Ondas Inc. (NASDAQ:ONDS) Sees Surge in Orders; Rising Shares Increase Pressure for Delivery

ONDS settled at $7.86 on July 28 and traded close to $7.78 before markets opened on Wednesday. The share price stands 48.6% lower than its 52-week peak of $15.28, but is 341.6% higher than the 52-week low of $1.78. As of Tuesday’s close, the company’s 569.8 million outstanding shares give it an equity value of $4.48 billion. That figure is about 8.5 times the company’s $525 million sales goal set by management. MarketBeat

Ondas disclosed $70 million in fresh orders over the past four weeks, a total that includes the previously announced $6.9 million contract from Australian Defence. Previously, Ondas reported over $150 million in second-quarter order activity. These order totals should not be combined automatically, as reporting periods could overlap. The company has not released details regarding the timing of revenue recognition, cancellation policies, or contract profit margins. Ondas Inc.

Management has raised its 2026 revenue target to at least $525 million from a previous goal of $390 million. The updated guidance includes DZYNE and Omnisys, but does not account for Cyberhawk. Revenue in the first quarter was $50.1 million, leaving Ondas with a minimum of $474.9 million to achieve over the remaining three quarters. This equates to an average of $158.3 million per quarter, though revenue recognition may fluctuate. Ondas Inc.

DZYNE’s deal closed on July 2, reflecting a stated value of $875.8 million. Ondas paid roughly $200 million in cash and committed to issue 85 million shares. DZYNE projects $191 million in revenue for 2026 and more than $300 million for 2027. The company reported a backlog of $111 million and a three-year pipeline totaling $1.5 billion. These figures are management projections, not audited financials from Ondas. Ondas Inc.

DZYNE issued 40 million shares directly following the deal’s completion. An additional 45 million shares are set for issuance on January 4, 2027, representing around 7.9% of the current market-data share total. As of March 31, Ondas reported 195.5 million warrant shares, along with 109.5 million shares classified as contingently issuable at the quarter’s close. Not every security listed may ultimately convert into outstanding shares. Ondas Inc.

Ondas posted first-quarter GAAP net income of $361.2 million overall. However, the company recorded an operating loss of $42.7 million. Adjusted EBITDA remained negative, with a loss of $10.9 million for the quarter. The bulk of reported profit came from a $389.5 million noncash warrant gain. As a result, the $0.56 diluted EPS did not indicate operating profitability. Ondas Inc.

As of March 31, Ondas reported $1.48 billion in cash, restricted cash, and short-term investments. That total does not account for recent major deals and investments. The DZYNE purchase used around $200 million in cash, while a completed Cyberhawk deal would consume approximately $119 million. Ondas’ current liquidity position will remain unclear until the June-quarter balance sheet is released. Ondas Inc.

Cyberhawk’s acquisition is projected to complete in the third quarter, pending required approvals. The deal is valued at approximately $125 million, with around 95% payable in cash. Cyberhawk anticipates revenue above $45 million for the fiscal year ending March 2027 and holds a reported backlog of $95 million. Its revenue has not been included in Ondas’ current $525 million target. A delay in closing would decrease any recognized contribution for 2026. Ondas Inc.

As of the July 15 settlement date, short interest stood at 229.6 million shares, accounting for about 44.1% of the company’s public float. This marked an increase of 16.2% from June 30, with days-to-cover hovering around 2.7. Such positioning can intensify both upward moves and sharp declines in the stock, though it does not ensure a squeeze will occur. MarketBeat

Ondas has yet to disclose a confirmed date for its second-quarter earnings. No events are listed on its investor calendar at this time. External forecasts suggest a possible window between August 11 and August 17, but these dates remain unofficial. In the coming week, investors will monitor for updates on earnings scheduling and developments in the Cyberhawk deal. They are also looking for signs that order intake is converting into reported revenue. Ondas Inc.