NEW YORK, June 30, 2026, 11:05 EDT
- Ondas Inc. NASDAQ:ONDS was up 3.4% at $8.295 at 10:49 a.m. EDT, with 28.2 million shares traded and an intraday range of $8.15 to $8.80.
- A June 26 SEC filing registered 3.38 million acquisition-linked shares for resale, equal to about 0.64% of the share count used in the filing and about 12% of Tuesday morning volume.
- The supply test follows more than $150 million of second-quarter-to-date orders and a Q1 pro forma backlog of $457 million.
Ondas Inc. NASDAQ:ONDS rose on Tuesday, but the cleaner trade in the stock may be in the share math, not the latest drone headline.
The stock was up 3.4% at $8.295 at 10:49 a.m. EDT, after touching $8.80 earlier in the session. Volume was 28.2 million shares, already heavy enough to make the June 26 resale registration less daunting than the headline number first looks.
Ondas registered 3,378,084 shares for resale by selling stockholders tied to the Omnisys and World View deals. The company said it will not receive proceeds from those sales. The filing used 526,540,758 shares outstanding for its selling-stockholder table, meaning the new resale block is about 0.64% of that base.
| Ondas trading and supply check | Figure | Read-through |
|---|---|---|
| Tuesday price | $8.295 | Up 3.4% on the day |
| Tuesday volume by 10:49 a.m. EDT | 28.2 mln shares | The resale block equals about 12% of this turnover |
| June 26 resale registration | 3.38 mln shares | About 0.64% of SEC filing share count |
| Value of resale block at Tuesday price | About $28.0 mln | Smaller than June order headlines |
| Q2-to-date orders cited June 22 | More than $150 mln | More than five times the resale block’s Tuesday value |
That matters because Ondas is being valued on a fast order ramp while still paying for acquisitions with stock. The June 26 prospectus says Omnisys sellers face a 15% daily volume cap, based on 10-day average volume, while certain World View sellers face a 5% daily cap for six months. Those caps do not remove selling risk, but they put numbers around it.
The business case is still order-led. Ondas said on June 22 it had won more than $40 million of June orders for autonomous defense systems, taking second-quarter-to-date order activity above $150 million. Chief Executive Eric Brock said “Counter-UAS has become an urgent priority” for governments. Ondas Inc.
Ondas had reported first-quarter revenue of $50.1 million, up more than tenfold from a year earlier, and raised its 2026 revenue target to at least $390 million. Pro forma backlog was $457 million, up from $68.3 million at the end of 2025.
Using the June 26 filing share count and Tuesday’s price, Ondas’ implied equity value is about $4.37 billion. That is roughly 11.2 times the company’s 2026 revenue target and 9.6 times Q1 pro forma backlog.
| Ondas operating yardstick | Figure | Implied stock yardstick |
|---|---|---|
| Implied equity value | About $4.37 bln | Based on $8.295 and SEC share count |
| 2026 revenue target | At least $390 mln | About 11.2x target revenue |
| Q1 pro forma backlog | $457 mln | About 9.6x backlog |
| Q1 cash, cash equivalents, restricted cash and short-term investments | $1.48 bln | Still a large acquisition buffer |
The stock trailed some defense-drone names in morning trading. AeroVironment Inc. NASDAQ:AVAV rose 18.6%, Kratos Defense & Security Solutions Inc. NASDAQ:KTOS gained 5.5%, and Red Cat Holdings Inc. NASDAQ:RCAT was up 5.1%. Lockheed Martin Corp. NYSE:LMT, a recent Ondas partner through its Sentrycs unit, rose 0.6%.
| Security | Morning move | Why it is relevant |
|---|---|---|
| Ondas Inc. NASDAQ:ONDS | +3.4% | Acquisition supply and defense orders in focus |
| AeroVironment Inc. NASDAQ:AVAV | +18.6% | Larger unmanned-systems peer |
| Kratos Defense & Security Solutions Inc. NASDAQ:KTOS | +5.5% | Defense technology peer |
| Red Cat Holdings Inc. NASDAQ:RCAT | +5.1% | Small drone peer |
| Invesco QQQ Trust NASDAQ:QQQ | +1.1% | Nasdaq growth-stock proxy |
| SPDR S&P 500 ETF Trust (NYSEARCA:SPY) | +0.4% | Broad U.S. equity proxy |
| iShares Russell 2000 ETF (NYSEARCA:IWM) | Flat | Small-cap proxy |
The most recent Ondas company release, on June 23, said Sentrycs would integrate its Cyber-over-RF technology into Lockheed Martin’s Sanctum counter-drone platform. Matt Bahnemann, senior manager program management at Lockheed Martin, called Sanctum a “modular, open Counter-UAS architecture.” Ondas Inc.
Ondas has also agreed to buy Cyberhawk in a transaction valued at about $125 million, with about 95% of the purchase price funded in cash. Cyberhawk brings more than 300 customers, operations in 40 countries, more than $45 million of forecast revenue for the fiscal year ending March 2027 and a $95 million backlog, Ondas said on June 18.
Chris Fleming, Cyberhawk’s founder and CEO, said the company has been at the front of “drone-enabled inspection since 2008.” Mark Green, Ondas’ global head of corporate development and M&A, said Cyberhawk brings a “reoccurring revenue profile” and utility infrastructure customers. Ondas Inc.
Analyst targets still sit well above the stock. Google Finance listed seven buy ratings on Ondas, with an average 12-month target of $20.14 and a range of $16 to $25. Austin Bohlig at Needham maintained a buy rating with a $23 target on June 22, and Michael Latimore at Northland Securities maintained a buy rating with an $18 target on June 18.
