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Ondas
(NASDAQ:ONDS)
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Rating:62Neutral
Price Target:
$10.00
â–²(28.21% Upside)
Action:Reiterated
Date:08/17/26
ONDS scores as moderately attractive overall, led by strong balance-sheet strength and improving revenue/gross margin profile, plus upbeat guidance and backlog-driven visibility from the latest earnings call. The score is held back primarily by persistent cash burn and negative operating profitability, and secondarily by a high P/E valuation with no dividend support.
Positive Factors
Rapid revenue growth and improving gross margins
Strong revenue acceleration and higher gross margins indicate improving product adoption and potential operating leverage. If sustained across recent acquisitions and core businesses, this can strengthen the company’s revenue base and long-term gross profit capacity.
Negative Factors
Persistent operating and free cash flow burn
Sustained negative operating and free cash flow shows that revenue growth has not yet translated into self-funding operations. Continued investment and acquisition spending could consume liquidity, increasing the risk of future financing needs if cash conversion does not improve.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid revenue growth and improving gross margins
Strong revenue acceleration and higher gross margins indicate improving product adoption and potential operating leverage. If sustained across recent acquisitions and core businesses, this can strengthen the company’s revenue base and long-term gross profit capacity.
Read all positive factors
Ondas (ONDS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.08B
Dividend YieldN/A
Average Volume (3M)93.02M
Price to Earnings (P/E)87.1
Beta (1Y)2.09
Revenue Growth979.28%
EPS GrowthN/A
CountryUS
Employees477
SectorTechnology
Sector Strength88
IndustryCommunication Equipment
Share Statistics
EPS (TTM)0.10
Shares Outstanding570,552,370
10 Day Avg. Volume150,499,710
30 Day Avg. Volume93,020,353
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$19.42Price Target Upside148.93% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)0.33
Revenue Forecast (FY)$536.44M
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:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 16, 2026
Earnings Call Sentiment Positive
The call presents strong commercial and financial momentum: record quarterly revenue, very large and expanding backlog/pipeline, robust order capture, substantial pro forma organic growth, a strong cash position and clear integration tools (Palantir) and leadership additions. These positives are balanced by elevated operating expenses, a Q2 adjusted EBITDA loss (~$51M), expected near-term gross margin mix pressure and acquisition/integration-related costs. Management has provided a clear rationale that much of the spending is front-loaded to enable rapid scaling and provided a near-term path to narrowing losses and targeted profitability dates, suggesting confidence in converting demand into earnings.Positive Updates
Record Quarterly Revenue and Rapid Growth
Q2 revenue of approximately $83.8M, representing more than 13x growth versus Q2 2025 and a 67% sequential increase versus Q1 2026. On a pro forma organic basis, revenue grew ~85% year-over-year.
Negative Updates
Elevated Operating Expenses and Adjusted EBITDA Loss
GAAP operating expenses of approximately $199M in Q2; adjusted cash operating expenses ~ $93M. Adjusted EBITDA loss of about $51M for the quarter. Management attributes elevated OpEx to front-loaded investments and acquisition impacts.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Revenue and Rapid Growth
Q2 revenue of approximately $83.8M, representing more than 13x growth versus Q2 2025 and a 67% sequential increase versus Q1 2026. On a pro forma organic basis, revenue grew ~85% year-over-year.
