Ondas buys DZYNE Technologies in $875.8M cash‑stock defense autonomy deal

Ondas Inc. has completed the acquisition of DZYNE Technologies in a transaction valued at approximately $875.8 million, structured as a mix of cash and stock. Under the agreed terms, DZYNE shareholders are receiving $200 million in cash and about 85 million Ondas shares, with the equity portion valued near $675 million. More than half of those shares, roughly 45 million, are subject to a six‑month lock‑up, leaving DZYNE investors, led by Highlander Partners, with around 13.8% of Ondas’ outstanding shares. Ondas executed the deal via the purchase of High Point UAS, which owns DZYNE, and is housing DZYNE alongside World View in a new Ondas Sentinel division focused on U.S. defense customers.

The acquisition brings DZYNE’s long‑endurance ISR aircraft, counter‑UAS systems, kinetic interceptors and broader autonomous effects portfolio into Ondas’ platform, positioning the combined company as a scaled autonomous defense provider across multi‑domain ISR, aerial security and precision strike missions. DZYNE is expected to generate $191 million in revenue in 2026 and more than $300 million in 2027, supporting Ondas’ updated 2026 revenue target of at least $525 million versus a prior goal of $390 million. Management is targeting revenue CAGR above 80% from 2025–2028 and EBITDA margins progressing from positive in 2026 to the mid‑20% range by 2028, as adoption of platforms such as ULTRA for ISR and IonStrike for kinetic interception accelerates alongside its counter‑drone products including Dronebuster. In connection with the deal, Ondas also approved inducement grants of RSUs and stock options for newly hired DZYNE employees, further aligning incentives as DZYNE becomes a core component of the Ondas Sentinel autonomous defense business.