NEW YORK, August 10, 2026, 06:05 EDT — Ondas NASDAQ:ONDS climbed 21.6%, but eyes are now on whether the company can achieve its $406 million second-half revenue target.
- U.S. regular trading was yet to begin. Ondas traded at $9.38 in premarket, rising 3.0% from its $9.11 close on Friday.
- Shares rose 21.6% last week, while certain defense-tech peers climbed between 22.3% and 30.4%.
- Thursday’s earnings update will serve as the next benchmark. Early revenue projections of about $68 million to $69 million indicate the remaining requirement for the second half is over $405 million.
Ondas Inc. NASDAQ:ONDS faces a challenging set of numbers as it starts earnings week. To achieve its annual revenue goal of at least $525 million, the company needs to deliver a significantly stronger performance in the second half.
Two early consensus trackers estimate second-quarter revenue will range from $68.0 million to $69.3 million. With first-quarter revenue reported at $50.1 million, this means a minimum of $405.5 million to $406.9 million would remain for the second half.
This means each of the next quarters would need to reach an average of roughly $203 million. That figure is nearly triple the projection for the second quarter, and 3.4 times the implied revenue from the first half.
Path to 2026 revenue target
| Measure | Revenue |
|---|---|
| 2026 company minimum goal | $525.0 million |
| Q1 reported | $50.1 million |
| Q2 initial consensus forecast | $68.0 million-$69.3 million |
| First-half projected total revenue | $118.1 million-$119.5 million |
| Second-half revenue required | $405.5 million-$406.9 million |
| Q3 and Q4 average required | $202.8 million-$203.5 million |
The bridge reflects acquisitions. The revised forecast factors in DZYNE and Omnisys but does not account for upcoming Cyberhawk input. Ondas anticipates DZYNE to bring in $191 million in revenue for the full year 2026.
Investors have responded to the order flow, with Ondas shares finishing Friday at $9.11, up from $7.49 at the close a week before. On Wednesday, trading volume topped 107 million shares.
Defense technology stocks chosen last week
| Company | July 31 close | August 7 close | Weekly change | Friday volume |
|---|---|---|---|---|
| Ondas Inc. NASDAQ:ONDS | $7.49 | $9.11 | up 21.6% | 72.3 million |
| Red Cat Holdings NASDAQ:RCAT | $7.53 | $9.21 | up 22.3% | 10.2 million |
| AeroVironment NASDAQ:AVAV | $149.37 | $186.73 | up 25.0% | 1.9 million |
| Kratos Defense & Security Solutions NASDAQ:KTOS | $46.60 | $60.77 | up 30.4% | 4.8 million |
Ondas was not the only mover. All chosen peers posted larger gains, indicating sector-wide momentum as well as company-specific developments.
A major trigger for the company was a U.S. Army contract valued at over $50 million. This pushed Mistral’s total award value in the lethal unmanned systems initiative to more than $240 million.
Recent updates on contracts and deployments
| Announcement | Disclosed value | Type | Revenue-conversion marker |
|---|---|---|---|
| U.S. Army lethal unmanned systems order, August 5 | More than $50 million | Production order | First orders ship in Q3 |
| Air Force Research Laboratory award, August 6 | More than $6 million | Development contract | Grasshopper long-range development |
| Jacksonville Jaguars selection, August 7 | Not disclosed | Counter-drone deployment | NFL season ahead |
Chief Executive Eric Brock stated, “Our focus now is on execution.” Mistral has begun producing systems, with third-quarter delivery scheduled as per the Army’s initial order. Ondas Inc.
The Air Force contract increases DZYNE’s funded projects. The Jaguars’ choice launches a commercial sports facility, with Ondas not revealing any contract valuation.
First-quarter figures showed varied performance. Revenue totaled $50.1 million with a gross margin of 49%. The adjusted EBITDA loss stood at $10.9 million, and operating cash used amounted to $51.3 million.
Acquisitions contributed $34.7 million to revenue growth for the quarter. Integration and execution timelines are therefore key to Thursday’s forecast.
The backlog remains significant, although it needs to convert into revenue. Pro forma backlog for the first quarter reached $457 million. Materials from July indicated an additional $111 million at DZYNE, alongside over $150 million in order announcements for the second quarter.
Ondas ended Friday with a market capitalization of $5.19 billion and an enterprise value of $3.73 billion. These values correspond to approximately 9.9 times and 7.1 times the minimum projected revenue for 2026, respectively.
Sell-side analysts continue to express unanimously positive views. According to FactSet, there are nine Buy recommendations and no Holds or Sells. The consensus price target is $19.81, which suggests an upside potential of 117.5% from Friday’s closing price.
Analyst target prices and recommendations
| Item | Current | Comparison |
|---|---|---|
| Buy ratings | 9 | 8 three months prior |
| Hold ratings | 0 | 1 three months prior |
| Sell ratings | 0 | 0 three months prior |
| Consensus | Buy | Buy three months prior |
| Average target | $19.81 | +117.5% compared with $9.11 |
| Median target | $19.00 | +108.6% |
| Target range | $16-$25 | +75.6% to +174.4% |
The 8:30 a.m. EDT call on Thursday is expected to clarify four key areas. Investors are watching for second-quarter revenue figures, affirmation of the $525 million goal, an updated backlog, and concrete delivery schedules for the second half. Margins and cash usage will also be in focus.
Risks: Ondas faces the task of integrating several recently acquired companies and handling volatile government income. Sellers of DZYNE were issued approximately 85 million Ondas shares. A new inducement plan for staff provides for an additional 20 million shares, and the first-quarter report showed 305.6 million potentially dilutive securities not included in diluted earnings per share.
Orders are providing better visibility, but revenue proof is still needed for the stock.
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