Orqa profile
Orqa is a privately held drone and component maker from Osijek, Croatia, whose U.S. subsidiary Orqa US was reported to win a $38 million Drone Dominance Program order for its MRM2 indoor FPV drone.
What Orqa does
Orqa builds first-person view (FPV) drones and the parts that go inside them, including flight controllers, circuit boards, radios and ground control stations, and sells complete small unmanned aircraft systems to defense customers.
It serves U.S. programs through Orqa US, a subsidiary that launched in May 2026 through a partnership with defense contractor By Light, with drones for the Drone Dominance Program reported to be built at By Light's Florida facility. Orqa's parent company was founded in 2018 in Osijek, Croatia.
The product lines that define the company for research purposes:
- MRM2 indoor drone
- MRM2-10
- MRM1-5
- Dream X
This profile is qualitative by design. It carries no share price, no price target, no valuation multiple, and no rating — those change faster than any page can honestly track, and the filings linked below are the authoritative source for them.
Orqa drone lineup
The current public product record does not identify a complete aircraft lineup.
No complete-aircraft offering is catalogued for this company; it is tracked here as an unmanned-systems enabler.
Statuses are editorial classifications from the company’s current public catalog: active means currently presented for sale, delivery, or program work; development means publicly disclosed but not a mature production offering; legacy means retained for historical or installed-fleet coverage.
Recent contracts & awards
A dated log of the specific contracts, orders, funding, and deployments reported for Orqa, each tied to its primary source. This is a record of what was announced — a "selection", "award", or "partnership" is not the same as obligated money, so read each source before treating a figure as revenue. No figure appears here unless a source reported it.
- Orqa US reported to win $38M, 7,000-drone Drone Dominance Program order
Orqa US received a reported $38 million order to supply 7,000 8-inch MRM2 indoor FPV drones and ground control systems under the Pentagon's Drone Dominance Program following its second-place finish in the Gauntlet II Close Quarter Battle evaluation. The drones are slated to be produced in Florida under a manufacturing partnership with defense contractor By Light.
Researchers should confirm the contract vehicle and obligated funding totals in official Department of Defense procurement announcements before treating the full amount as committed revenue.
Tectonic Defense — original report
Is Orqa going public?
Orqa is privately held and has no ticker or exchange listing. Its U.S. subsidiary Orqa US was launched in May 2026 with By Light, so program contract records and company announcements are the way to follow its scale.
Where Orqa sits in the value chain
Orqa is a pure-play: unmanned systems are the business rather than one line inside it, so the P&L moves with drone demand and has little else to cushion a slow procurement year.
Its disclosed activity spans aerial drones. That placement is the single most useful thing to fix in your head before reading any coverage, because the same headline means different things at different layers: a large platform award is transformative for a pure-play, material but diluted for a diversified contractor, and only indirectly relevant to a component supplier whose exposure arrives later as build-rate demand.
Retail coverage routinely applies one story to all three layers at once. For the layer-by-layer comparison across the sector, see the drone stocks research shortlist and the list of publicly traded drone companies.
What to watch
The signals worth tracking are structural, not price-based — they tell you whether the business is changing shape, which is what eventually shows up in the numbers.
- Production throughput at By Light's Florida facility as Orqa US works through the reported 7,000-drone Drone Dominance Program order.
- Whether the $38 million figure, reported by a single outlet, is confirmed by the Defense Innovation Unit, the Pentagon or the company, and how much is obligated versus ceiling value.
- How Orqa US places in later Drone Dominance Program rounds, since the program plans to buy roughly 60,000 small drones from the leaderboard vendors in this round.
How to research Orqa
Every question below has one authoritative source, and using the wrong source is how most retail research goes wrong.
| Research question | Where the answer lives | What to look for |
|---|---|---|
| Is there anything to buy? | SEC EDGAR full-text search | Whether any registration statement exists at all — absent one, there is no public security. |
| Is the government work real? | Official DoD contract announcements | Awarding service and scope of work, rather than a company-issued announcement. |
| What is the acquisition pathway? | DIU and DARPA program pages | Whether the work runs through non-traditional agreements or a conventional program of record. |
| How would exposure even work? | Fund holdings disclosures | Whether any listed vehicle discloses a stake — indirect exposure is usually thin and unstated. |
- For Gauntlet II rankings and the full vendor leaderboard, see DefenseScoop's Gauntlet 2 results, which lists Orqa US second in close quarters battle but states no order size or dollar value.
- For the reported $38 million, 7,000-drone order, the only source found is Tectonic Defense; confirm it against Defense Innovation Unit or Pentagon announcements.
- For product specifications and compliance claims, use the company's own site at orqafpv.com.
One failure mode is worth naming explicitly: a company announcement describing a "selection", "award", or "partnership" is not the same as obligated money, and the two are easy to conflate because they use the same vocabulary. Check the official record before treating either as revenue. Our full approach is documented on the methodology page.
Orqa FAQ
What does Orqa do?
Orqa builds first-person view (FPV) drones and the parts that go inside them, including flight controllers, circuit boards, radios and ground control stations, and sells complete small unmanned aircraft systems to defense customers.
Is Orqa publicly traded?
Orqa is not publicly traded, so there is no ticker to buy. Any claim otherwise should be verified against SEC EDGAR before it is believed.
What should investors watch with Orqa?
Production throughput at By Light's Florida facility as Orqa US works through the reported 7,000-drone Drone Dominance Program order.
Where can I research Orqa directly?
Go to the primary sources: Orqa (official site), DefenseScoop — Drone Dominance Gauntlet 2 results, Tectonic Defense — original report. Avoid aggregator summaries when the filing itself is available.
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