Mistral Inc.

Mistral Inc., a woman-owned small business headquartered in Bethesda, Maryland, manufactures loitering munitions, precision strike systems, and uncrewed aerial vehicles for the Department of Defense as a prime contractor, operating 94% of its award portfolio as prime (218 of 231 awards) and the remainder as a subcontractor. The company is a subsidiary of Ondas Holdings Inc. and competes predominantly in full-and-open procurement without set-aside designations; its recent awards show no reliance on WOSB or other SBA set-aside vehicles despite its woman-owned status. Primary NAICS concentration spans Military Armored Vehicle, Tank, and Tank Component Manufacturing (28 awards), All Other Motor Vehicle Parts Manufacturing (32 awards), and Aircraft Manufacturing (11 awards), with PSC coding dominated by Miscellaneous Vehicular Components (59 awards) and Vehicular Brake, Steering, Axle, Wheel, and Track Components (15 awards).

Mistral's capability portfolio centers on loitering munitions platforms and fire control systems. Recent work includes a $190.8 million delivery order from PEO Soldier (September 2025) for MISTRAL HERO-120 all-up round systems, fire control units, field service representatives, training, non-recurring engineering, and spare parts supporting the Lethal Unmanned Systems for Infantry Brigade Combat Teams program; a $73.6 million single-award indefinite delivery contract with US Special Operations Command (awarded May 2024, extended through May 2029) for GOLAM II (Ground Organic Loitering Aerial Munition II) systems with multiple delivery orders including $32.3 million for loitering munitions and spare parts (November 2024) and $1.4 million for HERO 120 drones and spares (February 2025); a $36.1 million Other Transaction Agreement with PEO Soldier (October 2025) for the Low Altitude Stalking and Strike Ordnance prototype, running through September 2030; and a $20 million delivery order from Army Contracting Command-Redstone Arsenal (April 2026) for drones and drone-dominant components under Executive Order 14307-Unleashing American Drone Dominance. The company also holds a $982 million single-award indefinite delivery contract with PEO Soldier for HERO-120 systems (awarded September 2025, extending through September 2030) and a $2.5 million blanket purchase agreement with the Bureau of Alcohol, Tobacco, Firearms and Explosives for X-ray systems, maintenance, and repairs. Smaller work includes a $238.8 thousand Office of Naval Research SBIR Phase I award (July 2024) for First Article Qualification certification and a $15.1 thousand Navy Installations Command purchase order (March 2026) for installation of a gas collection system on an explosive containment vessel.

Customer concentration by potential value is dominated by PEO Soldier within the Department of the Army, which accounts for $1.21 billion (97% of combined potential value) across three awards. US Special Operations Command ranks second with $121.2 million across ten awards. Department of Homeland Security Customs and Border Protection, the Department of the Navy, and the US Marine Corps each account for $43–50.5 million. By award count, the Defense Logistics Agency leads with 91 awards (51 by DLA proper, 40 by DLA Land and Maritime) but carries only $771 thousand in combined potential value, indicating high-volume small supply work; Army Materiel Command Contracting Command Detroit Arsenal follows with 34 awards ($1.7 million potential value). The top five customer categories cover 71% of awards by count but only a fraction of potential value due to DLA's small-order profile, creating a clear tension: DLA drives volume, PEO Soldier anchors dollars.

Mistral holds five parent IDVs: a $982 million single-award indefinite delivery contract with PEO Soldier for HERO-120 systems (September 2025–September 2030); a $73.6 million single-award IDC with US Special Operations Command for GOLAM II systems (May 2024–May 2029) seeding ten task orders; a $2.5 million BPA with ATF for X-ray systems (September 2025–September 2030); a multiple-award basic ordering agreement with Army Contracting Command-Redstone Arsenal for drones and drone components under Executive Order 14307 (December 2025–December 2030) with zero obligated ceiling; and three named IDCs (W56HZV05D0087, DAAE0701DS028, H9240324D0003) with combined task orders totaling up to $47.8 million. The USSOCOM IDC and PEO Soldier HERO-120 IDC together constitute the vast majority of Mistral's active pipeline, with the USSOCOM vehicle alone supporting multiple delivery orders for munitions, drones, spares, and system conversions.

Activity has accelerated sharply. Mistral recorded one award in 2022, one in 2023, sixteen in 2024, nine in 2025, and four in 2026 (as of April 2, 2026), totaling 231 awards with $1.51 billion in combined potential value. Only $365 million (24%) is obligated to date, signaling substantial unexercised pipeline. Four awards with ultimate completion in the next twenty-four months carry $31.4 million in combined potential value, presenting modest recompete exposure relative to the $1.21 billion PEO Soldier HERO-120 IDIQ now live through 2030.

In its subcontractor role, Mistral supplies components and logistics support to General Dynamics Land Systems (Stryker vehicle parts and ICV-D funding modifications beginning in late 2023 through 2024), Atlantic Diving Supply (control units and base units for Gen5 Mistral systems, with maintenance training support, December 2024), and Leidos (studies of novel explosives for advanced multi-purpose munitions, May 2024). These relationships reflect Mistral's integration into prime vehicle supply chains rather than core platform development.