Ondas Inc. (ONDS)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$174.1M

Revenue growth

979.3%

Net income, last twelve months

$167.1M

Gross margin

43.7%

Operating margin

-140.4%

Net margin

96.0%

Free cash flow

-$171.9M

Return on equity

10.6%

Market value

$3.6B

Cash

$657.9M

Debt

$3.9M

Debt to equity

0.00

Shares outstanding

529.8M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 13 August 2026.

• Revenue rose 67% sequentially. Revenue was $83.8 million, up from $50.1 million in the first quarter and $6.3 million a year earlier. Pro forma organic revenue rose 85% year over year.
• Net loss after non-cash items. Net loss was $89.7 million, against net income of $361.2 million in the first quarter. Other income of $44.2 million included $29 million of interest and investment income.
• Operating loss driven by non-cash charges. Operating loss was $162.9 million. Management attributes the rise mainly to $105.8 million of non-cash expenses, including contingent consideration and amortization.
• Adjusted EBITDA loss widened. Adjusted EBITDA loss was $50.6 million, up from $10.9 million in the first quarter. Management ties the higher loss to platform investment and corporate development ahead of expected second-half revenue.
• Platform scale drove growth. Management attributes growth to platform scale, shared technology, expanded customer access and operating leverage, and cites C-UAS demand within the portfolio.
• Pro forma backlog up 65%. Pro forma backlog rose 65% from the first quarter. Management says the increase reflects acquired businesses as well as order capture and pipeline conversion.
• Order book and pipeline. Management said the order book remains solid and the pipeline keeps expanding.
• Growth expected across portfolio. Management expects broad-based growth across the product portfolio, supported by the pipeline and backlog.
• Lethal Unmanned Strike order and ramp. Ondas captured a $52.9 million order for the Lethal Unmanned Strike program in July and began ramping production in Q3. Aggregate orders under the $982 million U.S. Army IDIQ now exceed $240 million.
• Counter-drone protection at World Cup. Counter-UAS protection was supplied at a majority of the stadiums hosting the 2026 FIFA World Cup in North America.
• ULTRA and IonStrike adoption starts. Management expects the new ULTRA and IonStrike platforms to begin their adoption curve in 2026, with deliveries rising against demand.
• NASA raised Stratollite IDIQ ceiling. NASA raised the ceiling on its existing Stratollite-based ISR IDIQ from $45 million to $395 million, citing expected demand including from the DoW.
• Navy SOUTHCOM balloon contract. Ondas was selected as stratospheric high-altitude balloon provider for U.S. Navy SOUTHCOM, a $4.8 million award for counter-narcotics and illegal fishing missions. A balloon launched in late July.
• Gross margin fell to 43.1%. GAAP gross margin was 43.1%, down from 49.2% in the first quarter and 53.1% a year earlier. Management said margin will vary quarter to quarter.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

By region, FY2025

Company events

The newest 8-K filings of 309 held.

Every filing

The newest filings with the SEC of 525 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

497 funds held it at 30 Jun 2026: 287 added and 79 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Qualcomm Inc. (QCOM): revenue $44.1B, market value $193.4B
• Motorola Solutions, Inc. (MSI): revenue $12.2B, market value $80.0B
• Nokia Corporation (NOK): revenue $22.5B, market value $51.6B
• Telefonaktiebolaget LM Ericsson (ERIC): revenue $24.2B, market value $37.3B
• Ubiquiti Inc. (UI): revenue $3.3B, market value $36.5B
• Planet Labs PBC (PL): revenue $378.3M, market value $5.2B
• Harmonic Inc. (HLIT): revenue –, market value $1.2B

What the company does

Ondas is a defense, security, and critical infrastructure technology company organized around three business units: Ondas Autonomous Systems (OAS), Ondas Networks, and Ondas Capital. It develops autonomous aerial and ground systems, private wireless networking technology, and strategic investment and partnership initiatives for governments and industrial customers. It reports two segments, OAS and Ondas Networks. At 31 December 2025 it had approximately 459 full time employees and 36 part time employees.

