Ondas (ONDS)
Market Price (7/5/2026): $7.455 | Market Cap: $3.3 BilSector: Information Technology | Industry: Communications Equipment
Ondas (ONDS)
Market Price (7/5/2026): $7.455Market Cap: $3.3 BilSector: Information TechnologyIndustry: Communications Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.0% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -44% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 793% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -53% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Advanced Aviation & Space. Themes include Telecom Infrastructure, Network Equipment, Show more. | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -91 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -94% Expensive valuation multiplesP/SPrice/Sales ratio is 34x Stock price has recently run up significantly12M Rtn12 month market price return is 301% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 35% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -86%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -90% High stock price volatilityVol 12M is 126% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 38% Key risksONDS key risks include [1] persistent unprofitability and high cash burn, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.0% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -44% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 793% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -53% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Advanced Aviation & Space. Themes include Telecom Infrastructure, Network Equipment, Show more. |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -91 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -94% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 34x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 301% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 35% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -86%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -90% |
| High stock price volatilityVol 12M is 126% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 38% |
| Key risksONDS key risks include [1] persistent unprofitability and high cash burn, Show more. |
Qualitative Assessment
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Ondas (ONDS) stock has lost about 20% since 3/31/2026 because of the following key factors:
1. Significant Insider Selling and Share Overhang in Q2 2026.
During Q2 2026, Ondas experienced notable insider selling, with CEO Eric A. Brock selling shares worth approximately $31.9 million on June 1, 2026, and Ron Stern selling shares for an estimated $6.7 million. This substantial insider selling, coupled with the registration of 3.378 million existing shares for potential resale and the intent of other existing holders to sell approximately 3.4 million shares, created an overhang of potential supply in the market and negatively impacted investor confidence.
2. Persistent Operating Losses and Cash Burn Despite Revenue Growth.
While Ondas reported a substantial increase in revenue for fiscal Q1 2026 (ended March 31, 2026), reaching $50.1 million—a more than tenfold increase year-over-year and a 25% beat on analyst estimates—the company continued to post an operating loss of $42.7 million. Furthermore, cash flow from operating activities remained negative at $51.3 million for the quarter. This ongoing operational unprofitability and significant cash burn, despite positive top-line growth and raised full-year 2026 revenue guidance of at least $390 million, likely raised concerns among investors about the company's underlying financial health and future capital requirements.
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Ondas (ONDS) stock has lost about 20% since 3/31/2026 because of the following key factors:
1. Significant Insider Selling and Share Overhang in Q2 2026.
During Q2 2026, Ondas experienced notable insider selling, with CEO Eric A. Brock selling shares worth approximately $31.9 million on June 1, 2026, and Ron Stern selling shares for an estimated $6.7 million. This substantial insider selling, coupled with the registration of 3.378 million existing shares for potential resale and the intent of other existing holders to sell approximately 3.4 million shares, created an overhang of potential supply in the market and negatively impacted investor confidence.
2. Persistent Operating Losses and Cash Burn Despite Revenue Growth.
While Ondas reported a substantial increase in revenue for fiscal Q1 2026 (ended March 31, 2026), reaching $50.1 million—a more than tenfold increase year-over-year and a 25% beat on analyst estimates—the company continued to post an operating loss of $42.7 million. Furthermore, cash flow from operating activities remained negative at $51.3 million for the quarter. This ongoing operational unprofitability and significant cash burn, despite positive top-line growth and raised full-year 2026 revenue guidance of at least $390 million, likely raised concerns among investors about the company's underlying financial health and future capital requirements.
3. Disconnect Between Reported Net Income and Core Operational Performance.
Ondas reported a net income of $361.7 million for fiscal Q1 2026, which initially appeared positive. However, this figure was largely driven by non-cash gains, including a $389.5 million gain from warrant fair-value remeasurement and a $51.5 million gain from the deconsolidation of a subsidiary. Investors likely distinguished between these one-time, non-cash accounting adjustments and the company's core operational performance, which showed persistent losses and cash burn, leading to skepticism despite the headline net income figure.
