Ondas Holdings (ONDS) Stock Today, November 20, 2025: Big Swings After $35 Million Combat Drone Deal and Share Authorization Vote

Ondas Holdings Inc. (NASDAQ: ONDS) — the autonomous drones and private wireless company — is having another turbulent session today as Wall Street digests a fresh $35 million combat robotics investment and a key shareholder vote that dramatically expands the company’s capacity to issue new shares.

As of late trading on Thursday, November 20, 2025, ONDS is changing hands around $6.27, down roughly 16% from yesterday’s close near $7.50, after whipsawing between about $6.25 and $7.98 on extremely heavy volume. ^[1]

Key Takeaways

ONDS is sharply lower today despite earlier gains, trading around $6.27 and giving back a chunk of its recent parabolic rally, with intraday swings spanning more than 25% from high to low. ^[2]
The main catalyst is a new $35 million strategic investment in Performance Drone Works (PDW), a U.S. combat robotics manufacturer with capacity to produce up to 100,000 advanced drones per year in Huntsville, Alabama. ^[3]
Shareholders today approved a major increase in authorized common stock (400M → 800M) and a big expansion of the stock incentive plan, boosting Ondas’ flexibility to fund growth — but also raising dilution concerns. ^[4]
Fundamentally, Ondas just reported a record Q3 2025, with revenue surging 582% year over year to $10.1 million, higher gross margins and a growing backlog of about $23.3 million, but the company remains unprofitable. ^[5]
Analysts still skew bullish: five covering firms rate ONDS a “Strong Buy” with an average 12‑month price target around $9.20, while Needham recently lifted its target to $10 — though these estimates now sit against a backdrop of large share issuance and elevated volatility. ^[6]

Note: Market data in this article is intraday and may change by the close. This content is for information purposes only and is not financial advice.

ONDS Stock Price Action Today: Volatile Trade After a Huge Run

Today’s session continues a wild stretch for Ondas Holdings:

Last trade (intraday): about $6.27
Previous close: roughly $7.50
Intraday range (today):$6.25 – $7.98
Recent volume: around 114 million shares, far above average and nearly one‑third of shares outstanding. ^[7]

Earlier in the day, third‑party trackers reported ONDS down roughly 11–12% with an intraday range from about $6.46 to $7.97 — a snapshot that underscores how fast the tape is moving. ^[8]

These swings are happening against a backdrop of eye‑popping longer‑term gains. Recent analyses note that Ondas shares are up several hundred percent over the last six months and more than ten‑fold over the past year, even after today’s pullback. ^[9] The stock’s 52‑week range of $0.57 to $11.70 and beta of about 2.4 underline just how volatile this name has become. ^[10]

In other words, ONDS is behaving much more like a high‑growth, high‑beta defense tech play than a steady industrial — big upside moves punctuated by sharp selloffs as headlines and sentiment shift.

The Big Story Today: A $35 Million Bet on Combat Robotics

The headline catalyst this morning is Ondas’ $35 million strategic investment in Performance Drone Works (PDW), a privately held, veteran‑led U.S. defense technology company focused on combat robotics and advanced unmanned aircraft systems. ^[11]

According to Ondas’ press release:

PDW operates “Drone Factory 01”, a 90,000‑square‑foot facility in Huntsville, Alabama, designed to produce up to 100,000 NDAA‑compliant advanced drone systems per year, with a potential annual production value of about $1 billion. ^[12]
The Ondas investment is earmarked to scale production, boost engineering headcount, and secure a domestically sourced, NDAA‑compliant supply chain. ^[13]
PDW recently won a $20.9 million U.S. Army contract for its C100 UAS and multi‑mission payloads, part of the Army’s “Transformation in Contact” initiative. ^[14]

Ondas positions this deal as a way to:

Deepen its presence in AI‑enabled combat robotics,
Strengthen its Ondas Autonomous Systems (OAS) business, and
Align with a partner that already supplies systems to every branch of the U.S. military. ^[15]

Pre‑market coverage this morning highlighted a 4–5% jump in ONDS stock in early trading on the PDW news, but as the day wore on, attention shifted to the company’s share structure changes and the stock reversed sharply into the red. ^[16]

Fundamentals in Focus: Record Q3 2025, Bigger Backlog, and Higher Guidance

Underneath the headline volatility, Ondas’ underlying business has changed significantly in 2025.

