WEST PALM BEACH, Florida, September 2, 2026, 06:31 EDT — Ondas shares dropped 8% after the company released a revenue outlook suggesting a 74% acceleration in fourth-quarter growth.
- Ondas finished Tuesday at $7.04, falling 8.0%, before trading at $7.00 ahead of the market open.
- The 2026 outlook points to fourth-quarter revenue between $236.1 million and $276.1 million.
- The market valuation of $4.02 billion is roughly 7.5 times the midpoint of guidance.
Shares of Ondas Inc. NASDAQ:ONDS declined by 8.0% on Tuesday as investors considered the company’s challenging second-half revenue outlook. At 06:31 EDT on Wednesday, the stock was trading at $7.00, representing a further loss of 0.6% Yahoo Finance.
The numbers are clear. Ondas requires approximately $256.1 million in fourth-quarter revenue at the midpoint of its forecast. This figure is 74% higher than the midpoint of its third-quarter guidance.
The stock has declined 19.5% from its August 27 closing price. Trading volume on Tuesday was around 68.5 million shares. The company’s most recent filing did not disclose any similar operating surprise.
Ondas price path: a three-session reset
Regular-session closes in dollars, plus the latest premarket indication.
As of . Source: Yahoo Finance; Nasdaq prices.
An August 28 prospectus registered 99,105 shares linked to acquisitions for resale. This represents just 0.017% of the total reported shares outstanding. As a result, the filing’s limited scale does not fully account for the share price drop SEC prospectus.
Valuation is still a tougher issue to address. As of Tuesday’s close, Ondas had a market capitalization of $4.02 billion. This equates to 7.5 times the midpoint for its forecast 2026 revenue and 5.3 times its pro forma backlog.
Market value versus the operating base
Dollar values in billions; bars share a common $4.02 billion scale.
Sources: Yahoo Finance, September 1 close; Ondas Q2 release, August 13, 2026.
Revenue for the second quarter climbed 67% quarter-over-quarter to $83.8 million. GAAP gross margin declined to 43.1% compared to 49.2%. The increase in revenue was supported by acquired operations, though margin was impacted by amortisation.
Expenses continue to be substantial. Adjusted cash operating costs totaled $93.3 million. The company reported an adjusted EBITDA loss of $50.6 million, the quarterly filing showed.
Chief Executive Eric Brock said Ondas anticipates “another significant revenue ramp” in the second half. The company increased its full-year target to a range of $525 million-$550 million company release.
The revenue ramp embedded in guidance
Quarterly revenue in millions of dollars. Q3 and Q4 figures use guidance midpoints.
Q4 range: $236.1 million-$276.1 million, calculated from company guidance. Source: Ondas Q2 release.
Ondas held $1.4 billion in cash resources as of June 30. It subsequently spent around $325 million on DZYNE and Cyberhawk. Subtracting this amount, the figure stands at $1.08 billion prior to reflecting other third-quarter cash movements.
With the acquisitions, pro forma backlog reached $757 million. Ondas disclosed $105 million in orders for the third quarter as of August 10. The focus has shifted from order announcements to backlog conversion.
At the time of reporting, Nasdaq’s regular session was not yet underway. Premarket quotes may be thin. As a result, Tuesday’s closing performance continues to provide the more reliable price indication.
Risks exist on both sides. The timing of contracts, integration expenses, and a gross margin of 43.1% may postpone operating leverage. Quicker deliveries have the potential to make the present revenue multiple appear more reasonable.
The upcoming test can be quantified. Ondas needs to land within its third-quarter range of $140 million to $155 million, followed by a rapid acceleration.
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