4. Broader Market Volatility and Sentiment Shift in the Tech Sector.
During Q2 2026, the broader market, particularly the technology sector, experienced increased volatility. While AI-related investments continued to drive growth in certain areas, geopolitical conflicts and rising energy prices contributed to market uncertainty. The volatility gap between the Nasdaq 100 and the S&P 500 widened to its highest level since the 2008 financial crisis, reflecting growing investor apprehension about potential pullbacks in tech stocks. This cautious macroeconomic backdrop and shift in sentiment towards technology shares likely added downward pressure on Ondas's stock during the period.
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Stock Movement Drivers
Fundamental Drivers
The -18.0% change in ONDS stock from 3/31/2026 to 7/4/2026 was primarily driven by a -49.7% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 7042026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.04 | 7.41 | -18.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 51 | 97 | 90.4% |
| P/S Multiple | 67.9 | 34.1 | -49.7% |
| Shares Outstanding (Mil) | 381 | 445 | -14.5% |
| Cumulative Contribution | -18.0% |
Market Drivers
3/31/2026 to 7/4/2026| Return | Correlation | |
|---|---|---|
| ONDS | -18.0% | |
| Market (SPY) | 14.5% | 40.9% |
| Sector (XLK) | 35.9% | 44.2% |
Fundamental Drivers
The -24.1% change in ONDS stock from 12/31/2025 to 7/4/2026 was primarily driven by a -66.7% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 7042026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.76 | 7.41 | -24.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 25 | 97 | 290.3% |
| P/S Multiple | 102.5 | 34.1 | -66.7% |
| Shares Outstanding (Mil) | 260 | 445 | -41.6% |
| Cumulative Contribution | -24.1% |
Market Drivers
12/31/2025 to 7/4/2026| Return | Correlation | |
|---|---|---|
| ONDS | -24.1% | |
| Market (SPY) | 9.5% | 39.0% |
| Sector (XLK) | 25.6% | 42.7% |
Fundamental Drivers
The 285.9% change in ONDS stock from 6/30/2025 to 7/4/2026 was primarily driven by a 793.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302025 | 7042026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.92 | 7.41 | 285.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11 | 97 | 793.2% |
| P/S Multiple | 18.6 | 34.1 | 83.2% |
| Shares Outstanding (Mil) | 105 | 445 | -76.4% |
| Cumulative Contribution | 285.9% |
Market Drivers
6/30/2025 to 7/4/2026| Return | Correlation | |
|---|---|---|
| ONDS | 285.9% | |
| Market (SPY) | 21.6% | 34.9% |
| Sector (XLK) | 43.2% | 35.4% |
Fundamental Drivers
The 761.2% change in ONDS stock from 6/30/2023 to 7/4/2026 was primarily driven by a 2140.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7042026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.86 | 7.41 | 761.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4 | 97 | 2140.6% |
| P/S Multiple | 9.5 | 34.1 | 258.7% |
| Shares Outstanding (Mil) | 48 | 445 | -89.3% |
| Cumulative Contribution | 761.2% |
Market Drivers
6/30/2023 to 7/4/2026| Return | Correlation | |
|---|---|---|
| ONDS | 761.2% | |
| Market (SPY) | 74.0% | 29.3% |
| Sector (XLK) | 111.6% | 29.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ONDS Return | -28% | -76% | -4% | 67% | 281% | -19% | -15% |
| Peers Return | 54% | -14% | 11% | 20% | 69% | 58% | 373% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 99% |
Monthly Win Rates [3] | |||||||
| ONDS Win Rate | 33% | 42% | 33% | 25% | 67% | 43% | |
| Peers Win Rate | 68% | 38% | 50% | 57% | 63% | 63% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| ONDS Max Drawdown | -63% | -82% | -86% | -71% | -76% | -45% | |
| Peers Max Drawdown | -20% | -36% | -38% | -32% | -33% | -24% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VSAT, ADTN, CSCO, ANET, MSI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/2/2026 (YTD)
How Low Can It Go
| Event | ONDS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -52.7% | -18.8% |
| % Gain to Breakeven | 111.3% | 23.1% |
| Time to Breakeven | 81 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -15.3% | -7.8% |
| % Gain to Breakeven | 18.1% | 8.5% |
| Time to Breakeven | 2 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -80.1% | -9.5% |
| % Gain to Breakeven | 401.5% | 10.5% |
| Time to Breakeven | 69 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -59.8% | -6.7% |
| % Gain to Breakeven | 148.7% | 7.1% |
| Time to Breakeven | 611 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -51.1% | -24.5% |
| % Gain to Breakeven | 104.5% | 32.4% |
| Time to Breakeven | 1078 days | 427 days |
In The Past
Ondas's stock fell -52.7% during the 2025 US Tariff Shock. Such a loss loss requires a 111.3% gain to breakeven.
