Ondas Lands Multimillion-Dollar Counter-Drone Orders in Europe and Asia as Defense Push Widens

Ondas (ONDS) secured multimillion-dollar counter-drone contracts with government customers in Europe and Asia, expanding its international defense business. A major European police organization ordered portable Ranger systems, and an Asian government customer ordered Iron Drone Raider systems that autonomously intercept hostile drones. The company announced the orders on Nov. 4.

What Ondas won

A layered defense portfolio

The two orders cover different layers of what Ondas describes as a multilayered counter-drone stack: detection, identification and tracking, electronic mitigation, autonomous interception, and mission command and control. Ranger addresses the first layers in a lightweight, man-carried format, while Iron Drone Raider adds physical interception for targets that jamming cannot stop. Ondas, which also serves homeland security, public safety and critical infrastructure customers, sells the stack under its Aerial Security segment, one of four core segments alongside Persistent Intelligence and ISR, Autonomous Ground Systems and Precision Strike. CEO Eric Brock said counter-UAS is becoming one of the most critical and fastest-growing priorities for defense and homeland security organizations.

The business behind the orders

• Growth. Q2 2026 revenue of $83.8 million was up about 67% from Q1 and more than 13 times the $6.3 million reported a year earlier.
• Orders. Ondas booked about $175 million of new orders in Q2 and another $105 million in Q3 through Aug. 10.
• Backlog. Backlog was about $613 million at June 30, or about $757 million pro forma for the DZYNE and Cyberhawk acquisitions.
• Cash. It held about $1.4 billion in cash, restricted cash and short-term investments.
• Outlook. The company raised its 2026 revenue outlook to $525 million to $550 million.

By our calculation, the outlook midpoint of $537.5 million implies roughly $200 million of revenue per quarter in the second half, about 2.4 times Q2's level, assuming Q1 revenue of about $50 million implied by Q2's 67% sequential growth.

What to watch

• Order sizes. Whether Ondas discloses values or delivery timing for the Ranger and Iron Drone Raider orders.
• Third-quarter results. Whether bookings and backlog keep growing and whether the outlook is raised again.
• Defense budgets. How a new Congress treats defense funding; defense stocks fell premarket on Wednesday after the midterm results.
• Related coverage. See our reports on the midterm market reaction and the AI infrastructure selloff.

Sources: Order details are from Ondas' Nov. 4 company release. Financial figures are from its Q2 2026 results released Aug. 13. Items labeled by our calculation are our own arithmetic. This article is informational only and is not investment advice.