NextVision’s shares surge as drone-camera maker tops $7.5 billion market cap
A $60 million order underscores how battlefield demand has transformed the company.
Two weeks after setting an annual revenue target of $275 million, NextVision announced on Monday that it has received an order for $60 million worth of products. This is the second-largest order in the company’s history, after a $77 million deal reported last December. NextVision, which develops, manufactures, and markets stabilized cameras primarily for drones, will supply the products to an existing customer over a four-year period, through the end of 2029. Accordingly, revenue from the deal will be recognized gradually over that period and will affect results in each of the four years. This is the third order the company has reported since the beginning of the year, bringing the cumulative value of new orders to $87 million.
NextVision went public on the Tel Aviv Stock Exchange in June 2021 at a valuation of NIS 407 million (approximately $128 million). Five and a half years later, it is valued at approximately NIS 24 billion ($7.6 billion), is included in the Tel Aviv 35 index, and has become one of the exchange’s standout performers. The company’s share price rose 253% in 2025 and has gained more than 15% since the beginning of this year.
The company ended 2025 with orders totaling $223 million. In the first week of January, NextVision reported that its 2025 revenue reached $168 million, exceeding the $160 million target it set at the end of 2024 by 5%. Compared with revenue of $115 million in 2024, this represents growth of 46%. The $275 million target set for 2026 implies annual growth of 64% relative to 2025.
NextVision has seen accelerated growth since the outbreak of the Russia-Ukraine war in 2022, a trend that intensified following the outbreak of war in Israel on October 7, 2023. Revenue rose from $15 million in 2021 to $26 million in 2022, doubled to $52 million in 2023, climbed to $115 million in 2024, and reached $168 million in 2025. Net profit increased in parallel, from $5.7 million in 2021 to $66 million in 2024, and to $69 million in the first nine months of 2025.
The cameras developed and manufactured by NextVision are considered lightweight relative to competing products. The company also produces cooled cameras, which enable long-range observation and, because of their low weight, can be carried by drones and other small platforms. Such systems have played a prominent role in recent combat arenas in Ukraine and in the theaters where Israel has operated, increasing recognition of their importance on the modern battlefield and driving demand for the cameras integrated into them.
NextVision supplies its products to defense companies that manufacture unmanned aerial vehicles, including Elbit Systems, UVision Air, Israel Aerospace Industries, and Aeronautics. These companies sell complete systems to end customers, including the IDF and other militaries and security agencies worldwide. A significant portion of NextVision’s sales comes from repeat customers that initially purchased small quantities and later returned to procure more advanced systems in larger volumes. Most sales are directed to Europe, which accounted for 58% of revenue in January-September 2025, and to the United States.
The company expects growth in the U.S. market, driven in part by the Trump administration’s emphasis on defense procurement, increased investment in unmanned systems, and NextVision’s status as an approved supplier under U.S. defense contracts.
In September, Next Vision completed a $414 million (approximately NIS 1.4 billion) capital raise from foreign investors. Fidelity, which became an interested party in May, acquired just under half of the shares issued in the offering and became the company’s largest shareholder, with a 9.9% stake. Ten days ago, Harel Insurance purchased 1.5% of the company’s shares for NIS 345 million.