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| Event | ONDS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -52.7% | -18.8% |
| % Gain to Breakeven | 111.3% | 23.1% |
| Time to Breakeven | 81 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -80.1% | -9.5% |
| % Gain to Breakeven | 401.5% | 10.5% |
| Time to Breakeven | 69 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -59.8% | -6.7% |
| % Gain to Breakeven | 148.7% | 7.1% |
| Time to Breakeven | 611 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -51.1% | -24.5% |
| % Gain to Breakeven | 104.5% | 32.4% |
| Time to Breakeven | 1078 days | 427 days |
In The Past
Ondas's stock fell -52.7% during the 2025 US Tariff Shock. Such a loss loss requires a 111.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Ondas (ONDS)
Ondas Holdings Inc. (ONDS) is a technology company specializing in private wireless networks and automated drone solutions. The company operates through two primary segments: Ondas Networks, which focuses on industrial wireless connectivity, and American Robotics, dedicated to autonomous drone systems. Together, these segments provide secure, reliable, and automated data solutions designed for critical infrastructure and mission-critical applications.
The Ondas Networks segment develops and supports the FullMAX software-defined radio (SDR) platform, including its base stations and remote radios. This platform delivers industrial-grade, private wireless connectivity essential for critical operations. Concurrently, the American Robotics segment offers an end-to-end automated drone solution featuring the AI-powered Scout Drone with imaging capabilities, the ScoutBase for automated housing and charging, and the ScoutView software package for analytics and user interface, providing autonomous data collection and processing.
Ondas serves a broad spectrum of critical infrastructure providers and applications. Its customer base includes rail operators, electric and gas utilities, water and wastewater facilities, oil and gas producers and pipeline operators, and commercial and industrial drone operators. Additionally, the company's solutions cater to the needs of homeland security, defense, and transportation markets, supporting vital services with enhanced connectivity and automated data intelligence.
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A specialized Ericsson or Nokia for private, mission-critical industrial wireless networks.
A Boston Dynamics for fully autonomous industrial inspection drones.
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- FullMAX SDR Platform: A software-defined radio platform that enables secure and reliable industrial-grade connectivity for mission-critical applications.
- FullMAX Base Station and Remote Radios: Hardware components provided as part of the FullMAX SDR platform for enhanced connectivity.
- Scout Drone: An AI-powered drone equipped with imaging payloads for various industrial and critical infrastructure applications.
- ScoutBase: A ruggedized base station for drones, facilitating housing, charging, data processing, and cloud transfer.
- ScoutView: An analytics and user interface software package designed for American Robotics' drone and data solutions.
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Ondas (ONDS) sells its products and services primarily to other companies. Its major customers are critical infrastructure providers and applications, which include:
- Rail operators
- Commercial and industrial drone operators
- Electric and gas utilities
- Water and wastewater utilities
- Oil and gas producers and pipeline operators
- Critical infrastructure applications in homeland security and defense
- Critical infrastructure applications in transportation markets
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Eric Brock, Chairman, President and Chief Executive Officer
Mr. Brock is the founder of Ondas and has served as its Chairman and Chief Executive Officer since 2018, adding the President role in June 2023. He is an entrepreneur with over 20 years of global banking and investing experience. Prior to founding Ondas, he was a founding Partner and Portfolio Manager with Clough Capital Partners, a Boston-based investment firm, from 2000 to 2017. Mr. Brock also previously worked as an investment banker at Bear, Stearns & Co. and an accountant at Ernst & Young, LLP. He holds an MBA from the University of Chicago and a BS from Boston College.
