Ondas completes merger of Mistral

Ondas (ONDS) completed its merger of Mistral. The merger, valued at $175M, provides the Company with direct prime contractor access to U.S. Army and Special Operations contract vehicles, while adding U.S.-based manufacturing, integration, and federal contracting infrastructure. The transaction marks a significant step in Ondas’ strategy to expand direct participation in large-scale U.S. government programs. Mistral brings established relationships across U.S. defense and homeland security agencies, as well as a proven track record delivering mission-critical technologies into operational environments. Mistral will support and expand its existing programs, customers and partner relationships while forming a dedicated program capture arm for Ondas in the U.S., establishing a focused capability to deliver, support, and scale the deployment of Ondas’ integrated systems across defense and homeland security customers. The combination accelerates Ondas’ ability to deploy integrated autonomous systems, including aerial platforms, counter-UAS technologies, and ground robotics, directly into U.S. defense programs. With Mistral’s position as a prime contractor on established U.S. Army IDIQ programs and its role supporting advanced soldier and tactical systems initiatives, Ondas is now structurally positioned to pursue larger program awards and accelerate technology integration to program-of-record deployment. The addition of U.S.-based production and contract execution capabilities also strengthens Ondas’ ability to meet procurement requirements tied to domestic manufacturing, supply chain security, and long-term sustainment. As of March 31, Ondas estimates its backlog with orders in hand was $177M. Mistral had $264M in contracted backlog as of April 21 and World View Enterprises, which was acquired on April 1, had contracted backlog of $16 M at closing. Ondas’ pro forma backlog as of March 31, was $457M, adjusted for the addition of Mistral and World View.

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