met with positive sentiment from investors, reflecting confidence in the expanded backlog, the strategic fit of Mistral’s capabilities, and the company’s raised revenue guidance.
With the merger, Ondas is positioned to become a fully integrated defense prime contractor, leveraging its autonomous systems, private wireless solutions, and Mistral’s manufacturing and integration capabilities to deliver mission‑ready systems at scale. The deal is expected to unlock new market opportunities, strengthen the company’s competitive position, and accelerate its transition to profitability.
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