By Thomas Kerr, CFA
NASDAQ:VWAV
OVERVIEW
VisionWave (NASDAQ:VWAV) is a next-generation defense technology company developing breakthrough autonomous, sensing, and AI-driven systems that redefine how modern militaries perceive, decide, and act across land, air, and sea.
VisionWave believes that you cannot win a war by playing catch-up with incremental upgrades. You win by reshuffling the deck by introducing radical innovation that creates entirely new capabilities. That philosophy is the foundation of everything the company builds. VisionWave’s systems are designed to deliver game-changing technologies that perform in the toughest, most denied combat environments and are engineered for the future battlespace.
The company’s technology portfolio includes Vision-RF, a revolutionary radio-frequency imaging system that transforms RF signals into real-time visual intelligence, and Evolved Intelligence™ (EI), a proprietary adaptive AI framework engineered for autonomy and decision-making under pressure. Together, these core technologies power an expanding ecosystem of advanced solutions, from high-resolution radar and unmanned vehicles to active protection systems and remote weapon stations.
VisionWave’s products are built to operate where traditional AI, radar, or optical systems fail by delivering through-obscurant sensing, autonomous navigation, and real-time threat detection even under degraded or denied conditions. These capabilities give defense forces a decisive edge in awareness, survivability, and mission success.
What makes VisionWave different is that it does not follow the current market, it redefines it. Rather than making yesterday’s systems slightly better, the company creates entirely new capabilities that transform the battlefield itself. VisionWave’s purpose-built technologies are designed to protect forces, secure nations, and save lives by delivering innovation that matters. Unlike legacy defense contractors that depend on slow-moving, monolithic programs, VisionWave operates as a lean and adaptive innovator, scaling rapidly and responding to emerging needs with agility. This allows the company to prototype, integrate, and deploy new technologies faster than traditional defense primes.
The company’s expanding portfolio spans AI frameworks, sensing technologies, unmanned systems, and tactical weapon platforms, many of which are already in paid pilot programs and live demonstrations with leading defense contractors and allied ministries.
Founded in West Hollywood, California, VisionWave completed its NASDAQ listing through a SPAC transaction in July 2025. While 2025 is expected to be a foundational year focused on pilots and pre-production programs, strong revenue growth is anticipated in 2026 and beyond as commercialization accelerates and multi-year defense contracts begin to scale. VisionWave maintains a solid financial position with no long-term debt and sufficient cash to support its current growth plans.
The company is expected to generate minimal revenues in 2025, but revenues are projected to increase substantially in 2026 as multiple products transition from pilot programs to commercial production. VisionWave currently has no significant debt, maintaining a healthy balance sheet and net cash position. The company’s market capitalization is approximately $197.0 million as of publication date.
During 2025, VisionWave successfully completed a series of live demonstrations and pilot programs in the United States and the United Arab Emirates with tier-1 defense contractors, validating its technologies and strengthening strategic relationships. These initiatives are expected to translate into expanded partnerships, non-recurring engineering (NRE) contracts, and follow-on production orders as programs advance toward large-scale deployment.
We believe VisionWave is entering a steep inflection point as it transitions from pilot deployments to scalable defense production. Early validation by Tier-1 contractors and allied ministries provides external confirmation of its technology advantages. Successful conversion of current pilots into recurring contracts could position VisionWave as one of the few publicly listed defense-AI platforms globally.
PRODUCT DESCRIPTIONS
VisionWave maintains a broad and continuously expanding product line driven by operational needs and rapid innovation cycles. Rather than focusing on a fixed number of products, the company follows a lean, adaptive approach by developing and refining technologies that directly address emerging defense and security challenges. The examples below illustrate VisionWave’s innovation scope and core directions across artificial intelligence, sensing, unmanned systems, and active protection solutions.
At the foundation of every product is Evolved Intelligence™ (EI) which is VisionWave’s proprietary defense-native AI engine designed to operate where conventional AI fails. EI enables split-second, autonomous decision-making in uncertain, high-pressure environments without reliance on cloud connectivity or high-bandwidth infrastructure.
Artificial Intelligence Systems
Evolved Intelligence™ (EI)
VisionWave’s adaptive AI framework converts standard processors into high-performance cognitive cores capable of operating autonomously at the tactical edge. It combines real-time contextual learning, dynamic adaptation, and predictive response to deliver robust decision making under battlefield constraints. EI currently powers VisionWave’s autonomous vehicles, sensor networks, and targeting systems, and serves as the foundation for the company’s long-term Defense Operating System (Defense-OS) initiative.
