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Ondas
(NASDAQ:ONDS)
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Rating:50Neutral
Price Target:
$7.50
â–¼(-25.00% Downside)
Action:Reiterated
Date:06/18/26
The score is held back primarily by weak cash flow (ongoing operating/FCF burn) and very large operating losses despite improving gross margin. Technicals also remain bearish with the stock below major moving averages and negative MACD. These are partly offset by constructive earnings-call signals—raised revenue guidance, strong Q1 growth and gross margin, sizable backlog, and very strong liquidity—plus a moderate P/E.
Positive Factors
Strong liquidity
A roughly $1.48B liquidity stockpile provides durable financial flexibility to fund organic growth, near-term acquisition integration, and working capital while the business scales. This reduces short-term solvency risk and allows management to pursue strategic M&A or absorb temporary cash burn without urgent external financing.
Negative Factors
Persistent cash burn
Material negative operating and free cash flow indicate the company is not yet self-funding operations despite revenue growth. Continued cash burn creates reliance on large cash reserves or financing to sustain growth and M&A, making long-term viability contingent on converting revenue momentum into positive operating cash flow.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong liquidity
A roughly $1.48B liquidity stockpile provides durable financial flexibility to fund organic growth, near-term acquisition integration, and working capital while the business scales. This reduces short-term solvency risk and allows management to pursue strategic M&A or absorb temporary cash burn without urgent external financing.
Read all positive factors
Ondas (ONDS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.88B
Dividend YieldN/A
Average Volume (3M)77.60M
Price to Earnings (P/E)37.7
Beta (1Y)1.87
Revenue Growth793.18%
EPS GrowthN/A
CountryUS
Employees113
SectorTechnology
Sector Strength88
IndustryCommunication Equipment
Share Statistics
EPS (TTM)0.20
Shares Outstanding523,162,660
10 Day Avg. Volume53,560,425
30 Day Avg. Volume77,598,138
Financial Highlights & Ratios
PEG Ratio-9.60
Price to Book (P/B)4.95
Price to Sales (P/S)42.67
P/FCF Ratio-52.94
Enterprise Value/Market Cap0.95
Enterprise Value/Revenue38.03
Enterprise Value/Gross Profit84.80
Enterprise Value/Ebitda14.19
Forecast
1Y Price Target
$20.14Price Target Upside101.43% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)0.44
Revenue Forecast (FY)$394.01M
Ondas Business Overview & Revenue Model
Company Description
Ondas Holdings Inc. delivers specialized private wireless, uncrewed aerial vehicle (UAV), and automated data solutions through its operating subsidiaries. The company is structured into two main segments: Ondas Networks and American Robotics. Onda...
How the Company Makes Money
Ondas makes money primarily by selling hardware, software, and related services tied to its private wireless networking and UAV/drone businesses. Key revenue streams include: (1) Product sales of wireless communications equipment for private/indus...
Ondas Earnings Call Summary
Earnings Call Date:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 17, 2026
Earnings Call Sentiment Positive
The call highlighted multiple substantive operational and financial milestones: exceptional top‑line growth (Q1 revenue up tenfold YoY and +66% sequential), strong gross margin expansion to 49%, a sizable, diversified backlog (~$450–$457M) and a very strong liquidity position (~$1.48B). Management achieved product company EBITDA profitability ahead of plan, raised 2026 revenue guidance, advanced strategic acquisitions (WorldView, Mistral), and announced a meaningful partnership with Palantir to deliver portfolio‑level mission autonomy (Sky Weaver). Offsetting these positives are near‑term profitability pressures at the consolidated level (adjusted EBITDA loss of $10.9M), increased operating and cash investments, GAAP earnings volatility caused by large warrant mark‑to‑market accounting and integration/timing risk around converting backlog and acquisitions into steady revenue and cash flow. On balance, the operational momentum, cash resources and upgraded guidance dominate the narrative and outweigh the near‑term investment and accounting noise.Positive Updates
Explosive Revenue Growth in Q1 2026
Revenue of $50.1 million in Q1 2026, a tenfold increase year‑over‑year (≈+900% YoY) and up 66% sequentially vs. Q4 2025. Q1 revenue was roughly equal to all of Ondas' 2025 revenue, demonstrating rapid scaling.
Negative Updates
Adjusted EBITDA Loss and Elevated Operating Expenses
Adjusted EBITDA was a loss of $10.9 million in Q1 2026 (worse than a loss of $7.5M in prior year). Operating expenses increased to $67.3 million driven by investments in personnel, infrastructure and acquisitions; cash operating expenses were $36.9M.
