Theme
Drones
UAVs and counter-UAS - defense and commercial.
0.545avg corr (252d)
5stocks
Decent co-movementStocks · key Fib levels
- AVAV$112.76last$170.00fib−33.7%vs fibanchored by US Army · US Special Operations Command · Ukraine MoD (via US PDA) · US Marine Corps · Taiwan (FMS) · NATO allies (undisclosed)
- 2026-05: BlueHalo all-stock merger announced (~$4B EV), pro-forma autonomy prime; close targeted mid-CY26
- 2026-03: Switchblade 600 selected under DoD Replicator tranche 2 for attritable autonomous systems
- 2025-Q4: $990M IDIQ ceiling for Switchblade 300/600 to US Army (multi-year delivery)
- 2025: Multiple Ukraine PDA drawdowns include Switchblade 300/600 and Puma 3 AE
- 2024: $249M JUMP 20 Group 3 UAS contract under US Army FTUAS bridge
- 2024: Taiwan FMS approval for Switchblade 300 + Altius-600M
- Ongoing: Puma 3 AE on US Army FTUAS sustainment + multiple NATO end-users
- KTOS$35.10last$50.00fib−29.8%vs fibanchored by US Air Force · US Navy · Missile Defense Agency · US Army · Lockheed Martin · Raytheon · Northrop Grumman · SES · Intelsat
- 2026 Q1 - US Air Force option exercised on additional Valkyrie XQ-58A airframes for Off-Board Sensing Station and CCA risk-reduction flights
- 2025 Q4 - OpenSpace selected by a Tier-1 LEO constellation operator for software-defined ground (multi-year, undisclosed value)
- 2025 - Sole-source extension on USAF / USN aerial target drone programs (BQM-167 / BQM-177); multi-year IDIQ
- 2025 - Hypersonic vehicle and target programs with MDA / DoD continuing across Erinyes, Zeus, Dark Fury
- 2024 - KGS microwave subsystems shipped into multiple classified missile + radar prime programs (recurring)
- ONDS$5.33last$8.90fib−40.1%vs fibanchored by US Army (Lethal Unmanned Strike IDIQ) · US Air Force · USSOCOM · US Navy · Israeli Defense Forces · Japan Self-Defense Forces · Energy and utility operators (Shell, Chevron, PG&E) · Railroads (Ondas Networks, largely undisclosed)
- 2025-08-31 - Apeiro Motion acquired (Israeli ground robotics, ~$12M cash)
- 2025-11-18 - Sentrycs acquired (Cyber-over-RF counter-drone takeover)
- 2025-12-17 - Roboteam acquired (tactical ground robots, at least $30M of 2026 revenue expected)
- 2026 (by the Q2 report) - World View (stratospheric balloon ISR), Mistral (defense systems integrator) and Omnisys (battlefield AI software) acquired
- 2026-06-30 - Backlog ~$613M, up from $68M at 2025 year-end; $175M of Q2 orders
- 2026-07 - DZYNE Technologies acquired (~$875.8M, $200M cash + ~85M shares); forms the Ondas Sentinel US defense division with World View
- 2026-07 - US Army Lethal Unmanned Strike (loitering munitions, $982M IDIQ): $52.9M order, $240M+ captured to date; also an $18.8M ULTRA order, $9M IonStrike integration, $4.8M US Navy SOUTHCOM balloon ISR contract
- 2026-08-10 - Cyberhawk acquired (drone inspection and asset data)
- 2026-08-13 - Q2 2026: revenue $83.8M, FY2026 target raised to $525-550M
- 2026-09-14 - GATE Technologies and Bron Technologies acquired (electronic safe-and-arm fuzes; $105M cash + $100M stock, up to $185M earn-out through 2028)
- OSS$4.31last$9.50fib−54.6%vs fibanchored by U.S. Department of Defense · U.S. Army · U.S. Air Force · Autonomous vehicle OEMs · AI data center integrators
- 2023-2024: Multiple U.S. Army and Air Force AITU deployments for AI-enabled ISR and autonomous vehicle programs; OSS named preferred platform provider for ruggedized edge inference workloads.
- 2024: Expansion of commercial AI transport unit line targeting autonomous trucking and industrial logistics sectors; partnerships with Tier-1 OEM integrators.
- Ongoing: GPU expansion and flash storage board sales to hyperscale AI data center builders ($MSFT, $GOOGL ecosystem) via PCIe expansion chassis product line - smaller revenue but higher repeatability.
- 2025: Continued AITU shipments under classified and unclassified DoD programs; management cited multi-quarter backlog visibility on Q4 2024 earnings call.
- UMAC$11.90last$12.00fib−0.8%vs fibanchored by US Government agencies · DoD-affiliated buyers · FPV hobbyist community
Co-movement matrix (252d)
AVAV | KTOS | ONDS | OSS | UMAC | |
|---|---|---|---|---|---|
| AVAV | · | 0.73 | 0.52 | 0.32 | 0.62 |
| KTOS | 0.73 | · | 0.62 | 0.42 | 0.65 |
| ONDS | 0.52 | 0.62 | · | 0.42 | 0.71 |
| OSS | 0.32 | 0.42 | 0.42 | · | 0.44 |
| UMAC | 0.62 | 0.65 | 0.71 | 0.44 | · |
Related research
Frequently asked questions
- What are the top stocks in the Drones theme?
- QuantAbundance's Drones theme tracks 5 stocks ranked editorially: AVAV, KTOS, ONDS, OSS, UMAC.
- Do Drones stocks move together?
- The Drones theme has a 252-day average correlation of 0.54 across its members - decent co-movement. Editorial themes are narrative groupings, not capital-flow validated; tradability follows correlation, not the story.