olivLaw · US equity research
Ondas Inc. ONDS
Radio & Tv Broadcasting & Communications Equipment · SIC 3663 · Vertical: Radio & Tv Broadcasting & Communications Equipment (SIC 3663)
Ondas Inc. is a defense, security and critical infrastructure technology company developing autonomous aerial and ground systems, counter-drone solutions and strategic investments. Its relevance now comes from rapid revenue growth and a growing order book, as demand for autonomous defense systems rises and quarterly revenue reached 83.8 million USD.
At the close of 04 Nov 2026, Ondas Inc. (ONDS) stock was 5.27 USD (−8.98% on the day), with market capitalisation 3.0 bn USD, P/E 18.0 on diluted EPS of -0.62 USD over the last 12 months, beta 2.68, 52-week range 5.25–14.01 USD. Latest reported quarter (Q2 2026): revenue of 83.8 m USD (+1,235.4% YoY), net income of -88.4 m USD, diluted EPS -0.19 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 30.4
- weak (30–45)
- Bollinger (20, 2)
- 5.46 – 7.13
- below the lower band · %B -0.11 · band width 26.6%
- SMA 50 / 200
- 7.01 / 8.93
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.35 / -0.30
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −29.0% | −1.1% | −27.9 pp | — |
| 3 months | −40.6% | −0.5% | −40.1 pp | — |
| 6 months | −43.6% | +4.4% | −48.0 pp | — |
| Year to date | −46.0% | +12.3% | −58.3 pp | — |
| 1 year | −11.6% | +13.5% | −25.1 pp | +3.5% |
| 3 years | +867.0% | +76.4% | +790.6 pp | +53.9% |
| 5 years | −44.5% | +63.7% | −108.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.5 m | 4.1 m | 4.2 m | 6.3 m | 10.1 m | 30.1 m | 50.1 m | 83.8 m |
| Cost of revenue | 1.4 m | 3.2 m | 2.8 m | 2.9 m | 7.5 m | 17.4 m | 25.5 m | 47.6 m |
| Gross profit | 47.6 k | 883.3 k | 1.5 m | 3.3 m | 2.6 m | 12.7 m | 24.7 m | 36.1 m |
| Research & development | 3.2 m | 3.1 m | 3.5 m | 4.2 m | 4.5 m | 8.7 m | 13.5 m | 31.0 m |
| Operating income | -8.7 m | -8.5 m | -10.3 m | -9.3 m | -15.5 m | -23.3 m | -42.7 m | -162.9 m |
| Depreciation & amortisation | 1.2 m | 177.4 k | 181.0 k | 189.0 k ≈ | 195.6 k ≈ | 380.4 k | 669.0 k | 934.0 k ≈ |
| Interest expense | 871.3 k | 1.3 m | 3.9 m | 1.6 m | 444.4 k | 702.2 k | 338.0 k | 1.0 m |
| Pre-tax income | -9.5 m | -10.3 m | -14.1 m | -10.8 m | -7.2 m | -100.8 m | 361.5 m | -118.7 m |
| Income tax | — | — | — | 0 | 307.5 k | 180.5 k | 245.0 k | -29.1 m |
| Net income | -9.5 m | -10.3 m | -14.1 m | -10.8 m | -7.5 m | -99.9 m | 362.8 m | -88.4 m |
| Diluted EPS | -0.15 | — | -0.15 | -0.08 | -0.03 | — | 0.56 | -0.19 |
| Operating cash flow | -9.1 m ≈ | -8.1 m | -6.7 m | -8.4 m ≈ | -11.0 m ≈ | -12.7 m | -51.3 m | -86.1 m ≈ |
| Capex | -675.9 k ≈ | 29.6 k | 171.0 k | 96.0 k ≈ | 170.3 k ≈ | 1.6 m | 1.3 m | 7.8 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | ⚠ 2017 | 2018 | 2019 | 2021 | 2022 | 2023 | ⚠ 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 274.4 k | 190.0 k | 320.4 k | 2.9 m | 2.1 m | 15.7 m | 7.2 m | 50.7 m |
| Revenue YoY | — | −30.7% | +68.6% | unavailable | −26.9% | +638.1% | — | +605.3% |
| Net income | -3.0 m | -12.1 m | -19.4 m | -15.0 m | -73.2 m | -44.8 m | -38.0 m | -132.2 m |
| Net income YoY | — | unavailable | unavailable | unavailable | unavailable | unavailable | — | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | -0.44 | -1.73 | -0.88 | -0.61 | -0.62 |
| Diluted EPS YoY | — | unavailable | unavailable | unavailable | unavailable | unavailable | — | unavailable |
| net % | -1,101.4% | -6,365.8% | -6,052.2% | -516.9% | -3,445.3% | -285.8% | -528.4% | -260.7% |
| Free cash flow | unavailable | -9.1 m | -14.7 m | -17.8 m | -40.8 m | -34.2 m | -35.1 m | -40.8 m |
The series breaks before 2017, 2024: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 550.7 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 441.8 m USD
- Total assets
- 1.1 bn USD
- Debt / equity
