Facts
In its Q2 earnings announced on 2026-08-13, Ondas Inc (ONDS) reported revenue of $83.8 million, up 67% quarter-over-quarter and approximately 13x year-over-year (company earnings release, A). In the same release, the company disclosed Q2 new bookings of $175 million and a backlog of $613 million as of 2026-06-30 (expanded from $68 million at the end of 2025), with a cumulative first-half operating loss of $205,617,000 (confirmed financial data, A). The company made a series of defense- and reconnaissance-related acquisitions in the first half of 2026, including Mistral, Roboteam, and Cyberhawk, and two large capital raises in October 2025 and January 2026 (combined net proceeds of approximately $1.37 billion) increased shares outstanding from approximately 75.3 million in October 2024 to approximately 529.8 million in June 2026 (SEC filings, A).
Change Context Note
On the analysis reference date (2026-08-14), the closing price was $9.24, up 3.70% from the prior day, with volume of approximately 96.85 million shares (A). On the day of the 2026-08-13 earnings release, the share price fell as the net loss widened (-$0.19 per share), then rebounded the following trading day; as of the 2026-07-15 settlement date, short interest as a percentage of float stood at 43.9%, remaining elevated compared to peer defense-drone-related stocks (secondary source, as cited).
Business Structure
Ondas consists of two business segments: Ondas Networks, which provides industrial private wireless networks (the FullMAX SDR platform for rail, utilities, and oil & gas), and Ondas Autonomous Systems (OAS), which handles commercial and defense autonomous drone and counter-drone systems (Optimus System, Scout System, Raider, and others) (company segment overview).
In the first half of 2026, the company expanded its defense and reconnaissance footprint by acquiring six companies: Roboteam (tactical unmanned ground vehicles), Sentrycs (counter-drone defense), 4M Defense (ground intelligence collection), World View (stratospheric reconnaissance), Mistral (loitering munitions), and Omnisys (tactical command-and-control software) (24/7 Wall St, reported 2026-05-18, secondary source). A segment-level revenue breakdown is not available.
5-Year Financial Trend
| Period | Revenue (USD) | Operating Income (USD) | Net Income (USD) | Total Equity (USD) |
|---|---|---|---|---|
| FY2021 | 2,906,771 | -17,973,617 | -15,023,842 | 112,232,832 |
| FY2022 | 2,125,817 | -69,429,522 | -73,241,805 | 58,222,907 |
| FY2023 | 15,691,430 | -39,729,300 | -44,844,872 | 33,135,127 |
| FY2024 | 7,193,000 | -34,609,000 | -38,007,000 | 16,583,000 |
| FY2025 | 50,731,000 | -58,384,000 | -132,235,000 | 437,808,000 |
Source: original SEC filings (annual reports), confirmed financial data (A)
2026 Results Progression (Cumulative, Confirmed Data)
On a cumulative Q1 basis, the company reported net income of $362.8 million, which reflects a non-cash fair-value gain of approximately $389.5 million on liability-classified warrants issued in the October 2025 and January 2026 capital raises, plus a gain of approximately $51.5 million from the disposal of a subsidiary equity stake — unrelated to operating results (company earnings release 8-K, A). On a cumulative first-half basis, this subsequently turned into a net loss of $88,392,000 (confirmed financial data, A).
| Period | Backlog |
|---|---|
| End of 2025 | $68 million |
| End of Q1 2026 | $457 million (pro forma) |
| End of Q2 2026 (2026-06-30) | $613 million |
Source: company earnings release (A) · as cited in business.md
Peer Comparison
| Ticker | Business Area | Most Recent Quarter Revenue Growth (YoY) |
|---|---|---|
| ONDS | Private wireless & defense autonomous drones (dual business) | Q2 2026 QoQ +67%, approximately 13x YoY (A) |
| AVAV | Small tactical UAS & loitering munitions | +133.3% (A) |
| KTOS | Diversified defense tech (space, electronic warfare, testing) | +30.5% (A) |
| RCAT | ISR & tactical drones | +527% (A) |
Valuation (Factual Multiples)
As of 2026-06-30, cash, short-term investments, and restricted cash totaled approximately $1.39 billion, equivalent to approximately 28.4% of market cap (approximately $4,895.71 million) (original company earnings release, A). An exact net-debt calculation is not available.
Supply-Demand Trends
On 2026-06-02, Chairman and CEO Eric A. Brock sold 2,378,245 shares (worth approximately $31.9 million), and on 2026-05-19, director Randall Seidl sold 10,000 shares; only sell-side insider transactions were identified over the past three months (as cited from secondary sources; individual cross-checking against original SEC Form 4 filings was not performed).
Governance & Capital Structure
Officer & Director Share Ownership (as of 2026-04-09, A)
Capital Structure Changes (Large Capital Raises)
| Date | Event |
|---|---|
| October 2025 | Closed $425 million common stock + warrant offering (net proceeds approximately $407.2 million) |
| 2026-01-12 | Closed $1.0 billion common stock + pre-funded warrant offering (net proceeds approximately $959.2 million) |
| 2026-04-24 | Completed acquisition of Mistral Inc. (a U.S. defense prime contractor) (a $175 million stock transaction) |
| 2026-08-03 | Board adopted the 2026 Inducement Plan covering 20 million shares |
| 2026-08-10 | Completed acquisition of Cyberhawk Holdings Limited ($118.2 million cash + 581,732 common shares) |
Source: original 8-K/10-K filings (A) · as cited in governance.md
Macro Factors
| Factor | Value as of Reference Date | Transmission Channel |
|---|---|---|
| US FY2026 NDAA Counter-UAS (C-UAS) Budget | Approximately $3.1 billion allocated across DoD services (based on NDAA passage in 2025-12) | Expanded federal budget → larger OAS procurement pipeline |
| US Federal Reserve policy rate | 3.50–3.75% (held at 2026-07-29 FOMC meeting) | High rates pressure capital-raising costs upward while boosting interest income on cash holdings |
| US 10-year Treasury yield | 4.69% (2026-08-17) | Higher discount rates weigh on long-duration growth stock multiples |
| Nasdaq Composite & SOX Index | Nasdaq 26,729.16 (-0.28%) · SOX 12,417.05 (-0.31%), 2026-08-14 | Given a high beta (2.42), volatility amplifies during index pullbacks |
| US Dollar Index (DXY) | approximately 99.5 (2026-08-10) | A weaker dollar favors price competitiveness for overseas (Europe, Middle East) bookings |
Risk Factors
Shares outstanding increased approximately 7x, from approximately 75.3 million in October 2024 to approximately 529.8 million in June 2026, and an additional 20-million-share incentive-grant pool was adopted on 2026-08-03 (A).
As of 2026-06-30, the company held approximately $1.39 billion in cash, short-term investments, and restricted cash, expanding its capital buffer compared to the past, though the company remains in an operating loss position (A).
The company acquired six companies (in Israel, the UK, the US, and elsewhere) in the first half of 2026 alone, creating integration burdens across multiple corporate cultures and technologies within a short period (secondary source).
The company holds multiple Israeli subsidiaries — including Airobotics, Sentrycs, Robo-Team, and 4M Defense — exposing its business to regional political developments (A).
A short interest ratio of 43.9% (as % of float) as of the 2026-07-15 settlement date, combined with a beta of 2.42, may amplify share-price swings (secondary source).
Specific customer-concentration figures, the company's own disclosure language regarding export controls such as ITAR, and the existence of any ongoing litigation or regulatory investigations are not available.
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Generated by FomoLog Agent · Data sources: Korea Exchange · NASDAQ · DART · SEC EDGAR