Sensing Technologies
Vision-RF Imaging System
Vision-RF is a game-changing sensing technology that converts radio-frequency (RF) signals into real-time, video-like imagery. The system enables operators to “see” through walls, underground, underwater, and in denied-visibility conditions which delivers situational awareness far beyond traditional sensors. Vision-RF is expected to reshape the sensing industry by complementing or replacing many legacy radar and optical solutions and has multiple patents granted in the U.S. with additional filings pending. It also supports numerous commercial applications beyond defense.
High-Resolution Radar System
VisionWave’s super-resolution radar is purpose-built to support Active Protection Systems (APS) and UGV autonomous navigation. It provides superior detection, sense-and-avoid capability, and precision tracking of aerial threats with exceptional accuracy and low latency which enables both navigation autonomy and real-time defensive responses.
Vision-AI Perception Technology
Vision-AI is a proprietary, EI-powered threat detection and perception suite used across VisionWave’s unmanned platforms, including UGVs. It supplies real-time navigation, sense-and-avoid, and autonomous threat detection and classification which enhances platform survivability and mission effectiveness compared with conventional EO/IR solutions.
Autonomous Platforms and Weapon Systems
Counter-Unmanned Aircraft System (C-UAS)
An AI-guided interceptor that autonomously identifies, tracks, and neutralizes hostile UAVs. The system leverages Vision-RF sensing and precision flight control to deliver robust fire-and-forget performance against single threats and complex swarms.
Multi-Purpose Tactical UAS
A modular, multi-use tactical drone platform built for a variety of operational applications. Designed for flexibility and endurance, it supports tactical reconnaissance, perimeter defense, infrastructure monitoring, and other mission sets. Modular payload bays allow rapid reconfiguration for mission needs; autonomy and mission management are provided by EI.
Unmanned Ground Vehicle (UGV)
A rugged, low-signature UGV intended for special forces, law enforcement, and combat support. Powered by EI for navigation and autonomy, the UGV offers quiet mobility, high endurance, advanced obstacle avoidance, and on-board threat detection. It operates as a logistics carrier, sensor node, or weaponized support vehicle within networked operations.
Remote Weapon Station (RWS)
An advanced, lightweight RWS engineered for tactical ground vehicles and naval platforms. The RWS integrates VisionWave’s EI logic directly into stabilization, target acquisition, and classification subsystems - enabling accurate engagement while mounted on a moving vehicle and in highly challenging conditions (vibration, clutter, smoke, and limited visibility). The RWS supports modular weapon packages, including machine-gun options and a grenade-launcher module configurable for C-UAS engagements or direct-fire against ground targets. Fire-control and stabilization are tightly coupled with onboard sensing and EI-driven classification to reduce time-to-kill and improve first-round hit probability under operational stress.
Active Protection System (APS)
A compact, solid-state APS that defends against short-range aerial and ground threats, including drones, RPGs, and guided munitions. Built around the EI core and VisionWave’s sensing suite, the APS uses proprietary countermeasure ammunition and a modular architecture to provide rapid, reliable interception with a lower life-cycle cost than legacy kinetic systems.
PILOT PROGRAMS
VisionWave is rapidly advancing from the R&D phase to full commercialization, supported by a growing portfolio of paid pilot programs and field demonstrations with leading defense organizations across multiple regions. These programs are designed to validate system performance, support integration with tier-1 defense platforms, and lay the groundwork for multi-year production and licensing agreements. While many technical details remain confidential for national-security and patent-protection reasons, several key initiatives are underway:
- United Arab Emirates (UAE)
VisionWave has secured approval for a pilot project with a major UAE defense company, following a competitive selection process against other global defense providers. The live-fire testing program which is valued at approximately $216,000, is now in the manufacturing phase. Upon successful completion, it is expected to confirm system capabilities and transition into multi-million-dollar production and procurement orders.
In the second quarter of 2025, VisionWave completed a successful demonstration with a U.S.-based defense contractor, a subsidiary of a large international defense group. The pilot showcased VisionWave’s sensing, Active Protection System (APS), and Counter-UAS (C-UAS) technologies, focusing on advanced radar and AI-driven detection. The collaboration has since expanded to include joint engineering and production planning aimed at integrating these systems into U.S. defense programs.
Building on this partnership, VisionWave and its U.S. defense partner have jointly submitted a proposal to the U.S. Army Rapid Capabilities and Critical Technologies Office (RCCTO) / Joint C-sUAS Office (JCO) for evaluation of VisionWave’s C-UAS solution. The program includes formal testing and qualification as a potential approved capability for U.S. and NATO forces.
