Ondas stock (ONDS) steady with $406 million H2 revenue milestone ahead

WEST PALM BEACH, Florida, August 12, 2026, 11:54 EDT

Ondas Holdings Inc. NASDAQ:ONDS shares were flat on Wednesday ahead of a key earnings report. Shares stood at $9.71, a decrease of 0.3%, during U.S. trading hours.

The headline test surpasses the size of the June quarter. Consensus revenue stands at $68.54 million, meaning roughly $406 million is required in the second half to meet management’s full-year goal of $525 million.

This suggests a quarterly average of $203 million for the rest of the year, almost triple the early Q2 consensus estimate. The difference puts focus on when acquisitions occur and how contracts are converted as key factors influencing the stock’s upcoming direction.

Market measure	August 12 reading
Share price	$9.71
Daily move	-0.3%
Intraday range	$9.65-$9.99
Volume	35.39 million
Average volume	98.49 million
Market value	$5.54 billion
52-week range	$3.20-$15.28

Snapshot at 11:54 EDT. Source: Google Finance.

Ondas will announce its second-quarter results on Thursday at 08:30 EDT, ahead of the market open. Analysts project a loss of $0.095 per share, based on a preliminary consensus. Revenue is anticipated to increase by around 37% versus the first quarter.

Quarterly measure	Q1 2026 actual	Q2 2026 consensus	Change
Revenue	$50.12 million	$68.54 million	+36.8%
Earnings per share	-$0.07	-$0.095	Further loss anticipated
Gross margin	49.2%	Not yet reported	Main area to monitor
Operating result	-$42.67 million	Not yet reported	Performance gauge

Q1 figures are reported results; Q2 figures are preliminary consensus estimates. Sources: Ondas Form 10-Q and Investing.com.

First-quarter revenue exceeded the market’s earlier forecast by roughly 31%. However, the company posted an operating loss of $42.67 million. Net income reported was lifted by a noncash warrant-liability gain of $389.55 million, rather than by operating earnings.

2026 revenue bridge	Amount
Q1 reported	$50.12 million
Q2 analyst consensus	$68.54 million
Calculated first half total	$118.66 million
Management’s year-end goal	At least $525 million
Second half revenue required	$406.34 million
Average needed per H2 quarter	$203.17 million
H2 quarterly level compared to Q2 estimate	2.96 times

Calculations use reported Q1 revenue, preliminary Q2 consensus and management’s current annual target.

The bridge relies significantly on DZYNE Technologies. Ondas finalized its $875.8 million purchase on July 2, following the close of the second quarter. As a result, DZYNE will not contribute revenue to the results for the June quarter, but will be included in Q3 consolidation.

Following the agreement, management raised its yearly forecast to a minimum of $525 million, up from $390 million. DZYNE is projected to bring in $191 million in 2026. The acquisition was financed with $200 million in cash and roughly 85 million Ondas shares.

Renewed demand underpins gains. On Tuesday, Ondas was chosen by the Israeli Ministry of Defense to develop an affordable tactical attack-drone platform. The company referred to the contract as being worth multiple millions of dollars, but the precise impact on revenue remains undetermined at this time.

Chief Executive Eric Brock described the award as “an important validation of the defense technology platform we are building at Ondas.” The initiative encompasses the aircraft, autonomy, software, integration, and production preparedness. Ondas award announcement

Order activity does not equate to recognized revenue. Ondas reported June orders topping $40 million, bringing quarter-to-date activity over $150 million. Thursday’s call is expected to indicate how quickly that order pipeline may convert to revenue.

Analyst	Firm	Recommendation	Target	Latest action
Scott Searle	Roth MKM	Buy	$13	Coverage started, August 11
Timothy Horan	Oppenheimer	Buy	$16	Rating affirmed, May 28
Jonathan Siegmann	Stifel	Buy	$18	Buy rating confirmed, July 9
Austin Bohlig	Needham	Buy	$19	Buy rating unchanged, July 7
Amit Dayal	H.C. Wainwright	Buy	$25	Buy rating kept, July 7

Five selected recommendations from eight analysts tracked by Google Finance. All eight rate the shares Buy; the average target is $18.75.

Analysts remain broadly positive, though expectations are high, offering limited cushion for any weaker forecasts. The consensus price target of $18.75 suggests a potential gain of 93% compared to Wednesday’s close. Price targets span from $13 up to $25.

Risks: Delays in integration, potential share dilution, and slower pace of contract conversion may weigh on the outlook. Missing in Q2 or reducing the full-year goal would increase the gap in the second half. Investors could also see award values coming in later than anticipated.

The key figures on Thursday are the $525 million goal and when it is reached. Beating the June-quarter forecasts is significant, but the trajectory toward $406 million in revenue during the second half is even more important.

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Further analysis

Editorial insight

What makes $406 million the crucial figure for Ondas in the second half?

Ondas must generate approximately $406.34 million in revenue during the second half to meet management’s minimum goal of $525 million, based on the initial Q2 consensus of $68.54 million. This means each of the remaining quarters would need to deliver an average of $203.17 million. That rate is almost triple the Q2 projection, making the timing of contracts and how acquisitions are carried out more critical than just reporting new orders.

What key points should investors focus on in the Q2 report due Thursday?

Key numbers include revenue close to the $68.54 million preliminary consensus, the forecast $0.095 loss per share and management’s yearly goal of $525 million. Gross margin and operating loss are also relevant. The first quarter saw a 49.2% gross margin, alongside an operating loss of $42.67 million, underlining that fast sales expansion is not yet resulting in a consolidated operating profit.

What impact does the DZYNE acquisition have on the outlook?

DZYNE will be included in reported results from Q3 following the $875.8 million acquisition, which finalized on July 2. After the deal, management projected DZYNE would contribute $191 million in revenue in 2026 and increased Ondas' revenue target. Uncertainty remains around integration and timing. The transaction involved around 85 million Ondas shares, heightening dilution risk.

Will the latest Israeli defense contract have a significant impact on the forecast?

The announcement confirms Ondas as the lead contractor on a tactical attack-drone initiative, though the revealed amount is merely described as “multi-million-dollar.” At this stage, investors are unable to determine how it factors into the $525 million objective. The contract's significance will increase when Ondas shares information on contract volume, production schedules and revenue recognition specifics.

What do analysts currently indicate about ONDS stock prospects?

According to Google Finance, all eight analysts covering the stock have a Buy rating, setting an average target price of $18.75, compared with Wednesday’s $9.71 close. This suggests an implied potential upside of approximately 93%. However, that level of optimism means the company faces higher expectations: any Q2 miss, reduction to annual guidance or delays in order conversion could prompt a more significant reevaluation.