Ondas Completes Mistral Merger, Boosting Defense Backlog to $457 Million

Ondas Inc. (Nasdaq:ONDS) finalized its merger with U.S. defense prime contractor Mistral Inc. The transaction is valued at $175 million. This acquisition provides Ondas with direct access to major U.S. Army and Special Operations contract vehicles.

The merger integrates U.S.-based manufacturing and established relationships with homeland security agencies. Ondas aims to increase direct involvement in large-scale government defense programs.

The combined entity reports a pro forma backlog of $457 million as of March 31, 2026. Mistral contributed approximately $264 million to this total. The merger strengthens Ondas’ position within the autonomous defense systems market.