Ondas (ONDS) announced on March 9, 2026 that it has entered into a merger agreement with Mistral Inc., a defense prime contractor with decades of experience working with the U.S. military and federal agencies.
Major move from $ONDS.
Ondas just announced a merger with U.S. defense prime contractor Mistral Inc.
This is a strategic step that could significantly expand Ondas’ access to U.S. Department of Defense programs.
Key points:
• Mistral is a prime contractor on $ 1B+ DoD… pic.twitter.com/I4CHrfRLLv
— Lindahl Capital (@Lindahl_Capital) March 9, 2026
Under the terms of the deal, Mistral will merge with a subsidiary of Ondas while keeping its current contract administration responsibilities in place. No changes are expected to Mistral’s day-to-day operations during the transition.
Mistral is headquartered in Bethesda, Maryland, and operates manufacturing, assembly, integration, and quality assurance facilities across the U.S. The company supports sourcing requirements tied to U.S. defense standards.
Mistral currently serves as a prime contractor on more than $1 billion worth of indefinite delivery, indefinite quantity contracts. Its work spans weapon systems, unmanned aircraft systems, drones, and defense electronics for the U.S. military, federal agencies, and state and local law enforcement.
The acquisition hands Ondas direct prime contractor access to U.S. Army and United States Special Operations Command contract vehicles. That’s a door Ondas did not previously have a key to.
Eric Brock, Chairman and CEO of Ondas, said Mistral has “a strong track record capturing and executing large government programs” and that combining the two companies positions Ondas to deliver integrated solutions directly to defense customers.
Eyal Banai, CEO of Mistral, called the merger “an exciting new chapter,” saying the deal allows Mistral to expand its capabilities while continuing to serve defense and public safety customers.
The deal is part of Ondas‘ broader plan to move beyond standalone system deployments and into structured participation in multi-year Department of Defense contract vehicles. Mistral’s existing contracting infrastructure is key to that shift.
Ondas operates through two main business units: Ondas Autonomous Systems, which builds autonomous aerial and ground robot systems, and Ondas Networks, which provides private wireless solutions. Mistral’s platforms are expected to support deployment of counter-drone, robotic, and ISR systems into U.S. military and homeland security programs.
Ondas has been busy on multiple fronts ahead of this deal. Its subsidiary Airobotics Ltd. recently secured a $20 million order for an autonomous border protection system as part of a multi-year government contract.
The company also received around $6 million in orders for counter-drone systems from defense and homeland security customers in the Middle East and other regions.
Ondas invested $10 million in World View Enterprises to develop intelligence, surveillance, and reconnaissance solutions, and added McKinsey senior partner David Chinn to the board of Ondas Autonomous Systems.
ONDS stock has climbed more than 1,100% over the past 12 months. The company carries a market cap of approximately $4.42 billion. InvestingPro analysis flags the stock as overvalued relative to its Fair Value, with a beta of 2.58.
Ondas holds more cash than debt on its balance sheet and maintains liquid assets above its short-term obligations, according to InvestingPro.
Additional terms of the merger will be disclosed in a Form 8-K filing with the SEC. Ondas will provide further detail on the Mistral deal during its earnings conference call on March 25, 2026, at 8:30 a.m. Eastern Time.
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