Ondas Inc. has agreed to acquire Cyberhawk, a global leader in critical infrastructure intelligence, for approximately $125 million. The transaction, valued at about $125 million, is 95% cash funded and aims to expand Ondas' dual-use capabilities by integrating Cyberhawk's autonomous infrastructure intelligence platform. This platform combines scaled drone inspection services, AI-enabled asset analytics, and enterprise visualization software. The acquisition is expected to close during the third quarter of 2026, subject to customary closing conditions and regulatory approvals.

Under the terms of the definitive agreement, certain members of the Cyberhawk leadership team will roll approximately $5 million of proceeds into Ondas common stock. This equity will be subject to a one-year lock-up period, with certain exceptions. At the end of the first quarter, Ondas reported approximately $1.48 billion in cash, restricted cash, and short-term investments.

Key Financial and Operational Metrics

The following table outlines the key financial and operational metrics associated with Cyberhawk:

Cyberhawk's financial profile includes forecasted revenues of over $45 million for the fiscal year ending March 2027. The company reports that approximately 95% of its revenue is recurring, supported by a blue-chip customer base. Additionally, Cyberhawk holds a backlog of $95 million. Management believes the current high single-digit EBITDA margins can expand to over 25% by 2030, driven by operational efficiencies and scale.

Strategic Rationale

The acquisition aligns with Ondas' strategy to enhance its autonomous systems and next-generation defense and security technologies. By integrating Cyberhawk's drone-based inspection and visual data management capabilities, Ondas aims to deliver comprehensive solutions for critical infrastructure markets. The deal is expected to drive growth through cross-selling opportunities and expanded geographic reach.

Cyberhawk serves more than 300 customers across 40 countries, including PG&E, Southern California Edison, Shell, SSE, ESB, Qatar Energy, and Bechtel. The company has inspected more than 500,000 infrastructure assets and built a proprietary database exceeding 232 terabytes to support AI-driven analytics.

"The company has built a highly differentiated platform combining software, data, AI-enabled analytics, and deep domain expertise across some of the world’s most important utility and energy networks," Ondas Chairman and CEO Eric Brock said. "The acquisition will significantly expand Ondas’ presence in critical infrastructure markets while strengthening our position as a dual-use technology company serving defense, security and industrial customers."

"Today, we’re excited to join forces with Ondas to accelerate the adoption of this technology – improving data quality while fundamentally reducing risk and human exposure across critical infrastructure," Cyberhawk founder and CEO Chris Fleming said. Lincoln International LLP served as the exclusive financial advisor to Cyberhawk shareholders.

Ondas Inc. (NASDAQ: ONDS) announced the launch of new autonomous defense systems and integrated solutions at Eurosatory 2026 under its 'Autonomy at First Contact' vision. The company is presenting products across five core technology categories: Air Defense, Aerial Intelligence, Aerial One-Way Attack, Ground Robotics, and AI Software. The new systems are designed to connect these capabilities into one coordinated autonomous operational force, addressing faster-moving threats and complex operational environments in military, homeland security, and critical infrastructure sectors.

New Systems and Integrated Solutions

Ondas launched several new systems and integrated solutions at Eurosatory, expanding its unified autonomous architecture. These include Iron Wave, Dual Shield, MODUS, Scout Cyber-over-RF, Iron Arrow, and LADOS. The systems are designed to provide autonomous sensing, protection, and response capabilities across multiple domains and mission environments.

European Expansion and ONBERG

Ondas highlighted its European joint venture ONBERG, which is advancing local manufacturing, deployment, and support capabilities for autonomous drone defense systems across Europe. Eric Brock, Chairman and CEO of Ondas, emphasized that Europe is a central pillar of the company's long-term growth strategy. ONBERG aims to strengthen Ondas' local industrial foundation and customer support capabilities while bringing integrated autonomous defense technologies to the European market.

Strategic Positioning

The launch follows a series of strategic business moves by Ondas, including the expansion of its defense and security technology base and the integration of acquired autonomous systems capabilities. The company believes these steps position it to scale its system-of-systems strategy across allied defense, homeland security, public safety, and critical infrastructure markets. Ondas' solutions are deployed globally by government, defense, and commercial customers to protect infrastructure, borders, transportation networks, personnel, and strategic assets.