Ondas (ONDS)
NASDAQ:ONDS
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Ondas
(NASDAQ:ONDS)
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Rating:57Neutral
Price Target:
$9.50
â–²(0.53% Upside)
Action:ReiteratedDate:04/02/26
ONDS scores as moderately attractive mainly due to the earnings-call-driven outlook (raised 2026 revenue guidance, strong margin improvement narrative, and substantial liquidity to fund growth). This is tempered by weak underlying financial performance (large losses and ongoing cash burn) and a soft technical setup (below key moving averages with negative MACD), while valuation is constrained by negative earnings and no indicated dividend support.
Positive Factors
Balance sheet / Liquidity
A pro forma cash war chest (> $1.5B) materially reduces refinancing risk and funds M&A, development, and scale-up. This durable liquidity advantage supports multi-year commercialization, manufacturing ramp and bid capacity in defense markets even if near-term revenues remain variable.
Negative Factors
Weak cash generation
Despite strong revenue growth, negative operating and free cash flow indicate the business currently consumes cash to run and scale. Long-term reliance on external funding raises dilution and execution risk if capital markets tighten, limiting self-funding for R&D, inventory and contract fulfilment.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet / Liquidity
A pro forma cash war chest (> $1.5B) materially reduces refinancing risk and funds M&A, development, and scale-up. This durable liquidity advantage supports multi-year commercialization, manufacturing ramp and bid capacity in defense markets even if near-term revenues remain variable.
Read all positive factors
Ondas (ONDS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.41B
Dividend YieldN/A
Average Volume (3M)84.57M
Price to Earnings (P/E)―
Beta (1Y)1.91
Revenue Growth208.40%
EPS Growth44.60%
CountryUS
Employees113
SectorTechnology
Sector Strength88
IndustryCommunication Equipment
Share Statistics
EPS (TTM)-0.34
Shares Outstanding467,133,270
10 Day Avg. Volume63,132,508
30 Day Avg. Volume84,574,643
Financial Highlights & Ratios
PEG Ratio-10.00
Price to Book (P/B)4.95
Price to Sales (P/S)42.67
P/FCF Ratio-53.08
Enterprise Value/Market Cap0.86
Enterprise Value/Revenue74.84
Enterprise Value/Gross Profit188.36
Enterprise Value/Ebitda-91.43
Forecast
1Y Price Target
$20.14Price Target Upside113.12% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)-0.18
Revenue Forecast (FY)$379.93M
Ondas Business Overview & Revenue Model
Company Description
Ondas Holdings Inc., through its subsidiaries, provides private wireless, drone, and automated data solutions. The company operates in two segments, Ondas Networks and American Robotics. The company designs, develops, manufactures, sells, and supp...
How the Company Makes Money
Ondas primarily makes money by selling equipment and related solutions for private wireless networks and, where applicable, providing associated services. Key revenue streams include: (1) Product revenue from the sale of wireless network infrastru...
Ondas Earnings Call Summary
Earnings Call Date:Mar 23, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 18, 2026
Earnings Call Sentiment Positive
The call presents a broadly positive strategic and financial narrative: rapid top-line growth, significant margin improvement, a very strong pro forma cash position (> $1.5B), ambitious but clearly articulated M&A-driven expansion into multi-domain ISR, and partnerships (Palantir, ONBERG) that materially enhance addressable markets. Key near-term negatives include a large noncash warrant revaluation causing GAAP losses and volatility, continued negative adjusted EBITDA, elevated near-term OpEx and integration risk from several acquisitions, and some timing uncertainty in Ondas Networks commercial rollouts. On balance, management emphasizes accretive deals, a large backlog and a clear path to profitability, which outweigh the accounting-driven and execution risks in the near term.Positive Updates
Strong Revenue Growth (FY2025)
Generated $50.7 million in revenue for 2025, up 605% versus $7.2 million in 2024, and at the high end of prior guidance.
