Ondas Holdings Accelerates Defense Sector Growth Through Strategic Acquisitions

Ondas Holdings expands in defense with INDO acquisition for a $140M military vehicle program, raises 2026 revenue forecast to $170-180M, and targets positive EBITDA.

Ondas Holdings is rapidly expanding its presence in the defense industry through a series of strategic moves. The company's latest acquisition marks a significant shift in its business model and secures access to a major military contract.

A Pivotal Acquisition for Future Revenue

In a key strategic purchase, Ondas Holdings has acquired INDO Earth Moving Ltd. The transaction involves a cash payment of $5.66 million and the issuance of 5.49 million new shares. Furthermore, a performance-based earn-out provision of up to $140 million in stock over three years is included, contingent upon INDO meeting specific operational and financial milestones.

INDO serves as the prime contractor for a program supplying heavy tracked vehicles to a military client. Revenue generation from this substantial $140 million contract is scheduled to commence in the second quarter of 2026. Ondas intends to integrate technologies from its subsidiaries, Roboteam and Apeiro Motion, to equip these vehicles with autonomous navigation and mission software. This enhancement is aimed at enabling critical tasks such as route clearance and obstacle breaching.

A Flurry of Defense-Focused Activity

This deal is part of a concentrated sequence of transactions completed by Ondas in a short timeframe. The company confirmed the finalization of its acquisition of Rotron Aerospace Ltd. on March 16, 2026. This move adds aero-engine technologies and long-range unmanned systems to Ondas's portfolio.

Just days earlier, on March 10, Ondas's subsidiary 4M Defense secured an initial $15.8 million order for an autonomous countermine program. This award represents the first phase of a project with a total potential value reaching $60 million.

Revised Financial Outlook and Upcoming Details

Based on these recent contract wins and acquisitions, Ondas has raised its full-year 2026 revenue guidance. The company now forecasts revenue between $170 million and $180 million. This aggressive expansion is supported by over $1 billion in cash from a capital raise completed earlier in the year.

Management anticipates achieving positive adjusted EBITDA in the second half of 2026, coinciding with the production and delivery phases of its defense programs. The company plans to provide further details on the integration of its newly acquired units during its earnings call scheduled for March 25, 2026.