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.

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.