Rami Levy, whose retail group already owns 30.5% of Cando Drones, is moving to float the drone company on the Tel Aviv Stock Exchange. The offering would raise about 19 million shekels in exchange for roughly 20% of the company, at a pre-money valuation of about 83 million shekels. The company also plans to give investors warrants that could add another 14 million shekels if fully exercised, implying a lower effective valuation.
Cando Drones develops and operates autonomous drone systems for civilian and security uses. On the civilian side, it offers warehouse inventory automation, stock control and cargo or people transport through dedicated drone systems. On the security side, it provides monitoring, guarding and documentation services for civilian clients such as local authorities, commercial sites and industrial plants.
After the outbreak of the war in October 2023, Cando Drones teamed up with Elpo System to develop a platform that can carry a machine gun, either 5.56 mm or 7.62 mm, mounted on a drone for pinpoint covering fire or remote automatic fire from altitude. The system was demonstrated to the Defense Ministry procurement directorate, MAFAT, last year and is now under review and approval for a first order.
The company was founded in late 2019 by three former senior officers: Yuval Or, Moshe Kipnis and Alon Kloss. Or, the chief executive, holds about 18%, Kipnis, the chief technology officer, about 9%, and Kloss, the chief operating officer, about 7%. Levy bought about a third of the shares in 2022 for roughly 1.7 million shekels and also extended a 3.3 million shekel shareholder loan.
Cando Drones ended 2025 with revenue of about 7 million shekels, up 11% from 2024, but posted a net loss of 11.9 million shekels, wider than the 6.4 million shekel loss a year earlier. It also had a working capital deficit of 3.4 million shekels and negative operating cash flow of 2.9 million shekels, leading its auditors to raise a going-concern warning.