Read all updates
Q1-2026 Updates
Positive
Negative
Explosive Revenue Growth in Q1 2026
Revenue of $50.1 million in Q1 2026, a tenfold increase year‑over‑year (≈+900% YoY) and up 66% sequentially vs. Q4 2025. Q1 revenue was roughly equal to all of Ondas' 2025 revenue, demonstrating rapid scaling.
Read all positive updates
Company Guidance
The company raised full‑year 2026 revenue guidance to at least $390 million (up from $375M), supported by Q1 results of $50.1M revenue (10x year‑over‑year, +66% sequentially and ~25% above prior Q1 guidance), gross profit $24.7M (49% gross margin), and product‑company EBITDA profitability achieved in Q1 (despite an adjusted EBITDA loss of $10.9M). Ondas ended the quarter with approximately $1.48B of cash and short‑term investments, long‑term investments of $42.3M, shareholders’ equity of ~$1.078B, a warrant liability of ~$1.1B, and a backlog of roughly $457M (pipeline of ~$4.3B with program potential >$1.6B and regional pipeline ~ $1.8B U.S./> $2.0B Europe). Quarterly cash used in operations was $51.3M, cash used in investing $474.2M (including ~$31.8M of acquisitions), cash from financing $968.5M, operating expenses $67.3M (cash OpEx $36.9M), and the company reiterated targets for expanding gross margin (targeting >50% over time), expects OAS EBITDA profitability in Q1 2027 (six months ahead of prior guidance), and estimates M&A capacity of ~$4.2B (potential to add $1.0–$1.8B of incremental annualized revenue using 2.5x–4x 2027 revenue multiples).Ondas Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
74
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 96.60M | 50.73M | 7.19M | 15.69M | 2.13M | 2.91M |
| Gross Profit | 43.33M | 20.16M | 345.00K | 6.38M | 1.11M | 1.10M |
| EBITDA | 258.99M | -118.33M | -28.72M | -34.64M | -64.63M | -15.55M |
| Net Income | 245.07M | -132.02M | -38.01M | -44.84M | -73.24M | -15.02M |
Balance Sheet | ||||||
| Total Assets | 2.45B | 1.14B | 109.62M | 92.16M | 97.95M | 117.44M |
| Cash, Cash Equivalents and Short-Term Investments | 1.47B | 616.11M | 29.96M | 14.98M | 29.78M | 40.82M |
| Total Debt | 7.87M | 12.49M | 60.31M | 35.29M | 33.39M | 1.81M |
| Total Liabilities | 1.37B | 661.23M | 73.68M | 47.11M | 39.72M | 5.21M |
| Stockholders Equity | 1.07B | 437.36M | 16.58M | 33.14M | 58.22M | 112.23M |
Cash Flow | ||||||
| Free Cash Flow | -85.30M | -40.88M | -35.20M | -34.30M | -40.89M | -17.92M |
| Operating Cash Flow | -83.38M | -38.75M | -33.47M | -34.02M | -37.96M | -16.90M |
| Investing Cash Flow | -734.10M | -260.13M | -1.73M | 536.27K | -6.93M | -10.21M |
| Financing Cash Flow | 1.83B | 862.65M | 50.18M | 18.73M | 33.86M | 41.86M |
Ondas Technical Analysis
Negative
10.00
Price Trends
9.82
Negative
9.91
Negative
9.42
Negative
Market Momentum
-0.71
Positive
34.55
Neutral
25.16
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ONDS, the sentiment is Negative. The current price of 10 is above the 20-day moving average (MA) of 9.01, above the 50-day MA of 9.82, and above the 200-day MA of 9.42, indicating a bearish trend. The MACD of -0.71 indicates Positive momentum. The RSI at 34.55 is Neutral, neither overbought nor oversold. The STOCH value of 25.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ONDS.