- unavailable
- Current ratio
- 4.84x
- ROE
- -57.7%
- ROA
- -21.3%
- FCF margin
- -80.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 320.4 k | 2.9 m | 2.1 m | 15.7 m | 7.2 m | 50.7 m | SEC (XBRL)· 30 Mar 2026verified |
| Cost of revenue | 79.1 k | 1.8 m | 1.0 m | 9.3 m | 6.8 m | 30.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Gross profit | 241.3 k | 1.1 m | 1.1 m | 6.4 m | 345.0 k | 20.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Research & development | 5.4 m | 5.8 m | 24.0 m | 17.1 m | 12.5 m | 20.9 m | SEC (XBRL)· 30 Mar 2026verified |
| Operating income | -15.4 m | -18.0 m | -69.4 m | -39.7 m | -34.6 m | -58.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Depreciation & amortisation | — | 1.5 m | 4.0 m | 5.0 m | 602.0 k | 946.0 k | SEC (XBRL)· 30 Mar 2026verified |
| EBITDA | — | -16.5 m ≈ | -65.4 m ≈ | -34.7 m ≈ | -34.0 m ≈ | -57.4 m ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Interest expense | 2.9 m | 575.7 k | 3.8 m | 4.2 m | 3.6 m | 6.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Pre-tax income | -19.4 m | -17.9 m | -73.2 m | -44.8 m | -38.0 m | -132.9 m | SEC (XBRL)· 30 Mar 2026verified |
| Income tax | — | -2.9 m | — | — | — | 488.0 k | SEC (XBRL)· 30 Mar 2026verified |
| Net income | -19.4 m | -15.0 m | -73.2 m | -44.8 m | -38.0 m | -132.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Diluted EPS | — | -0.44 | -1.73 | -0.88 | -0.61 | -0.62 | SEC (XBRL)· 30 Mar 2026verified |
| Weighted average diluted shares | — | 34.2 m | 42.2 m | 52.7 m | 69.9 k | 221.8 k | SEC (XBRL)· 30 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.2 m | 40.8 m | 29.8 m | 15.0 m | 30.0 m | 550.7 m | SEC (XBRL)· 30 Mar 2026verified |
| Receivables | 20.2 k | 1.2 m | 104.3 k | 3.4 m | 5.2 m | 22.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Inventories | 427.5 k | 1.2 m | 2.2 m | 2.2 m | 9.8 m | 22.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Current assets | 3.3 m | 44.7 m | 35.8 m | 23.6 m | 47.5 m | 685.9 m | SEC (XBRL)· 30 Mar 2026verified |
| Property, plant & equipment, net | 252.2 k | 1.0 m | 3.0 m | 4.2 m | 2.6 m | 10.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Goodwill | — | 45.0 m | 25.6 m | 27.8 m | 27.8 m | 251.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Intangibles (excl. goodwill) | 126.3 k | 25.2 m | 28.9 m | 31.3 m | 27.2 m | 136.9 m | SEC (XBRL)· 30 Mar 2026verified |
| Total assets | 4.3 m | 117.4 m | 97.9 m | 92.2 m | 109.6 m | 1.1 bn | SEC (XBRL)· 30 Mar 2026verified |
| Accounts payable | 2.3 m | 2.4 m | 3.0 m | 5.2 m | 5.7 m | 13.9 m | SEC (XBRL)· 30 Mar 2026verified |
| Short-term debt | 10.1 m | — | — | — | — | — | SEC (XBRL)· 13 Mar 2020verified |
| Long-term debt | 500.0 k | 300.0 k | — | — | 300.0 k | — | SEC (XBRL)· 12 Mar 2025verified |
| Current liabilities | 16.1 m | 4.6 m | 22.7 m | 35.9 m | 50.6 m | 141.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Total liabilities | 16.7 m | 5.2 m | 39.7 m | 47.1 m | 73.7 m | 661.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Equity | -12.4 m † | 112.2 m | 58.2 m † | 33.1 m | 16.6 m | 441.8 m | SEC (XBRL)· 30 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -14.7 m | -16.9 m | -38.0 m | -34.0 m | -33.5 m | -38.7 m | SEC (XBRL)· 30 Mar 2026verified |
| Capex | 77.9 k | 923.7 k | 2.9 m | 211.0 k | 1.6 m | 2.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Free cash flow | -14.7 m ≈ | -17.8 m ≈ | -40.8 m ≈ | -34.2 m ≈ | -35.1 m ≈ | -40.8 m ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Investing cash flow | -354.8 k | -10.2 m | -6.9 m | 536.3 k | -1.7 m | -260.1 m | SEC (XBRL)· 30 Mar 2026verified |
| Financing cash flow | 16.0 m | 41.9 m | 33.9 m | 18.7 m | 50.2 m | 862.7 m | SEC (XBRL)· 30 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.0 bn USD
Key indicators
Coverage and freshness
Score by group
72% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 43.7% | 9 (on a fixed band) | 15% |
| EBIT margin · Quality | -140.4% | 5 (vs peers) | 12% |
| FCF margin · Quality | -98.7% | 0 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | 187.9% | 100 (on a fixed band) | 24% |
| Revenue growth (YoY) · Growth | 605.3% | 95 (vs peers) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 9.8x | 100 (on a fixed band) | 9% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -5.7% | 0 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth98/100 · 2/2 factors with a value
- Quality5/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partial0/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Ondas Inc. (ONDS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 50.7 m USD in 2025; YoY growth 605.3%; net margin 96.0%; ROE 20.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 187.9%
- Revenue growth (YoY): 605.3%
- Current ratio: 9.8x
What contradicts it
- Gross margin: 43.7%
- EBIT margin: -140.4%
- FCF margin: -98.7%
- FCF yield: -5.7%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales, Shareholder yield (distributions).
Versus the vertical median
Radio & Tv Broadcasting & Communications Equipment (SIC 3663) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| QCOMQualcomm Inc | 185.3 bn | 13.6 | 52.8% | 31.6% | −2.6% | +3% / +34% |
| MSIMotorola Solutions, Inc. | 82.2 bn | 40.0 | 77.2% | 16.5% | +8.0% | +34% / +54% |
| UIUbiquiti Inc. | 34.0 bn | 35.4 | 91.1% | 29.3% | +27.2% | −4% / +400% |
| PLPlanet Labs PBC | 3.3 bn | — | -72.0% | -95.1% | +25.9% | +6% / +421% |
| ONDSOndas Inc. | 3.0 bn | 18.0 | 20.1% | 96.0% | +605.3% | −12% / +867% |
| VISNVistance Networks, Inc. | 1.5 bn | 0.2 | 22,304.0% | 247.7% | +39.7% | −67% / +286% |
| HLITHarmonic Inc. | 1.1 bn | — | -11.7% | -13.7% | −26.2% | +7% / −8% |
| BKSYBlacksky Technology Inc | 686.3 m | — | -44.8% | -61.2% | +4.4% | −5% / +59% |
| UMACUnusual Machines, Inc. | 650.9 m | — | -2.9% | -20.3% | +101.2% | +49% / unavailable |
| GILTGilat Satellite Networks Ltd. | 521.2 m | 20.8 | 5.2% | 4.6% | +47.9% | −39% / +10% |
| AVNWAviat Networks, Inc. | 254.8 m | 104.7 | 1.0% | 0.6% | +1.2% | −10% / −34% |
| BKTIBK Technologies Corp | 252.4 m | 19.7 | 30.6% | 15.0% | +12.5% | +5% / +415% |
| CRNTCeragon Networks Ltd | 176.8 m | — | -1.2% | -0.6% | −14.1% | −2% / +6% |
| VUZIVuzix Corp | 171.4 m | — | -122.7% | -519.0% | +9.1% | −25% / −3% |
| SATLSatellogic Inc. | 87.6 m | — | — | -325.6% | +37.6% | +95% / +140% |
| AIRGAirgain, Inc. | 55.4 m | — | -23.7% | -13.6% | −14.6% | +4% / +76% |
| WATTEnergous Corporation | 45.0 m | — | -32.8% | -76.4% | +633.1% | +30% / −87% |
| CMTLComtech Telecommunications Corp | 37.4 m | — | -50.5% | -14.5% | −17.0% | −59% / −90% |
| KUSTKustom Entertainment, Inc. | 22.6 m | — | -323.8% | -126.5% | +1.7% | −98% / −100% |
| ERICEricsson Lm Telephone Co | — | — | 27.9% | 12.0% | −4.5% | +15% / +126% |
| NOKNokia Corporation | — | — | 3.1% | 3.3% | +3.5% | +36% / +137% |
1- and 3-year price returns: for ONDS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 3.44 Total return -35% · Per year -35% | 6.06 Total return 15% · Per year 15% | 9.09 Total return 73% · Per year 73% |
| 3 years | 4.08 Total return -22% · Per year -8% | 8.02 Total return 52% · Per year 15% | 13.09 Total return 148% · Per year 35% |
| 5 years | 4.85 Total return -8% · Per year -2% | 10.60 Total return 101% · Per year 15% | 18.85 Total return 258% · Per year 29% |
- Exit P/E± 2.00
- Net margin± 1.40
- Annual revenue growth± 1.05
- Annual dilution± 0.12
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Ondas Inc. is a defense, security and critical infrastructure technology company developing autonomous aerial and ground systems, counter-drone solutions and strategic investments. Its relevance now comes from rapid revenue growth and a growing order book, as demand for autonomous defense systems rises and quarterly revenue reached 83.8 million USD 3.
