Ondas Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The reason for caution is not the substance but the metric most investors enter on: at Ondas, profit and operating result have come completely apart. Whoever reads $0.58 of earnings per share is buying an entry from the warrant valuation (+$389.548 million in the first quarter of 2026) that ran exactly the other way in 2025 at −$82.225 million; operationally there is a minus of $42.671 million. On top of that comes dilution by a factor of 5.39 in a little over sixteen months — and the fact that the authorized ceiling was no longer sufficient and was raised from 800 million to 1.2 billion shares on May 28, 2026. Whoever still looks checks three lines in every filing: does revenue grow beyond the $50.122 million of the first quarter of 2026? Does the operating result move from −$42.671 million toward zero? And how do the share count (last 569,858,722 as of July 23, 2026) and the warrant liability (last $1,058.990 million) develop? The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Ondas Inc. is the textbook case for how far a reported profit and the actual business can drift apart. Operationally the company really is growing: revenue from $7.193 million to $50.731 million, gross margin from 4.8 to 39.7 percent, and $50.122 million in the first quarter of 2026 alone. In that same quarter the operating line showed a minus of $42.671 million — the reported quarterly profit of $361.250 million, or $0.58 per share, comes to the tune of $389.548 million from the remeasurement of warrants, an entry that had cost $82.225 million in 2025. The growth was paid for with shares: from 105,730,826 (March 2025) to 569,858,722 (July 23, 2026) — and because the authorized ceiling of 800 million shares would no longer have been enough, stockholders raised it to 1.2 billion on May 28, 2026. The money, in return, really is in the bank — $1.485 billion as of March 31, 2026. Not investment advice.
Operating growth
Revenue rose in 2025 from $7.193 million to $50.731 million (+605 percent), and the first quarter of 2026 alone brought in $50.122 million — almost as much as the entire prior year and nearly twelve times the prior-year quarter ($4.248 million). It is carried by Ondas Autonomous Systems, which reached $49.751 million in 2025 after $5.261 million.
Earnings quality
The reported profit of $361.250 million in the first quarter of 2026 (+$0.58 per share) stands against an operating loss of $42.671 million. It comes to the tune of $389.548 million from the remeasurement of warrants and $51.453 million from the deconsolidation of Ondas Networks. The same warrant entry cost $82.225 million in 2025 — the number follows the share price, not the business.
Dilution
The share count rose from 105,730,826 (March 11, 2025) to 569,858,722 (July 23, 2026, prospectus supplement 424B7) — a factor of 5.39 in a little over sixteen months. On top of that come 305,637,672 potentially dilutive securities as of March 31, 2026; together roughly 875 million shares, and therefore more than the old ceiling of 800,000,000 would have allowed. That is precisely why stockholders raised it to 1,200,000,000 on May 28, 2026 — the remaining good 630 million free shares are newly created room, not a sign of restraint. The annual report states explicitly that further issues are possible without stockholder approval; stock-based compensation rose in 2025 from $1.265 million to $16.016 million.
Financial strength
The money raised really is in the bank: $1,026.003 million plus $447.842 million of short-term investments as of March 31, 2026, after financing inflows of $862.653 million (2025) and $968.465 million (first quarter of 2026). Against the operating outflow of $51.298 million in the quarter, that lasts more than seven years on paper (our own calculation). There is no financing distress in the foreseeable future.
Balance sheet structure
The largest liability is not a loan: $1,058.990 million of warrants, which is 77.9 percent of all liabilities of $1,359.055 million (our own calculation) and almost as much as the entire equity of $1,077.861 million — all as of March 31, 2026. On top of that, $381.838 million of goodwill from acquisitions as of the same date, after $251.809 million at December 31, 2025. The accumulated deficit shrank from $368.387 million to $5.438 million, but through an accounting entry, not through money earned.
Concentration risks
Two customers accounted for roughly $27.8 million and $5.4 million of 2025 revenue, or 55 and 11 percent — two thirds of the year together. At the same time the eponymous Ondas Networks segment fell from $1.932 million to $0.980 million and delivered zero in the first quarter of 2026 after the deconsolidation. In practice all group revenue hangs on one segment and on a handful of buyers.
Worth Noting
Ondas reached the research list not through a metrics scanner but through the Reddit hype scanner: rank 50, 10 mentions in 24 hours and 19 upvotes (ApeWisdom, list "all-stocks", as of July 25, 2026) — 24 hours earlier still rank 170 with 2 mentions. Attention is therefore climbing steeply right now; the ticker was first flagged on July 14, 2026. No price forecast can be derived from these numbers; they measure attention, not quality.