Neil Laird, Chief Financial Officer and Treasurer
Mr. Laird has served as the CFO of Ondas since June 2024, having provided accounting and financial services to the company since 2021. He is an experienced executive who has led finance teams at both public and private companies, with expertise in mergers and acquisitions, financing, international operations, and SEC reporting. Since 2016, he has worked with startup high-technology companies, assisting them with accounting systems, procedures, and obtaining financing. From 1999 to 2016, Mr. Laird was CFO at several Silicon Valley-based companies, including ADAC Laboratories, SumTotal Systems, and Mobileum. He is a UK Chartered Accountant and holds an MA in Economics from Cambridge University.
Patrick Huston, Chief Operating Officer, General Counsel and Secretary
Mr. Huston leads operational execution, integration, and governance across Ondas' autonomous systems business. He is a retired U.S. Army Brigadier General with over 35 years of experience in national security operations, policy, and law. His military career included roles as a Commanding General and other leadership and combat positions with the 101st Airborne Division, Joint Special Operations Command, and U.S. Central Command. He holds an engineering degree from West Point and graduate degrees in both law and strategy.
Oshri Lugassy, Co-CEO of Ondas Autonomous Systems
Mr. Lugassy is responsible for leading the advancement and deployment of autonomous drone and robotics solutions for industrial and defense applications within Ondas Autonomous Systems. He brings decades of experience in defense technology, strategic leadership, and global business development to his role.
Meir Kliner, President of Ondas Autonomous Systems
Mr. Kliner is the CEO and founder of Airobotics, a company acquired by Ondas, and brings over 20 years of managerial experience with expertise in the development of drones for various industries. He now serves as the President of Ondas Autonomous Systems.
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The key risks for Ondas Holdings Inc. (ONDS) revolve around its financial viability, the effective execution of its aggressive growth strategy, and the inherent challenges of its competitive and regulated markets.
- Unprofitability and Financial Execution / Capital Structure / Dilution Risk: Ondas has consistently incurred significant operating losses for many years and remains deeply unprofitable. The company heavily relies on equity financing to fund its rapid expansion, which has led to substantial shareholder dilution. Despite a fortified balance sheet with significant cash, its high valuation multiples are considered justifiable only by "sustained hyper-growth". Failure to achieve consistent profitability or effectively convert its order backlog into revenue poses a primary financial execution risk.
- Execution Risk and Integration of Acquisitions / Scaling Challenges: Ondas is undertaking rapid expansion, particularly within its Ondas Autonomous Systems (OAS) division, and has made numerous acquisitions. This aggressive growth strategy introduces considerable "execution and commercialization risks" as well as "integration overload risk". If these strategic acquisitions falter or fail to integrate effectively, it could lead to "management chaos" and significantly impede the company's growth trajectory due to delays in commercialization or scaling production.
- High Valuation, Volatility, and Competitive & Regulatory Pressures: Ondas's stock trades at a substantial premium, with a forward price-to-sales ratio significantly higher than the industry median, implying that its valuation is predicated on "enormous potential for future growth". This elevated valuation, coupled with the company's high beta (suggesting significant price fluctuations), exposes investors to considerable volatility and heightened downside risk. Furthermore, as a technology hardware company operating in the drone and private wireless markets, Ondas faces intense competition and risks associated with rapid technological changes. The company's operations are also subject to "intense regulatory processes" in the drone industry, where changes in policies or delays in approvals could adversely impact its performance.
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The addressable markets for Ondas Holdings Inc.'s main products and services are substantial and are experiencing significant growth.
Ondas Networks (Private Wireless and Software Defined Radio Solutions)
The global private wireless market, which includes solutions like Ondas's FullMAX software defined radio (SDR) platform for mission-critical applications, was valued at approximately USD 6.27 billion in 2024. This market is projected to grow significantly, reaching nearly USD 32.86 billion by 2032, with a compound annual growth rate (CAGR) of 23% from 2025. Another estimate places the private wireless market at USD 6.287 billion in 2024, growing to USD 32.30 billion by 2032 at a CAGR of 22.7%. Furthermore, global spending on private LTE and 5G network infrastructure for vertical industries is anticipated to exceed USD 6 billion by the end of 2027, growing at a CAGR of approximately 20% between 2024 and 2027. North America holds the largest share of the global private wireless market. More specifically for private LTE, North America dominated with a 37.50% share in 2025.
The broader global software defined radio (SDR) market, which encompasses the technology behind Ondas's FullMAX platform, was estimated at USD 30.09 billion in 2024. It is projected to reach approximately USD 68.78 billion by 2034, expanding at a CAGR of 8.62% from 2025. North America accounted for the largest market share of 35% in 2024 within the global software defined radio market.