How the business is organised

OAS covers Counter-Unmanned Aerial System (CUAS), aerial Intelligence, Surveillance, and Reconnaissance (ISR), and Unmanned Ground Vehicle (UGV) applications through its product company subsidiaries. Ondas Networks supplies private wireless connectivity for Industrial Internet of Things applications. Ondas Capital makes minority investments, structured partnerships, and similar arrangements meant to support the operating businesses, particularly OAS. Its results are not material and sit in the corporate results. The company says it intends to pursue a Ukraine-focused strategy of sourcing technologies validated in active operations and helping them enter United States and European markets.

What OAS sells

OAS describes its approach as a Systems-of-Systems, combining autonomous platforms, sensors, communications, command-and-control software, and field services. Its four pillars are C-UAS, ISR, UGV, and Loitering Munition System.

- Airobotics: the Optimus System, a fully autonomous aerial platform for ISR, monitoring, inspection, and security, and the Iron Drone Raider, an autonomous interceptor drone that targets small hostile drones. - Sentrycs: CoRF, a CUAS platform that counters unauthorized drones with cyber and RF-based techniques. - 4M Defense: land intelligence for demining and clearing unexploded ordnance. - Roboteam: unmanned ground vehicles and tactical ground robotics. - Apeiro Motion: autonomy and mobility software for robotic platforms.

American Robotics received FAA Type Certification for the Optimus 1-EX on 25 September 2023. The company says it also intends to pursue Project Hive, an AI-enabled loitering munitions infrastructure for protecting borders and sensitive government sites.

How OAS sells

OAS sells directly to enterprises and government customers and also uses partners and agents. After a purchase order, it ships and installs the systems at the customer site, and field staff stay on location for a short period. Customers can buy and operate the systems themselves, usually with training and maintenance. They can also use a Drone Infrastructure and Data-as-a-Service model, which the filing calls the typical agreement. In that model hardware, software, operations, and maintenance are bundled into one annual subscription fee.

What Ondas Networks sells

Ondas Networks designs and sells FullMAX, a patented software-defined radio platform for secure, private, wide-area broadband networks. Its intellectual property has been adopted by the Institute of Electrical and Electronics Engineers and forms the core of the IEEE 802.16 standard. North American freight rail is the early target market. The filing describes a network of 180,000 miles of track, 30,000 locomotives, and 1.6 million railcars. The Class I railroads run four separate private wireless networks, in the 160 MHz, 220 MHz, 450 MHz, and 900 MHz bands.

It earns money from system sales of base stations and edge radios, software and hardware maintenance agreements, licensing and royalties from partners who embed FullMAX software, and services such as network design and installation.

Competition, manufacturing, and intellectual property

OAS competes with other drone makers on autonomy, ease of use, reliability, safety, and regulation. Ondas Networks competes with public cellular networks, Wi-Fi, private licensed narrowband radios, satellite, and low-power wide-area networks such as LoRa and NB-IoT. Both units use outsourced contract manufacturers for fabrication and assembly. Finished products come to Ondas facilities for software loading, testing, and shipping.

OAS holds 13 issued patents in the United States, 24 international issued patents, and ten international pending applications. Ondas Networks holds eight issued United States patents, seven international issued patents, eight pending United States applications, and four international pending applications. The company's operations are subject to FCC and FAA rules and to export controls under ITAR and the Export Administration Regulations.

Customers and people

Customer concentration is high. In 2025 two customers accounted for approximately 55% and 11% of revenue, and the company says losing them could materially harm its business.

Of the 459 full time employees, 410 work in OAS, 41 are allocated to Ondas Inc. and Ondas Networks, and eight to Ondas Capital. OAS also has 36 part time employees. None are covered by a collective bargaining agreement. OAS research is led by Meir Kliner in Petah Tikva, Israel, and Ondas Networks research is led by Chief Technology Officer Menashe Shahar at the Sunnyvale, California headquarters.

*From Ondas's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1646188/000121390026035981/ea0282911-10k_ondas.htm)*

From the company's 10-K.