NEW YORK, August 11, 2026, 15:31 EDT
- Shares of Ondas climbed 2.4% to $9.535 following the announcement of a new Israeli tactical-drone contract.
- The market capitalization of $5.43 billion represents 10.35 times the minimum revenue projected for Ondas in 2026.
- August 13 second-quarter results will indicate if backlog is turning into reported sales.
Shares of Ondas Inc. NASDAQ:ONDS advanced on Tuesday following the company’s success in securing an Israeli defense contract. By 15:31 EDT, the stock was trading at $9.535, an increase of 2.4%.
Ondas now holds a market capitalization of $5.43 billion, which is 10.35 times the management’s stated revenue minimum of $525 million for 2026. Investors are pricing in swift conversion of both awarded contracts and acquired backlog.
The new contract backs that expansion outlook. Ondas announced it was chosen by Israel’s Ministry of Defense for a multi-million-dollar initiative named Digital Bat. The firm will head development and manufacturing of affordable tactical attack drones.
Chairman and Chief Executive Eric Brock said in the release, “We are seeing a fundamental shift in defense priorities toward affordable autonomous systems that can be produced and deployed at a significant scale.”
Ondas is set to provide more than just the airframe. The scope of the program covers autonomy features, mission-related software, command link systems, and preparedness for production. Oshri Lugassy, co-chief executive of Ondas Autonomous Systems, stated: “Our approach is to develop the complete operational capability-not simply an individual drone.” Program details
| Market measure | August 11 reading |
|---|---|
| Share price | $9.535 |
| Daily change | up 2.4% |
| Intraday range | $9.20-$9.54 |
| Volume | 60.5 million |
| Three-month average volume | 88.7 million |
| Market value | $5.43 billion |
| 52-week change | up 117.0% |
Ondas shares saw active trading, though volumes stayed under the stock’s three-month daily average. The price was 37.6% under its $15.28 high for the year. Price and volume data was as of 15:31 EDT.
| Scale measure | Verified amount | Investor read-through |
|---|---|---|
| 2025 revenue | $50.7 million | Baseline year |
| First-quarter 2026 revenue | $50.1 million | Nearly equaled the full 2025 figure |
| 2026 revenue guidance | At least $525 million | Up 935.5% from 2025 |
| Market value | $5.43 billion | 10.35x the bottom end of guidance |
| Cyberhawk forecast revenue | More than $45 million | For fiscal year to March 2027; not in Ondas outlook |
The guidance is largely driven by acquisitions. Ondas raised its projection to $390 million following the announcement of its deal with DZYNE Technologies. Cyberhawk is excluded because its projection reflects a different fiscal year, and including it would distort comparability with Ondas’ outlook.
Ondas finalized its acquisition of Cyberhawk on Monday. The acquired division utilizes drones and AI technology to conduct inspections of industrial and energy assets. Executives project Cyberhawk to generate over $45 million in revenue for its fiscal year ending March 2027, with approximately 95% anticipated to be recurring income.
| Growth item | Headline value | Funding or status | 2026 guide treatment |
|---|---|---|---|
| DZYNE Technologies | Roughly $875 million | $200 million cash and 85 million Ondas shares | Included |
| Cyberhawk | Roughly $125 million | Approximately 95% in cash; $5 million seller rollover stock | Excluded |
| Digital Bat program | Multi-million-dollar contract | Development and manufacturing initiative | Quantitative impact not specified |
DZYNE represents the highest equity cost. The previous owners are set to receive 85 million Ondas shares, 45 million of which will be restricted for six months. The Cyberhawk acquisition involves significantly fewer shares but also requires integration.
| First-quarter measure | Q1 2026 | Comparison |
|---|---|---|
| Revenue | $50.1 million | $4.3 million the previous year |
| Pro forma backlog | $457 million | $68.3 million as of year-end 2025 |
| Operating loss | $42.7 million | $10.3 million for the prior year |
| Cash, restricted cash and short-term investments | $1.48 billion | As of March 31 |
Revenue surged over eleven times in the first quarter, but the operating loss expanded significantly. Ondas stated that adjusted EBITDA losses are expected to reach their highest point in the second quarter and then begin to recover. The autonomous-systems division aims for adjusted EBITDA profitability in early 2027.
Risks: Execution now involves multiple recently acquired companies. Government contracts may be subject to scheduling shifts, and a large proportion of stock-based consideration in transactions can result in shareholder dilution. The current valuation offers limited tolerance for delays in backlog realization.
| Date | Firm | Analyst | Rating action | Target | Upside from $9.535 |
|---|---|---|---|---|---|
| August 11 | Roth Capital | Scott Searle | Started at Buy | $13 | 36.3% |
| August 4 | Weiss Ratings | Not listed | Downgraded to Sell (D+) | Not listed | Not applicable |
| July 7 | Needham | Austin Bohlig | Buy rating maintained; target lowered | $19 | 99.3% |
| March 26 | Northland Securities | Michael Latimore | Outperform confirmed | $18 | 88.8% |
| March 10 | H.C. Wainwright | Amit Dayal | Buy rating reaffirmed | $17 | 78.3% |
| Consensus | 10 analysts | – | Moderate Buy | $16.33 | 71.3% |
Wall Street sentiment is largely upbeat, with some differences in outlook. Among analysts, there is one Sell, one Hold, seven Buy, and one Strong Buy rating. Price targets represent projections and are not assurances.
The upcoming test is imminent. Ondas is set to announce second-quarter results before its conference call at 08:30 EDT on Thursday. The sustainability of the current 10.35-times sales multiple will depend on how revenue conversion, the peak in losses, and the way guidance incorporates recent acquisitions are addressed.
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