New York, Jan 21, 2026, 18:45 EST — After-hours
Ondas Inc shares dropped 4.3% in after-hours trading Wednesday, settling at $12.55. The stock fluctuated between $11.94 and $14.29 throughout the session, with roughly 148 million shares changing hands.
The late shift spotlights two regulatory filings that could unsettle small-cap sentiment: a planned auditor switch linked to the 2025 annual report, and a director’s alert about selling shares. After the stock’s quick surge earlier this month, investors are now focusing heavily on fresh targets for 2026.
Ondas announced in a Form 8-K that its audit committee has approved firing Rosenberg Rich Baker Berman as its independent auditor, effective after the firm wraps up the 2025 audit and the company submits its annual Form 10-K. The company said it has hired BDO USA for fiscal 2026. The previous auditor’s reports included a “going concern” paragraph, signaling doubts about Ondas’ ability to continue without extra funding, though there were no disagreements noted. Meanwhile, director Ron Stern filed a Form 144 notice to sell up to 100,000 shares valued around $1.42 million; the filing also references several earlier sales since late November.
Wall Street is back on the trail after the filings dropped. On Tuesday, Oppenheimer’s Timothy Horan stuck with an Outperform rating, boosting his price target from $12 to $16. Needham’s Austin Bohlig held firm on a Buy rating, nudging his target up to $17 from $12. Meanwhile, H.C. Wainwright’s Amit Dayal pushed his price target sharply higher to $25, up from $12. 1
Dayal highlighted strong momentum in the company’s autonomy segment, noting that Ondas heads into 2026 “from a position of strength in the autonomous aerial and robotics markets.” 2
Stifel’s Jonathan Siegmann bumped his price target to $18 from $17, maintaining a Buy rating. He noted the company’s targets were “nicely above our estimates” and expressed a “greater appreciation of their differentiated approach to the military drone space.” 3
Ondas bumped its 2026 revenue forecast to between $170 million and $180 million during an investor day on Jan. 16. The company also reported a pro-forma cash balance topping $1.5 billion as of Dec. 31, factoring in an approximately $1 billion offering. Preliminary 2025 revenue came in at $47.6 million to $49.6 million, with an estimated backlog of $65.3 million at year-end. Full results are expected in March, though the company noted auditors have not yet reviewed these preliminary numbers. 4
Ondas recently updated its corporate name from Ondas Holdings Inc to Ondas Inc, effective Jan. 16, according to a separate SEC filing.
The equity raise continues to influence the trade. In a previous filing, the company outlined a registered direct offering priced at $16.45, featuring common stock or pre-funded warrants plus seven-year common warrants with a $28 exercise price. Net proceeds came to around $959.2 million after fees. The company noted it could potentially pull in an additional $3.4 billion if those common warrants were exercised for cash, though it stressed there’s no guarantee that will happen. The company confirmed the roughly $1 billion offering closed on Jan. 12.
In the drone-tech sector, investors are beginning to compare Ondas with smaller rivals like Red Cat Holdings, with both targeting defense and security contracts. A Zacks report also highlighted execution risks for Ondas, especially if there are delays from customers while the company integrates acquisitions and ramps up spending. 5
The stock has shown sharp swings and tends to trade thinly after hours. Any hiccup with the 2025 audit or annual report, or hints that cash burn is exceeding forecasts, might shake investor confidence heading into next week.
The next major trigger will be the company’s audited 2025 annual report, along with the March update on full-year results and the 2026 outlook. Thursday’s regular trading session should reveal if investors see these latest filings as just noise or a fresh overhang.