Ondas Risk Analysis
Ondas disclosed 62 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $2.72B | 62.20 | 6.72% | ― | 13.48% | 0.69% | |
69 Neutral | $3.15B | 56.60 | 7.32% | ― | -1.25% | ― | |
67 Neutral | $3.90B | 244.46 | 21.07% | ― | 14.90% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $1.53B | -38.03 | -10.31% | ― | -27.47% | -181.91% | |
58 Neutral | $10.28B | -171.72 | -6.92% | ― | 30.59% | -1171.00% | |
50 Neutral | $3.88B | 37.73 | 46.94% | ― | 793.18% | ― |
* Technology Sector Average
ONDS
Ondas
7.41
5.66
323.43%
DGII
Digi International
72.15
37.05
105.56%
EXTR
Extreme Networks
29.80
11.32
61.26%
HLIT
Harmonic
14.07
3.90
38.35%
KN
Knowles
36.78
19.03
107.21%
VIAV
Viavi Solutions
41.66
31.43
307.23%
Ondas Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Ondas Registers Resale Shares from Recent Acquisitions
Neutral
Jun 26, 2026
On June 26, 2026, Ondas Inc. filed a prospectus supplement with the U.S. Securities and Exchange Commission to register the resale, from time to time, of 3,378,084 shares of its common stock by certain existing stockholders. These shares were prev...
M&A TransactionsRegulatory Filings and Compliance
Ondas Registers Resale of Shares from Recent Acquisitions
Neutral
Jun 22, 2026
On June 22, 2026, Ondas Inc. filed a prospectus supplement with the U.S. Securities and Exchange Commission registering the potential resale from time to time by certain stockholders of 3,126,979 shares of its common stock. These shares were large...
Business Operations and StrategyM&A Transactions
Ondas to Acquire Cyberhawk, Expanding Infrastructure Platform
Positive
Jun 18, 2026
On June 18, 2026, Ondas Inc. announced it had entered into a definitive agreement to acquire Cyberhawk Holdings Limited, a global provider of critical infrastructure intelligence, drone-based inspection, visual data management and AI-enabled analy...
Business Operations and StrategyM&A TransactionsRegulatory Filings and Compliance
Ondas Files Prospectus for Resale of Acquisition Shares
Neutral
Jun 15, 2026
On June 15, 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 6,070,948 shares of its common stock held by certain stockholders. These stockholders...
M&A TransactionsRegulatory Filings and Compliance
Ondas Registers Resale of Shares After Omnisys Acquisition
Neutral
Jun 9, 2026
On June 9, 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 2,701,420 shares of its common stock by certain existing stockholders. These shares ...
Business Operations and StrategyM&A TransactionsRegulatory Filings and Compliance
Ondas Registers Omnisys-Related Shares for Resale
Neutral
Jun 3, 2026
On June 3, 2026, Ondas Inc. filed a prospectus supplement with the U.S. Securities and Exchange Commission under an existing shelf registration to cover the potential resale, from time to time, of 2,112,674 shares of its common stock by certain st...
M&A TransactionsRegulatory Filings and Compliance
Ondas Registers Resale Shares Linked to World View Acquisition
Neutral
May 29, 2026
On May 29, 2026, Ondas Inc. filed a prospectus supplement with the U.S. Securities and Exchange Commission to register the resale from time to time by certain stockholders of 297 shares of its common stock, each share having a par value of $0.0001...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Ondas Shareholders Approve Share Increase and Governance Measures
Positive
May 28, 2026
At its May 28, 2026 annual meeting, Ondas Inc. shareholders approved an amendment to the company’s Amended and Restated Articles of Incorporation to lift authorized common shares from 800 million to 1.2 billion, expanding its capacity for fu...
M&A TransactionsRegulatory Filings and Compliance
Ondas Files Prospectus for Resale of Acquisition Shares
Neutral
May 28, 2026
Ondas Inc. disclosed that on May 28, 2026 it filed a prospectus supplement with the U.S. Securities and Exchange Commission to an effective shelf registration, enabling certain stockholders to resell from time to time 2,714,285 shares of its commo...
M&A TransactionsRegulatory Filings and Compliance
Ondas Files Prospectus for Resale of Acquisition Shares
Neutral
May 22, 2026
On May 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, by certain stockholders of 2,738,224 shares of its common stock. These shares had been acq...
Business Operations and StrategyM&A Transactions
Ondas Completes Omnisys Acquisition, Enhancing Defense Software Focus
Positive
May 21, 2026
On May 21, 2026, Ondas completed its previously announced acquisition of Omnisys for approximately $196.6 million in Ondas common stock, structured through a mix of shares issued at closing, escrowed stock and additional stock consideration paid i...
Business Operations and StrategyM&A Transactions
Ondas to Acquire Omnisys, Expanding Defense AI Capabilities
Positive
May 18, 2026
On May 16, 2026, Ondas Inc. signed a share purchase agreement to acquire 100% of Israel-based Omnisys Ltd. in an all-stock transaction valued at $199 million, with staged share issuances and potential earn-out payments of up to $60 million in addi...
