Ondas (ONDS) fell 6% to $6.32 in afternoon trading after announcing the Regna AI sovereign defense AI venture with Palantir on October 12, which disclosed no terms, financial commitments or revenue expectations. Ondas shares are down 35% year to date, while AeroVironment (AVAV) fell 3%, Kratos (KTOS) slipped 2%, and the JEDI ETF dropped 5%. Because Ondas is smaller than its peers, a software venture would shift its revenue mix more, and the company targets full-year 2026 revenue of at least $390 million with a pro forma backlog of $457 million. Until Regna AI yields a funded contract or published terms, the article says it remains a headline rather than a revenue line. Ondas has guided to adjusted profitability by Q1 2028, so any new software effort competes for resources in a business still working toward breakeven.
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