Ondas (ONDS) Adds More Manufacturing Muscle — and Another Company to Integrate

Ondas (ONDS) is continuing its acquisition push.

The company agreed to acquire Aran Defense, the defense-focused business of Israel's Aran Ltd., adding engineering, integration and manufacturing capacity to support Ondas' rapidly expanding autonomous defense portfolio.

Aran serves Israeli government customers and international defense companies and brings something increasingly important to the Ondas story: physical production capacity.

Ondas says Aran's 2025 revenue was approximately $17 million and expects roughly $26 million in 2026, with positive adjusted EBITDA; the company says the acquisition expands engineering, integration and production resources in Israel.

The Deal by the Numbers

Metric	Aran Defense
Purchase Price	~$33M
2025 Revenue	~$17M
2026E Revenue	~$26M
Expected 2026 Growth	~53%
Price / 2026E Revenue	~1.3x
Adjusted EBITDA	Expected positive
Expected Closing	Q3 2026

In Q2, the company reported:

• $83.8M revenue

• $175M of new orders

• $757M pro forma backlog

• $525M–$550M FY2026 revenue guidance

Aran gives Ondas additional engineering, industrialization and production resources in Israel that could help convert autonomous-defense programs from development into manufactured systems. It joins a growing collection of businesses spanning autonomous drones, counter-UAS, precision strike, ground robotics, persistent intelligence and infrastructure inspection.

Despite Q2's enormous revenue growth, Ondas still reported an $89.7M net loss and $50.6M adjusted EBITDA loss.