U.S. Defense and Drone Companies Project '7x Revenue Growth'... Expanding Through Major Acquisitions

Ondas Inc., a U.S. defense and autonomous‐systems company (NASDAQ: ONDS), said in its May 4 shareholder letter that it expects 2025 revenue of $50.7 million (approximately KRW 66 billion), a 605% increase year-on-year, and has secured a backlog of $457 million (approximately KRW 590 billion).

As of March 31, the company held $1.4 billion in cash and short-term investments (approximately KRW 1.8 trillion). It projects at least $375 million in revenue for 2026 (approximately KRW 490 billion) and is pursuing multi-year growth through autonomous systems and targeted M&A.

This year alone, Ondas completed five acquisitions totaling $557 million (approximately KRW 720 billion), which it expects will contribute roughly $230 million (approximately KRW 300 billion) in revenue by 2026. The company is also evaluating more than 25 additional acquisition opportunities with potential combined annual revenue of about $500 million (approximately KRW 650 billion).

To ensure financial flexibility for funding and future deals, management is asking shareholders to approve an increase in the authorized common-share count from 800 million to 1.2 billion shares, citing the need for capital-raising flexibility given the current shares outstanding and unexercised warrant structure.

Ondas completed its acquisition of high-altitude surveillance provider World View Enterprises on April 1 and merged with U.S. defense contractor Mistral on April 24, boosting its backlog to around $457 million. In mid-April, its India-based subsidiary Earth Moving secured an initial military engineering-vehicle order worth $68 million (approximately KRW 90 billion).

Through its two divisions—Ondas Autonomous Systems and Ondas Networks—the company supplies autonomous UAVs, ground robots, counter-drone systems and dedicated wireless communications solutions, serving defense, security and critical-infrastructure customers. Amid rising defense budgets among the U.S. and its allies and growing demand for unmanned reconnaissance and strike capabilities, acquisition competition in the defense-robotics and drone sector has intensified. Ondas is expanding its long-range strike and surveillance platform portfolio with recent deals such as Loatron Aerospace and Bird Aerosystems.