New York, June 12, 2026, 10:49 (EDT)
- Ondas Inc. stock slipped roughly 5% by late morning, lagging behind the Nasdaq-tracking QQQ ETF and the iShares U.S. Aerospace & Defense ETF.
- Ondas has its LADOS launch coming up at Eurosatory 2026 in Paris next week, which is the next visible catalyst.
- The stock is still high risk. Rapid revenue growth and a big backlog get offset by cash burn, more shares, and execution risk.
Ondas Inc. (NASDAQ: ONDS) slipped Friday, last trading near $9.33 after starting the session at $9.79 and hitting an early high at $10.14. About 18.5 million shares changed hands so far. The Invesco QQQ Trust lost around 0.3%, and the iShares U.S. Aerospace & Defense ETF dropped 1.0%. The move in Ondas pointed to a mix of broad selling and some wariness over the stock itself. Shares tend to rally when traders bet on growth ahead—like revenue or new contracts—but can drop as worries over valuations, dilution, or losses build.
Ondas got a new round of scrutiny after Jim Cramer called it “a meme stock” on Friday and said, “I can’t get behind a meme stock.” A meme stock moves not just on fundamentals but on speculation and retail trading. That’s key for ONDS, which has turned into a volatile defense-drone and autonomy play. Investor mood there often jumps between contract hopes and worries about valuation. Insider Monkey
Ondas is eyeing its next big move with the planned rollout of LADOS, a Layered Autonomous Defense Operational C2 System, at Eurosatory 2026 in Paris. C2 stands for command and control, covering software and systems for coordinating sensors, drones, robotic platforms and effectors in the field. Ondas has said LADOS will tie together its growing suite into a “systems-of-systems” setup. Eurosatory, the defense and security show, is scheduled for June 15 to June 19. Ondas inc.
Ondas is leaning on rapid growth to make its bull case. The company posted first-quarter revenue of $50.1 million, jumping 1,065% year over year. Ondas also reported pro forma backlog hitting $457 million, up from $68.3 million at 2025’s close. Backlog measures orders not yet recorded as revenue. Chairman and CEO Eric Brock said the backlog offers “strong visibility into our 2026 targets,” as Ondas bumped up its full-year revenue guidance to at least $390 million. Ondas Inc.
Contract wins are adding to the growth story, but the dollar figures aren’t huge. Ondas said June 2 its World View unit landed a $4.8 million, three-month contract with the U.S. Navy SOUTHCOM for stratospheric balloons used in maritime domain awareness. World View will handle ISR—intelligence, surveillance and reconnaissance—support, the company said.
Wall Street is still positive on the stock. Benzinga shows a Buy consensus with a $17.50 price target from seven analysts. Needham’s price target is the highest at $23. But Ondas posted a first-quarter operating loss of $42.7 million and adjusted EBITDA loss of $10.9 million. Adjusted EBITDA, which leaves out interest, taxes, depreciation, amortization and other expenses, is not the same as net income or free cash flow.
Ondas has more to prove, bears say. The company’s quarter showed $51.3 million net cash used in operations, according to its 10-Q. Outstanding common shares rose to 469.1 million by March 31, up from 380.8 million at year-end. This means more dilution, with each share representing a smaller part of the company. On June 9, Ondas filed to register the resale of around 2.7 million shares from the Omnisys acquisition. That’s a possible share overhang, since these aren’t new shares but could hit the market.
ONDS trades near $9.33, giving it a market cap of about $4.8 billion based on 514.5 million shares. That’s more than 12 times the company’s 2026 revenue target of at least $390 million. Price-to-sales can run high on growth stocks, but at these levels, ONDS looks more risky than cheap. The stock might rally if LADOS builds traction with customers, if the backlog turns into revenue and if Q2 numbers show adjusted EBITDA losses peaking as management expects. Shares could drop again if defense orders slow, margins miss, new equity pressure sentiment, or if investors see the autonomous-defense story as already factored into the price.