American Robotics (Drone and Automated Data Solutions)
The global industrial drones market, which includes the Scout Drone and automated data solutions offered by American Robotics, was valued at USD 15.3 billion in 2023. This market is estimated to grow at a CAGR of 6.5% during the forecast period, reaching USD 26.9 billion by 2032. Another report projects the industrial drone market to reach USD 6.01 billion by 2029, up from USD 3.56 billion in 2024, at a CAGR of 11.0%. North America is estimated to hold the largest market share in 2024 for industrial drones.
More specifically for drone inspection and monitoring, which is a key application for American Robotics, the global inspection drone market size was valued at USD 3.37 billion in 2024. It is projected to grow to USD 12.34 billion by 2032, exhibiting a CAGR of 17.6%. North America dominated this market with a 34.72% share in 2024, with the U.S. alone contributing over 90.59% of the regional share. Another source states the inspection drones market was valued at USD 11.75 billion in 2025 and is estimated to grow to USD 37.05 billion by 2031, at a CAGR of 21.08%.
The global autonomous drone market, highly relevant for American Robotics' AI-powered drones and automated operations, was valued at USD 8.6 billion in 2024. It is projected to grow at a CAGR of 17.8% from 2025 to 2030, reaching USD 27 billion by 2030. North America holds the largest share of the global autonomous drone market, accounting for over 35% of total revenue.
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Expected Drivers of Future Revenue Growth for Ondas Holdings Inc. (ONDS)
Ondas Holdings Inc. (ONDS) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies and market trends:
- Growth in Demand for Autonomous Drone Systems and Counter-UAS Technologies: Ondas Autonomous Systems (OAS), the company's flagship division, is experiencing exponential growth in demand for drone defense systems and autonomous monitoring of industrial facilities. This includes increased deployments of platforms like Iron Drone Raider and Optimus, as well as expanding opportunities in the Counter-Unmanned Aerial Systems (C-UAS) segment and ground robotics. Geopolitical tensions are also contributing to increased defense spending, further benefiting the OAS segment. The global drone services market is projected for substantial growth, with military organizations increasingly adopting a "Drone-as-a-Service" model.
- Strategic Partnerships and Market Expansion: The company's strategic partnership with Palantir (PLTR) is expected to be a significant driver. This collaboration has already increased demand for Ondas' kinetic drone interception technology and positions Ondas as a "gold standard" for AI-driven autonomous defense systems. This partnership is anticipated to enhance operational efficiencies, scale OAS's operations, support revenue growth, and broaden its customer base, potentially making Ondas a key player in Palantir's defense contracts.
- Inorganic Growth Through Strategic Acquisitions: Ondas has actively pursued an aggressive growth strategy through strategic acquisitions to enhance its technological capabilities and expand its market reach. Recent acquisitions, such as Roboteam, Sentrycs, and Apeiro Motion, are contributing to revenue and broadening the company's offerings in counter-UAS solutions, autonomous ground robotics, and other multi-domain robotics capabilities. The company expects significant revenue increases from its acquisition pipeline.
- Increased Adoption and Deployment of Ondas Networks' Private Wireless Solutions: The Ondas Networks segment, with its FullMAX software-defined radio (SDR) platform, is focused on providing secure broadband networks for critical infrastructure. This includes continued strategic value building and progress in private wireless network technologies for rail operations, as well as the rollout of 900-megahertz networks, which are expected to unlock further revenue streams in markets such as electric and gas utilities, water and wastewater utilities, and oil and gas.
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Share Issuance
- In January 2026, Ondas completed a registered direct offering that generated approximately $959.2 million in net proceeds through the sale of common stock and pre-funded warrants. This offering included warrants that could potentially raise an additional $3.4 billion if fully exercised.
- During October 2025, Ondas closed an offering of equity and pre-funded warrants, resulting in approximately $407.2 million in net proceeds, with warrants potentially yielding an additional $1.5 billion upon exercise.
- Ondas conducted several public offerings in 2025, including a $200 million offering of common stock in September, a $150 million equity financing round in August, and a $40 million public offering in June.
