Ondas completed its $175 million merger with Mistral, adding a defense prime contractor with more than $1 billion in programs already captured and giving Ondas direct access to U.S. Army and special operations IDIQ contract vehicles.
The deal immediately expanded Ondas’ backlog by about $264 million, bringing pro forma backlog to $457 million as of March 31, 2026, after adjusting for Mistral and World View. Ondas said its own backlog with orders in hand was $177 million at March 31, up from $68 million at December 31, 2025.
Mistral brings U.S.-based manufacturing, integration, and federal contracting infrastructure, along with established relationships across defense and homeland security agencies. Ondas said the combination strengthens its ability to pursue larger program awards and move systems into program-of-record deployment.
The company said Mistral’s prime contractor role on U.S. Army IDIQ programs and its work on soldier and tactical systems initiatives position Ondas to scale autonomous aerial systems, counter-UAS technologies, and ground robotics directly into U.S. defense programs.
Ondas also approved inducement grants of restricted stock units covering 1,245,263 shares for 58 newly hired employees tied to the merger. Following these announcements, the company's shares moved -8.44%, and are now trading at a price of $9.44. Check out the company's full 8-K submission here.
