New York, Jan 21, 2026, 11:39 AM EST — Regular session
- Ondas shares slipped 1.1% to $12.99, falling back from a peak of $14.29 reached earlier Wednesday
- Investors are digesting news of an auditor change revealed in an 8-K, alongside several upward revisions to price targets
- Traders are eyeing Ondas’ audited 2025 results along with the outlook for 2026
Ondas Holdings Inc. shares tumbled 1.1% to $12.99 on Wednesday, after earlier spiking as much as 8.8% in choppy Nasdaq trading.
This week, the stock surged as a momentum play following the company’s hike to its 2026 revenue forecast and the release of early 2025 projections, sparking a wave of new analyst reports.
Why it matters now: Ondas is working to persuade investors it can convert a rapidly expanding backlog into sustainable revenue. The company holds a cash reserve from a recent capital raise and hints at pursuing acquisitions.
Tuesday’s jump highlighted the momentum. Ondas ended the day 8.18% higher at $13.13, as several analysts upped their price targets following the company’s revised outlook, according to Nasdaq.com.
Ondas revealed a new twist in its latest filing. The audit committee has signed off on dropping Rosenberg Rich Baker Berman as its independent auditor once the 2025 audit wraps and the annual report is filed. They’ll bring in BDO USA starting fiscal 2026. The company said it had no disputes with Rosenberg, even though the previous auditor’s reports carried a “going concern” warning—a red flag about the company’s ability to stay afloat without more cash. https://www.sec.gov/Archives/edgar/data/1646188/000121390026005424/ea0273294-8k_ondas.htm
Analysts zeroed in on the growth angle. “The guidance leaves out additional acquisitions, which the company says ‘are likely,’” Northland analyst Michael Latimore noted as he lifted his price target from $10 to $16, per TheFly. https://www.tipranks.com/news/the-fly/ondas-price-target-raised-to-16-from-10-at-northland-thefly
Ondas put some numbers behind its pitch at investor day: preliminary Q4 revenue ranges from $27 million to $29 million, with full-year revenue between $47.6 million and $49.6 million. Its estimated year-end backlog stands at $65.3 million. The company noted these figures are unaudited and based on management’s estimates.
The balance sheet angle factors into the trade as well. Earlier this month, Ondas closed a registered direct offering—a share sale to a U.S.-registered investor—bringing in roughly $959.2 million in net proceeds. The company cautioned, however, that there’s no guarantee its warrants will be exercised.
The company recently streamlined its identity, dropping “Holdings” from its name to become Ondas Inc., effective Jan. 16, per a filing. https://www.sec.gov/Archives/edgar/data/1646188/000121390026004897/ea0273066-8k_ondas.htm
However, risks are clear. The new targets aren’t audited, the warrant setup suggests possible dilution, and the change in auditor—combined with earlier “going concern” warnings—could unsettle cautious investors if the forthcoming 10-K reveals fresh issues.
Investors now focus on one thing: the company plans to release its full fourth-quarter and 2025 results in March. How detailed and timely that annual report is will be the real test for this week’s upgrades.
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