NEW YORK, August 3, 2026, 09:23 EDT (Nasdaq premarket)
- Ondas was indicated 0.4% lower at $7.46. Three selected defense-technology peers averaged a 0.7% premarket gain.
- Short interest equaled 43.9% of Ondas’s public float on July 15.
- Second-quarter results are due August 13. Ondas targets at least $525 million of 2026 revenue.
Ondas Inc. NASDAQ:ONDS was indicated 0.4% lower at $7.46 in delayed premarket trading. Nasdaq futures gained about 0.2%. Regular U.S. trading had not opened.
The larger investor issue is positioning. Short interest reached 229.56 million shares on July 15. That represented 43.9% of the public float.
Only Red Cat approached that level among selected peers. AeroVironment and Kratos had far smaller short positions. The imbalance could magnify Ondas’s August earnings reaction.
Premarket quotes are delayed. Five-day returns and short interest use the latest published figures.
| Company | Premarket price | Premarket move | Five-day move | Float sold short |
|---|---|---|---|---|
| Ondas | $7.46 | -0.40% | -6.61% | 43.91% |
| AeroVironment Inc. NASDAQ:AVAV | $150.30 | +0.62% | -3.16% | 10.13% |
| Red Cat Holdings Inc. NASDAQ:RCAT | $7.55 | +0.27% | -3.34% | 23.68% |
| Kratos Defense & Security Solutions Inc. NASDAQ:KTOS | $47.20 | +1.29% | -5.76% | 5.62% |
Ondas posted no fresh operating release over the weekend. Its investor page listed July 30 as the latest update. That notice set second-quarter results for August 13 at 8:30 a.m. EDT.
The report must connect orders with booked sales. Ondas produced $50.1 million of first-quarter revenue. Its current full-year target is at least $525 million.
That leaves $474.9 million after the first quarter. The required Q2-to-Q4 average is $158.3 million. That equals 3.2 times first-quarter revenue, based on reporter calculations.
The comparison is acquisition-heavy. DZYNE closed July 2, after the June quarter ended. The target includes DZYNE and Omnisys but excludes pending acquisition Cyberhawk.
| Revenue measure | Amount | Comparison |
|---|---|---|
| Q1 2026 revenue | $50.1 million | 9.5% of current target |
| Previous 2026 target | At least $390 million | Set after Q1 results |
| Current 2026 target | At least $525 million | 34.6% above the previous target |
| Revenue remaining after Q1 | $474.9 million | Reporter calculation |
| Required Q2-Q4 quarterly average | $158.3 million | 3.2 times Q1; reporter calculation |
| DZYNE stand-alone 2026 forecast | $191 million | 36.4% of Ondas’s current target |
| Orders announced July 22 | $70 million | 13.3% of the target; not recognized revenue |
Orders provide the clearest operating support. Ondas announced $70 million across five mission areas during four weeks. The awards included counter-drone, ground, border, surveillance and precision-strike systems.
Chief Executive Eric Brock said the awards showed Ondas could “convert a growing pipeline of opportunities into meaningful customer programs.” The June-quarter report will test that conversion. Ondas Inc.
Valuation leaves less room for a slow ramp. Friday’s $4.27 billion market value equals about 8.1 times the revenue target. That is a market-cap-to-sales ratio, not enterprise value.
| Capital or ownership measure | Reported figure | Investor comparison |
|---|---|---|
| Market capitalisation | $4.27 billion | About 8.1 times the 2026 revenue target |
| Shares outstanding | 569.86 million | Current quoted share base |
| Short interest | 229.56 million shares | 43.9% of public float on July 15 |
| BlackRock Inc. NYSE:BLK stake | 38.13 million shares | 7.2% as of June 30 |
| DZYNE stock consideration | About 85 million shares | Company estimated 13.8% post-deal ownership |
| Cash, equivalents, restricted cash and short-term investments | $1.48 billion | March 31 balance, before DZYNE’s $200 million cash payment |
BlackRock’s filing classified the holding as passive. It did not signal an effort to influence control. The percentage also used Ondas’s June 30 share count.
Risks: Contract timing may shift revenue between quarters. Integration costs may delay margin gains. Further stock issuance can dilute holders. Heavy short interest can worsen moves in either direction.
The next hard catalyst is August 13. Investors will watch revenue, backlog conversion, cash use and the $525 million target. For now, Ondas remains 6.6% lower over five sessions.
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