New York, June 8, 2026, 15:04 (EDT)
- Ondas slipped a bit by mid-afternoon after tumbling on Friday. Short interest stayed elevated.
- Investors are watching a U.S. Navy balloon surveillance deal and new orders. Share-supply and execution risk are in focus too.
- Red Cat and AeroVironment, both drone names in defense, traded flat to down.
Ondas Inc. shares slipped on Monday as the stock failed to recover from Friday’s sharp drop. Traders are balancing news of fresh defense contracts and a busy order book with worries over high short interest and new questions about stock supply.
The Nasdaq-listed defense drone and autonomous systems firm fell 0.5% to $10.38 as of 3:03 p.m. Eastern, MarketBeat data showed. The stock has seen volatility, with short interest at 152.8 million shares as of May 15, about 31.33% of its public float.
That’s relevant now as Ondas is one of several names in the drone and defense trade. The company is working to convert its recent contract wins into revenue. Investors are keeping an eye on whether Ondas’s acquisition-focused strategy will actually deliver value, or if it just means more shares.
World View, part of Ondas, has landed a contract as the high-altitude balloon supplier for a maritime awareness push from U.S. Naval Forces Southern Command and the U.S. 4th Fleet, working with SMX. Ondas said the deal is worth about $4.8 million for the first three months. The balloons will support counter-narcotics and illegal fishing patrols both in the Eastern Pacific and Caribbean.
Eric Brock, chairman and CEO at Ondas, said the selection is “a clear validation” of stratospheric ISR. ISR stands for intelligence, surveillance and reconnaissance, or sensors and comms set up to monitor targets or terrain. World View CEO Ryan Hartman said the award showed “trust built through execution,” citing a previous UNITAS 2025 test with naval teams. Ondas Inc.
Ondas said it landed over $30 million in new orders in May, which boosted second-quarter orders so far above $110 million. The deals span defense, security, and autonomous tech programs. Brock called it “continued execution.” Oshri Lugassy, Ondas Autonomous Systems’ co-CEO, said demand is shifting to full connected systems, rather than “one drone, one robot or one sensor.” Ondas Inc.
Ondas posted Q1 revenue of $50.1 million, jumping more than tenfold from the same stretch a year ago. The company lifted its full-year 2026 sales target to at least $390 million. Pro forma backlog stood at $457 million, with $1.48 billion in cash, restricted cash and short-term investments as of March 31. Ondas Inc. The financial picture here overshadows either announcement.
The numbers point to the issue for the stock. Operating costs increased to $67.3 million in Q1, with an operating loss at $42.7 million before other income. Net income got a boost from non-operating gains, mainly a change in the fair value of warrant liabilities.
A June 3 filing weighed on the stock. Ondas said some shareholders may sell up to 2.1 million shares tied to its Omnisys buy, and that the company won’t get any proceeds. The filing also showed more Omnisys shares are set to be issued later, pending deal terms and trading restrictions.
Peers had a mixed session. Red Cat Holdings dropped 0.5%, while AeroVironment finished close to unchanged in Monday’s trading, market data showed. The pressure wasn’t limited to Ondas, with drone and defense-tech names seeing a more cautious tone across the board.
The risk is orders might not turn into good margins, cash, or on-time deliveries. Ondas has enough liquidity for now, but in its latest quarterly filing the company said it could look for more capital if needed for strategy, growth plans, or if market conditions shift. That might mean selling more stock, which would dilute current holders.
Right now, shares are moving more on contracts than on proof. Investors are watching Ondas to see if it can pull together World View, Omnisys and the other deals it picked up, keep its production timeline, and convert its backlog into profitable sales without putting more pressure on the stock.
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