Israeli drone company loses 75% of its value and lays off 10% of its employees

OCCUPIED AL-QUDS, Nov. 03 (YPA) – Israeli drone company Extend announced it is laying off 10% of its 267 employees as part of a plan to improve efficiency and reduce costs after its market value plummeted from $1.5 billion at its listing last September to $360 million.

The company said it has begun restructuring its operations despite winning a $40.5 million US contract under the “Drone Dominance” program.

The company was listed through a merger with a special purpose real estate company without issuing new shares, relying on a private investment of $100 million instead of the planned $152 million.

It is noteworthy that it founded in 2018, with 60% of its staff working in Israel, it expects to generate $25 million in revenue in the first nine months of 2026 with $84 million in backlogs, after recording $20 million in revenue and $27 million in losses in 2025.