A key supplier to Elbit and IAI rides a surge in drone warfare
NextVision posts $160 million in 2025 revenues, up 46% from 2024, fueled by drone-camera orders for Elbit Systems, IAI, and other defense clients. The company has set an ambitious revenue target of $275 million for 2026.
NextVision exceeded its targets in 2025, reporting revenues of $168 million, about 5% above the target it set at the end of 2024. This represents a 46% increase compared with its 2024 revenue of $115 million.
The company has set an ambitious revenue target of $275 million for 2026, implying 64% growth compared with its 2025 results.
NextVision, which develops, manufactures, and markets stabilized cameras for ground and aerial platforms, including drones, is experiencing accelerated growth in business activity. This growth has been driven primarily by heightened global defense demand following Russia’s invasion of Ukraine in February 2022 and the war that broke out in Israel on October 7, 2023.
Last month, the company signed the largest contract in its history, agreeing to supply products to a foreign customer in a deal valued at $77 million, with deliveries extending through the end of 2026. Most of the revenue from this order is expected to be recognized in 2025.
The company’s second-largest deal, which until three weeks ago was its largest, was signed in March for $30 million, with deliveries spread over several years. Final approval for this contract was received last week. In November, NextVision signed another significant contract worth $24 million, and it opened 2026 with an additional order valued at $22 million, to be delivered by the end of that year.
As a result, NextVision ended 2025 with an order backlog of $223 million, compared with $87 million at the end of 2024.
The company’s revenue trajectory has accelerated sharply in recent years. Revenue stood at $15 million in 2021, the year it went public, rose to $26 million in 2022, doubled to $52 million in 2023, climbed to $115 million in 2024, and reached $168 million in 2025.
This growth has translated into rising profitability. Annual net profit increased from $5.7 million in 2021 to $66 million in 2024, and reached $69 million in the first nine months of 2025.
NextVision’s cameras are considered lightweight relative to competing systems, and the company also manufactures “cooled” cameras that enable long-range observation. Their low weight allows them to be integrated into drones and other unmanned platforms.
The company supplies its systems to defense manufacturers producing unmanned aerial vehicles, including Elbit Systems, UVision Air, Israel Aerospace Industries, and Aeronautics. UVision, for example, signed an agreement in October to supply $982 million worth of loitering munitions to the U.S. military.
These manufacturers sell the final systems to end customers such as the Israel Defense Forces and other armed forces and security agencies worldwide. A significant portion of NextVision’s revenue comes from repeat customers. Most of its sales are currently generated in Europe, which accounted for 58% of revenue in January-September 2025, and in the United States, where the company expects a sharp increase in demand.
Next Vision went public on the Tel Aviv Stock Exchange in June 2021 at a valuation of NIS 407 million. Five and a half years later, it is trading at a valuation of approximately NIS 21 billion. The company’s shares rose 253% in 2025, and have gained an additional 10% since the beginning of this year.
In September, NextVision completed a $414 million capital raise from foreign investors. Fidelity, which became a shareholder in May, purchased slightly less than half of the shares allocated in the offering, becoming the company’s largest shareholder with a 9.9% stake.
