ONDS Stock Set For Best Month This Year: Builds $457M Backlog, Expands US Military Access After Mistral Deal

• The Mistral deal is seen as a pathway for Ondas’ transition into a fully integrated defense prime contractor. 
• The Mistral deal adds about $264 million to the backlog, bringing Ondas’ total to roughly $457 million as of March 31. 
• Ondas has raised its 2026 revenue target to at least $375 million.

Ondas (ONDS) stock is on track for its best month in 2026 as the company looks to boost its position in the U.S. defense sector, moving beyond its early-stage tech identity into a more established defense prime contractor. 

The stock has seen a strong April performance, pushing its shares up nearly 20%, fueled by major contract wins and acquisitions. 

ONDS’ Shift To Prime Contractor

On Friday, Ondas said it has completed the $175 million acquisition of Mistral, a U.S. defense contractor with deep ties to military and federal programs. The deal expands Ondas’ access to high-value government contract vehicles and strengthens its manufacturing footprint in the county. 

Through the deal, Ondas aims to become a fully integrated defense prime contractor. Mistral’s addition gives the company direct access to procurement channels within the U.S. Army and Special Operations. The deal allows Ondas to provide fully integrated autonomous defense platforms instead of standalone technologies. 

Ondas’ stock traded over 1% lower in Monday’s premarket. "Mistral brings established access to key contract vehicles, a U.S.-based manufacturing and integration footprint, and deep customer relationships across UAVs, loitering munitions, and ground robotics-directly aligned with the core segments of our platform. Together, we are strengthening our ability to deliver mission-ready systems to U.S. government customers at scale."

-Eric Brock, Chairman and CEO, Ondas

Backlog Growth And Financial Momentum

The Mistral transaction contributes roughly $264 million in secured backlog, lifting Ondas’ total backlog to around $457 million as of March 31. This larger pipeline could boost the company’s forward revenue visibility as it targets more expanded, long-duration defense contracts.

Ondas’ fiscal 2025 revenue reached $50.7 million, marking 605% year-on-year increase. Looking ahead, the company has raised its 2026 revenue target to at least $375 million and is guiding first-quarter 2026 revenue to $38 million to $40 million. 

During April, Ondas announced a series of high-impact transactions and awards that have collectively reshaped its scale and scope. Earlier in the month, the company also finalized its acquisition of World View Enterprises, expanding into high-altitude intelligence, surveillance, and reconnaissance (ISR) capabilities.

Ondas also secured nearly $200 million in new contract potential during April. These include a border demining initiative tied to Israel, a multi-year defense engineering framework, and deployment of counter-drone systems for a major global sporting event. 

ONDS stock has gained 8% year-to-date. 

Also See: ETN, GEV, NEE, PWR, VRT Stocks Stand To Gain After US Flags Power Grid As Defense Priority

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