WEST PALM BEACH, Florida, August 31, 2026, 02:12 (EDT) – Shares of Ondas slipped 9.7% after the company posted a $50.6 million loss, set against a reported $757 million backlog.
- Ondas finished Friday at $7.90, sliding 9.71%, with 69.97 million shares traded.
- Revenue for the second quarter was $83.8 million, with adjusted EBITDA down by $50.6 million.
- Pro-forma backlog was $757 million; revenue forecast for 2026 is between $525 million and $550 million.
Ondas Inc. (NASDAQ:ONDS) ended Friday down 9.71% at $7.90. Volume totaled 69.97 million shares, representing roughly 81% of the company’s 65-day average market data.
The downturn underscores a growing gap in execution. Ondas holds a sizable order backlog, yet its operating platform continues to use considerable cash.
Revenue for the second quarter increased 67% from the previous quarter to reach $83.8 million. Adjusted EBITDA declined, posting a loss of $50.6 million compared to a loss of $10.9 million in the prior quarter company filing.
At June 30, management reported a backlog of $613 million. The pro-forma backlog, which includes DZYNE Technologies and Cyberhawk, totaled $757 million.
| Execution measure | Amount | Investor read-through |
|---|---|---|
| Q2 revenue | $83.8 million | Sequential gain of 67% |
| Q3 revenue guide | $140 million–$155 million | Midpoint suggests 76% increase |
| 2026 revenue guide | $525 million–$550 million | Midpoint equates to roughly 7.4× current market value |
| Pro-forma backlog | $757 million | 1.4× midpoint sales guidance for 2026 |
| Q2 adjusted EBITDA | $(50.6) million | Losses expected to ease as operations scale up |
Ondas reported $1.4 billion in cash, restricted cash, and short-term investments at the end of the quarter. Following this, it spent roughly $325 million on DZYNE and Cyberhawk.
The company projects third-quarter revenue between $140 million and $155 million. Management expects platform-level adjusted EBITDA to turn profitable in the fourth quarter, with company-wide profitability anticipated by late 2027.
Analysts on Wall Street continue to express bullish sentiment. Out of those covering the stock, nine rate it a Strong Buy, with an average price target of $19.42. Forecasts for the stock, however, span from $13 up to $25 analyst data.
A late Friday filing registered the resale of 99,105 shares issued as part of the World View acquisition. This figure represents a minor portion of the company’s overall share count August 28 Form 8-K.
Ondas intends to acquire Aran Defense in a deal valued at approximately $33 million. Aran is forecasting around $26 million in revenue for 2026, suggesting a purchase multiple of 1.3 times transaction announcement.
Risks: The backlog reflects acquired companies and is contingent on delivery schedules. Costs linked to integration, reliance on key customers, and delays in defense programs may push back the anticipated margin turnaround.
The next key point is conversion. Investors are set to monitor third-quarter deliveries, progressive EBITDA gains and the anticipated Aran closing before fully valuing the backlog.
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