(2026-01-29) Kitron has received an additional order valued at approximately EUR 5 million for the production and supply of advanced electronics for autonomous systems across air, land, and sea domains for the defence industry. This order is in addition to the previously received order of EUR 7 million, which was announced on 22 December 2025. Therefore, the total value of orders received from this customer amounts to approximately EUR 12 million. Deliveries under the order are scheduled to commence in the ...

Core Insights - Ondas Inc (ONDS) has shown strong performance in 2025 and continues to maintain momentum into 2026, positioning itself well within the defense and industrial sectors undergoing transformation [1][2] - The company is exploring whether it can sustain long-term growth and potentially increase its stock value significantly [1] Industry Overview - The defense and industrial sectors are shifting from traditional manned systems to connected, autonomous, and swarming technologies, creating opportunities for startups to disrupt established manufacturers [2] - Ondas Inc is strategically positioned at the intersection of these trends, evolving from a niche provider of specialized radios to a diversified holding company focused on autonomous drones for security needs [3] Business Model - Ondas operates on a "Three-Legged Stool" model, consisting of Ondas Networks, Ondas Autonomous Systems (OAS), and Ondas Capital [4][5][6] - Ondas Networks provides a federally mandated wireless standard for the North American rail network, generating high-margin recurring revenue [4] - OAS is a rapidly growing defense technology division that offers a comprehensive defense solution through various acquisitions, capitalizing on the demand for counter-UAS technology [5] - Ondas Capital utilizes a significant cash reserve to consolidate in a fragmented industry, allowing for strategic acquisitions [6] Financial Performance and Valuation - As of the latest data, Ondas trades at approximately $13.83 per share with a market cap of nearly $5.5 billion, reflecting a valuation of about 31 times its projected 2026 revenue of $180 million [7] - The company is projected to experience substantial revenue growth, with estimates for 2026 ranging from $170 million to $180 million, representing a year-over-year growth rate of approximately 260% [42] - Ondas has a backlog of $65.3 million, which has increased by 180% in just two months, indicating a strong conversion of contracts from pilot to production [43] Historical Context - Ondas has evolved through distinct phases: the "Rail Connectivity" era focused on broadband connectivity for industrial assets, and the "Autonomous Expansion" era pivoting towards drone technology [10][14] - The company has made significant acquisitions, including American Robotics and Airobotics, to enhance its capabilities in the autonomous systems market [14][15] Technology and Competitive Advantage - Ondas Networks' core product, the FullMAX software-defined radio platform, complies with the IEEE 802.16t standard, ensuring reliability and performance in rail communications [20][26] - The partnership with Siemens Mobility provides a strategic advantage, allowing Ondas to leverage Siemens' sales force and customer relationships, significantly reducing customer acquisition costs [22][23] Market Potential - The total addressable market (TAM) for Ondas is estimated at 70,000 units, with a focus on transitioning customers to a recurring revenue model through maintenance and licensing [24][30] - The autonomous systems division targets the growing demand for automated security solutions, driven by the need for cost-effective and reliable surveillance [27]

Core Insights - Ondas Inc. (ONDS) hosted its OAS Investor Day 2026, announcing the evolution of its Ondas Autonomous Systems (OAS) into a multi-domain global autonomy platform [1] Financial Performance - Ondas expects fourth-quarter 2025 revenue between $27 million and $29 million, a 51% increase over prior targets [2] - Full-year 2025 revenue is projected to be between $47.6 million and $49.6 million, exceeding earlier guidance by 23% [2] - The backlog as of December 31, 2025, was approximately $65.3 million, a 180% increase from $23.3 million reported on November 13, 2025 [3] - Ondas raised its 2026 revenue outlook to a range of $170 million to $180 million, a 25% increase from the previous target of $140 million [4] Growth Drivers - OAS is the primary growth driver, benefiting from increased deployments of Iron Drone Raider and Optimus autonomous platforms, along with contributions from recently acquired businesses [5] - Strong results are expected in the counter-unmanned aerial systems (C-UAS) segment, particularly from the Iron Drone and Sentrycs platforms [6] Competitive Landscape - Red Cat Holdings, Inc. (RCAT) reported fourth-quarter 2025 revenue expected between $24 million and $26.5 million, significantly up from $1.3 million in the prior-year period, driven by demand from defense and government customers [7] - Draganfly Inc. (DPRO) is strengthening its presence in defense and commercial markets, with revenue driven by strong momentum in defense and public safety sectors [8] Market Performance - ONDS shares surged 440.5% in the past six months, compared to the Communication - Network Software industry's growth of 8.9% [11] - The forward 12-month Price/Sales ratio for ONDS is 31.03, significantly higher than the industry's multiple of 2.25 [12]

The U.S.’s capture of Venezuela President Nicolás Maduro on Saturday, Jan. 3, triggered a massive rally in drone stocks as markets opened on Monday. AVAV stock is climbing. See the chart and price action here. Investors are aggressively pivoting toward autonomous systems after the mission demonstrated the overwhelming effectiveness of unmanned technology in complex urban warfare.Technology at the ForefrontThe operation, which involved a precision raid on a fortified compound in Caracas, relied heavily on ae ...