Negative Updates
Large Noncash Warrant Revaluation Impact
Reported a noncash warrant mark-to-market charge of approximately $82.2 million in Q4 (recorded as other expense), contributing to a Q4 net loss of $101 million and a full-year net loss of $133.4 million; warrant liability recorded at $489 million year-end, creating GAAP earnings volatility.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue Growth (FY2025)
Generated $50.7 million in revenue for 2025, up 605% versus $7.2 million in 2024, and at the high end of prior guidance.
Read all positive updates
Company Guidance
Ondas raised 2026 revenue guidance to at least $375 million (up from the prior Investor Day outlook), expects Q1 2026 revenue of $38–40 million, and projects product companies to reach positive EBITDA in Q3 2026, OAS in Q3 2027 and Ondas Inc. in Q1 2028; by comparison, 2025 revenue was $50.7 million (Q4 $30.1M, +629% YoY and ~200% sequentially) with organic revenue +63% YoY, Q4 gross profit $12.7M (42% margin) and full‑year gross margin 40% (vs. 5% in 2024); Q4 adjusted EBITDA loss was $9.9M and FY adjusted EBITDA loss $31.3M, Q4 net loss $101M and FY net loss $133.4M driven by an $82.2M noncash warrant revaluation; Ondas ended the year with $594M cash (pro forma >$1.5B after January financing and ~ $1.8B raised since June 2025), FY cash used in operations $38.7M, cash used in investing $260M (≈$207M into acquisitions), cash from financing $863M, a warrant liability of $489M, and expects higher cash usage in H1 2026 with improving cash efficiency in H2 as backlog, M&A contributions (≈$550M deployed for five Q1 acquisitions expected to generate ≈$230M revenue in 2026) and a >$500M pipeline drive growth.Ondas Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
72
Positive
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 50.73M | 7.19M | 15.69M | 2.13M | 2.91M |
| Gross Profit | 20.16M | 345.18K | 6.38M | 1.11M | 1.10M |
| EBITDA | -50.40M | -28.72M | -34.64M | -64.63M | -15.55M |
| Net Income | -132.02M | -38.01M | -44.84M | -73.24M | -15.02M |
Balance Sheet | |||||
| Total Assets | 1.14B | 109.62M | 92.16M | 97.95M | 117.44M |
| Cash, Cash Equivalents and Short-Term Investments | 616.11M | 29.96M | 14.98M | 29.78M | 40.82M |
| Total Debt | 12.49M | 60.31M | 35.29M | 33.39M | 1.81M |
| Total Liabilities | 661.23M | 73.68M | 47.11M | 39.72M | 5.21M |
| Stockholders Equity | 437.36M | 16.58M | 33.14M | 58.22M | 112.23M |
Cash Flow | |||||
| Free Cash Flow | -40.78M | -35.20M | -34.30M | -40.89M | -17.92M |
| Operating Cash Flow | -38.75M | -33.47M | -34.02M | -37.96M | -16.90M |
| Investing Cash Flow | -260.13M | -1.73M | 536.27K | -6.93M | -10.21M |
| Financing Cash Flow | 862.65M | 50.18M | 18.73M | 33.86M | 41.86M |
Ondas Technical Analysis
Positive
9.45
Price Trends
10.14
Negative
9.88
Negative
7.50
Positive
Market Momentum
-0.29
Positive
46.62
Neutral
55.01
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ONDS, the sentiment is Positive. The current price of 9.45 is below the 20-day moving average (MA) of 9.90, below the 50-day MA of 10.14, and above the 200-day MA of 7.50, indicating a neutral trend. The MACD of -0.29 indicates Positive momentum. The RSI at 46.62 is Neutral, neither overbought nor oversold. The STOCH value of 55.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ONDS.