Inbound Investments
- Ondas received approximately $959.2 million in net proceeds from a registered direct offering to an institutional investor in January 2026.
- In October 2025, the company secured approximately $407.2 million in net proceeds from an offering of equity and pre-funded warrants, reflecting significant institutional interest.
- In August 2025, Ondas successfully raised $150 million through an equity financing round to support its growth initiatives.
Outbound Investments
- In March 2026, Ondas made a $10 million strategic investment in World View Enterprises, Inc. to enhance multi-domain intelligence, surveillance, and reconnaissance (ISR) solutions.
- Ondas made several acquisitions in late 2025 and early 2026, including INDO Earth Moving Ltd. in March 2026, Rotron Aerospace Ltd. in March 2026, Sentrycs in November 2025, and a controlling interest in Insight Intelligent Sensors in October 2025.
- The company made strategic investments in Kopin Corporation for $41 million in October 2025 and an additional $14 million investment in Safe Pro Group Inc. in October 2025, following an earlier investment in August 2025.
Capital Expenditures
- Ondas Holdings Inc. invested $171,000 in capital expenditures during Q3 2025, representing a 78.0% increase from the previous quarter.
- In Q3 2025, capital expenditures totaled $1.6 million, which consumed a significant portion of the company's operating cash flow.
- Net proceeds from a $40 million public offering in June 2025 were intended for general corporate purposes, including funding capital expenditures and providing working capital.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 97.88 |
| Mkt Cap | 40.7 |
| Rev LTM | 7,163 |
| Op Inc LTM | 1,470 |
| FCF LTM | 1,556 |
| FCF 3Y Avg | 1,164 |
| CFO LTM | 2,172 |
| CFO 3Y Avg | 1,774 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.0% |
| Rev Chg 3Y Avg | 16.3% |
| Rev Chg Q | 13.7% |
| QoQ Delta Rev Chg LTM | 3.2% |
| Op Inc Chg LTM | 13.1% |
| Op Inc Chg 3Y Avg | 8.6% |
| Op Mgn LTM | 11.6% |
| Op Mgn 3Y Avg | 7.8% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 22.4% |
| CFO/Rev 3Y Avg | 22.6% |
| FCF/Rev LTM | 16.5% |
| FCF/Rev 3Y Avg | 11.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Ondas Autonomous Systems (OAS) | 50 | 5 | 9 | 0 | 0 |
| Ondas Networks | 1 | 2 | 7 | 2 | 3 |
| Total | 51 | 7 | 16 | 2 | 3 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Ondas Networks | -13 | -14 | -13 |
| Corporate operating loss | -17 | -2 | -5 |
| Ondas Autonomous Systems (OAS) | -28 | -19 | -22 |
| Total | -58 | -35 | -40 |
| $ Mil | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|
| Ondas Networks | -17 | -14 | -8 | -13 |
| Ondas Autonomous Systems (OAS) | -28 | -59 | -7 | |
| Total | -45 | -73 | -15 | -13 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Corporate | 613 | 28 | |||
| Ondas Autonomous Systems (OAS) | 510 | 71 | 73 | 64 | 72 |
| Ondas Networks | 9 | 10 | 19 | 34 | 45 |
| Total | 1,133 | 110 | 92 | 98 | 117 |
Price Behavior
| Market Price | $7.41 | |
| Market Cap ($ Bil) | 3.3 | |
| First Trading Date | 11/15/2018 | |
| Distance from 52W High | -47.1% | |
| 50 Days | 200 Days | |
| DMA Price | $9.82 | $9.42 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -24.6% | -21.3% |
| 3M | 1YR | |
| Volatility | 106.4% | 126.2% |
| Downside Capture | 729.15 | 364.39 |
| Upside Capture | 302.48 | 457.68 |