In its Q3 2025 earnings release, the company reported: ^[17]

Revenue:
- $10.1 million, up 582% from $1.5 million in Q3 2024.
- Growth was driven by deliveries of Iron Drone Raider counter‑UAS systems, Optimus automated drone platforms, and contributions from the Apeiro Motion acquisition.
Gross profit / margin:
- Gross profit rose to $2.6 million, vs. about $50,000 a year ago.
- Gross margin improved to 26% from roughly 3%.
Profitability:
- Operating loss widened to about $15.5 million as Ondas invested heavily in scaling OAS and corporate infrastructure, including roughly $5 million of non‑cash stock‑based compensation.
- Net loss narrowed to around $7.5 million, helped by higher interest income and unrealized gains on minority equity positions.

On the balance sheet side, Ondas looks very different from a year ago:

Cash, cash equivalents and restricted cash: about $433 million at quarter‑end.
Pro forma cash: around $840 million, after factoring in roughly $407 million of net proceeds from an early‑October equity offering and before Q4 acquisition and investment spending.
Convertible debt: down sharply from about $52.7 million at year‑end 2024 to $9.5 million as of September 30, 2025, largely due to conversion into equity. ^[18]

Management raised full‑year 2025 revenue guidance from at least $25 million to $36 million+ and set an initial 2026 revenue target of at least $110 million, citing strong demand for autonomous systems and a consolidated backlog of roughly $23.3 million heading into Q4. ^[19]

The upshot: Ondas is scaling fast in revenue and backlog, backed by a large cash war chest, but still burning money and leaning heavily on equity financing.

Growth Strategy: Multi‑Domain Autonomy, Acquisitions and Defense Deals

A big part of the ONDS bull case centers on Ondas’ effort to build an integrated multi‑domain autonomy platform — spanning aerial, ground, and eventually subsurface robotics plus the communications networks that connect them.

Recent acquisitions and partnerships

In just the last few quarters, Ondas has: ^[20]

Acquired Apeiro Motion, an Israeli robotics company focused on unmanned ground vehicles (UGVs), quadruped robots, and tethered UAV systems.
Acquired controlling stakes in 4M Defense, S.P.O. Smart Precision Optics, and Insight Intelligent Sensors, expanding into land intelligence and demining, high‑end electro‑optics, and advanced situational‑awareness sensors.
Signed a definitive agreement to acquire Sentrycs, a counter‑UAS specialist whose RF‑based detection and mitigation tech complements Ondas’ Iron Drone Raider interceptor systems.
Secured exclusive U.S. distribution rights to Rift’s Wåsp attritable FPV drone, placing an initial order for 500 combat‑ready units to launch the platform into the U.S. defense market.

Coverage from Zacks and others has framed this as an “acquisition spree” aimed at giving Ondas a portfolio that spans robotics, optics, subsurface intelligence, and counter‑drone technologies under one umbrella. ^[21]

Strategic investments beyond PDW

The PDW deal isn’t happening in isolation. In October, Ondas also led a $14 million strategic investment in Safe Pro Group (NASDAQ: SPAI), an AI‑driven defense and security company focused on drones, demining and ballistic protection. ^[22]

Together, these moves support a broader narrative: Ondas wants to be a central consolidator and capital provider for autonomous defense and security systems, using Ondas Capital to deploy cash into adjacent platforms while OAS and Ondas Networks focus on operations and connectivity. ^[23]

Capital Structure: Fresh Equity, Share Expansion and Dilution Risk

Today’s special shareholder meeting was just as important for the stock as the PDW announcement.

According to the company’s Form 8‑K filed this afternoon: ^[24]

Shareholders approved an amendment to Ondas’ Articles of Incorporation to increase authorized common shares from 400 million to 800 million.
They also approved an amendment to the 2021 Stock Incentive Plan, expanding the share pool for equity awards from 26 million to 61 million.
Both proposals passed with strong majorities; the authorized share increase, for example, saw more than 178 million votes in favor versus about 8.7 million against.