VisionWave is working closely with the Israeli Ministry of Defense and other governmental partners to deploy its sensing and Active Protection System (APS) solutions as both immediate and long-term enhancements for national border security. Initial field deployments and live demonstrations are scheduled for the 4th quarter of 2025, with service and maintenance contracts anticipated to follow.
The Indian Ministry of Defense is collaborating with VisionWave to install and deploy integrated defense and surveillance systems along India’s borders. The engagement is structured as a 10-year framework agreement covering ongoing supply and support services. VisionWave is also evaluating the establishment of localized manufacturing operations in India to support large-scale deployment and future co-production. Also, the company is conducting exploratory discussions with leading Indian system integrators and defense agencies to participate in multi-year procurement and technology-upgrade programs.
These programs collectively demonstrate VisionWave’s rapid commercialization trajectory, with near-term milestones focused on validating product performance, strengthening partnerships with tier-1 defense primes, and securing the first wave of recurring NRE and production contracts in 2026 and beyond.
ADDRESSABLE MARKET
The global defense industry is entering a new growth cycle, driven by rapid modernization and the integration of advanced technologies such as artificial intelligence, autonomous systems, and next-generation sensing. Total global defense spending is projected to rise from $2.16 trillion in 2021 to approximately $2.89 trillion by 2027, representing a compound annual growth rate (CAGR) of 5.0%. In the U.S., the market is expected to expand by $169.4 billion over the same period, with a 4.9% CAGR, accounting for nearly all regional growth across North America. This expansion is being driven by rising demand for AI-enabled, autonomous, and networked defense platforms capable of operating in multi-domain environments.
Within this broader defense landscape, several high growth subsegments align directly with VisionWave’s technology portfolio:
- Unmanned and Autonomous Systems
The global market for drones and unmanned systems is expected to grow from $30.5 billion in 2023 to $67.6 billion by 2029, as militaries and security agencies increasingly adopt autonomous air, ground, and maritime platforms for surveillance, logistics, and tactical missions.
- Counter-UAS (C-UAS) and Active Protection
The global anti-drone and short-range defense market is projected to grow at a 26.6% CAGR, from $1.2 billion in 2022 to $5.2 billion by 2028. The proliferation of low-cost aerial threats has made counter-drone and active-protection technologies a top procurement priority across NATO and allied defense forces.
- AI-Driven Sensing and Situational Awareness
Defense programs worldwide prioritize sensors capable of fusing radar, RF, and optical intelligence in real time. VisionWave’s Vision-RF and Evolved Intelligence™ platforms position the company at the intersection of this transformation. This is expected to replace legacy radar and optical systems with adaptive, software-defined sensing that delivers faster, more precise decisions on the battlefield.
As a result, VisionWave is strategically positioned to capture share in the fastest-growing segments of the defense modernization cycle, including AI-enabled autonomy, RF-based sensing, counter-UAS, and active-protection systems. These segments represent multi-billion-dollar addressable opportunities across U.S., NATO, and allied markets which are areas where VisionWave is already engaged through pilot programs and active demonstrations.
GROWTH STRATEGY
VisionWave has a focused, multi-phase execution strategy designed to accelerate commercialization, establish strategic footholds across allied markets, and position the company as a global leader in AI-driven defense innovation. The roadmap balances near-term revenue generation with long-term infrastructure development to build a scalable and sustainable defense technology enterprise.
Phase 1 (2025): Rapid Market Entry & Product Acceleration
VisionWave is prioritizing immediate market engagement through pilot conversions and early production while expanding its R&D and manufacturing capabilities.
- Expand R&D operations to scale engineering capacity in AI, autonomy, and sensing technologies.
- Launch U.S.-based manufacturing lines for key systems, including autonomous aerial and ground platforms as well as active protection and sensing solutions.
- Work to form strategic partnerships with tier-1 defense primes and system integrators to fast-track validation, deployment, and integration into existing defense architectures.
- Prioritize proprietary core platforms, including Evolved Intelligence™, Vision-RF, UGV, and APS in order to accelerate time-to-market and secure initial contracts.
Phase 2 (2026–2027): Scaling Presence Across Key Allied Markets
With products validated and early contracts secured, VisionWave’s next phase centers on international scaling and multi-domain adoption.
- Expand into high-priority allied regions such as North America, NATO member states, the Middle East, and India through modular autonomous systems and joint ventures.
- Increase production and deployment of integrated air, land, and sea platforms.
- Pursue licensing, co-development, and offset programs with national partners to support localization and large-scale procurement.
- Position VisionWave as a turnkey provider for autonomy, sensing, and counter-threat systems within modernized defense networks.
Phase 3 (2027+): VisionWave as the Defense AI Backbone
In its long-term vision, VisionWave aims to evolve from a platform provider into a strategic AI infrastructure partner for defense modernization on a global basis.
