Ondas (NASDAQ:ONDS) rises 9% after DZYNE issuance alters BlackRock (NYSE:BLK) ownership

NEW YORK, July 30, 2026, 2:04 p.m. EDT — Shares of Ondas NASDAQ:ONDS climbed 9% following DZYNE’s issuance, which changed BlackRock’s NYSE:BLK stake in the company.

Ondas shares rose 9.5% to $7.45 in early U.S. trading.
BlackRock’s disclosed 7.2% holding represents approximately 6.69% of the outstanding shares at present.
To reach the $525 million sales goal, Ondas Inc. must achieve a minimum of $158.3 million in sales each quarter following Q1.

Ondas Inc. stock rose 9.5% to $7.45 during afternoon trading on Nasdaq, after touching $7.48 earlier in the session. The advance came after BlackRock disclosed an ownership stake and Ondas announced its earnings date.

The headline on ownership should be revised. As of June 30, BlackRock disclosed holding 38.13 million shares, representing 7.2%. Two days afterwards, Ondas issued nearly 40 million DZYNE shares.

Based on the present total of 569.86 million shares, the stake represents approximately 6.69%. The market worth stands near $284 million. These calculations assume BlackRock has not made any trades since June 30.

Ownership basis	BlackRock shares	Ondas shares	Implied stake
June 30 filing	38.13 million	Filing basis	7.20%
July 30 estimate	38.13 million	569.86 million	6.69%
January 4, 2027 estimate	38.13 million	614.86 million	6.20%

Projections are based on BlackRock maintaining its current holdings and no modifications to the share count.

The disclosure was made under Rule 13d-1(b), which applies to routine holdings without the aim to control. An additional 45 million DZYNE shares are set for January 4. This represents dilution and does not indicate BlackRock is selling.

Ondas led gains on Thursday, outperforming a select group of autonomous-defense peers.

Company	Latest price	Thursday change
Ondas Inc. NASDAQ:ONDS	$7.45	up 9.5%
AeroVironment Inc. NASDAQ:AVAV	$145.37	increased 2.3%
Kratos Defense & Security Solutions Inc. NASDAQ:KTOS	$45.42	added 3.5%
Red Cat Holdings Inc. NASDAQ:RCAT	$7.28	rose 7.5%

Most recent prices reported shortly before 2 p.m. EDT.

The relative shift takes place ahead of a company event. Ondas is scheduled to release its second-quarter earnings on August 13 at 8:30 a.m. EDT. The quarter closed on June 30.

DZYNE completed its closing on July 2, meaning any revenue after that will not be included in second-quarter results. The report will assess the company’s performance ahead of DZYNE being consolidated.

Ondas increased its sales goal for 2026 to a minimum of $525 million. The projection factors in DZYNE and Omnisys but omits Cyberhawk. These numbers are based on management’s estimates and have not been audited.

Revenue in the first quarter reached $50.1 million. To meet the outstanding $474.9 million for the year, at least $158.3 million per quarter is needed for the rest of the year. This is 3.16 times higher than Q1 revenue.

Revenue bridge	Amount
Q1 revenue	$50.1 million
2026 target	At least $525.0 million
Shortfall after Q1	$474.9 million
Q2-Q4 required average per quarter	$158.3 million
Average needed compared to Q1	3.16 times

Figures are based on the firm’s disclosed Q1 revenue and its latest annual forecast.

Early DZYNE projections highlight the importance of the second half. Ondas anticipates DZYNE revenue reaching $191 million in 2026. The company projects revenue to surpass $300 million in 2027 and noted a backlog of $111 million.

Indicators for demand are still substantial, but the focus is on conversion. Ondas secured $70 million in new orders over a four-week period. CEO Eric Brock described it as “a strong demonstration of our execution.” Delivery timelines were not provided. Nasdaq

Based on Thursday’s price, the existing shares indicate an equity value of $4.24 billion. The January share block increases this by around $335 million if priced similarly. As a result, the sales multiple goes up from 8.1 times to 8.7 times.

Valuation basis	Share count	Equity value at $7.45	2026 price-to-sales
Current outstanding shares	569.86 million	$4.24 billion	8.1 times
With January shares included	614.86 million	$4.58 billion	8.7 times

The estimates shown are based on a constant share price and revenue objective. These figures do not represent fully diluted capitalization.

Risks: Ondas faces the challenge of integrating multiple acquisitions, alongside an increase in share count and expenses. The company recorded an operating loss of $42.7 million for Q1. Adjusted EBITDA loss came in at $10.9 million, and management forecasts higher losses in Q2.

Whether pre-DZYNE revenue growth is rapid enough will be revealed on August 13. A filing by BlackRock indicates a significant passive stake, but its present share remains under the stated 7.2%.

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Further analysis

Editorial insight

What is the current trading price of ONDS, and how high is its valuation?