Core Viewpoint - Ondas is undergoing a significant transformation with a focus on defense, new funding, and increased autonomous orders, which are expected to redefine its market position [1]. Company Developments - Ondas has rebranded from Ondas Holdings to Ondas Inc, emphasizing its commitment to global defense and security [5]. - The company has relocated its headquarters to West Palm Beach, Florida, a strategic move to align with technology and defense sectors [5]. - Ondas reported approximately $10 million in new orders for its autonomous systems portfolio, in addition to over $16 million in Q4 orders for a drone-based border protection system [6]. Market Performance - Ondas shares increased by 12.91% to close at $11.02, with trading volume reaching 134.2 million shares, significantly above the three-month average [2][3]. - The company has experienced an 85% growth since its IPO in 2020 [3]. - Over the past week, Ondas stock has risen more than 20% [5]. Industry Context - The S&P 500 and Nasdaq Composite showed slight movements, with the S&P 500 up 0.19% and Nasdaq down 0.03% [4]. - Competitors in the autonomous and intelligence-driven platforms sector, such as AeroVironment and Draganfly, also saw gains, indicating a positive market trend for this niche [4].

Core Insights - Kitron has signed a contract valued at EUR 7 million for the production and supply of advanced electronics for autonomous systems in the defense industry, with deliveries starting in Q1 2026 [1] - The order highlights Kitron's strong position in the autonomous systems sector, emphasizing the importance of rapid scalability and high quality, which aligns with the company's business model and growth ambitions in Defense & Aerospace [2] Company Overview - Kitron is a leading Scandinavian electronics manufacturing services company, operating in sectors such as Connectivity, Electrification, Industry, Medical devices, and Defence/Aerospace [3] - The company has a workforce of approximately 3,000 employees and reported revenues of EUR 647 million in 2024 [3]

Fund Overview - Circle Ventures launches the Arc Builders Fund to support early-stage teams building real-world financial apps and services on Arc [1] - The fund aims to accelerate innovation by backing projects that benefit from Arc's design [1] - Arc's mission is to power the new internet economy with open, composable, enterprise-grade infrastructure [1] Focus Areas - Onchain markets with low-latency architecture are a key area of focus [3] - RWA (Real World Assets) and private credit markets built on private, composable rails are targeted [3] - Onchain FX flows with Circle StableFX and Circle Payments Network are of interest [3] - Agentic commerce for autonomous systems and machine economies is a focus [3] - Energy and compute protocols powered by deterministic settlement are included [3] Important Notice - The Arc Builders Fund is a Circle Ventures corporate initiative, not a fund or vehicle being formed [2] - Circle Ventures is not an investment adviser or broker-dealer [2] - Investor Network members make independent decisions [2]

Core Thesis - AeroVironment, Inc. (AVAV) is positioned for significant growth driven by a transformation in U.S. defense procurement and a strong demand for unmanned systems [2][3][4] Company Performance - As of December 2nd, AVAV's share price was $264.95, with trailing and forward P/E ratios of 149.83 and 138.89 respectively [1] - Following the acquisition of BlueHalo, AVAV's revenue surged 140% year-over-year to $454.7 million, with a record funded backlog of $1.1 billion [3] Market Dynamics - The Pentagon's shift towards scalable, low-cost autonomous systems, supported by the Replicator program and a defense memorandum, indicates a generational change in defense procurement [2][3] - The FY2025 defense budget allocates $10.1 billion to unmanned vehicles and over $1.7 billion to Counter-Unmanned Aerial Systems (C-UAS), areas where AVAV is now deeply entrenched [3] Valuation and Growth Potential - Despite temporary losses reflected in GAAP results, underlying profitability remains strong, with expectations for margin expansion as amortization decreases [4] - AVAV's current valuation at 7.7x P/S is significantly lower compared to peers Anduril and Shield AI, which trade at 30x and 20x P/S respectively, indicating clear undervaluation [4] - Based on FY28 EPS estimates of $6 and a justified forward P/E of 65x, a target price of $390 is suggested, reflecting a re-rating opportunity as AVAV evolves into a next-generation defense technology leader [4] Historical Context - Since a previous bullish thesis in January 2025, AVAV's stock price has appreciated approximately 64.55%, driven by the company's leadership in the expanding global drone market amid rising geopolitical tensions [5]

Multi-year, multi-phase program with initial purchase order anticipated in January 2026 Ondas Autonomous Systems selected as prime contractor after achieving the highest performance across key criteria in a rigorous competitive tender process against major defense primes The program will integrate multiple advanced defense technologies into a strategic System-of-Systems engineered to protect national borders and maneuvering units with fully autonomous, scalable defense and homeland security capabilities Pro ...

Core Insights - Forterra has successfully closed a $238 million Series C funding round, which includes both equity and debt, led by Moore Strategic Ventures and supported by various new and existing investors [1][3] - The company aims to set the operating standard for autonomy in complex environments, focusing on automating vehicles and transforming operations for entire fleets [2][3] - Recent contract wins include a $114 million Prime contract with the Army and the first ground autonomy production contract with the DoD, indicating strong momentum in the defense sector [4][5] Funding and Investment - The Series C funding round was led by Moore Strategic Ventures, with participation from notable investors such as Salesforce Ventures, Franklin Templeton, and others [1] - Crescent Cove has shown continued support by providing both equity and debt, reflecting confidence in Forterra's growth since its Series A in 2021 [1] Company Mission and Technology - Forterra's mission is to create interoperable mission modules and an autonomous stack that enable platforms to operate without limits [3] - The company has delivered both hardware and operating systems necessary for future autonomous ground operations, positioning itself as a leader in defense technology [3] Recent Achievements and Partnerships - Forterra has secured multiple contracts, including a $4.8 million contract for the Army's UxS Program and partnerships with companies like Volvo Defense and BAE Systems [4] - The acquisition of mobile mesh network company goTenna and the expansion of its product suite further enhance Forterra's capabilities in the defense sector [4] Industry Context - There is a growing demand from defense customers for intelligent and interoperable systems capable of functioning across complex missions and command structures [5]