- Transition to core AI integration partner for next-generation defense networks and unmanned systems.
- Commercialize the modular Defense Operating System (Defense-OS), which is a unified architecture designed to connect and control unmanned platforms, sensors, and kinetic systems under one adaptive AI core.
- Leverage proprietary Evolved Intelligence™ across defense, homeland security, and commercial applications to enable intelligent decision-making, interoperability, and autonomy at scale.
COMPETITIVE ADVANTAGE
VisionWave is redefining the defense industry through proprietary AI, breakthrough sensing, and multi-domain autonomy. The company’s systems are designed to protect forces, safeguard nations, and deliver decisive advantages in the world’s most complex operational environments.
At the core of every VisionWave product lies its two transformative technologies, Evolved Intelligence™ (EI) and Vision-RF, which together create a foundation for unprecedented speed, autonomy, and adaptability across all defense domains.
Key Technology Applications & Advantages
- Evolved Intelligence™ (EI) / Real-Time Cognition for Defense
Evolved Intelligence™ (EI) is a stepping stone toward more generalized adaptive intelligence frameworks and Artificial General Intelligence (AGI) and is purpose-built for defense and autonomous applications where extremely fast, real-time decision-making is mission critical. Unlike commercial AI frameworks adapted for defense use, EI is designed from the ground up to operate in contested, high-pressure environments, making rapid, independent decisions at the edge without dependence on external processing or networks.
This defense-native AI enables mission autonomy, predictive targeting, and adaptive coordination between sensors, vehicles, and weapon systems which form the intelligent core of VisionWave’s platforms and its future Defense-OS architecture.
- Redefining the Sensing Market
Vision-RF is a game-changing sensing platform that is redefining the global sensing market. It introduces a new generation of hybrid RF-vision technology capable of producing real-time, video-like imaging through walls, underground, underwater, and beyond line-of-sight which are capabilities previously impossible in compact, cost-effective systems.
By merging radar, RF, and computer vision into a unified modality, Vision-RF provides a new dimension of situational awareness and targeting precision for defense, homeland security, and industrial applications. The technology is protected by multiple granted U.S. patents, with additional filings pending, and can be integrated both into VisionWave’s own systems and third-party platforms to enhance performance and deliver new operational capabilities.
- Integrated Multi-Domain Architecture
VisionWave’s modular and open architecture enables seamless coordination across land, air, sea, and cyber domains. This design allows for rapid deployment, plug-and-play integration, and autonomous collaboration between platforms, therefore creating a connected defense ecosystem that fills critical capability gaps left by legacy systems. These multi-domain solutions are designed to detect, classify, and neutralize threats before they emerge, providing unmatched agility and resilience in modern combat environments.
Through the integration of Evolved Intelligence™, Vision-RF, and multi-domain architectures, VisionWave is establishing the technological foundation for the next era of defense that is delivering innovation that is faster, smarter, and more adaptable than anything on the battlefield today.
RECENT NEWS
➤ On October 14, 2025, the company announced the creation of an Advisory Board which reinforces the company's commitment to professional governance, global transparency, and strategic depth. The new group will guide VisionWave's leadership on defense innovation, policy engagement, and international expansion.
Ben Everitt, former Member of the UK Parliament and senior national-security policymaker, has been appointed as a founding member of the Advisory Board. Mr. Everitt has more than 20 years of high-level experience spanning defense, intelligence, and technology policy, including service on the UK National Security Bill Committee and the Armed Forces Parliamentary Scheme.
The Advisory Board will provide independent oversight and specialized insight on technology, defense partnerships, regulatory compliance, and risk management. It is designed to complement the company's existing corporate governance structure and accelerate the execution of its growth objectives. VisionWave expects to expand its Advisory Board in the coming months with additional appointees from the global defense, technology, and government sectors.
➤ On October 8, 2025, the company announced a strategic collaboration with PVML, a secure data–AI infrastructure company based in Tel Aviv, Israel that connects sensitive internal and operational data to AI. The partnership plans to establish a secure foundation for autonomous, real-time intelligence systems that operate on live mission data without compromising security, confidentiality, or control.
The collaboration integrates VisionWave's advanced radar and AI-driven computer vision systems with PVML's secure, real-time data-AI infrastructure, connecting live defense data sources directly to active mission environments. This combination plans to enable the development of an operational system powered by thousands of autonomous AI agents that plan missions, track execution, and respond dynamically to real-time deviations.
