NEW YORK, July 20, 2026, 06:14 (EDT)
- Ondas ended trading on Friday at $6.53, down 10.1% over the past week.
- The DZYNE delivery scheduled for January is set to increase existing shares by 7.9%.
- Nasdaq’s main session was shut, while premarket trading continued.
Ondas Inc. NASDAQ:ONDS is required to distribute 44,999,998 DZYNE shares on January 4. The issuance will increase its outstanding share count by 7.9%.
With Friday’s close at $6.53, the shares were worth roughly $294 million. Including these, the pro forma equity value rises to $4.01 billion from $3.72 billion.
This alters the denominator used for valuation. Based on management’s 2026 revenue minimum, equity value increases to 7.6 times sales from 7.1.
| Measure | Current issued basis | After Jan. 4 delivery |
|---|---|---|
| DZYNE shares shown | 40.00 million | 85.00 million |
| Total number of shares outstanding | 569.84 million | 614.84 million |
| Equity value at $6.53 | $3.72 billion | $4.01 billion |
| Equity value divided by $525 million revenue floor | 7.1 times | 7.6 times |
Initial estimates by reporters. The valuation uses a fixed share price of $6.53. Options, restricted stock, warrants, and prospective acquisition payouts are not included. Figure reported is equity value, not enterprise value.
Revenue projections account for both DZYNE and Omnisys. The DZYNE equity payment is split into two parts.
Ondas finalized the issuance of 39,999,998 shares at closing. With the January block included, DZYNE equity consideration stands at roughly 85 million shares.
Nasdaq’s main trading session had ended by 06:14 EDT, while premarket activity continued. A delayed price quote at 06:02 EDT indicated $6.62, reflecting a 1.5% increase.
Ondas shares declined 10.1% from July 10 to July 17. The Nasdaq Composite dropped 2.9% over the past week.
Trading volume on Friday was 214.5 million shares, representing 2.8 times the 65-day average. The agreement limits sellers to pro-rata sales of up to 10% of each day’s volume. The registration filing does not disclose which sellers made sales.
Key defense peers showed greater stability. AeroVironment Inc. NASDAQ:AVAV dropped 1.6% last week. Kratos Defense & Security Solutions Inc. NASDAQ:KTOS slipped 4.5%. Ondas trailed both.
Ondas forecasts that DZYNE will achieve $191 million in revenue in 2026. The company anticipates exceeding $300 million in 2027, with positive EBITDA. “The character of warfare is changing rapidly,” Chief Executive Eric Brock stated. Securities and Exchange Commission
Ondas raised its 2026 revenue target to a minimum of $525 million following the acquisition. The forecast factors in Omnisys but does not include Cyberhawk. Ondas anticipates completing that transaction in the third quarter.
Revenue for the first quarter reached $50.1 million, while the operating loss totaled $42.7 million. The adjusted EBITDA loss stood at $10.9 million.
Ondas recorded over $150 million in orders and awards for the second quarter by June 22. These figures represent orders, not revenue. The timing of when these orders are converted continues to be a key factor for valuation.
The company’s investor-relations calendar does not list any scheduled events for the coming week. Nasdaq sessions begin at 09:30 EDT on Monday.
Risks: Bringing systems together may push back revenue and margin objectives. The issuance of registered shares in January could increase share supply. As of June 30, short interest was 37.8% of float, which could intensify price swings.
The DZYNE transaction increased scale and also changed the share denominator.
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