The data basis consists of the annual reports (10-K) for 2024 and 2025 and the quarterly reports (10-Q) for the third quarter of 2025 and the first quarter of 2026, plus the filings after May 15, 2026: prospectus supplement 424B7 of July 24, 2026 (share count 569,858,722 as of July 23, 2026) and the current reports (8-K) of May 21, May 28 and July 6, 2026 (Omnisys, authorized capital, High Point UAS), and fundamental data as of July 25, 2026. Gross margins, growth rates, share-of-total and per-share calculations are computed by us from the published absolute figures and are marked as such in the text.
Deliberately not used: a current market capitalization and any multiples derived from it. At Ondas the valuation of the warrant liability itself depends on the share price — a valuation "at today's price" would be circular. The only market value used is the cut-off value of the freely tradable shares of roughly $392 million as of June 30, 2025 per the cover page of the annual report.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at ONDS since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 5.30 $ to 14.00 $ · Last price: 7.40 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Communication Equipment
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Ondas Inc. ONDS | 4.3 | 83.6 | 16.8 | 43.7 | -85.1 | 605.3 | 21.2 |
| Cisco Systems Inc CSCO | 436.0 | 35.3 | 22.8 | 64.5 | 25.0 | 5.3 | 66.2 |
| Hewlett Packard Enterprise Co HPE | 78.0 | 57.4 | 14.2 | 36.6 | 8.7 | 14.1 | 152.6 |
| Motorola Solutions Inc MSI | 76.3 | 37.7 | 22.9 | 52.1 | 19.8 | 8.0 | -2.7 |
| Lumentum Holdings Inc LITE | 71.0 | 154.2 | 114.9 | 44.2 | 21.8 | 21.0 | 447.1 |
| Ciena Corp CIEN | 48.8 | 113.9 | 47.4 | 44.1 | 15.2 | 18.8 | 152.4 |
| Ubiquiti Networks Inc UI | 36.1 | – | 27.8 | 46.2 | 36.9 | 33.5 | -1.3 |
| Telefonaktiebolaget LM Ericsson B ERIC | 33.6 | 13.2 | 7.0 | 47.6 | 0.0 | -14.2 | 30.2 |
| Ast Spacemobile Inc ASTS | 24.4 | – | -2.3 | 38.9 | -1,014.0 | 1,505.2 | 52.3 |
| Median of companies shown | 48.8 | 57.4 | 22.8 | 44.2 | 15.2 | 18.8 | 52.3 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 0 | 0 | 0 | 0.00 | 0 | 0 | 0 |
| 2017 | 0 | 0 | 0 | 0.00 | 0 | 0 | 0 |
| 2018 | 0 | -8 | -12 | -0.72 | -9 | -15 | 3 |
| 2019 | 0 | -15 | -19 | -1.10 | -15 | -12 | 4 |
| 2020 | 2 | -12 | -13 | -0.66 | -8 | 15 | 29 |
| 2021 | 3 | -18 | -15 | -0.44 | -17 | 112 | 117 |
| 2022 | 2 | -69 | -73 | -1.73 | -38 | 58 | 98 |
| 2023 | 16 | -40 | -45 | -0.85 | -34 | 33 | 92 |
| 2024 | 7 | -35 | -38 | -0.54 | -33 | 17 | 110 |
| 2025 | 51 | -58 | -132 | -0.60 | -39 | 437 | 1,136 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.14 | 22.20 | 1 | -82.50 | -863.40 | -9 | -10 |
| 2024: Q3 | -0.15 | -0.60 | 2 | -44.40 | -643.30 | -9 | -10 |
| 2024: Q4 | -0.14 | 46.20 | 4 | -16.80 | -250.30 | -8 | -8 |
| 2025: Q1 | -0.15 | 11.80 | 4 | 579.70 | -332.80 | -7 | -7 |
| 2025: Q2 | -0.08 | 42.90 | 6 | 554.90 | -171.40 | -8 | -9 |
| 2025: Q3 | -0.03 | 80.10 | 10 | 582.00 | -74.00 | -11 | -11 |
| 2025: Q4 | -0.32 | -128.60 | 30 | 629.30 | -331.00 | -13 | -13 |
| 2026: Q1 | -0.07 | 55.30 | 50 | 1,079.90 | 724.10 | -51 | -53 |
| 2026: Q2 | -0.19 | -137.50 | 84 | 1,230.20 | -105.50 | -86 | -94 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 7 of our scanner strategies — each hit links to the scanner.
