Defense Drone and Robot Platform Opens Direct Contract Path with U.S. Department of Defense through Mistral Merger

Ondas Inc. (NYSE: ONDS), a U.S. defense and drone-technology firm, has signed a merger agreement to acquire Mistral Inc., a prime contractor for the U.S. Department of Defense and U.S. Special Operations Command, securing direct access to DoD and SOCOM contracts. At the same time, the company completed its acquisition of U.K.–based unmanned aerial systems developer Rotron Aerospace. In its preliminary results for Q4 and full-year 2025, Ondas reported revenue above its own guidance and set 2026 revenue expectations at $170 million to $180 million (roughly KRW 250–270 billion). Following a $1 billion capital raise on January 12, Ondas says its pro forma cash and cash equivalents at year-end exceeded $1.5 billion, giving it total liquidity of about KRW 2.2 trillion (approximately $1.6 billion).

On March 18, Ondas announced the formation of ONBERG Autonomous Systems, a joint venture with Germany’s Heidelberg, to supply an autonomous drone-defense system for the European market. Earlier this month, the company unveiled successive acquisitions of missile-defense and ISR specialist Bird Aerosystems, long-range UAV and propulsion-technology provider Rotron Aerospace, and military heavy-equipment robotics platform INDO Earth Moving. These deals expand Ondas’ portfolio across aerial, ground and electronic-warfare domains.

Ondas operates two core business units: Ondas Autonomous Systems, which delivers autonomous air and ground robots and counter-drone solutions; and Ondas Networks, which provides private wireless-communication systems. The company targets defense, homeland security and public-safety customers, as well as critical-infrastructure sectors such as rail and energy.

With autonomous unmanned platforms and drone-defense capabilities in growing demand among the U.S. and NATO, Ondas and its peers are pursuing prime-contractor mergers and aggressive M&A to evolve into comprehensive, multi-domain defense-platform providers.