M&A TransactionsRegulatory Filings and Compliance
Ondas Files Prospectus for Potential Share Resales
Neutral
May 18, 2026
On May 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 2,264,491 shares of its common stock by certain existing stockholders. Those stockho...
M&A TransactionsRegulatory Filings and Compliance
Ondas Registers Shares for Resale After World View Deal
Neutral
May 15, 2026
On May 15, 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 3,342,378 shares of its common stock. These shares were previously issued to certain s...
Business Operations and StrategyM&A TransactionsRegulatory Filings and Compliance
Ondas Files Prospectus for Resale of Acquired Shares
Neutral
May 13, 2026
On May 13, 2026, Ondas Inc. filed a prospectus supplement with the U.S. Securities and Exchange Commission to allow certain stockholders to resell up to 2,774,693 shares of its common stock. These shares were previously issued to those stockholder...
Business Operations and StrategyM&A TransactionsRegulatory Filings and Compliance
Ondas Registers Resale Shares Tied to World View Acquisition
Neutral
May 8, 2026
Ondas Inc. disclosed that on May 8, 2026, it filed a prospectus supplement with the U.S. Securities and Exchange Commission to register the resale from time to time by certain stockholders of 6,351 shares of its common stock. These shares were pre...
M&A TransactionsRegulatory Filings and Compliance
Ondas Registers Resale Shares from Mistral Acquisition
Neutral
May 8, 2026
On May 8, 2026, Ondas Inc. filed a prospectus supplement with the U.S. Securities and Exchange Commission to register the resale from time to time of 2,793,294 shares of its common stock held by certain stockholders. These stockholders had previou...
M&A TransactionsRegulatory Filings and Compliance
Ondas Registers Mistral Acquisition Shares for Resale
Neutral
May 5, 2026
Ondas Inc. disclosed that on May 5, 2026, it filed a prospectus supplement with the U.S. Securities and Exchange Commission to register the resale, from time to time, of 2,535,496 shares of its common stock by certain stockholders. These shares we...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsShareholder Meetings
Ondas Highlights Rapid Growth and Strategic Expansion Plan
Positive
May 4, 2026
Ondas Inc. on May 4, 2026 released a CEO letter ahead of its May 28, 2026 annual meeting, highlighting a year of rapid expansion driven by its Core + Strategic Growth plan and growing demand for autonomous systems from defense and security markets...
Business Operations and StrategyM&A TransactionsRegulatory Filings and Compliance
Ondas Registers Resale Shares From World View Acquisition
Neutral
May 1, 2026
On May 1, 2026, Ondas Inc. filed a prospectus supplement with the U.S. Securities and Exchange Commission to register the resale, from time to time, of 4,001 shares of its common stock held by certain stockholders. These stockholders received the ...
M&A TransactionsRegulatory Filings and Compliance
Ondas Registers Resale of Shares from Mistral Acquisition
Neutral
Apr 29, 2026
On April 29, 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 2,351,833 shares of its common stock held by certain stockholders. These stockhold...
M&A TransactionsRegulatory Filings and Compliance
Ondas Registers Resale Shares After World View Acquisition
Neutral
Apr 24, 2026
On April 24, 2026, Ondas Inc. filed a prospectus supplement with the U.S. Securities and Exchange Commission to register the resale, from time to time, of 1,455,388 shares of its common stock by certain existing stockholders. These shares were ori...
Business Operations and StrategyM&A Transactions
Ondas Completes Mistral Merger, Expanding Defense Prime Reach
Positive
Apr 24, 2026
On April 24, 2026, Ondas Inc. completed its $175 million merger with Mistral Inc., a U.S.-based defense prime contractor, folding Mistral into Ondas as a wholly owned subsidiary and issuing a mix of immediate and deferred common stock consideratio...
Business Operations and StrategyM&A TransactionsRegulatory Filings and Compliance
Ondas Registers Shares for Resale After World View Acquisition
Neutral
Apr 17, 2026
On April 17, 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 2,328,342 shares of its common stock by certain existing stockholders. These shares ...
Business Operations and StrategyRegulatory Filings and Compliance
Ondas Registers Resale of Shares from World View Acquisition
Neutral
Apr 10, 2026
On April 10, 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 881,131 shares of its common stock by certain stockholders. These shares were prev...
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.