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BOSTON - Ondas Holdings Inc. (NASDAQ:ONDS), whose stock has surged nearly 48% in the past week and 297% over the last year, announced Friday a strategic investment in Norway-based Rift Dynamics AS, a defense technology company specializing in combat drone systems. According to InvestingPro analysis, the company, currently valued at $568 million, appears to be trading above its Fair Value.
Through this partnership, Ondas’ subsidiary American Robotics will exclusively distribute Rift’s WÅsp platform to the U.S. defense market, with an initial order of 500 units. The WÅsp is a multirole combat-ready multicopter designed for perimeter and battlefield applications. While InvestingPro data shows analysts expect sales growth this year, the company currently operates with moderate debt levels and faces profitability challenges.
Rift Dynamics has developed an NDAA-compliant supply chain capable of producing over 20,000 systems monthly across three international manufacturing sites. The company reports its platform has been tested by the Norwegian Army and built to meet NATO interoperability standards.
"We developed the WÅsp to meet the critical operational requirements of European defense and security forces by delivering an affordable, high-performance, and scalable drone system," said Knut Roar Wiig, CEO of Rift Dynamics, in the press release.
The WÅsp platform will complement Ondas’ existing autonomous systems portfolio, which includes the Optimus and Iron Drone Raider. American Robotics expects initial availability for delivery by October and is already bidding for Department of Defense programs.
Eric Brock, CEO of Ondas Holdings, is expected to join Rift Dynamics’ Board of Directors upon closing of the investment agreement. Financial terms of the investment were not disclosed.
The partnership enables Ondas to localize Rift’s European-developed technologies in the U.S. in support of American NATO-aligned defense efforts, according to the company statement.
In other recent news, Ondas Holdings Inc. has fully retired all of its outstanding convertible notes as of July 18, 2025. This includes the 2023 Additional Notes and the December 2024 Additional Notes series, leaving the company with no outstanding convertible notes. Additionally, the company reported that its subsidiary, Ondas Networks Inc., has extended the maturity date on several outstanding notes to December 31, 2025. These notes were originally issued to Charles & Potomac Capital, LLC in 2024 with principal amounts totaling over $3 million.
Furthermore, Ondas Holdings has settled its 2023 convertible notes, with only the 3% Series B-2 Senior Convertible Notes remaining, totaling approximately $5.4 million. In corporate developments, Neil Laird has been appointed as the permanent chief financial officer, treasurer, and secretary, following his interim role since June 2024. His new employment agreement includes a base salary of $300,000, a one-time bonus, and equity awards. Ondas Holdings also announced the posting of a shareholder letter on its website, included in its latest SEC filing, providing further insights into the company’s recent activities.
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