| Correlation (SPY) | 40.8% | 35.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.09 | 4.06 | 3.24 | 2.85 | 3.50 | 2.48 |
| Up Beta | 2.07 | 1.56 | 1.03 | 1.19 | 3.65 | 1.76 |
| Down Beta | 1.00 | 2.11 | 2.37 | 1.61 | 2.16 | 2.30 |
| Up Capture | 164% | 534% | 460% | 696% | 3158% | 32954% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 9 | 18 | 30 | 59 | 129 | 357 |
| Down Capture | 496% | 495% | 468% | 256% | 188% | 113% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 12 | 23 | 33 | 66 | 122 | 383 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ONDS | |
|---|---|---|---|---|
| ONDS | 280.1% | 125.8% | 1.63 | - |
| Sector ETF (XLK) | 44.7% | 24.0% | 1.48 | 35.5% |
| Equity (SPY) | 21.7% | 12.5% | 1.29 | 34.9% |
| Gold (GLD) | 23.1% | 27.7% | 0.73 | 17.5% |
| Commodities (DBC) | 21.3% | 18.6% | 0.90 | 5.2% |
| Real Estate (VNQ) | 13.6% | 13.8% | 0.68 | 4.3% |
| Bitcoin (BTCUSD) | -42.0% | 42.7% | -1.15 | 32.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ONDS | |
|---|---|---|---|---|
| ONDS | -2.5% | 113.7% | 0.49 | - |
| Sector ETF (XLK) | 20.9% | 25.4% | 0.73 | 31.9% |
| Equity (SPY) | 13.3% | 17.1% | 0.60 | 31.4% |
| Gold (GLD) | 17.9% | 18.3% | 0.79 | 4.6% |
| Commodities (DBC) | 6.9% | 19.5% | 0.25 | 5.9% |
| Real Estate (VNQ) | 3.1% | 18.9% | 0.06 | 22.4% |
| Bitcoin (BTCUSD) | 12.2% | 53.8% | 0.41 | 20.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ONDS | |
|---|---|---|---|---|
| ONDS | 1.9% | 113.1% | 0.54 | - |
| Sector ETF (XLK) | 24.9% | 24.8% | 0.91 | 31.5% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 30.9% |
| Gold (GLD) | 12.1% | 16.1% | 0.61 | 4.8% |
| Commodities (DBC) | 5.7% | 18.0% | 0.25 | 7.2% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 22.3% |
| Bitcoin (BTCUSD) | 59.0% | 66.2% | 0.99 | 19.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/14/2026 | 26.5% | 5.6% | 5.3% |
| 3/25/2026 | -3.5% | -15.4% | -1.3% |
| 1/16/2026 | -5.1% | -5.1% | -21.6% |
| 11/13/2025 | 19.1% | 36.1% | 39.6% |
| 8/12/2025 | 25.1% | 16.9% | 62.1% |
| 5/15/2025 | -2.2% | -1.2% | 107.8% |
| 3/12/2025 | -3.7% | 2.9% | 14.7% |
| 11/12/2024 | -2.0% | -15.8% | 31.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 10 | 12 |
| # Negative | 16 | 13 | 11 |
| Median Positive | 17.9% | 15.7% | 23.5% |
| Median Negative | -5.7% | -15.0% | -23.8% |
| Max Positive | 26.5% | 74.2% | 108.1% |
| Max Negative | -20.0% | -26.6% | -47.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/14/2026 | 26.5% | 5.6% | 5.3% |
| 3/25/2026 | -3.5% | -15.4% | -1.3% |
| 1/16/2026 | -5.1% | -5.1% | -21.6% |
| 11/13/2025 | 19.1% | 36.1% | 39.6% |
| 8/12/2025 | 25.1% | 16.9% | 62.1% |
| 5/15/2025 | -2.2% | -1.2% | 107.8% |
| 3/12/2025 | -3.7% | 2.9% | 14.7% |
| 11/12/2024 | -2.0% | -15.8% | 31.1% |
| 8/14/2024 | -14.9% | 13.2% | 19.2% |
| 5/15/2024 | -5.3% | -18.3% | -8.0% |
| 2/26/2024 | 11.1% | 0.8% | -23.8% |
| 11/14/2023 | -4.2% | 74.2% | 108.1% |
| 8/14/2023 | -6.1% | -11.4% | -27.1% |
| 5/15/2023 | -14.3% | -15.0% | 0.9% |
| 3/14/2023 | -2.5% | -26.6% | -40.9% |
| 11/14/2022 | -6.4% | -24.7% | -47.5% |
| 8/9/2022 | -9.3% | -1.5% | -14.5% |
| 5/11/2022 | -12.3% | 23.0% | 16.4% |
| 3/22/2022 | 8.8% | 14.5% | 13.5% |
| 11/15/2021 | 8.2% | -14.6% | -32.2% |
| 8/16/2021 | -13.5% | -18.0% | -5.4% |
| 5/17/2021 | 17.9% | 18.7% | 27.8% |
| 3/8/2021 | -20.0% | -7.8% | -31.0% |
| SUMMARY STATS | |||
| # Positive | 7 | 10 | 12 |