ONDS changed hands at approximately $7.46 at 1:44 p.m. EDT on July 30, marking a rise of around 9.7%. The session’s price range stretched from $6.81 to $7.48. Trading volume stood at 36.1 million shares. The share count following DZYNE stands near 569.8 million, translating to an equity value of about $4.25 billion. With revenue guidance at $525 million, this puts the price-to-sales ratio close to 8.1. The trailing P/E figure is not a reliable indicator since most Q1 earnings resulted from non-cash gains. SEC

Is Ondas on track to achieve its $525 million revenue goal this year?

Q1 revenue totaled $50.1 million, leaving $474.9 million to be generated in the next three quarters. Hitting that figure requires an average of roughly $158.3 million per quarter. Estimates for Q2 are generally between $68–69 million, with some variance among analysts. Ondas inc. Meeting the full-year target would mean second-half revenue would need to be close to $406 million. The forecasted figure factors in DZYNE and Omnisys, with Cyberhawk, which is pending, not included. Since the DZYNE deal closed July 2, only revenue after that date will count toward Ondas’ results. The outlook is heavily weighted to the second half. Ondas inc.

What is the level of demand, and what portion of revenue is firmly secured by contracts?

Ondas had a pro forma backlog of $457 million as of March 31. Order disclosures in the second quarter topped $150 million. Ondas inc. An update in July included $70 million in new orders spanning multiple defense-system segments. Ondas inc. These numbers are not directly cumulative, as differences in delivery schedules, acquisition dates and overlapping reporting periods may affect totals. The August filing is expected to detail how much backlog has been converted into revenue and what remains committed.

Did the $361 million profit reported in Q1 have significant economic impact?

Ondas posted first-quarter net income of $361.2 million, or $0.58 per basic share, mainly due to non-cash accounting items rather than underlying profitability. The company registered a $389.5 million gain from the revaluation of warrant liabilities and a $51.5 million gain related to deconsolidating an investment. Core operations showed a $42.7 million loss alongside an adjusted EBITDA loss of $10.9 million. Ondas used $51.3 million in operating cash flow for the quarter. Margins and cash flow remain more significant than trailing P/E. SEC

What are the key points to watch in the August 13 earnings report?

Aggregators now forecast Q2 revenue at about $68–69 million. EPS projections mostly fall between a loss of eight and ten cents. As data sources give mixed results, both numbers remain uncertain. ChartMill Management has previously indicated that adjusted EBITDA losses are expected to reach their highest point in Q2. Key metrics to follow include gross margin, progress on backlog, operating cash flow, and the $525 million outlook. Results are expected August 13, ahead of an 8:30 a.m. EDT conference call. Ondas inc.

Is DZYNE’s purchase price justified?

Ondas put the value of the DZYNE deal at about $875.8 million, comprising $200 million in cash and roughly 85 million Ondas shares. That figure represents about 4.6 times DZYNE’s projected 2026 sales of $191 million. DZYNE is also forecasting over $300 million in revenue for 2027. Management is aiming for positive EBITDA in 2026 and mid-teens margins the following year. These figures are company projections, not audited results. Integration is the primary risk. Ondas inc.

What level of financial resources is left following the series of acquisitions?

Ondas held total liquidity of $1.48 billion as of March 31, including $1.026 billion cash and $447.8 million in short-term investments. SEC The company’s operating activities used $51.3 million in cash in the first quarter, while $474.2 million was spent on investing activities over the same period. SEC DZYNE needed $200 million in cash to complete its deal in July. Current liquidity figures have not been disclosed yet, as Ondas has not released its Q2 filing. SEC

What level of concern does shareholder dilution warrant?

The number of shares outstanding increased from 380.8 million in December to 469.1 million by March, climbing to around 569.8 million following DZYNE’s immediate stock issuance. SEC Additionally, a further 45 million shares are set for January 4, 2027, which would add about 7.9% to the current total. SEC Separately, 121.6 million seven-year warrants with an exercise price of $28 remain deeply out-of-the-money but could result in 21.3% potential dilution. Should all be exercised for cash under stated terms, proceeds would total about $3.4 billion. SEC

What price target have analysts predicted for the stock?

Consensus targets differ widely by provider. WSJ lists a mean target of $19.81, with projections between $16 and $25. MarketBeat puts its average at $16.75, with a spectrum from $10 to $19. The Wall Street Journal With shares at $7.46, these averages suggest potential upside of about 125% to 166%. Needham reduced its target from $23 to $19 following DZYNE, while maintaining a Buy rating. The broad forecast range highlights persistent uncertainty over dilution, integration, and the pace of revenue. investing.com

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Marcin Frąckiewicz is the founder and CEO of TS2 Space, a satellite communications company serving customers around the world. A graduate of the Warsaw School of Economics (SGH), he has more than two decades of experience in telecommunications, satellite services and technology ventures. He writes about satellite communications, space technology, artificial intelligence and the stock market, with a particular focus on technology companies, semiconductors, emerging industries and the trends shaping global innovation. Follow Marcin Frąckiewicz on Google News, Facebook. or Linkedin.