NEW YORK, September 2, 2026, 19:02 (EDT)
- Ondas ended the session at $7.61, gaining 8.1%, and last changed hands at $7.60 as of 18:52 EDT.
- Trading volume stood at 79.5 million shares, surpassing its recent 10-day average by 33%.
- The midpoint of the full-year outlook suggests fourth-quarter revenue of approximately $256 million.
Ondas Inc. NASDAQ:ONDS rose 8.1% on Wednesday, posing a more challenging question for investors than the share price increase alone. The defense technology company needs to achieve about $256 million in fourth-quarter revenue to hit the midpoint of its 2026 goal.
The stock finished the session at $7.61, reaching a high of $7.63. As of 18:52 EDT, shares last traded at $7.60, Yahoo Finance market data showed.
Trading volume totaled 79.5 million shares, roughly 33% higher than the 10-day average and near the three-month typical level. The recovery was pronounced, though not without precedent.
Ondas five-session close
U.S. dollars per share. As of .
Source: Yahoo Finance historical market data. Values are regular-session closes.
Ondas remained 13% lower than its August 27 close. On Wednesday, its gains contrasted with the performance of major defense-technology peers, which participated in the broader market advance.
Shares of Kratos Defense & Security Solutions NASDAQ:KTOS declined by 3.2%. AeroVironment NASDAQ:AVAV increased 0.8%, and Red Cat Holdings NASDAQ:RCAT was also up 0.8%. Palladyne AI Corp. (NASDAQ:PDYN) gained 0.4%.
One-day defense-tech share moves
Regular-session change on September 2, 2026.
Source: Yahoo Finance. Changes use September 1 and September 2 closes.
No new corporate announcement was issued on Wednesday. The most recent financial reference is Ondas’ August 13 statement, which raised its full-year revenue guidance to $525 million-$550 million.
Revenue for the second quarter was $83.8 million, a sequential increase of 67%. Pro forma backlog totaled $757 million, factoring in two acquisitions completed in the third quarter. Chief Executive Eric Brock stated, “We expect to sustain this momentum and deliver another significant revenue ramp.” Ondas Q2 release
The figures reinforce the outlook. Revenue in the first half reached $133.9 million. The company forecasts third-quarter revenue between $140 million and $155 million.
The revenue ramp embedded in guidance
U.S. dollars; Q3 and Q4 figures are estimates based on management guidance.
Bridge: $537.5m full-year midpoint − $133.9m H1 actual − $147.5m Q3 midpoint = $256.1m implied Q4 revenue. Endpoint combinations imply a $236.1m-$276.1m range.
Source: Ondas second-quarter results and guidance. Calculations by TS2.
Fourth-quarter sales, based on the midpoint, need to climb 74% over the third-quarter outlook. This would make them three times the size of second-quarter revenue. The timing of deliveries is now the main valuation challenge.
Expenses continue to outpace revenue. In the second quarter, cash operating expense stood at $93.3 million, exceeding revenue by 11%. The GAAP operating loss totaled $162.9 million, and gross margin came in at 43.1%.
In the first half, operating activities consumed $137.4 million. Shares outstanding increased to 529.8 million as of June 30, up from 380.8 million at the end of the year, according to the quarterly filing.
Ondas ended Wednesday with a market capitalization of $4.35 billion, roughly 8.1 times the revenue guidance midpoint from management. After deducting June cash and short-term investments and accounting for $325 million used for two acquisitions, the approximate cash-adjusted multiple stands at 6.1 times. This calculation does not factor in debt or subsequent cash operations.
Acquisition valuations provide another point of comparison. Ondas is set to acquire Aran Defense in a deal worth roughly $33 million, equating to 1.3 times projected 2026 revenue. Aran Defense is notably smaller, while Ondas is forecast to grow more rapidly.
Risks: Backlog conversion could be inconsistent, contract timing may shift, and integrating acquisitions might drive up expenses. Additional equity raises may reduce gains per share.
Wednesday’s rebound recovered just a portion of losses from the previous five sessions. The next sustained trend will rely more on translating orders into quarterly revenue, without incurring another sharp rise in cash expenses.
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