Ondas acquires US defense contractor Mistral for $175 million
Nasdaq-listed company continues acquisition spree, aiming for deeper access to U.S. military contracts and robotics programs.
The holding company Ondas, registered in the United States and traded on the Nasdaq, continues to expand. The company is acquiring Mistral from Israeli-American businessman Eyal Banai for $175 million.
Mistral is a defense contractor based in Maryland that focuses on the U.S. defense market and participates in military and security programs for the American government. As part of the transaction, Mistral will merge with activities currently carried out by one of Ondas’ subsidiaries. According to the company’s announcement, the deal is expected to give Ondas direct access to large U.S. government contracts as well as to production and integration infrastructure used by the U.S. military.
Of the total purchase price, $105 million will be paid in cash, while the remainder will be paid in Ondas shares. The cash component will be paid in installments over a two-year period.
Mistral is the tenth defense company Ondas has acquired in the past two years, as part of its strategy to become a major player in the Israeli defense market and capitalize on the global surge in demand for combat systems. Ondas believes the merger with Mistral will strengthen its competitiveness in the U.S. market as it expands its involvement in multi-year projects related to robotic systems, autonomous vehicles, and military drones.
Mistral joins a growing portfolio of companies acquired by Ondas, sometimes at prices above market value, including Roboteam, Airobotics, and Sentrycs.
Meanwhile, Ondas’ attempt to take control of mPrest, the company developing the command-and-control system for Israel’s Iron Dome air defense system, is currently on hold at Israel’s Defense Ministry. In January, Calcalist revealed that Ondas was seeking to acquire a majority stake in mPrest for about $100 million, reflecting a company valuation of more than $200 million.
If the deal is completed, Rafael Advanced Defense Systems would become a minority shareholder in mPrest, an outcome that has raised concerns within the Defense Ministry.
The delay in the Ondas-mPrest deal stems from a review that has been ongoing for several months by the Director of Security of the Defense Establishment, which oversees the protection of classified defense technologies. The review is required because the deal involves a foreign company seeking to acquire control of an Israeli firm involved in sensitive and classified developments.
Earlier this year, Ondas raised about $1 billion from a single investor, whose identity the company has declined to disclose. At the same time, Ondas has expressed interest in acquiring Aeronautics and Controp, subsidiaries of Rafael
Alongside the announcement of the Mistral acquisition, Ondas also released preliminary financial results for 2025, reporting figures above its earlier forecasts.
Annual revenue is expected to reach $49.7-$50.7 million, while fourth-quarter revenue is projected at $29.1-$30.1 million, slightly exceeding earlier estimates of $27-$29 million.
However, the company remains loss-making. The fourth-quarter loss is expected to total about $20 million, while the annual loss is projected at $53 million.
Ondas also reiterated its forecast for 2026 revenue of $170-$180 million, a projection that does not yet include revenue from companies acquired since the beginning of the year.