Growth
Breakout & Setup
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.21 | -0.21 – -0.21 | 536 | -16.3% | 1 |
| 12/31/2027 | -0.02 | -0.02 – -0.02 | 1,007 | 90.5% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Ondas verkauft KI als Kern des Produkts: die autonomen Systeme der Sparte Ondas Autonomous Systems werden im Geschäftsbericht ausdrücklich als „AI-enabled“ beschrieben, und das Schutzrecht-Portfolio dieser Sparte wurde laut Filing mit Verfahren der künstlichen Intelligenz und des maschinellen Lernens entwickelt.
View the full file — quotes, sources, reviewed filings
„Our goal is to build a differentiated defense, security, and critical infrastructure technology platform by combining: (i) AI-enabled autonomous mission solutions through Ondas Autonomous Systems („OAS“), (ii) secure, mission-critical private wireless connectivity through Ondas Networks, and (iii) disciplined strategic investing and partnerships through Ondas Capital to accelerate market access, capability expansion, and long-term value creation."
Unser Ziel ist es, eine unterscheidbare Technologieplattform für Verteidigung, Sicherheit und kritische Infrastruktur zu bauen, indem wir kombinieren: (i) KI-gestützte autonome Einsatzlösungen über Ondas Autonomous Systems („OAS“), (ii) sichere, einsatzkritische private Funkverbindungen über Ondas Networks und (iii) diszipliniertes strategisches Investieren und Partnerschaften über Ondas Capital, um Marktzugang, Fähigkeitsausbau und langfristige Wertschöpfung zu beschleunigen.
10-K · 2026-03-30 · View SEC filing
„The OAS segment’s intellectual property incorporates internally developed software and hardware design incorporating machine and computer vision and was developed with artificial intelligence and machine learning techniques. This intellectual property is critical to the development of end-to-end systems which reliably enable the automated operation of drones in real-world environments."
Das geistige Eigentum der Sparte OAS umfasst selbst entwickelte Software und Hardware-Entwürfe mit maschinellem und rechnergestütztem Sehen und wurde mit Verfahren der künstlichen Intelligenz und des maschinellen Lernens entwickelt. Dieses geistige Eigentum ist entscheidend für die Entwicklung durchgängiger Systeme, die den automatisierten Betrieb von Drohnen unter realen Bedingungen zuverlässig ermöglichen.
10-K · 2026-03-30 · View SEC filing
„We incorporate machine learning and artificial intelligence capabilities into certain of our products and solutions and may seek to expand the use of AI in our offerings in the future."
Wir bauen Fähigkeiten des maschinellen Lernens und der künstlichen Intelligenz in bestimmte unserer Produkte und Lösungen ein und streben möglicherweise an, den Einsatz von KI in unserem Angebot künftig auszuweiten.
10-K · 2026-03-30 · View SEC filing
Filings Reviewed: 10-K 2026-03-30 · 10-K 2025-03-12 · 10-Q 2026-05-15 · 10-Q 2025-11-13 · 10-Q 2025-08-12 · 10-Q 2025-05-15
Rated on July 25, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 187.8%
- More than 10% revenue growth is expected for the coming year 204.6%
- Share count grows by less than 3% a year 73.8%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 524.7%
- Gross margin at 40% or higher and without meaningful erosion 39.7%
- Goodwill from acquisitions does not grow faster than revenue 22.4%
- Net debt below twice EBITDA 604 m net cash
- Operating cash flow covers the profits of the last three years 109 m
- Return on capital at 15% or higher, or up versus two years ago -5.9%
- Insiders hold at least 10% or are net buyers 1.9%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 158.0%
- Exp. sales growth 3Y > 5% 345.5%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 345.5%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -289.7%
- ROCE > 15% -5.9%
- Expected return > 10% 341.2%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 18, 2026 | Cohen Richard M | Director | Sell | 7,500 | 8.96 | 67,177 |
| Aug 14, 2026 | Cohen Richard M | Director | Other | 1,460 | 9.30 | 13,578 |
| Aug 14, 2026 | Cohen Richard M | Director | Other | 2,817 | 0.00 | – |
| Aug 14, 2026 | Cohen Richard M | Director | Other | 3,356 | 9.30 | 31,211 |