Ondas Risk Analysis
Ondas disclosed 66 risk factors in its most recent earnings report. Ondas reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ondas Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $2.04B | 34.52 | 6.76% | ― | 1.46% | 78.77% | |
72 Outperform | $2.33B | 41.60 | 5.84% | ― | -24.42% | ― | |
63 Neutral | $9.58B | -21.27 | -5.44% | ― | 15.60% | ― | |
62 Neutral | $1.06B | ― | -10.08% | ― | 1.93% | -43.22% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | $4.41B | -16.40 | -50.76% | ― | 208.40% | 44.60% | |
54 Neutral | $2.22B | 70.53 | 12.12% | ― | 14.31% | ― |
* Technology Sector Average
ONDS
Ondas
9.45
8.62
1038.55%
DGII
Digi International
54.16
27.69
104.61%
EXTR
Extreme Networks
16.50
4.22
34.36%
HLIT
Harmonic
9.61
0.48
5.26%
KN
Knowles
27.30
12.22
81.03%
VIAV
Viavi Solutions
41.41
31.23
306.78%
Ondas Corporate Events
Business Operations and StrategyM&A Transactions
Ondas Completes World View Acquisition, Expanding Stratollite ISR
Positive
Apr 1, 2026
On April 1, 2026, Ondas Inc. completed its acquisition of World View Enterprises, merging it into a wholly owned subsidiary in a transaction involving up to 12,775,219 Ondas common shares, escrowed stock for price adjustments, and approximately $7...
Business Operations and StrategyRegulatory Filings and Compliance
Ondas Registers Secondary Shares for Existing Stockholders
Neutral
Mar 26, 2026
On March 26, 2026, Ondas Inc. filed a prospectus supplement with the U.S. Securities and Exchange Commission to register the potential resale, from time to time, of 1,928,532 shares of its common stock by certain existing stockholders. These share...
Business Operations and StrategyM&A Transactions
Ondas to Acquire World View in Strategic Merger
Positive
Mar 23, 2026
On March 23, 2026, Ondas Inc. agreed to acquire World View Enterprises Inc., a leader in high-altitude balloon ISR and stratospheric remote sensing, in a merger that will make World View a wholly owned subsidiary. The deal values World View at $15...
Business Operations and Strategy
Ondas Forms European Autonomous Drone Defense Joint Venture
Positive
Mar 18, 2026
On March 18, 2026, Ondas Inc. and Heidelberger Druckmaschinen AG’s subsidiary HD Advanced Technologies GmbH formalized a joint venture named ONBERG Autonomous Systems, following a December 2025 memorandum of understanding. The venture is des...
M&A TransactionsPrivate Placements and FinancingRegulatory Filings and Compliance
Ondas Registers Resale Shares Tied to Bird Acquisition
Neutral
Mar 18, 2026
On March 18, 2026, Ondas Inc. filed a prospectus supplement with the U.S. Securities and Exchange Commission to register the potential resale, from time to time, of 3,358,097 shares of its common stock by certain existing stockholders. These share...
Business Operations and StrategyM&A Transactions
Ondas Acquires Indo Earth Moving, Expands Defense Robotics
Positive
Mar 17, 2026
On March 17, 2026, Ondas Inc. acquired 100% of Israel-based Indo Earth Moving Ltd., a specialist in procurement, integration, and lifecycle support of heavy engineering equipment for military and national infrastructure programs, in a cash-and-sto...
Business Operations and StrategyM&A Transactions
Ondas Completes Rotron Acquisition, Expands UK Defense Footprint
Positive
Mar 16, 2026
On March 16, 2026, Ondas Inc. completed the acquisition of UK‑based Rotron Aerospace Ltd., a developer of advanced unmanned aerial systems, long‑range platforms and aero‑engine technologies tailored for extended‑reach and a...
Business Operations and StrategyM&A TransactionsRegulatory Filings and Compliance
Ondas Finalizes Full Acquisition of 4M Defense Stake
Positive
Mar 16, 2026
On October 29, 2025, Ondas Inc. acquired a 70% controlling interest in Israeli firm 4M Defense Ltd. through a share purchase agreement involving local holding company Chirokka Holding Ltd. and sellers Itzik Malka and Nir Cohen. This transaction es...
Business Operations and StrategyProduct-Related Announcements
Ondas Forms AI Defense Intelligence Partnership with Palantir
Positive
Mar 12, 2026
On March 12, 2026, Palantir Technologies, Ondas and World View Enterprises announced a strategic partnership to develop an AI-enabled, multi-domain intelligence platform integrating stratospheric balloons, autonomous aerial and ground robots and a...
