Ondas Holdings Inc. (ONDS): Who It Depends On
Ondas Holdings is a small-cap defense-tech and industrial-IoT company built from two very different businesses: Ondas Networks, which sells private wireless radio networks to railroads and other critical-infrastructure operators, and Ondas Autonomous Systems (OAS), which builds drone-in-a-box and counter-drone systems through its American Robotics, Airobotics, Iron Drone and Sentrycs brands. On the supply side, Ondas deliberately spreads manufacturing across multiple contract manufacturers rather than a single vendor, though its 2026 tie-up with Detroit Manufacturing Systems has become its go-to partner for scaling U.S. drone production. On the customer side the concentration is real and disclosed: two customers made up roughly two-thirds of 2025 revenue, but because nearly all of that revenue flows through OAS's defense, security and government channel, Ondas almost never names who those buyers actually are.
Supply-chain dependency
Companies ONDS relies on to design, manufacture, package, and assemble its hardware.
Detroit Manufacturing Systems assembles Ondas' American Robotics drone hardware — including the Optimus drone-in-a-box platform and Iron Drone counter-UAS system — at its Kinetyc facility in Wixom, Michigan, a partnership Ondas struck to scale U.S. production fast enough to meet defense and homeland-security demand while staying NDAA/Buy American compliant. A private company with no public ticker.
Beyond its flagship Detroit Manufacturing Systems partnership, Ondas outsources the rest of its hardware — Ondas Networks' radio products and additional OAS drone production — to a spread of domestic and international contract manufacturers that the company says it deliberately maintains in parallel specifically to reduce the risk of depending on any single manufacturer. Not a single company.
Palantir's data-fusion and AI software underpins the multi-domain ISR layer Ondas is building around its drone and counter-drone products, a 2025-26 partnership (alongside World View) that gives Ondas's autonomous systems an analytics backbone the company would otherwise have to build from scratch.
Customer concentration
Companies that make up an outsized share of ONDS's revenue - who ONDS relies on to buy from it.
Ondas's single largest customer accounted for roughly 55% of 2025 revenue (about $27.8 million), per its 10-K — but consistent with the sensitivity of its defense and homeland-security business, the company has never named this buyer, tying 2025 growth to shipments of Iron Drone and Optimus systems for counter-UAS and security orders. Its identity has not been publicly disclosed, so no ticker can be assigned.
Ondas's Airobotics unit has provided round-the-clock automated drone security and data services since 2016 at an Israeli fabrication facility for what the company calls "one of the world's largest semiconductor manufacturers," repeatedly renewing that contract — most recently accounting for about 11% of 2025 revenue — without ever naming the customer publicly.
The remainder of Ondas's OAS revenue is spread across similarly unnamed government and security buyers — European airport and border-security agencies ordering Iron Drone Raider systems, a U.S. urban public-safety agency's Kestrel counter-UAS purchase, and Israel-linked defense orders — none individually disclosed but collectively Ondas's core growth engine. Not a single company.
Ondas Networks' rail business — supplying private wireless radio networks for Amtrak's ACSES program, Chicago's Metra commuter rail, and Class I freight railroads still running proof-of-concept deployments — remains its smallest and slowest-growing segment, contributing only about 2% of 2025 revenue despite years as the company's original target market. Not a single company.
The percentages shown are editorial estimates based on public research (company disclosures, earnings commentary, and industry reporting) meant to illustrate relative reliance, not precise or audited figures. Companies without a proper, reliably tradable ticker on this site are shown without stock/earnings links. This is not financial advice.