| # Negative | 16 | 13 | 11 |
| Median Positive | 17.9% | 15.7% | 23.5% |
| Median Negative | -5.7% | -15.0% | -23.8% |
| Max Positive | 26.5% | 74.2% | 108.1% |
| Max Negative | -20.0% | -26.6% | -47.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 03/30/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/12/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/14/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 03/30/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/12/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/14/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/11/2022 | 10-Q |
| 12/31/2021 | 03/22/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/16/2021 | 10-Q |
| 03/31/2021 | 05/17/2021 | 10-Q |
| 12/31/2020 | 03/08/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/17/2020 | 10-Q |
| 03/31/2020 | 06/24/2020 | 10-Q |
| 12/31/2019 | 03/13/2020 | 10-K |
| 09/30/2019 | 11/14/2019 | 10-Q |
| 06/30/2019 | 08/14/2019 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 5/14/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 390.00 Mil | 4.0% | Raised | Guidance: 375.00 Mil for 2026 | |||
Prior: Q4 2025 Earnings Reported 3/25/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 38.00 Mil | 39.00 Mil | 40.00 Mil | ||||
| 2026 Revenue | 375.00 Mil | 114.3% | Raised | Guidance: 175.00 Mil for 2026 | |||
Insider Activity
Updated 6/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Brock, Eric A | Chairman, CEO and President | Direct | Sell | 6022026 | 13.43 | 2,378,245 | 31,939,830 | 48,119,824 | Form |
| 2 | Seidl, Randy | Direct | Sell | 5222026 | 9.83 | 10,000 | 98,300 | 2,904,804 | Form | |
| 3 | Cohen, Richard M | Direct | Sell | 5212026 | 9.50 | 7,500 | 71,250 | 2,516,104 | Form | |
| 4 | Brock, Eric A | Chairman, CEO and President | Direct | Sell | 12312025 | 9.71 | 475,000 | 4,611,348 | 14,186,010 | Form |
| 5 | Sood, Jaspreet K | Direct | Sell | 12232025 | 9.48 | 29,698 | 281,537 | 1,664,982 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Brock, Eric A | Chairman, CEO and President | Direct | Sell | 6022026 | 13.43 | 2,378,245 | 31,939,830 | 48,119,824 | Form |
| 2 | Seidl, Randy | Direct | Sell | 5222026 | 9.83 | 10,000 | 98,300 | 2,904,804 | Form | |
| 3 | Cohen, Richard M | Direct | Sell | 5212026 | 9.50 | 7,500 | 71,250 | 2,516,104 | Form | |
| 4 | Brock, Eric A | Chairman, CEO and President | Direct | Sell | 12312025 | 9.71 | 475,000 | 4,611,348 | 14,186,010 | Form |
| 5 | Sood, Jaspreet K | Direct | Sell | 12232025 | 9.48 | 29,698 | 281,537 | 1,664,982 | Form | |
| 6 | Seidl, Randy | Direct | Sell | 12232025 | 9.48 | 21,520 | 204,010 | 2,014,216 | Form | |
| 7 | Cohen, Richard M | Direct | Sell | 12232025 | 9.48 | 25,861 | 245,162 | 1,874,632 | Form | |
| 8 | Laird, Neil J | CFO, Secretary and Treasurer | Direct | Sell | 12232025 | 9.48 | 4,526 | 42,906 | 77,964 | Form |
| 9 | Stern, Ron | Direct | Sell | 11262025 | 7.91 | 850,000 | Form | |||
| 10 | Cohen, Richard M | Direct | Sell | 6182025 | 1.69 | 7,567 | 12,788 | 309,025 | Form | |
| 11 | Sood, Jaspreet K | Direct | Sell | 6182025 | 1.69 | 8,673 | 14,657 | 273,200 | Form |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Communications Equipment Resources |
| Light Reading |
| Fierce Network |
| Telecoms.com |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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