M&A TransactionsRegulatory Filings and Compliance
Ondas Completes Bird Aerosystems Acquisition and Share Registration
Positive
Mar 11, 2026
On March 11, 2026, Ondas Inc. completed the acquisition of 100% of the issued and outstanding share capital of Bird Aerosystems Ltd., an Israeli company, and issued a fact sheet and press release detailing the transaction. On the same date, Ondas ...
Business Operations and StrategyM&A Transactions
Ondas Acquires Mistral to Expand U.S. Defense Presence
Positive
Mar 9, 2026
On March 8, 2026, Ondas Inc. agreed to acquire 100% of Mistral Inc., a U.S.-based defense prime contractor, via a merger with an Ondas subsidiary in a stock deal valued at $175 million. The consideration will be paid entirely in Ondas common share...
Business Operations and StrategyExecutive/Board Changes
Ondas Adds Defense Expert to Autonomous Systems Board
Positive
Mar 5, 2026
On March 5, 2026, Ondas Inc. announced that McKinsey Company Senior Partner David Chinn had been appointed to the board of its Ondas Autonomous Systems unit, adding deep experience in advising defense ministries and national security agencies on ...
Business Operations and StrategyPrivate Placements and Financing
Ondas Announces Strategic ISR Partnership with World View
Positive
Mar 2, 2026
On March 2, 2026, Ondas Inc. announced a $10 million strategic investment in World View Enterprises and a partnership to co-develop multi-domain intelligence, surveillance and reconnaissance solutions. The collaboration aims to integrate World Vie...
Business Operations and StrategyExecutive/Board Changes
Ondas Holdings Grants Major Equity Award to CEO Brock
Positive
Feb 13, 2026
On February 11, 2026, Ondas Inc.’s Compensation Committee approved a substantial equity award of 13.5 million restricted stock units, or about 3% of outstanding common shares, for Chairman and CEO Eric Brock, to vest over three years subject...
Business Operations and StrategyRegulatory Filings and Compliance
Ondas Holdings Registers Shares for Existing Stockholder Resale
Neutral
Feb 12, 2026
On February 12, 2026, Ondas Inc. filed a prospectus supplement with the U.S. Securities and Exchange Commission to register the potential resale, from time to time, of 528,652 shares of its common stock by certain existing stockholders. These stoc...
Business Operations and StrategyM&A Transactions
Ondas Holdings to Acquire U.K. Drone Developer Rotron
Positive
Feb 11, 2026
On February 11, 2026, Ondas Inc. announced a definitive agreement to acquire U.K.-based Rotron Aerospace, a developer of long-range unmanned aerial systems and autonomous strike platforms for defence customers. The deal follows Rotron’s Febr...
Business Operations and StrategyRegulatory Filings and Compliance
Ondas Highlights Evolving Multi-Domain Robotics Strategy to Investors
Positive
Feb 11, 2026
On February 11, 2026, Ondas Inc. released an updated investor presentation intended for use in meetings with investors, analysts and other market participants. The presentation, furnished rather than filed under securities regulations, reflects th...
Business Operations and StrategyM&A Transactions
Ondas Holdings to Acquire UK Defense Firm Rotron Aero
Positive
Feb 2, 2026
On February 2, 2026, Ondas Inc. announced it has entered into a definitive agreement to acquire 100% of Rotron Aero, a UK-based developer of advanced unmanned aerial platforms, defense-grade aero-engines and one-way effector systems designed for l...
Business Operations and StrategyProduct-Related Announcements
Ondas Holdings Unveils Defense and Security Platform Strategy
Positive
Jan 30, 2026
On January 30, 2026, Ondas Inc. announced it will formally launch its new Ondas Defense and Security offering at the Singapore Airshow 2026, unveiling a rebranding, a 2026 product and technology roadmap and a unified portfolio aimed at defense, ho...
Business Operations and StrategyPrivate Placements and Financing
Ondas Holdings Completes Series B Preferred Stock Financing
Positive
Jan 23, 2026
On January 16, 2026, Ondas Networks Inc. raised $8.4 million through a Series B Preferred Stock financing, with approximately $6.0 million coming from parent company Ondas Inc. and about $2.0 million from Charles Potomac Capital, LLC and related ...
