New York, July 8, 2026, 06:35 (EDT)
- Ondas Holdings Inc. NASDAQ:ONDS traded at $7.24 in pre-market action at 06:35 EDT, after sliding 6.0% on Tuesday with 60.1 million shares changing hands.
- Ondas lifted its 2026 revenue goal to $525 million or more from $390 million because of the DZYNE deal, which will cost $200 million in cash plus roughly 85 million shares.
- Short interest was 32.7% of float as of June 15, so the stock could swing sharply either way.
The Nasdaq hadn’t started its regular trading day at press time. Pre-market was running, with the market set to open at 9:30 a.m. ET. Shares of Ondas Holdings Inc. NASDAQ:ONDS traded at $7.24 in the pre-market, off 1.5% from Tuesday’s close at $7.35. The stock dropped 6.01% Tuesday but had gained 5.53% on Monday, which was the first session after the DZYNE acquisition news.
The action is right in the tape. ONDS didn’t drop because people missed the revenue estimates. It dropped because the deal brings more scale, more stock out there, and more risk to how things get done, all at once. ONDS finished July 2 at $7.41, went to $7.82 on July 6, and then $7.35 on July 7. So after two hard sessions and a deal pop, the stock still wasn’t holding above where it traded before the deal.
Ondas CEO Eric Brock said the military advantage will go to firms that can scale autonomous systems. DZYNE adds long-endurance ISR planes, counter-drone tech and autonomous effectors. Ondas lifted its 2026 revenue outlook to at least $525 million from $390 million. DZYNE is forecast to bring $191 million in 2026 and over $300 million in 2027.
| Instrument | Latest cited price | Latest cited move | Market read |
|---|---|---|---|
| Ondas Holdings Inc. NASDAQ:ONDS | $7.24 pre-market; $7.35 Tuesday close | -1.5% pre-market; -6.0% Tuesday | Deal pop didn’t last |
| AeroVironment Inc. NASDAQ:AVAV | $162.53 | -8.0% | Peer drone name went down too |
| Kratos Defense & Security Solutions Inc. NASDAQ:KTOS | $50.34 | -6.0% | Defense tech names caught broad selling |
| iShares Russell 2000 ETF NYSEARCA:IWM | $296.19 | -0.9% | Small caps got hit, but not as bad |
| SPDR S&P 500 ETF Trust NYSEARCA:SPY | $747.71 | -0.5% | Big caps didn’t drive the slide |
The peer table’s a double-edged sword. ONDS sold off along with a soft batch of defense drone names, so this isn’t just a company story. Still, the underperformance versus the Russell 2000 and S&P 500 ETFs shows the market is taking risk down on this part of the tape—growth, lots of shorts, and new equity all in the mix.
| ONDS technical signal | Latest cited level | Investor read |
|---|---|---|
| 5-day moving average | $7.75 | Closed Tuesday below the short-term trend |
| 20-day moving average | $8.64 | First spot bulls will try to reclaim |
| 50-day moving average | $9.69 | Medium-term still broken |
| 200-day moving average | $9.43 | Long-term momentum has flipped bearish |
| 14-day relative strength | 36.04 | Oversold, but not extreme |
| 14-day average true range | $0.78, or 10.59% | Range volatility staying high |
Techs show why the DZYNE news didn’t steady ONDS. The stock is trading under its 5-, 20-, 50-, and 200-day moving averages, with a 14-day relative strength ratio around 36. That’s a tough chart before the new company’s numbers are even in.
The price tag isn’t out of line if management can deliver on revenue targets. DZYNE is set to be acquired for $875.8 million, or about 4.6x projected 2026 revenue and under 2.9x for 2027. That multiple can make sense for a defense-autonomy play, if EBITDA margins hit the mid-teens in 2027 and the mid-20% area in 2028, as Ondas is forecasting. The market still wants to see evidence.
| Deal and balance-sheet item | Cited figure | Market read |
|---|---|---|
| DZYNE deal value | $875.8 million | Big enough to change how ONDS is modeled |
| DZYNE 2026 revenue target | $191 million | Implied multiple is about 4.6x 2026 target |
| DZYNE 2027 revenue target | More than $300 million | If hit, deal trades under 2.9x sales |
| Ondas revised 2026 revenue target | At least $525 million | Raised from $390 million before |
| Cash paid | $200 million | In line with Q1 cash |
| Stock issued | About 85 million shares | Seen as key overhang on the stock |
Cash doesn’t look tight here. Ondas finished Q1 with $1.026 billion in cash and cash equivalents, $11.1 million of restricted cash, and $447.8 million of short-term investments. Earnings are a different story. Revenue for the first quarter climbed to $50.1 million, but the operating loss hit $42.7 million. Net income got a boost from a $389.5 million gain tied to the warrant-liability fair value.
The fight is over the shares. The SEC filing puts 39,999,998 shares to sellers at close, and another 44,999,998 on Jan. 4, 2027. Lock-ups and volume limits soften the float spike for now, but extra supply is coming either way. Pro forma financials aren’t filed yet, so investors can’t really double-check the new margin or cash numbers.
Jeff Hull, a DZYNE investor, said they took the “majority of our consideration in Ondas equity.” That usually signals seller confidence but also points to more shares coming to market later. Ryan Hartman, expected to head up Ondas Sentinel, said the combined company can “pursue larger programs.” These comments matter because how big those programs get—not just headlines—will drive the multiple on the new revenue target. Ondas Inc.
Analysts haven’t budged much. WSJ data still show nine buys, no holds or sells, with an average price target at $19.81 and a median of $19—well above Tuesday’s $7.35 close. Needham dropped its target to $19 from $23 but kept Buy after the DZYNE deal. The difference looks less like bullish conviction and more like a credibility gap. Models have taken down the sales base faster than the stock has moved.
Short interest keeps things tense. As of June 15, traders had sold short 167.5 million shares, or 32.7% of the float. WSJ figures show the public float at 512.3 million shares with a market cap close to $3.85 billion. Bulls want to see a close above the 20-day average near $8.64—bears might get squeezed if that happens. If shares break below Tuesday’s $7.32 low, the DZYNE deal faces a rough start out of the gate.
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