Ondas Completes Cyberhawk Acquisition to Expand AI-Powered Infrastructure Intelligence

Key Points

• Ondas Holdings has completed its acquisition of Cyberhawk, an AI-powered provider of drone inspections, visual data management, and asset intelligence for critical infrastructure.
• The transaction, initially announced at an approximate value of $125 million, adds Cyberhawk’s iHawk software platform
• , customer base, inspection data, and project backlog to Ondas.
• Ondas also issued employee equity awards to help retain Cyberhawk personnel, including restricted stock units and stock options that may create future dilution.

Ondas Holdings (Nasdaq: ONDS) has completed its acquisition of Cyberhawk, advancing its strategy to build a broader AI-powered platform for critical infrastructure intelligence. The deal combines Ondas’ autonomous systems and mission-automation technologies with Cyberhawk’s drone inspection, data-management, and analytics capabilities.

Cyberhawk brings AI drone inspections and asset intelligence to Ondas

Cyberhawk provides drone-enabled inspections and AI-powered data tools for customers in the utility, energy, and industrial sectors. Its cloud-based iHawk platform helps infrastructure operators organize visual inspection data, monitor assets, identify potential maintenance needs, and prioritize work across large portfolios.

The acquisition gives Ondas capabilities that extend beyond collecting field data. The combined platform is intended to connect autonomous drones and sensors with digital asset visualization, AI analysis, and decision-support tools for infrastructure owners and operators.

$125 million acquisition adds customer relationships, data, and backlog

Ondas first announced the Cyberhawk transaction in June 2026 at an approximate value of $125 million. The company said the deal was expected to be funded about 95% in cash, with certain Cyberhawk leaders planning to reinvest roughly $5 million of transaction proceeds in Ondas shares, subject to a one-year lockup and certain exceptions.

Cyberhawk brings established customer relationships across utilities, energy, and industrial markets, including PG&E, Southern California Edison, Shell, SSE, ESB, Qatar Energy, and Bechtel. At announcement, Ondas said Cyberhawk had inspected more than 500,000 assets, collected over 232 terabytes of inspection data, and maintained roughly $95 million in backlog.

Combined platform targets critical infrastructure customers

The Cyberhawk acquisition expands Ondas into software, data analytics, and recurring infrastructure-inspection services. The company’s goal is to help customers automate infrastructure monitoring and turn large volumes of inspection data into faster, more informed maintenance and operational decisions.

The transaction could also create cross-selling opportunities across Ondas’ commercial, public-safety, homeland-security, and defense-related businesses. Achieving those benefits will depend on successful technology integration, customer retention, and the company’s ability to convert Cyberhawk’s backlog into revenue.

Employee equity awards support retention after the Cyberhawk closing

Ondas granted inducement awards to 47 employees hired through the Cyberhawk acquisition. The awards include restricted stock units covering 1,601,593 Ondas shares and options to purchase 1,290,000 shares at an exercise price of $9.11 per share.

The awards are generally structured to vest over time and are designed to retain key personnel as Ondas integrates Cyberhawk into its operations. Investors should also recognize that the equity awards could increase the company’s future share count if they vest or are exercised.

What the Cyberhawk deal means for ONDS investors

For ONDS investors, Cyberhawk adds a more established source of inspection-services, software, and AI analytics revenue while expanding Ondas’ reach in critical infrastructure markets. Ondas previously indicated that Cyberhawk could contribute more than $45 million in fiscal 2027 revenue, but that expectation will depend on execution, market demand, contract renewals, and integration success.

The most important areas to watch are Cyberhawk revenue and backlog conversion, operating margins, post-acquisition cash use, integration costs, customer retention, cross-selling progress, and the effect of employee equity awards on shareholder dilution.