M&A TransactionsRegulatory Filings and Compliance
Ondas Holdings Files Prospectus for Resale of Shares
Neutral
Jan 22, 2026
On January 22, 2026, Ondas Inc. filed a prospectus supplement with the U.S. Securities and Exchange Commission to cover the potential resale, from time to time, of 1,622,607 shares of its common stock by certain existing stockholders. These shares...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Ondas Holdings Boosts 2026 Outlook After Record 2025
Positive
Jan 16, 2026
At its Ondas Autonomous Systems Investor Day on January 16, 2026, Ondas Inc. reported that a 2025 transformation program had turned OAS into a multi-domain autonomy platform and delivered record financial results, including preliminary full-year 2...
Business Operations and StrategyRegulatory Filings and Compliance
Ondas Holdings Rebrands and Renames Itself Ondas Inc.
Neutral
Jan 16, 2026
On January 15, 2026, Ondas Holdings Inc. filed an amendment to its Articles of Incorporation in Nevada to change its corporate name to Ondas Inc., with the change becoming effective January 16, 2026. Also effective January 16, 2026, the company up...
Business Operations and StrategyPrivate Placements and Financing
Ondas Holdings Closes $1 Billion Direct Offering
Positive
Jan 12, 2026
On January 12, 2026, Ondas Holdings Inc. announced it had closed an approximately $1 billion registered direct offering to an institutional investor, issuing 19 million shares of common stock and pre-funded warrants for up to 41.79 million additio...
Business Operations and StrategyPrivate Placements and Financing
Ondas Holdings Announces Major Strategic Capital Raise
Positive
Jan 12, 2026
On January 9, 2026, Ondas Holdings Inc. entered into agreements for a registered direct offering of 19 million common shares and pre-funded warrants for up to 41.8 million shares, each sold as a “Common Stock Equivalent” bundled with c...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Ondas Holdings Completes Acquisition of Sentry CS Ltd.
Neutral
Jan 9, 2026
On November 17, 2025, Ondas Holdings Inc. completed its previously announced acquisition of Israel-based Sentry CS Ltd. under a share purchase agreement with Sentry’s shareholders and a Luxembourg-based representative of the indemnifying par...
M&A TransactionsRegulatory Filings and Compliance
Ondas Holdings Files Prospectus for Resale of Shares
Neutral
Jan 8, 2026
On January 8, 2026, Ondas Holdings Inc. filed a prospectus supplement with the U.S. Securities and Exchange Commission to register the potential resale of 1,671,899 shares of its common stock by certain existing stockholders. These shares were ori...
Business Operations and StrategyRegulatory Filings and Compliance
Ondas Holdings Files Prospectus for Resale of Common Stock
Neutral
Jan 5, 2026
On January 5, 2026, Ondas Holdings Inc. filed a prospectus supplement with the U.S. Securities and Exchange Commission to register the resale, from time to time, of shares of its common stock by certain existing stockholders. These stockholders ha...
Business Operations and StrategyFinancial Disclosures
Ondas Holdings Announces 2026 Autonomous Systems Investor Day
Positive
Jan 5, 2026
On January 5, 2026, Ondas Holdings announced it will host a virtual Ondas Autonomous Systems Investor Day on January 16, 2026, where senior leadership will present an updated 2026 business plan, including the Core+ Strategic Growth Program and a f...
Business Operations and Strategy
Ondas Holdings plans rebrand and moves headquarters to Florida
Positive
Jan 2, 2026
On January 2, 2026, Ondas Holdings Inc. announced plans to change its corporate name to Ondas Inc. and confirmed it had relocated its corporate headquarters to West Palm Beach, Florida, in a move designed to reflect its evolution into a fully inte...
Business Operations and StrategyPrivate Placements and Financing
Ondas Holdings Extends Maturity of Key Financing Notes
Negative
Jan 2, 2026
On December 29, 2025, Ondas Networks Inc. amended the maturity date of several previously issued convertible and secured promissory notes, collectively totaling $8 million in principal, extending their due date to January 15, 2026. These notes con...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.