NEW YORK, June 29, 2026, 07:03 EDT
- Ondas Inc. NASDAQ:ONDS was quoted at $8.01 before the open, up 2.3% from Friday’s close, after FTSE Russell’s final additions list named ONDS to the Russell 3000.
- Short interest stood at 167.5 million shares, or 32.9% of float, while a June 26 SEC filing registered 3.38 million existing shares for resale.
- Nasdaq Inc. NASDAQ:NDAQ said the newly reconstituted Russell memberships take effect at Monday’s open, after a record $334.0 billion Russell-related Nasdaq Closing Cross on Friday.
Ondas Inc. NASDAQ:ONDS entered Monday with an index bid on one side and a heavy short base on the other. The stock was quoted at $8.01 in premarket trade at 7:02 a.m. EDT, up 18 cents from Friday’s $7.83 close, with 458,640 shares changing hands before the bell.
The regular Nasdaq session was still ahead. Nasdaq hours in New York run from 9:30 a.m. to 4:00 p.m. EDT, and Nasdaq’s 2026 holiday calendar lists the next U.S. closure as July 3 for Independence Day, not June 29.
FTSE Russell’s final additions file listed “ONDAS INC” under Industrials for the Russell 3000. Nasdaq said the new Russell membership takes effect when U.S. markets open Monday; it also said about $10.6 trillion in assets are benchmarked to or invested in Russell U.S. index products. LSEG
The latest tape looked like this:
| Measure | Ondas read-through | Comparison |
|---|---|---|
| Premarket quote | $8.01, +2.3% | Friday close: $7.83 |
| Friday volume | 123.72 million shares | 183% of 65-day average |
| 52-week range | $1.71-$15.28 | Friday close was about 49% below high |
| Short interest | 167.52 million shares | 32.88% of float |
The odd part is scale. The June 26 resale filing covered 3,378,084 existing shares, equal to about 0.64% of the 526,540,758 shares outstanding cited in the same filing. Friday’s volume was about 36.6 times the resale block. Reported short interest was about 49.6 times the block.
That makes the near-term trade less about the Russell label alone. The stock needs real buy-side demand to absorb index-linked flow, short covering and acquisition-share liquidity at the same time. MarketWatch data showed Ondas down 11.9% over five days and 41.8% over one month, while still up 307.8% over one year.
The balance-sheet story is just as mixed. Ondas said first-quarter revenue rose to $50.1 million, set a 2026 revenue target of at least $390 million, reported $457 million in pro forma backlog and ended March with $1.48 billion in cash, restricted cash and short-term investments. It also reported 469.1 million common shares outstanding at March 31, up from 380.8 million at Dec. 31.
| Company metric | Latest figure | Investor read-through |
|---|---|---|
| Q1 revenue | $50.1 million | Rapid scale from a small base |
| 2026 revenue target | At least $390 million | Orders must convert into sales |
| Pro forma backlog | $457 million | Backlog exceeds annual revenue target |
| Cash/investments | $1.48 billion | Funds acquisitions and production |
| Shares outstanding | 526.5 million on June 25 | Up about 38% from Dec. 31 |
Eric Brock, Ondas’ chairman and CEO, said in May that “backlog surging to $457 million” gave the company visibility into 2026 targets. On June 22, he said loitering munition systems were forming the “next major wave of demand.” Oshri Lugassy, co-CEO of Ondas Autonomous Systems, called counter-UAS “one of the most urgent requirements.” Ondas Inc.
The acquisition math is the other reason the stock is trading like a financing and execution story, not just a drone-contract story. Ondas agreed this month to buy Cyberhawk for about $125 million, 95% in cash, with a targeted third-quarter close. The company said Cyberhawk had more than 300 customers, more than 500,000 inspected assets, 232 terabytes of inspection data, more than $45 million of forecast fiscal 2027 revenue and $95 million of backlog.
| Cyberhawk deal item | Figure | Simple multiple |
|---|---|---|
| Deal value | About $125 million | — |
| FY 2027 forecast revenue | More than $45 million | About 2.8 times revenue |
| Backlog | $95 million | About 1.3 times backlog |
| Cash portion | About 95% | About $119 million |
Cyberhawk founder and CEO Chris Fleming said the company had been at the front of “drone-enabled inspection since 2008.” A separate Ondas release said Sentrycs would be integrated into Lockheed Martin Corp.’s NYSE:LMT Sanctum counter-drone platform; Matt Bahnemann, a senior program manager at Lockheed Martin, called Sanctum a “modular, open Counter-UAS architecture.” Ondas Inc.
The broader tape helped. U.S. stock index futures were higher early Monday, with Nasdaq 100 E-minis up 1.02% at 5:00 a.m. ET, Reuters reported. Kyle Rodda, senior financial market analyst at Capital.com, said efforts to “lower oil prices and boost stocks” were helping hopes for a deal between the United States and Iran. Reuters
Ondas’ own press-release page showed its latest company releases before Monday were the June 23 Lockheed Martin collaboration, the June 22 order announcement and the June 18 Cyberhawk deal.
