Ondas Inc. (ONDS) The Supplier Ecosystem Report

March 26, 2026

HAWKMONT RESEARCH | EQUITY RESEARCH | SUPPLIER ECOSYSTEM DEEP DIVE

Mapping the Publicly Investable Supply Chain Behind the Defense Autonomous Platform

Hawkmont Research | Defense Technology | Autonomous Systems | Supply Chain Intelligence

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EXECUTIVE SUMMARY

Ondas Inc. (NASDAQ: ONDS) has transformed itself from a subscale drone startup into a multi-domain defense prime contractor through six acquisitions totaling over $550 million in transaction value executed in 90 days. As this transformation accelerates toward $375 million in 2026 revenue guidance, a secondary but under-analyzed question emerges: who builds the components, manufactures the hardware, and integrates the software that makes the Ondas System-of-Systems architecture run? And critically which of those companies are publicly traded and investable?

This report answers both questions. We identify four primary investable names in the Ondas supplier and partner ecosystem Kitron ASA (KIT.OL), Heidelberger Druckmaschinen AG (HDD.DE), Unusual Machines Inc. (UMAC), and Palantir Technologies (PLTR) and assess each on its standalone investment merits and its exposure to the Ondas growth thesis. We also address the 'suppliers of suppliers' question: whether the tier-2 component ecosystem (semiconductor, sensor, battery, RF) provides incremental investable exposure, and under what conditions that analysis is worth pursuing.

Our conclusion: the most compelling supplier-angle investment in the Ondas ecosystem is Kitron ASA a Norwegian defense electronics manufacturer that is actively producing Wåsp drones for Ondas, is NDAA-compliant, and trades at a valuation that does not yet reflect the scale of its defense order pipeline. Heidelberger is a higher-risk, lower-conviction optionality play. UMAC is a direct strategic investment by Ondas itself, making it a semi-proxy for the thesis. Palantir is too large for the Ondas relationship to register as a price catalyst.

THE FRAMEWORK: HOW TO THINK ABOUT SUPPLIER INVESTING

Before diving into individual names, it helps to establish why supplier investing around a prime contractor works and when it does not.

The classic logic: when a prime contractor grows rapidly on government contracts, it pulls volume through its supply chain. Suppliers with exclusive or preferred-vendor relationships, sticky contracts, and capacity constraints benefit first. The textbook case is Lockheed Martin's F-35 supply chain in the early 2010s, where a handful of tier-1 suppliers re-rated dramatically before Lockheed itself showed full profitability.

The failure mode: when the prime grows through acquisition rather than organic manufacturing scale-up, the supply chain benefits are delayed. Ondas' growth in 2025-2026 is overwhelmingly acquisition-driven each acquired subsidiary comes with its own pre-existing supply chain, vendor relationships, and manufacturing contracts. New purchasing volume flowing to external suppliers is real but takes time to manifest as revenue for those suppliers.

The question, then, is not 'does the supply chain benefit' it eventually does but 'which supplier relationships are already operational, revenue-generating, and publicly investable right now?' That is where this report focuses.

TIER-1 SUPPLIER PROFILES PUBLICLY TRADED

The following four companies have direct, documented, operational relationships with Ondas or its subsidiaries. All four are publicly traded. Their exposure to the Ondas thesis ranges from material and immediate (Kitron, UMAC) to strategic but small (Heidelberger, Palantir).

1. KITRON ASA (OSE: KIT.OL) PRIMARY RECOMMENDATION Defense Electronics Manufacturer | Oslo Stock Exchange | Price: ~108 NOK | Mkt Cap: ~23.7B NOK | Hawkmont View: OVERWEIGHT

The Relationship Kitron is the contract electronics manufacturer selected by Rift Dynamics to produce the Wåsp attritable combat drone the same platform that Ondas' subsidiary American Robotics has ordered and will distribute exclusively in the U.S. defense market. Kitron operates manufacturing facilities in the United States (Windber, Pennsylvania 107,000 sq ft) specifically built for the Defense and Aerospace sector, and is NDAA-compliant, meeting U.S. government sourcing requirements. Ondas explicitly named Kitron alongside Detroit Manufacturing Systems as a key partner for scaling NDAA-compliant U.S. drone manufacturing capacity.

This is not a speculative or indirect relationship. Kitron is already under contract to produce hardware for an Ondas distribution program. The initial Wåsp order is 500 units, with Rift Dynamics and Ondas targeting a production ramp to 20,000 units per month globally as U.S. defense demand scales. That ramp, if executed, would represent a material and growing revenue stream for Kitron's U.S. and European operations.

Business Overview Kitron ASA is a Norway-based international electronics manufacturing services (EMS) company founded in 1962 and listed on the Oslo Stock Exchange. It operates across Norway, Sweden, Denmark, Lithuania, Germany, Poland, the Czech Republic, India, China, Malaysia, and the United States. Its core competency is the manufacture of complex printed circuit board assemblies (PCBAs) and higher-level system integration for defense, medical devices, industrial, and connectivity customers.

The defense and aerospace segment is Kitron's fastest-growing and highest-margin vertical. The company has invested significantly in its U.S. presence specifically to capture NDAA-driven demand, acquiring and expanding its Windber, PA facility to serve defense customers who require compliant domestic manufacturing. This positions Kitron at the intersection of two structural tailwinds: rising European defense spending (which benefits its Scandinavian and European facilities) and the U.S. NDAA framework pushing drone and electronics manufacturing back to allied Western suppliers.

Financial Snapshot

Metric	Value	Notes
Current Price	~108 NOK (~$10.00 USD)	As of late Feb 2026; all-time high 111.1 NOK
Market Cap	~23.7B NOK (~$2.2B USD)	Mid-cap, liquid
Q3 2025 Revenue	€168M (+15% YoY)	Defense segment leading growth
EBITDA Margin	~11%	EBITDA 961M NOK
52-Week Range	42.40 - 111.60 NOK	+163% over 12 months
Dividend Yield	~0.65%	Ex-div April 27, 2026; NOK 0.70
Analyst Consensus	Buy (3 Buy / 0 Sell)	Avg target 101 NOK; stock has outrun targets
Beta	0.39	Low volatility vs. market; defense anchors it

Bull Case: Direct Ondas/Wåsp production contract is revenue-generating today, not speculative. NDAA-compliant U.S. facility uniquely positioned for the DoD domestic-sourcing mandate. European defense spending surge directly benefits Scandinavian and German manufacturing operations. Low beta (0.39) means it can be sized as a lower-volatility anchor alongside a higher-risk ONDS position. Stock has re-rated from 42 to 111 NOK in 12 months but analyst targets have not kept up, scope for continued re-rating.

Bear Case: Ondas/Wåsp revenue is a small fraction of Kitron's ~€700M annual sales base currently. Stock has already risen 163% over 12 months. EMS businesses carry thin margins and are sensitive to component cost inflation and supply chain disruptions. Currency risk: denominated in NOK. Analyst average target (~101 NOK) is below current price, reflecting catch-up lag rather than genuine overvaluation.

Hawkmont Assessment: Kitron is the single most directly relevant publicly traded supplier in the Ondas ecosystem. It is already under contract, NDAA-compliant, and positioned for scale as the Wåsp production ramp materializes. For investors who want exposure to Ondas' growth without the full execution risk and volatility of ONDS itself, Kitron offers a lower-beta, structurally sound alternative with its own independent defense thesis.

The full report covers the complete investable ecosystem behind Ondas, including two names beyond Kitron, a tier-2 supply chain analysis, a comparative table across all five companies, and portfolio sizing guidance.

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