Anduril vs Ondas

The revenue figures are not like for like. Anduril's $2.2 billion is a full-year 2025 figure reported by DroneXL. Ondas's figures are a record Q2 2026 quarter of $83.8 million and a raised full-year 2026 target of $525 million to $550 million, which is company guidance. Set against each other, Anduril's last full year is roughly four times the midpoint of Ondas's current-year target. That is a Drone Intelligence calculation on mismatched periods, so treat it as indicative and not a ratio.

Ondas has funded its expansion from a larger balance sheet than its revenue suggests. It reported $1.4 billion in cash, equivalents, restricted cash and short-term investments at 30 June 2026, and a reported backlog of about $613 million, or $757 million pro forma for DZYNE and Cyberhawk, both of which it says closed in the third quarter.

Anduril's counter-UAS evidence in the sources reviewed is a contract: Defense One reported a potential 10-year, $642.2 million Marine Corps award to install and deliver counter-sUAS systems at bases. The Army separately awarded Anduril a firm-fixed-price enterprise contract with a cumulative ceiling of $20 billion, which the Army states is a maximum potential value and not an obligated amount.

Ondas's counter-drone position is assembled. Its company overview lists Iron Drone Raider as an autonomous counter-UAS interception platform. The DZYNE deal adds the IonStrike autonomous interceptor and the Dronebuster handheld, which Ondas says add autonomous kinetic and electronic defeat to a layered architecture. The new Ondas Sentinel division was established to strengthen its US defence portfolio, and DZYNE sits there alongside World View.

Our assessment: on the disclosed figures the two differ in scale, with Anduril's last full-year revenue figure roughly four times the midpoint of the Ondas 2026 target, but the periods differ and the gap is not out of reach. The evidence is also different in kind: for Anduril the sources reviewed show large US programme vehicles, and for Ondas they show acquisitions, backlog and a public balance sheet. The product overlap is in counter-UAS: Ondas lists Iron Drone Raider and the DZYNE IonStrike interceptor, while the Anduril contract reviewed covers installation counter-sUAS systems without naming the effectors. In software, Ondas is building SkyWeaver with Palantir and the Army contract names Anduril's Lattice. The open question for Ondas is whether the acquired units become one product line. The open question for Anduril is whether the $20 billion ceiling becomes funded orders.