ONDS
Ondas Inc.

Ondas Inc.ONDS

Technology · Communication Equipment
5.34USD
+18.14%
Nov 09, 2026
ONDS overview ready
Autonomous Counter-Drone and Defense Wireless Systems Provider
Ondas is a direct platform-level provider of autonomous aerial and ground systems and counter-drone technologies, while retaining a smaller mission-critical private-wireless business.
Primary theme is lagging
Defense / Drones is lagging (+0.2pp vs SPY over 21 sessions; 13 of 25 members ahead of SPY).
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
Fair valuation
The price broadly reflects how much growth and cash flow it delivers per turn of revenue multiple, with upside and risk reasonably balanced.
Unremarkable fundamentals
Primary risk
Dependence on government contract awards.
Market Nov 6Filing Jun 30Price action Nov 8Research Aug 30

Conviction Level

PriceAction1.4BusinessPerformance5.0BusinessQuality—Valuation3.5ThemeMomentum1.0Mixed — Revenue growth has accelerated across 4 consecutive quarters, rising from +582% to +1235% year over year. Per-share figures are not comparable across a large share-count change; the net loss moved to -$88.4M from -$10.8M a year earlier. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
+0.2pp
Theme return
−4.8%
Beating SPY
13 of 25
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
EntryDamaged / breakdown

The technical structure itself is broken across timeframes — the weakest entry profile.

Key Financials

Market Cap
$3.0B
Avg Volume (60D)
54.0M
60 sessions
Revenue Growth YoY
+605.3%
FY2025 vs FY2024
Gross Margin
+43.7%
Trailing twelve months
Operating Margin
-140.4%
Trailing twelve months
Free Cash Flow Yield
-5.6%
Distance from 200DMA
-39.7%
Next Earnings
2026-11-12
P/E
N/M
EV / Sales
9.6x
Market metrics as of Nov 6, 2026
Financial results for the period ended Jun 30, 2026
Filed balance-sheet data as of Jun 30, 2026

Business Performance

Mixed

Revenue growth has accelerated across 4 consecutive quarters, rising from +582% to +1235% year over year. Per-share figures are not comparable across a large share-count change; the net loss moved to -$88.4M from -$10.8M a year earlier.

Latest reported: Q2 FY2026, ended Jun 30
Revenue growthAccelerating
+1235%
$83.8M in Q2 FY2026 · YoY
YoY growth, last 4 quarters
  1. +582%
  2. +629%
  3. +1080%
  4. +1235%
Earnings growthLoss widening
-$88.4M
Net income -$88.4M. Per-share figures are not comparable across a large share-count change.
Not enough comparable diluted EPS quarters for a YoY sequence.
Operating marginSwinging
-194.5%
-47.0 pp YoY · gross margin 43.1% (-10.0 pp)
The share count is rising

Business Quality

Not assessed

Not assessed yet — the business is too early-stage for its economics to show in filings.

Fundamentals & Valuation

Two of the three valuation perspectives say cheap; intrinsic is the dissenting view. The published stance is held at fair because no positive free cash flow behind the low multiple.
Ondas Inc. has a Fair valuation stance because the price broadly reflects how much growth and cash flow it delivers per turn of revenue multiple, with upside and risk reasonably balanced.

What changed

  • ONDS rose 18.0% in one session
    ONDS closed +18.0% while the broad market was close to flat (+0.3%).
    2026-11-06

Company Research

Thesis
Ondas is a direct platform-level provider of autonomous aerial and ground systems and counter-drone technologies, while retaining a smaller mission-critical private-wireless business.
Opportunity
High opportunity
Defense procurement for attritable unmanned systems and layered counter-UAS protection as drone threats proliferate across military, homeland-security, and critical-site missions.
Key risk
Dependence on government contract awards.

Economic classification

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Business & Markets

Technology · Communication Equipment
What they do

Ondas Inc. develops and sells private wireless networks and autonomous drone systems, operating through its Ondas Networks and Ondas Autonomous Systems segments to provide security and communication solutions.

How it earns

Revenue is primarily generated through project-based contracts and government procurement agreements.

Products & services
Iron Drone Raider autonomous interceptor drone system
Sentrycs CoRF Cyber/RF-based counter-UAS platform
Optimus autonomous drone platform for security and surveillance
Customers & end markets
Defense and military agencies
Homeland security organizations
Critical infrastructure site operators
Market position

Niche provider specializing in autonomous unmanned systems and counter-drone technologies within defense and security markets.

Demand drivers
Medium cyclicality

Business depends on defense procurement cycles and government contract awards which can be variable.

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