NEW YORK, July 28, 2026, 05:00 EDT — Ondas NASDAQ:ONDS drops in U.S. premarket trade, pressured by concerns over a Pentagon drone shortfall testing its recent surge in orders.
- Ondas shares slipped 1.5%, trading at $7.90 ahead of Tuesday’s market open.
- Shares ended Monday at $8.02, gaining 2.8% with a volume of 66.4 million traded.
- Ondas’ preliminary estimate shows that four-week orders represent 13.3% of its 2026 revenue goal.
Shares of Ondas Inc. NASDAQ:ONDS slipped 1.5% in early premarket action on Tuesday, paring a 2.8% rise from Monday.
The drop came after new data highlighted America’s shortfall in drone production. While this shortage boosts demand for Ondas, it also increases the risk tied to its execution.
The Pentagon anticipates Ukraine will manufacture between six million and seven million small attack drones in the current year. By comparison, its $1.1 billion initiative will have ordered under 200,000 drones through February.
For investors, the implications are mixed. While government demand appears strong, there is still a lack of domestic capacity and compliant parts.
Ondas reported securing $70 million in new orders over a four-week period. The contracts include ground robotics, border solutions, counter-drone technologies, and precision-strike systems.
| Measure | Latest figure | Investor comparison |
|---|---|---|
| Monday’s close (regular session) | $8.02, rose 2.82% | $0.22 increase for the day |
| Tuesday premarket price | $7.90, fell 1.50% | $0.12 under Monday’s close |
| Orders booked in four weeks | $70 million | 13.3% progress toward 2026 goal |
| Revenue goal for 2026 | No less than $525 million | Target factors in DZYNE and Omnisys |
| Equity value on Monday | Approximately $4.57 billion | 8.7x target revenue |
*Early estimates are based on the company’s announced revenue goal, the closing price on Monday, and a total of 569.84 million shares outstanding. Company guidance does not take Cyberhawk revenue into account.
The valuation benchmark places significant pressure on performance. Ondas’ market capitalization is roughly 8.7 times its stated lowest sales goal for 2026.
This is not an earnings multiple. It also presumes orders will become accepted deliveries without significant delays.
The supply chain faces an urgent challenge. Fresh Pentagon regulations require all small-drone components to be sourced entirely within the United States and ban the use of Chinese-made motors and batteries.
“It’s an increasingly difficult thing,” Pentagon program chief Travis Metz told Reuters. He noted that previous acquisitions were likely dependent on Chinese motors. Reuters
Ondas has begun adapting to that limitation. The company’s investment in FPF Defense, a private firm, will support manufacturing in the United States and help create a domestic supply chain that meets NDAA requirements.
FPF is working on a kinetic interceptor designed for targeting Shahed-class attack drones. Ondas CEO Eric Brock pointed to its “disruptive cost advantage” and the likelihood for mass production. Ondas Inc.
The financial base is growing, yet losses persist. First-quarter revenue totaled $50.1 million, and gross margin improved to 49%.
The company reported operating losses of $42.7 million. Adjusted EBITDA reflected a loss of $10.9 million.
Order intake is not the same as revenue. The rate of conversion will depend on delivery schedules, customer approval and available production capacity.
Risks continue to be elevated. Ondas spent $875.8 million to acquire DZYNE, issuing around 85 million new shares as part of the deal. Delays in revenue, integration hurdles, dilution, and reliance on domestic sourcing may all impact returns.
Nasdaq’s standard trading session opens at 09:30 EDT. Pre-market volumes are still low, so the early drop may not be a firm indicator.
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