Ondas Inc. (NASDAQ:ONDS) said Thursday it has agreed to acquire Cyberhawk for about $125 million, expanding its presence in critical infrastructure intelligence by combining autonomous systems with AI-powered inspection software and analytics.
Acquisition Expands AI And Infrastructure Capabilities
The transaction, expected to close in the third quarter of 2026 pending regulatory approvals and customary conditions, will be funded about 95% in cash. Certain Cyberhawk executives will reinvest about $5 million into Ondas common stock under a one-year lock-up agreement.
At the end of the first quarter, Ondas reported approximately $1.48 billion in cash, restricted cash, and short-term investments.
Cyberhawk serves more than 300 customers across 40 countries, including PG&E, Southern California Edison, Shell, SSE, ESB, Qatar Energy, and Bechtel. The company has inspected more than 500,000 infrastructure assets and built a proprietary database exceeding 232 terabytes to support AI-driven analytics.
“The company has built a highly differentiated platform combining software, data, AI-enabled analytics, and deep domain expertise across some of the world’s most important utility and energy networks,” Ondas Chairman and CEO Eric Brock said.
“The acquisition will significantly expand Ondas’ presence in critical infrastructure markets while strengthening our position as a dual-use technology company serving defense, security and industrial customers.”
Revenue Growth And Long-Term Outlook
Cyberhawk expects to generate more than $45 million in revenue during its fiscal year ending March 2027. Ondas said about 95% of that revenue is recurring through multi-year contracts and software subscriptions.
The company also has a $95 million backlog and expects EBITDA margins to expand from the high single digits to more than 25% by 2030.
“Today, we’re excited to join forces with Ondas to accelerate the adoption of this technology – improving data quality while fundamentally reducing risk and human exposure across critical infrastructure,” Cyberhawk founder and CEO Chris Fleming said.
Lincoln International LLP served as the exclusive financial advisor to Cyberhawk shareholders.
ONDS Price Action: Ondas shares were down 0.59% at $9.40 at the time of publication on Thursday, according to Benzinga Pro data.
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