Read all positive updates
Company Guidance
Ondas reiterated a strong second‑half ramp and raised full‑year 2026 revenue guidance to $525–$550 million (midpoint implying >10x 2025 revenue and >30% pro forma organic YoY growth), with Q3 revenue guided to $140–$155 million (midpoint ~73% sequential growth; >30% pro forma organic YoY). Q2 results underpin the outlook: revenue of ~$83.8M (up 67% sequential and >13x YoY; pro forma organic +85% YoY), gross profit ~$36M and adjusted gross margin 50.4%, adjusted cash OpEx ~$93M (total OpEx ~$199M), and an adjusted EBITDA loss of ~($51M) that management expects peaked in Q2 and to narrow beginning in Q3. Backlog and orders provide visibility: pro forma backlog ~$757M (up from $457M, ~66% sequential; pro forma backlog grew >11x in 2026), $175M of new orders in Q2 and ~ $105M Q3‑to‑date, a 2‑year strategic pipeline >$11B, cash and equivalents ~$1.4B (vs. $616M YE‑2025) after ~$325M deployed for recent acquisitions; Ondas targets >50% long‑term gross margins, expects Ondas Autonomous Systems/Ondas Sentinel profitability in Q4’26 and company‑wide adjusted EBITDA profitability in Q4’27, and anticipates exiting 2026 at a ~$1B annualized revenue run rate.Ondas Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
82
Very Positive
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 174.10M | 50.73M | 7.19M | 15.69M | 2.13M | 2.91M |
| Gross Profit | 76.12M | 20.16M | 345.00K | 6.38M | 1.11M | 1.10M |
| EBITDA | 58.41M | -118.33M | -28.72M | -34.64M | -64.63M | -15.55M |
| Net Income | 167.57M | -132.02M | -38.01M | -44.84M | -73.24M | -15.02M |
Balance Sheet | ||||||
| Total Assets | 2.99B | 1.14B | 109.62M | 92.16M | 97.95M | 117.44M |
| Cash, Cash Equivalents and Short-Term Investments | 1.38B | 616.11M | 29.96M | 14.98M | 29.78M | 40.82M |
| Total Debt | 6.41M | 12.49M | 60.31M | 35.29M | 33.39M | 1.81M |
| Total Liabilities | 1.42B | 661.23M | 73.68M | 47.11M | 39.72M | 5.21M |
| Stockholders Equity | 1.57B | 437.36M | 16.58M | 33.14M | 58.22M | 112.23M |
Cash Flow | ||||||
| Free Cash Flow | -170.63M | -40.88M | -35.20M | -34.30M | -40.89M | -17.92M |
| Operating Cash Flow | -161.06M | -38.75M | -33.47M | -34.02M | -37.96M | -16.90M |
| Investing Cash Flow | -1.02B | -260.13M | -1.73M | 536.27K | -6.93M | -10.21M |
| Financing Cash Flow | 1.78B | 862.65M | 50.18M | 18.73M | 33.86M | 41.86M |
Ondas Technical Analysis
Negative
7.80
Price Trends
8.24
Positive
9.19
Negative
9.42
Negative
Market Momentum
0.24
Positive
47.64
Neutral
24.71
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 7.8 is below the 20-day moving average (MA) of 8.59, below the 50-day MA of 8.24, and below the 200-day MA of 9.42, indicating a neutral trend. The MACD of 0.24 indicates Positive momentum. The RSI at 47.64 is Neutral, neither overbought nor oversold. The STOCH value of 24.71 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | $2.89B | 56.62 | 7.39% | ― | 20.26% | 11.95% | |
68 Neutral | $2.97B | 69.60 | 50.74% | ― | 12.59% | ― | |
68 Neutral | $2.97B | 43.05 | 8.70% | ― | 12.77% | 182.06% | |
66 Neutral | $9.56B | -300.31 | -3.16% | ― | 40.03% | -193.79% | |
62 Neutral | $5.08B | 87.11 | 18.79% | ― | 979.28% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $1.37B | -29.45 | -12.23% | ― | -28.05% | -171.21% |
* Technology Sector Average
ONDS
Ondas
8.38
3.89
86.64%
DGII
Digi International
73.61
39.15
113.61%
EXTR
Extreme Networks
22.32
1.65
7.98%
HLIT
Harmonic
12.37
3.18
34.60%
KN
Knowles
34.01
12.44
57.67%
VIAV
Viavi Solutions
38.56
27.46
247.39%
Ondas Corporate Events
Business Operations and StrategyM&A Transactions
Ondas Completes Cyberhawk Acquisition, Expanding Drone Capabilities
Positive
Aug 10, 2026
On August 10, 2026, Ondas completed its previously announced acquisition of U.K.-based Cyberhawk Holdings Limited, a global leader in drone-enabled inspection, visual data management and AI-powered asset intelligence for critical infrastructure op...
Business Operations and StrategyRegulatory Filings and Compliance
Ondas Adopts 2026 Inducement Equity Compensation Plan
Positive
Aug 7, 2026
On August 3, 2026, Ondas Inc.’s Board of Directors adopted the Ondas Inc. 2026 Inducement Plan, setting aside 20,000,000 shares of common stock for a wide range of equity awards, including stock options, restricted stock units and performanc...
Private Placements and FinancingRegulatory Filings and Compliance
Ondas Files Prospectus for Resale of Common Stock
Neutral
Jul 24, 2026
On July 24, 2026, Ondas Inc. filed a prospectus supplement with the U.S. Securities and Exchange Commission to enable the resale from time to time by certain stockholders of 2,583 shares of its common stock. These shares were previously acquired b...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Ondas expands defense capabilities with DZYNE acquisition
Positive
Jul 6, 2026
On July 2, 2026, Ondas Inc. completed the acquisition of High Point UAS, LLC, thereby gaining full ownership of DZYNE Technologies, for about $200 million in cash plus 84,999,996 shares of common stock structured between immediate and locked-up tr...
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...
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.