Ondas Inc. (NASDAQ: ONDS) shares rose about 5.5% to $7.635 in early Monday trading after the defense technology company announced a $56 million order for Electronic Safe & Arm Devices supporting a European loitering munition program.
The size of the award stands out against the financial expectations Ondas disclosed when it acquired GATE Technologies and Bron Technologies three weeks ago.
Bron, which secured the order, serves as GATE’s European manufacturing and certification affiliate, with operations in Poland that also give the business access to the European market.
Ondas’ acquisition disclosure did not provide a separate 2026 revenue forecast for Bron. Against the $65 million in full-year 2026 revenue Ondas expects GATE to generate, the $56 million order represents about 86% of that forecast, offering a sense of the order’s scale.
Because Ondas disclosed the $65 million forecast for GATE rather than Bron, the comparison is only a scale benchmark across the two businesses acquired together; it does not indicate expected 2026 revenue contribution or that the full Bron-secured order will be recognized as GATE revenue.
Ondas did not disclose a delivery schedule or specify when it expects to recognize revenue from the $56 million award.
First ESAD Order Since GATE-Bron Acquisition
The order is the first ESAD contract Ondas has announced since completing its acquisition of GATE and Poland-based Bron on Sept. 14.
At the time of the acquisition, Ondas projected GATE revenue would rise from $65 million in 2026 to $180 million in 2028. The company also said the acquired business was expected to contribute more than $130 million in aggregate adjusted EBITDA through 2028.
The acquisition terms provide for $205 million in base consideration, consisting of $105 million in cash and $100 million in Ondas stock, plus a working-capital adjustment. Ondas also agreed to pay up to $185 million in performance-based earn-out consideration tied to financial targets through 2028.
GATE develops electronic safe-and-arm and electronic fuzing systems used across loitering munitions, UAVs, missiles, and rockets.
ESADs manage a munition’s safety, arming, and initiation functions, keeping it safe during storage, transport, handling, and launch and allowing it to arm only under required mission conditions. Ondas said the systems require extensive engineering, weapon-level qualification, and manufacturing consistency, creating lengthy qualification requirements for suppliers. GATE’s technology is already integrated across dozens of weapon systems, while Bron provides NATO-based, non-ITAR production capacity in Europe.
Co-CEO of Ondas Autonomous Systems Oshri Lugassy said the program is moving into production with qualified technology and existing manufacturing capacity, with the company’s execution focused on delivery schedules, product consistency, and scaling production.
In a separate same-day development, Citizens initiated coverage of Ondas with a Market Outperform rating and a $14 price target. The $14 target stands roughly 83% above the $7.635 early-session share price.
Ondas Holdings Tokenized Stock (ONDSon) was trading at $7.48, up 3.43% over the previous 24 hours, according to CoinMarketCap. Because the tokenized instrument trades around the clock, its percentage change is not directly comparable to Ondas’ Nasdaq session move.