Israeli drone maker XTEND is laying off about 10% of its workforce, two months after it began trading on the New York Stock Exchange at a $1.5 billion valuation. According to CTech, its market value has since fallen to about $350 million, a drop of more than 75%. The company, which went public through a merger with JFB Construction Holdings, is expected to receive another $60 million in the coming days from a private investment that was cut from $152 million to about $100 million.
XTEND said the changes are meant to streamline its operations after the listing and after a $40.5 million contract in the US Drone Dominance Program. They affect its robotics operations, investment in XOS, its software layer for autonomous systems, and the development of platforms based on it, and the company will focus on expanding production and delivery.
XTEND had about $20 million in revenue in 2025, up 20%, and its net loss widened to $27 million. In the first quarter of 2026 revenue jumped 234% to $5.8 million, while the loss more than doubled to $11.5 million. The company employs 267 people, about 60% of them in Israel, and reports an $84 million backlog in its robotics business.