New York, June 1, 2026, 06:05 EDT
Ondas Inc. shares edged lower in early U.S. premarket trading on Monday, giving back a slice of last week’s sharp gains as investors weighed a fresh order update against a fast-expanding, stock-funded acquisition push.
The Nasdaq-listed defense and autonomous-systems company was indicated at $13.04 at 6:01 a.m. EDT, down 1.4% from Friday’s $13.22 close, after the stock rose 43.5% from the previous week, market data showed. The regular Nasdaq session had not yet opened.
The move matters now because Ondas has turned into a momentum name in the drone-defense trade, where each new order can change expectations for a small but rapidly scaling contractor. Its market value has also run ahead of reported sales, leaving traders sensitive to any sign that the backlog is converting into revenue.
Ondas said on May 29 it secured more than $30 million in new orders during May, taking second-quarter orders to more than $110 million across defense, security and autonomous technology programs. The orders cover air defense, counter-UAS systems — equipment used to detect, track or stop unmanned aircraft — loitering munitions, ISR systems, or intelligence, surveillance and reconnaissance tools, and unmanned ground vehicles.
Eric Brock, chairman and chief executive, said the orders “reflect Ondas’ continued execution.” Oshri Lugassy, co-CEO of Ondas Autonomous Systems, framed the demand more broadly, saying buyers were moving beyond “one drone, one robot or one sensor” toward connected mission systems.
The company reported first-quarter revenue of $50.1 million, up more than tenfold from a year earlier, and raised its 2026 revenue forecast to at least $390 million. It also reported pro forma backlog of $457 million and $1.48 billion in cash, cash equivalents, restricted cash and short-term investments at quarter-end.
Analysts have largely stayed constructive. Max Michaelis at Lake Street maintained a Buy rating with a $19 target on May 28, while Timothy Horan at Oppenheimer kept a Buy rating with a $16 target the same day, according to StockAnalysis data sourced to TipRanks. Needham’s Austin Bohlig reiterated Buy with a $23 target on May 19.
Ondas has also leaned heavily on acquisitions. In May it agreed to buy Omnisys Ltd., an Israeli developer of AI-powered Battle Resource Optimization software used for multi-domain defense planning and real-time decision-making. Ofer Yarden, Omnisys’ CEO, said its BRO platform helps defense organizations “optimize resources” and “execute complex missions in real time.” Ondas Inc.
That strategy puts Ondas up against larger or more established defense-drone names, including AeroVironment, which sells unmanned systems, loitering munitions and counter-UAS products, and Red Cat Holdings, a U.S.-based supplier of drone and robotic systems for defense and national security.
But the risk is that execution does not keep pace with the share move. Ondas’ operating expenses rose to $67.3 million in the first quarter, and its operating loss widened to $42.7 million; the company also said gross profit could remain volatile because sales mix is still lumpy at this stage of adoption. Recent stock-based deal activity adds another watch point: a May 21 SEC prospectus covered 3.1 million shares offered by selling stockholders tied to the Omnisys transaction, with the company receiving no proceeds from those sales.
For Monday’s open, the stock’s test is simple: whether buyers treat the premarket dip as a pause after a steep run, or whether concern about dilution, integration and still-negative operating income starts to weigh more than the order book.
