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• Ondas Holdings (NasdaqCM:ONDS) has completed its merger with Mistral.

• The deal adds U.S.-based manufacturing, integration, and federal contracting infrastructure to Ondas.

• Completion of the merger gives Ondas direct access to U.S. Army and Special Operations contract vehicles.

• The combined business now targets larger U.S. military and public safety programs and carries a higher backlog tied to autonomous defense systems.

For you as an investor, the key point is that Ondas is no longer just a technology provider; it now sits closer to the role of prime contractor on major U.S. defense and public safety programs. This move comes as interest in autonomous defense and security systems continues to build across government agencies, with growing attention on systems that can be deployed at scale and supported domestically.

Looking ahead, the merged company structure could influence how Ondas positions for contract awards, how quickly it can roll out deployments, and how predictable its revenue mix from government work becomes. The real test will be whether this expanded access to U.S. contract vehicles and infrastructure translates into a steadier pipeline of large, multi year programs.

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We've flagged 3 risks for Ondas. See which could impact your investment.

Quick Assessment

• ✅ Price vs Analyst Target: At US$9.49, the share price sits well below the US$20.13 analyst target, a gap of roughly 112%.

• ✅ Simply Wall St Valuation: The stock is flagged as trading about 53.6% below an estimated fair value.

• ✅ Recent Momentum: The 30 day return of about 5.0% suggests the market has started to price in the merger news.

There is only one way to know the right time to buy, sell or hold Ondas. Head to Simply Wall St's company report for the latest analysis of Ondas's Fair Value .

Key Considerations

• 📊 The merger gives Ondas prime contractor capabilities and U.S. manufacturing, which ties the investment case more closely to large defense and public safety contracts.

• 📊 Watch how quickly the combined group converts contract access into funded backlog, revenue, and any shift in the mix of U.S. government work.

• ⚠️ Shareholders have been substantially diluted in the past year, so monitor any further equity issuance as the company scales post merger.