WEST PALM BEACH, Florida, September 1, 2026, 11:16 EDT — Ondas Holdings (ONDS.O) shares fell 6.1% after the company’s latest forecast projected a $244 million challenge for the fourth quarter, raising investor uncertainty.
- Ondas stock dropped 6.1% to $7.19 as of 11:16 EDT.
- Revenue reached $133.9 million in the first half, with $391.1 million to $416.1 million anticipated for the latter half.
- To meet the third-quarter guidance midpoint, fourth-quarter revenue needs to be no less than $243.6 million.
- The pro forma backlog is 1.4 times larger than the midpoint of the 2026 revenue guidance.
Shares of Ondas Inc. NASDAQ:ONDS dropped 6.1% to $7.19 as of 11:16 EDT. Volume was 19.68 million shares, representing 24% of the company’s three-month daily average, according to Yahoo Finance.
The pullback shifts attention once again to a sharp increase in revenue. Ondas needs to generate between $391.1 million and $416.1 million in the second half to reach its yearly goal.
With third-quarter guidance set at a midpoint of $147.5 million, the fourth quarter would need to reach between $243.6 million and $268.6 million. This represents 2.9 to 3.2 times the company’s second-quarter revenue Ondas results.
Source: Yahoo Finance, Nasdaq real-time quote. As of . Values are timestamped, not streaming.
The stock began trading at $7.43 and reached a low of $7.17. It was 11.1% under its 50-day moving average and 24.3% beneath its 200-day moving average.
Revenue for the second quarter increased to $83.8 million, up from $6.3 million in the same period last year. Gross margin declined to 43.1%, compared to 49.2% in the prior quarter.
The revenue ramp steepens
Reported revenue and company guidance, $ millions
Derived from the $525 million–$550 million full-year target using the $147.5 million Q3 midpoint. This is an analytical scenario, not company Q4 guidance. Source: Ondas Q2 results, August 13, 2026.
The central test for investors is the implied range for the fourth quarter. It calls for another acceleration following management’s projected 76% quarter-on-quarter increase at the third-quarter midpoint.
Orders ensure coverage, though timing remains uncertain. The reported backlog stood at $613 million, with acquisitions raising the pro forma backlog to $757 million.
Backlog versus 2026 revenue
Scale capped at $800 million
Sources: Ondas Q2 results; Yahoo Finance market capitalization at 11:16 EDT on September 1, 2026. Market-cap-to-revenue is not an enterprise-value multiple.
The $757 million total factors in DZYNE and Cyberhawk, both purchased in the third quarter. Ondas reported a further $105 million in third-quarter orders as of August 10.
CEO Eric Brock recognized the scale of the execution effort. “We have a great deal of work ahead,” he stated following the delivery ramp overview.
Liquidity provides flexibility for action. Ondas reported $1.4 billion in cash and short-term investments as of June 30, and subsequently spent around $325 million on two acquisitions SEC filing.
Operating expenses climbed to $199.1 million, outpacing sales. Adjusted EBITDA reflected a loss of $50.6 million.
The acquisition initiative is ongoing. Ondas has committed to acquiring Aran Defense for approximately $33 million, representing 1.3 times Aran’s projected revenue for 2026 company release.
Risks: The backlog may move between periods, contract schedules are inconsistent, and integrating acquired operations could incur added costs. Defense procurement processes and customer approvals might postpone deliveries.
The following indicator is third-quarter revenue projected at $140 million to $155 million. Investors will further evaluate management’s strategy to achieve operating-platform adjusted EBITDA profitability in the fourth quarter.
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