New York, July 12, 2026, 12:08 EDT
Ondas Inc. NASDAQ:ONDS closed at $7.26 on Friday, putting the market value of the 84,999,996 shares committed in its DZYNE Technologies acquisition at about $617.1 million. That is $58.4 million below the $675.48 million value disclosed in a Form D filed on Friday. It is a market mark, not a change to the agreed purchase price.
The gap matters because the shares promised to DZYNE’s owners equal 16.0% of Ondas’ 529.84 million shares outstanding as of June 29. Of the acquisition shares, nearly 40 million were delivered on July 2 and another 45 million are due on January 4, 2027. That is dilution: unless DZYNE adds enough value, each existing share represents a smaller slice of the combined company.
That tension showed in the market. Ondas lost 2.0% during the week of July 6-10 while the Nasdaq Composite gained 1.7%, leaving the stock about 3.7 percentage points behind the technology-heavy index. On Friday alone, Ondas fell 5.1% as the Nasdaq rose 0.3%.
| Market measure | Ondas | Nasdaq Composite |
|---|---|---|
| July 6-10 return | -2.0% | +1.7% |
| Friday return | -5.1% | +0.3% |
| Friday close | $7.26 | 26,281.61 |
Across those five sessions, 345.68 million Ondas shares traded, equal to about 60.7% of the disclosed June 29 share count plus the 40 million shares issued at closing. The same share can trade repeatedly, so that does not mean 61% of holders sold. Still, the churn was substantial: the stock ranged from $7.21 to $7.88, a 9.3% low-to-high swing, even though its net weekly loss was modest.
Using management’s $191 million DZYNE revenue forecast for 2026, the acquisition was valued at roughly 4.6 times sales on the Form D basis and 4.3 times sales at Friday’s share price. A price-to-sales multiple is the purchase value divided by expected annual revenue; it is not an accounting fair-value measure. Ondas also reported $111 million of backlog — booked work still to be delivered — and a $1.5 billion three-year pipeline of potential business.
| DZYNE consideration | Form D equity value plus stated cash | Marked at $7.26 |
|---|---|---|
| 84,999,996-share component | $675.48 million | $617.10 million |
| Including about $200 million cash | $875.48 million | $817.10 million |
| Purchase value / 2026 revenue forecast | 4.6 times | 4.3 times |
Near-term stock supply is partly fenced. The remaining 45 million shares are not due until January, while each seller’s daily sales are capped at its proportional share of 10% of Ondas’ trading volume. Ondas has agreed to maintain a route for registered resales, so those terms slow possible selling rather than remove it.
Management is leaning on growth to absorb the new equity. It expects DZYNE to generate more than $300 million of revenue in 2027 and to be EBITDA-positive in 2026; EBITDA means earnings before interest, tax, depreciation and amortization. CEO Eric Brock said “the character of warfare is changing rapidly”; Highlander Partners CEO Jeff Hull cited the “long-term value of the combined platform,” and Ondas Sentinel CEO Ryan Hartman called the unit “a scalable U.S. defense platform.” Ondas Inc.
DZYNE’s long-endurance aircraft and drone-defeat products also move Ondas closer to the markets served by AeroVironment NASDAQ:AVAV, which makes unmanned systems and loitering munitions, and Kratos Defense & Security Solutions NASDAQ:KTOS, a supplier of jet-powered tactical unmanned aircraft. Those are product peers, not clean valuation comparisons. Ondas’ immediate equity case also turns on acquisition financing and integration.
But the downside case is straightforward: revenue and margins could arrive late while the dilution is already set. Ondas’ July 6 filing said DZYNE’s acquired-business financial statements and pro forma figures — a view of the combined accounts as if the deal had already occurred — would follow no later than 71 days after the required filing date. Slower conversion of the backlog and pipeline, higher integration costs or seller supply after the remaining shares arrive could push the stock further below the roughly $7.95-per-share value implicit in the Form D.
U.S. markets are closed on Sunday and Nasdaq’s regular session resumes at 9:30 a.m. Eastern time on Monday. Ondas lists no scheduled investor event. That leaves a market-mechanics test for the week ahead: whether the shares hold Friday’s $7.21 low, whether turnover stays elevated and whether the price moves back toward the filing-implied $7.95 mark.
