US Tech Company Expands Defense Drone Platform through Mistral Merger and UK Drone Acquisition

Ondas Inc. (NASDAQ: ONDS) announced on March 9, 2026 that it has entered into a merger agreement with Mistral, a key contractor for the U.S. Department of Defense. Through the merger, Ondas will secure prime contractor status—allowing direct participation in major defense and public safety contracts with the U.S. Army and Special Operations Command—while Mistral will continue to manage its existing contracts.

The company also completed its acquisition of Rotron Aerospace, a UK–based developer of unmanned aerial vehicles (UAVs), vertical takeoff and landing platforms, and long-range propulsion systems. This transaction establishes a production foothold within the UK and NATO defense ecosystem, enabling Ondas to expand both the performance and operational range of its autonomous air and ground platforms as well as its counter-drone solutions.

In its preliminary results for the fourth quarter and full year 2025, Ondas reported revenue of approximately $50 million, exceeding prior guidance, while net losses and adjusted EBITDA remained in the red. The company confirmed its 2026 revenue outlook of $170 million to $180 million and noted it held more than $1.5 billion in cash and cash equivalents as of year-end 2025, reflecting recent capital raises.

According to recent disclosures, the Mistral merger is structured as a stock-for-stock exchange valued at about $175 million. Ondas plans to provide additional details on the business outlook for the Rotron acquisition and its medium- to long-term revenue growth path in the defense sector during its earnings release on March 25.

Through its subsidiary OAS, Ondas supplies autonomous aerial and ground robots and counter-drone solutions, and via another business unit offers private wireless network solutions. The company has been accelerating its transition into a defense platform provider, targeting the U.S. Defense Advanced Research Projects Agency (DARPA), public safety agencies, and NATO allies.

With increasing defense demand in the U.S. and Europe for multi-domain unmanned/autonomous systems and counter-drone defenses, Ondas and other defense-drone and sensor providers are strengthening their positions through long-term program awards and overseas defense M&A.