NEW YORK, August 7, 2026, 06:08 EDT — Nasdaq premarket activity was underway, ahead of the scheduled 09:30 EDT open for regular trading.
- Ondas secured a U.S. Army contract exceeding $50 million and an AFRL award of over $6 million in a 48-hour span.
- The total value of both surpasses Ondas’ first-quarter revenue figure of $50.1 million.
- The stock ended Thursday’s session at $8.74, with premarket indications showing $8.92 as of 05:57 EDT Friday, a rise of 2.06%.
Ondas Inc. NASDAQ:ONDS disclosed over $56 million in U.S. defense contracts on Wednesday and Thursday, surpassing its first-quarter revenue. Despite the news, the stock slipped 1.35% over the two days of announcements.
The muted response prompts a key question for investors. Demand can be seen, but exactly when sales and cash will materialise is still uncertain.
Their lowest reported amounts are equivalent to 111.7% of revenue from the first quarter. The awards additionally account for over 10% of Ondas’ most recent full-year sales goal.
| Comparison base | Value | More than $56M equals |
|---|---|---|
| Q1 2026 revenue | $50.12M | Over 111.7% |
| Q1 pro forma backlog | $457.0M | Above 12.3% |
| 2026 revenue target | At least $525.0M | Exceeds 10.7% |
| H2 revenue needed | $406.91M | Greater than 13.8% |
The minimum-value estimate is based on the two reported awards. The second-half projection reflects the existing preliminary Q2 consensus. Award value does not equate to recognized revenue.
In July, Ondas increased its 2026 revenue forecast to a minimum of $525 million. This projection accounts for DZYNE and Omnisys, but when updated, did not factor in any input from Cyberhawk.
The more challenging comparison comes in the latter half. Early Q2 consensus points to revenue of $67.97 million, pushing first-half sales to approximately $118.09 million. Ondas would then have to secure roughly $406.91 million in the last six months.
Current estimates for the quarter offer minimal cushion. Initial projections for Q3 and Q4 combine for roughly $408.53 million, just $1.62 million over the threshold required to hit management’s minimum goal.
| 2026 period | Revenue | Status |
|---|---|---|
| Q1 | $50.12M | Actual |
| Q2 | $67.97M | Preliminary consensus |
| First half | $118.09M | Actual and consensus |
| Second half needed | $406.91M | Calculated to total $525M |
| Q3 | $154.53M | Preliminary consensus |
| Q4 | $254.00M | Preliminary consensus |
| Second-half consensus | $408.53M | Q3 plus Q4 |
| Excess over annual minimum | $1.62M | Roughly 0.3% above yearly target |
The modeled data for the first and second half are projections rather than official company forecasts. These estimates may be revised ahead of reporting results.
The Army contract is valued above $50 million and is part of a $982 million multi-year IDIQ contract. Ondas reported that Mistral’s total awards under the program have surpassed $240 million. Production is underway for systems from the initial $190.8 million order, with delivery scheduled for the third quarter.
The AFRL awarded over $6 million on Thursday to support work on the Long-Range Grasshopper autonomous delivery system at Ondas Sentinel. The system is designed to transport payloads weighing as much as 500 pounds.
Chief Executive Eric Brock stated, “Our focus now is on execution,” following the Army contract. The company has not disclosed a revenue-recognition timeline for the expanded order. Ondas Inc.
Ondas rose 0.11% on Wednesday before slipping 1.47% Thursday. The two-day performance lagged AeroVironment Inc. NASDAQ:AVAV but exceeded Red Cat Holdings Inc. NASDAQ:RCAT.
| Company | Aug. 6 close | Aug. 5 move | Aug. 6 move | Two-day change |
|---|---|---|---|---|
| Ondas Inc. NASDAQ:ONDS | $8.74 | up 0.11% | down 1.47% | down 1.35% |
| AeroVironment Inc. NASDAQ:AVAV | $171.12 | down 0.57% | up 1.82% | up 1.24% |
| Red Cat Holdings Inc. NASDAQ:RCAT | $8.67 | down 2.26% | up 0.12% | down 2.14% |
Two-day changes reflect closing prices from August 6 versus August 4. With mixed movement among peers, a sector-wide drone explanation remains insufficient, but this does not confirm that Ondas’ drop stemmed solely from company-related reasons.
Analysts on the sell side continue to be optimistic. The consensus from eight analysts is a “Strong Buy” rating, and their average price target stands at $19.81. Target estimates vary between $16 and $25. The dataset’s most recent individual updates are from July 7 through July 9. StockAnalysis
| Analyst | Firm | Recommendation | Target | Latest action |
|---|---|---|---|---|
| Matthew Galinko | Maxim Group | Buy | $22 | Raised from $15, July 9 |
| Jonathan Siegmann | Stifel Nicolaus | Buy | $18 | Reaffirmed, July 9 |
| Amit Dayal | H.C. Wainwright | Buy | $25 | Reaffirmed, July 7 |
| Michael Latimore | Northland Securities | Buy | $18 | Unchanged, July 7 |
| Austin Bohlig | Needham | Buy | $19 | Trimmed from $23, July 7 |
Analyst recommendations and price targets represent projections, not assurances.
The upcoming test arrives soon. Ondas will announce its second-quarter earnings on August 13 at 08:30 EDT. Investors are expected to focus on Q2 revenue figures, the pace of backlog conversion, and any updates to the $525 million goal. Management earlier stated that adjusted EBITDA losses were projected to reach their highest point in Q2.
Risks: The recent announcements did not clarify how much of the award value will be recognized in 2026 revenue. Ondas issued approximately 85 million shares as part of the DZYNE deal, with 45 million shares under a six-month lock-up period. Adjusted EBITDA for the first quarter posted a loss of $10.9 million.
Ondas’ demand outlook is further supported by the latest development. The August 13 report is now expected to provide evidence of conversion. Delivery schedule carries greater significance than total award figures, as revenue models provide limited buffer.
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