Ondas (ONDS) Holdings Hits Fresh High on Aggressive Defense Market Expansion

We recently published 10 Stocks With Double-Digit Upsides. Ondas Holdings Inc. (NASDAQ:ONDS) is one of the top performers on Thursday.

Ondas Holdings climbed to a fresh record high on Thursday, after ramping up its defense market segment through the purchase of 500 Wasp drones from Norway-based Rift Dynamics to support its US defense market distribution.

Placed through its American Robotics subsidiary, Ondas Holdings Inc. (NASDAQ:ONDS) Chairman and CEO Eric Brock said the first 500-unit order only marks the beginning of a scalable program to deliver affordable, operationally effective attritable drone systems to US defense customers.

Ondas (ONDS) Holdings Hits Fresh High on Aggressive Defense Market Expansion

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American Robotics is the exclusive US distributor of the Wasp drone platform, which meets urgent DOW’s requirements for mass-affordable attritable systems.

Production of the initial order will be carried out by Kitron, a leading defense electronics manufacturer with facilities in the United States.

Kitron’s distributed network provides Rift and Ondas Holdings Inc. (NASDAQ:ONDS) with the ability to rapidly scale to more than 20,000 units per month worldwide within six months of order.

Ondas Holdings Inc. (NASDAQ:ONDS) said it expects to receive its initial deliveries in the fourth quarter of the year.

“Demand from the U.S. Department of War and allied defense forces for mass-affordable attritable platforms is accelerating, and the Wåsp is engineered to meet that requirement. Leveraging Rift’s NDAA-compliant design and Kitron’s proven global manufacturing expertise, Ondas is able to rapidly scale production and deliver thousands of units per month.”

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Disclosure: None. This article is originally published at Insider Monkey.