| Aug 14, 2026 | Cohen Richard M | Director | Other | 6,482 | 0.00 | – |
| Aug 14, 2026 | Huston Robert Patrick | COO, GC & Secretary | Other | 4,301 | 9.30 | 39,999 |
| Aug 14, 2026 | Huston Robert Patrick | COO, GC & Secretary | Other | 8,334 | 0.00 | – |
| Aug 14, 2026 | Sood Jaspreet K | Director | Other | 1,345 | 9.30 | 12,509 |
| Aug 14, 2026 | Sood Jaspreet K | Director | Other | 2,817 | 0.00 | – |
| Aug 14, 2026 | Sood Jaspreet K | Director | Other | 3,345 | 9.30 | 31,109 |
The company
About the Company
Ondas Inc. provides private wireless, drone, and automated data solutions in the United States and internationally. It operates through the Ondas Networks and Ondas Autonomous Systems segments. The company offers Counter-UAS (CUAS) and site protection systems, including iron drone raider, a fully autonomous interceptor drone system for neutralizing small hostile drones; sentrycs CoRF, Cyber/RF-based CUAS platform for detection, identification, tracking, and mitigation of unauthorized drones; optimus system, fully autonomous drone platform for continuous security, surveillance, and mission-critical data collection; 4M defense, supporting missions related to demining and clearing land of unexploded ordnance; roboteam, UGVs and tactical ground robotics; apeiro motion, autonomy and mobility software for robotic platforms, enhancing navigation and operational effectiveness; and loitering munition systems, is a one way drone for a variety of missions including ISR defense and strike. It also offers FullMAX Software-Defined Radio Platform, a patented SDR platform for secure, private, wide-area broadband networks, enabling mission-critical communications; software and hardware maintenance agreements, extended software and hardware maintenance contracts, including ongoing support, security upgrades, and feature enhancements; licensing/royalties, licensing of FullMAX software and technology for integration into partner hardware and software platforms; and ancillary services, wireless network design, systems engineering, radio frequency planning, software configuration, product training, installation, onsite support, and engineering/product development. It serves rail, electric utilities, oil and gas, public safety, government, and other industrial applications. The company was formerly known as Ondas Holdings Inc. and changed its name to Ondas Inc. in January 2026. Ondas Inc. was incorporated in 2014 and is headquartered in West Palm Beach, Florida.
- Employees
- 459
- Headquarters
- West Palm Beach, FL
- Address
- 222 Lakeview Avenue, 33401 West Palm Beach, United States
- Phone
- 888 350 9994
- Website
- ondas.com
- IPO Date
- 10/25/2018
- ISIN
- US68236H2040
- Stock Split
- 1:3 on 11/16/2020
Management
| Name | Title | Birth Year |
|---|---|---|
| Eric Ashley Brock CPA | Chairman, CEO & President | – |
| Neil J. Laird | CFO & Treasurer | 1953 |
| Brig.Gen. Patrick Huston | COO, General Counsel, Member of the OAS Advisory Board & Secretary | 1969 |
| Mark Green | Head of Global Corporate Development and M&A | 1968 |
| Preston Grimes | Marketing Manager | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/14/2026 Ondas Inc. (ONDS): Entry into a Material Definitive Agreement; Completion of Acquisition or Disposition of Assets; Unregistered Sales of Equity Securities; Regulation FD Disclosure; Other Events; Financial Statements and Exhibits SEC ↗
- 08/28/2026 Ondas Inc. (ONDS): Unregistered Sales of Equity Securities; Other Events; Financial Statements and Exhibits SEC ↗
- 08/13/2026 Ondas Inc. (ONDS): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 08/10/2026 Ondas Inc. (ONDS): Completion of Acquisition or Disposition of Assets; Unregistered Sales of Equity Securities; Other Events; Financial Statements and Exhibits SEC ↗
- 08/07/2026 Ondas Inc. (ONDS): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
- 07/24/2026 Ondas Inc. (ONDS): Unregistered Sales of Equity Securities; Other Events; Financial Statements and Exhibits SEC ↗
- 07/06/2026 Ondas Inc. (ONDS): Entry into a Material Definitive Agreement; Completion of Acquisition or Disposition of Assets; Unregistered Sales of Equity Securities; Regulation FD Disclosure; Other Events; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.