Crucially, authorized shares are not the same as issued shares — this change doesn’t instantly double Ondas’ share count. However, it does give management significantly more flexibility to:

Raise additional equity capital,
Use stock as currency for acquisitions and investments (like PDW or Safe Pro), and
Grant larger equity packages to employees, executives and directors.

Given that Ondas has already raised hundreds of millions of dollars in 2025 via stock offerings and conversions, and now has authorization to issue far more shares, dilution is a central risk factor for existing shareholders. ^[25]

That tension — between a ramping growth story and aggressive equity financing — is a big reason today’s news is being met with such volatility.

How Analysts See ONDS: High Upside Targets, but Growing Skepticism

Despite the roller‑coaster price action, the analyst community remains broadly constructive on Ondas:

A compilation of Wall Street estimates shows five analysts covering ONDS with a consensus “Strong Buy” rating and an average 12‑month price target around $9.20, with individual targets spanning from $4 to $12. ^[26]
Needham & Company recently reiterated a Buy rating and raised its price target from $9 to $10, citing the company’s rapid scaling and expanding pipeline. ^[27]

At the same time, some research platforms have tempered their stance, shifting ONDS from “Sell” to “Hold” while warning that:

Profitability is still a ways off,
The company’s acquisition‑heavy strategy introduces integration risk, and
Ongoing equity issuance and expanded share authorization could weigh on long‑term returns for existing holders if not matched by sustainable earnings growth. ^[28]

From a fundamentals snapshot, Ondas currently sports:

A market capitalization in the ballpark of $2–3 billion,
Trailing twelve‑month revenue of roughly $25 million, and
A net loss of about $48 million — meaning the stock is trading on future growth expectations, not present‑day profits. ^[29]

What Today’s Moves Could Mean for ONDS Investors

For traders and longer‑term investors watching ONDS, here are the key themes emerging from today’s action:

Execution vs. dilution is the central trade‑off.
Ondas now has substantial cash, an expanding backlog, and high‑profile defense and security partners — but it has secured this position through very heavy use of equity, and shareholders just approved the potential for much more. ^[30]
The business is clearly gaining real‑world traction.
Recent orders for Iron Drone Raider, Optimus systems, ground robotics, and Wåsp drones — plus PDW’s Army contract — show that this is not a purely speculative story; it’s backed by a growing set of contracts in defense, homeland security and critical infrastructure protection. ^[31]
Volatility is likely to remain extreme.
With a 52‑week range from pennies to double‑digit prices, a high beta, and a news‑driven, acquisition‑heavy strategy, ONDS has behaved more like a high‑risk growth stock than a traditional industrial. Large intraday swings — up or down — should not surprise anyone at this point. ^[32]
Future catalysts are stacked.
Upcoming developments that could move the stock include:
- Closing and integration of new acquisitions like Sentrycs,
- Progress on deploying Wåsp drones and PDW production ramp‑ups,
- Additional defense and infrastructure contracts,
- Any new equity raises now that the share authorization has been expanded, and
- Updates to 2026 and longer‑term financial targets. ^[33]

Because ONDS sits at the crossroads of defense, AI, drones and private wireless infrastructure, it is likely to stay on the radar of momentum traders, thematic investors and institutional funds looking for exposure to autonomous systems — but with risk levels to match.

Final Word

Ondas Holdings’ story today is a study in contrasts: record growth and major defense‑tech ambitions on one side, and aggressive share issuance plus big swings in the stock price on the other.

Anyone considering ONDS should keep in mind:

This is a high‑risk, high‑volatility stock,
The company is still unprofitable and dependent on capital markets, and
Outcomes will hinge on management’s ability to turn its war chest, acquisitions, and strategic investments into sustained, profitable growth over the next few years.

This article does not constitute investment advice or a recommendation to buy or sell any security. Always do your own research and consider speaking with a licensed financial advisor before making investment decisions.

Ondas Autonomous Systems: Optimus System and Iron Drone Raider System