Developing IoT technologies fot smart cities.
Tondo proved in 2025 that its defense activity can lift both revenue and gross margin, but 2026 is still a proof year in which the company must turn backlog and new orders into cash and into less reliance on external funding.
Tondo's defense activity is already generating strong gross profit and a second-customer validation point, but for now it still relies heavily on the Ministry of Defense project, funded development, and segment disclosure that stops at gross profit.
Tondo's backlog provides visibility, but most of it is not really a 2026 backlog. It is a multi-year layer, and part of the stated recognition also includes revenue tied to orders already supplied.
The March 2026 placement does improve Tondo’s starting point, but it buys less free runway than the NIS 17 million headline suggests because short-dated deferrals, a Ministry-of-Defense invoice bridge and near-zero operating cash generation are still sitting around it.
