NEW YORK, August 4, 2026, 09:10 EDT
- Ondas climbed 2.3% in premarket trading following an 11.75% jump on Monday.
- Initial estimates indicate the equity value has increased by approximately $611 million since Friday.
- Ondas Inc. will release second-quarter earnings on August 13, ahead of an 8:30 a.m. conference call.
Shares of Ondas Inc. NASDAQ:ONDS increased 2.3% to $8.56 in premarket trading on Tuesday, with the quote recorded at 09:02 EDT while U.S. cash markets remained closed. The gain came after the company named former Mossad Director David Barnea to a role on Monday.
Shares ended Monday at $8.37, rising 11.75%. An early estimate shows the increase since Friday tops $611 million, surpassing Ondas’ full-year revenue goal of $525 million. The figure is based on the most recent share count.
Market value and revenue measure different things. The comparison reflects what the market expects from the stock. With shares trading at $8.56, the implied market value reaches $4.88 billion. That represents 9.3 times projected sales, prior to any balance-sheet adjustments.
The price trajectory is shown below. Preliminary equity values are based on 569.86 million shares.
| Snapshot | Price | Price move | Approximate equity value |
|---|---|---|---|
| Friday close | $7.49 | — | $4.27 billion |
| Monday close | $8.37 | up 11.75% | $4.77 billion |
| Tuesday premarket | $8.5615 | up 2.29% from Monday | $4.88 billion |
| Change since Friday | — | up 14.31% | increased by $611 million |
On Monday, trading volume stood at 55.8 million shares, equal to 66.5% of the 65-day average. The session saw a strong rally, but turnover stayed beneath its recent average.
Barnea was named Global President and Chairman of Ondas Defense, overseeing international expansion, government relations, technology, and integration. The company is starting with the Middle East, Europe and Asia as its first target regions. Ondas stated that the position is independent from Mossad.
CEO Eric Brock described Barnea’s background as “directly relevant to the next stage” of expansion. Barnea commented that Ondas needs to “bring those capabilities together.” Ondas Inc.
The appointment comes during a period of significant operational change. Company data highlights progress made so far.
| Operating measure | Reported value | Comparison |
|---|---|---|
| Revenue for full year 2025 | $50.7 million | Baseline |
| First quarter 2026 revenue | $50.1 million | 98.8% of 2025 total |
| Pro forma backlog in Q1 | $457 million | 87.0% of 2026 goal |
| Orders disclosed July 22 | $70 million | 13.3% of target |
| 2026 revenue forecast for DZYNE | $191 million | 36.4% of target |
| 2026 full-year revenue goal | At least $525 million | 10.4 times more than 2025 |
The target covers DZYNE and Omnisys, while Cyberhawk is not part of it. At the close of the first quarter, basic calculation shows $474.9 million remains for the subsequent three quarters, with a quarterly average of $158.3 million before the timing of acquisitions is considered. This does not represent company guidance.
DZYNE plays a key role in the expansion. The acquisition involved roughly $200 million in cash and the issuance of 40 million shares right away. An additional 45 million shares are scheduled for release by January 4, 2027. Ondas placed the deal’s total worth at nearly $875 million.
Shares of other autonomous defense companies also advanced on Monday, though Ondas remained the top performer among this group. The market capitalization numbers shown below reflect Monday’s closing values.
| Company | Monday movement | Tuesday premarket | Premarket change | Market value |
|---|---|---|---|---|
| Ondas Inc. NASDAQ:ONDS | +11.75% | $8.56 | +2.27% | $4.77 billion |
| AeroVironment Inc. NASDAQ:AVAV | +6.53% | $160.22 | +0.65% | $8.06 billion |
| Red Cat Holdings Inc. NASDAQ:RCAT | +9.63% | $8.50 | +2.91% | $1.25 billion |
| Kratos Defense & Security Solutions Inc. NASDAQ:KTOS | +5.57% | $50.65 | +2.93% | $9.23 billion |
The trio of peers averaged a 7.2% gain on Monday. Ondas exceeded this by 4.5 percentage points. All four stocks stayed elevated ahead of Tuesday’s open. Ondas was no longer ahead in premarket percentage moves.
The next key update is due on August 13. Results will come out ahead of a conference call set for 8:30 a.m. The latest forecast for the second quarter projects a loss of 10 cents per share, compared to a six-cent loss forecast three months earlier.
Risks are still significant. Ondas projects adjusted EBITDA losses will remain high in the second quarter. The company also faces the task of integrating multiple acquisitions. A further 45 million DZYNE shares are scheduled for payment in January.
Turning orders into recognized revenue is the next step. The August update will challenge this transition. With a multiple of 9.3 on sales goals, a gradual increase would have a rapid impact.
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Further analysis
Is Ondas on track to achieve its 2026 revenue goal of $525 million?
The consensus estimate currently sits at $525.6 million, aligning closely with management's guidance. First-quarter revenue reached $50.1 million, while expectations for the second quarter are around $69.3 million. This leaves roughly $406 million to achieve in the latter half of the year. DZYNE needs to deliver swiftly following its acquisition on July 2. The first significant milestone will be the August 13 report.
Is the pace of order conversion into reported revenue sufficient?
Pro forma backlog stood at $457 million following the first quarter. In the subsequent four weeks, Ondas reported $70 million in new orders. Demand is evident, but conversion details remain unclear. The announcements do not include information about delivery timelines, revenue recognition, or margins at the order level.
At what point will swift expansion lead to operating profit?
Ondas reported a wider Q1 adjusted EBITDA loss of $10.9 million compared to $7.5 million previously. Management said Q2 is expected to represent the peak of losses. DZYNE is projected to achieve positive EBITDA in 2026. Ondas has yet to provide a revised break-even timeline for the consolidated business. Q1 saw GAAP net income of $361.2 million, boosted by a $389.5 million noncash warrant gain.
What is the ongoing level of dilution and integration risk?
DZYNE was acquired for $875.8 million. Ondas provided $200 million in cash and instantly granted 40 million shares. A further 45 million shares will be issued on January 4, 2027, amounting to approximately 8% of the present share total. The proposed $125 million Cyberhawk acquisition will be financed with around 95% cash. The most recently disclosed liquidity figure of $1.48 billion does not reflect these deals.
Is the current valuation in line with Wall Street's optimistic price projections?
Ondas closed at $8.37 on August 3, valuing the company at $4.77 billion, or approximately 9.1 times the management's projected 2026 revenue. This figure does not account for 45 million pending DZYNE shares. MarketBeat lists an average analyst price target of $16.75 from nine analysts, while Google Finance shows a $19.57 average from seven analysts. Sentiment remains optimistic, but analyst coverage variations and potential dilution create some uncertainty over further gains.