➤ On July 28, 2025, the company announced that it had entered into a funding agreement with a prominent institutional investor, securing an equity line of credit for up to $50 million in capital through a Standby Equity Purchase Agreement (SEPA), along with a $5 million tranche funding commitment in the form of convertible notes. As of October 2025, VisionWave had approximately $7 million in cash and no long-term debt.
Under the terms of the agreement, VisionWave has the right to sell up to $50 million in common stock over a 24-month period at its discretion. The investor also committed to funding $5 million through convertible notes to support immediate scaling efforts, of which the first $3 million was funded upon entering into the funding agreement. The $5 million tranche funding is only to be used for working capital and growth plans and not to be used for debt repayment.
MANAGEMENT & KEY BOARD MEMBERS
Noam Kenig
Chief Executive Officer
Noam Kenig is an award-winning defense innovator with over two decades of global leadership in artificial intelligence, autonomous systems, and advanced defense technologies. As CEO of VisionWave, he leads multidisciplinary teams delivering mission-critical solutions for defense and homeland security worldwide. He has global career experience bridging advanced research with real-world operational deployment. Grounded in both executive command and field experience, Noam brings outcome-focused leadership and a clear strategic vision shaped by firsthand insight into modern combat and security challenges.
Dr. Danny Rittman
Chief Technology Officer
Dr. Danny Rittman is a distinguished technologist with a Ph.D. in Computer Science and expertise spanning AI, quantum computing, semiconductors, and high-performance software engineering. He holds multiple international patents across defense, aerospace, and telecommunications and has led groundbreaking R&D initiatives that produced next-generation processors, AI algorithms, and advanced computing architectures. At VisionWave, Dr. Rittman’s strength lies in transforming complex scientific concepts into scalable, field-ready defense technologies, powering the company’s proprietary AI and sensing platforms.
Ed Shoval
Chief Revenue Officer
Ed Shoval is a senior sales and business development executive with over 25 years of experience driving revenue growth and market expansion across the telecommunications, defense, and government sectors. He has led multimillion-dollar sales initiatives and strategic partnerships with Tier-1 carriers and defense organizations, including AT&T, Verizon, Bell, TELUS, Rogers, and the Israel Defense Forces (IDF). At VisionWave, Ed leads the company’s global go-to-market and commercialization strategy, leveraging his deep understanding of defense procurement, enterprise sales, and international partnerships.
David Allon
Chief Operating Officer
David Allon is an accomplished operations strategist and global entrepreneur with extensive experience scaling mission-driven technology companies across defense, AI, and public infrastructure sectors. With a deep understanding of field realities, he excels at aligning innovation with operational execution.
David has built and led global teams of more than 150 professionals, managed complex cross-border logistics, and driven execution in highly regulated, fast-moving environments.
Doug Davis
Executive Chairman
Doug Davis is an experienced public-company CEO, board member and chairman, and business executive and M&A advisor with more than two decades of leadership across private and public companies in technology, defense, and capital markets.
SUMMARY
VisionWave Holdings (NASDAQ:VWAV) is redefining defense through AI-driven autonomy, advanced sensing, and multi-domain innovation. The company develops and integrates proprietary artificial intelligence, radio-frequency (RF), and vision-based systems that connect intelligent platforms and assets to create a fully coordinated defense ecosystem. These solutions enhance real-time situational awareness, surveillance, and targeting precision across air, land, and sea operations which delivers unmatched performance in the most challenging environments.
VisionWave’s expertise spans autonomous systems, high-resolution radar, advanced imaging, RF sensing, active-protection systems, remote weapon stations, and tactical mobility platforms. Supported by a growing portfolio of granted and pending U.S. patents and proven demonstrations with tier-1 defense partners in the U.S. and UAE, VisionWave provides mission-ready technologies engineered for reliability, speed, and adaptability.
At the core of VisionWave’s innovation is Evolved Intelligence™ (EI) which is an adaptive AI engine that evolves in real time, outpaces emerging threats, and enables autonomous decision-making at the tactical edge. Complementing EI is Vision-RF, a breakthrough RF-to-vision sensing platform that is poised to redefine the global sensing market by delivering new capabilities in a cost-effective, compact form factor.
Together, these technologies form the backbone of VisionWave’s next-generation defense architecture. VisionWave is building the future of autonomous defense, a future where intelligent systems protect forces, safeguard nations, and save lives. With its transition to commercialization underway and strong revenue growth expected in 2026 and beyond, we believe VisionWave’s current market capitalization significantly undervalues the company’s long-term potential for high-margin revenue growth and sustained free-cash-flow generation. Comparable U.S. defense-AI peers trade at 5-7x projected 2026 sales, suggesting meaningful upside if VisionWave executes on its commercialization roadmap.
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