Ondas Secures Expansion of its Initial Purchase Order of Iron Drone Raider Systems Received from a Major Military Customer for Immediate Deployment
Rhea-AI Summary
Ondas Holdings Inc. (NASDAQ:ONDS) has received an expansion of its initial purchase order for Iron Drone Raider counter-drone systems from a military customer. The expansion includes additional features and support services for systems to be deployed in military defense activities. The Iron Drone Raider system, described as one of the most advanced counter-drone solutions available, uses AI-enabled sensor technology and a high-speed interceptor drone to neutralize hostile drones.
The expansion order reflects the urgent demand for high-performance counter-UAS systems in response to growing threats from hostile drones. Ondas is positioning itself as a prime defense contractor in the rapidly growing counter-UAS market, which is expected to expand from $1.6 billion in 2023 to $14.9 billion by 2032, with a 27.8% CAGR.
Positive
- Expansion of initial purchase order for Iron Drone Raider systems from a military customer
- Positioning as a prime defense contractor in the rapidly growing counter-UAS market
- Global counter-drone market expected to grow from $1.6 billion in 2023 to $14.9 billion by 2032 (27.8% CAGR)
- Additional volume orders expected in the second half of 2024 based on combat success
Negative
- None.
News Market Reaction – ONDS
In the trading session that priced this news, ONDS declined 14.91%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Expansion of initial purchase order received from a government military customer reflects the urgent need for Ondas' innovative counter-drone system Iron Drone Raider system
Additional volume orders are expected in the second half of 2024 based upon combat success
MARLBOROUGH, MA / ACCESSWIRE / August 14, 2024 / Ondas Holdings Inc. (NASDAQ:ONDS) ("Ondas" or the "Company"), a leading provider of private industrial wireless networks and commercial drone and automated data solutions, updated today that it has received an expansion of the initial purchase order received from a military customer for several Iron Drone Raider (the "Raider") counter-drone systems. The expansion includes additional features and support services for the systems that will be deployed and operated as part of military defense activities to protect from hostile drones threatening borders, critical locations, populations and defense forces.
"Our Iron Drone Raider system is probably the most advanced counter drone solution available today for military and homeland security organizations worldwide," said Eric Brock, Chairman and CEO of Ondas. "We received our initial Iron Drone Raider order directly from a military customer last month, and now this customer has extended its order to include more specific capabilities to support these upcoming operations. Ondas is positioning itself as a prime defense contractor in an emerging, and rapidly growing counter-UAS market with a large total addressable market. This expansion order demonstrates the high and urgent demand for our high-performance systems in response to the rapidly growing threat posed by hostile drones. We believe our unique AI-enabled technology can provide a highly reliable, cost-effective solution to hostile drones compared to alternatives, which are typically expensive and often cause significant collateral damage when deployed."
The ongoing conflicts and events worldwide underscore the growing threat posed by small, hostile drones, which are increasingly used for aerial surveillance and kamikaze attacks. Various countermeasures, such as jamming GPS signals or manually controlling radio communications, can neutralize some drones. However, drones operating autonomously or without communications can only be stopped through physical interception or shooting, which are not always feasible and can cause dangerous collateral damage.
To address this challenge, the Iron Drone Raider system has been developed to tackle all types of hostile drones, regardless of their navigation methods. This system deploys a high-speed interceptor drone which identifies and locks onto incoming hostile drones using advanced AI-enabled sensor technology within a "Continuum of Autonomy." This continuum integrates ground-based and on-board thermal and micro-radar sensors with AI-powered command and control software, enabling the Raider to operate autonomously at high speeds and with great responsiveness in complex, GPS-denied environments.
Upon deployment, the Raider drone locates, tracks, and hunts the hostile drone, incapacitating it with a net. To ensure a safe descent, the net can be attached to a parachute, gently lowering the captured drone to the ground. After completing its mission, the Raider drone returns to its launch location for reuse. The entire process is fully automated and includes a docking station capable of storing and launching up to five Raider drones simultaneously.
The global market for counter-drone applications was approximately
About Ondas Holdings Inc.
Ondas Holdings Inc. ("Ondas") is a leading provider of private wireless data solutions via Ondas Networks Inc. ("Ondas Networks") and commercial drone solutions through Ondas Autonomous Systems Inc. via its wholly owned subsidiaries American Robotics, Inc. ("American Robotics" or "AR") and Airobotics LTD ("Airobotics"), which we operate as a separate business unit called Ondas Autonomous Systems.
Ondas Networks is a developer of proprietary, software-based wireless broadband technology for large established and emerging commercial and government markets. Ondas Networks' standards-based (802.16s), multi-patented, software-defined radio FullMAX platform enables Mission-Critical IoT (MC-IoT) applications by overcoming the bandwidth limitations of today's legacy private licensed wireless networks. Ondas Networks' customer end markets include railroads, utilities, oil and gas, transportation, aviation (including drone operators) and government entities whose demands span a wide range of mission critical applications.
Our Ondas Autonomous Systems business unit designs, develops, and markets autonomous drone solutions via the Optimus System™ - the world's first FAA certified small UAS (sUAS) developed for aerial security and data capture and the Iron Drone Raider™, a counter-drone system designed to protect from the growing threat of hostile drones. The Optimus and Iron Drone Raider platforms are highly automated, AI-powered drone systems capable of continuous, remote operation and are marketed as "drone-in-a-box" turnkey security and data solution. They are deployed for critical defense, industrial and government applications where security, data and information collection and processing are required. American Robotics and Airobotics have industry leading regulatory successes which include a first of its kind FAA Type Certification for the Optimus System and having the first drone system approved by the FAA for automated operation beyond-visual-line-of-sight (BVLOS) without a human operator on-site.
Ondas Networks, American Robotics and Airobotics together provide users in defense, homeland security, public safety and other critical industrial and government security and infrastructure markets with improved connectivity, situational awareness and data collection and information processing capabilities.
For additional information on Ondas Holdings, visit www.ondas.com or follow Ondas Holdings on X formerly known as Twitter and LinkedIn. For additional information on Ondas Networks, visit www.ondasnetworks.com or follow Ondas Networks on X and LinkedIn. For additional information on American Robotics, visit www.american-robotics.com or follow American Robotics on X and LinkedIn. For additional information on Airobotics, visit www.airoboticsdrones.com or follow Airobotics on X and LinkedIn.
Information on our websites and social media platforms is not incorporated by reference in this release or in any of our filings with the U.S. Securities and Exchange Commission.
Forward-Looking Statements
Statements made in this release that are not statements of historical or current facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including the risks discussed under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law.
Contacts
IR Contact for Ondas Holdings Inc.
888.350.9994
ir@ondas.com
Media Contact for Ondas
Preston Grimes
Marketing Manager, Ondas Holdings Inc.
preston.grimes@ondas.com
SOURCE: Ondas Holdings Inc.
View the original press release on accesswire.com