SWOT
Strengths
Weaknesses
Opportunities
- Rising demand for counter-drone and ISR systems in Europe and the US could support order growth 13.
- Expansion into large government programs, including through integrator partnerships, could increase the scale of the business 3.
- If acquisition integration succeeds, operating synergies could improve margins and cost efficiency 3.
Risks
- Persistent operating losseshigh
The company has reported large net losses and stated it cannot assure it will achieve sustained profitability, which could affect the share price and financing capacity 1.
- Customer concentrationhigh
A few customers have generated a major part of revenue, and losing one of them could significantly affect results 1.
- Dependence on government fundinghigh
Revenue from the OAS segment depends on public budgets and tender processes, which can be delayed or cancelled 1.
- Acquisition integrationmedium
Rapid acquisitions in 2026 carry integration risks for systems, personnel and processes, with possible cost effects 3.
- Accounting adjustments and contingent considerationmedium
Changes in fair value unrelated to current operations, such as contingent consideration, can affect reported net income 3.
Investment thesis
What would need to be true (bull case)
- Revenue and backlog growth, combined with a solid liquidity position, could support the company's expansion plans if execution stays consistent 3.
- Positioning in C-UAS and ISR, aligned with defense and security demand, could bring repeatable long-term orders 13.
- If acquisition integration produces synergies, margins and operating efficiency could improve in coming periods 3.
What would break the thesis
- Large net losses and uncertainty about reaching profitability could limit financial flexibility and pressure the share price 12.
- Revenue concentration in a few government customers exposes the company to delays and contract cancellations 1.
- Rapid growth through acquisitions could outpace integration capacity, with effects on costs and margins 23.
What to watch
- Delivery against the 2026 revenue guidanceQ4 2026
- Development of backlog and new orders after the DZYNE and Cyberhawk additionsQ3 2026
- Timing of adjusted EBITDA profitability announced in the results release2027
- Gross margin after acquisition integration and amortization of capitalized intellectual propertynext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Ondas Inc. organizes its activity into business units, including Ondas Autonomous Systems (OAS), focused on autonomous aerial and ground systems for defense, homeland security and critical infrastructure, and Ondas Capital, which coordinates strategic investments and partnerships 1. According to the 2025 annual report, the company focuses on CUAS, aerial ISR and UGV capabilities delivered as integrated solutions rather than standalone products 1. In the second quarter of 2026 the company reported revenue of 83.8 million USD, per its results release 3.
In 2026 Ondas deconsolidated Ondas Networks, effective January 16, 2026, so its results no longer appear in consolidated financial statements 2. Private wireless activity is therefore outside the current perimeter, and the analysis focuses mainly on OAS and recent defense acquisitions 2.
Segments
Market context
The company is directing its strategy toward the C-UAS and UGV markets, where North American spending is projected to reach 6.8 billion USD by 2028 and the global UGV market reached about 2.48 billion USD in 2024 1. Government demand, especially from defense and homeland security, is the main driver, but budgets can vary, which could affect order timing 1.
The air defense and autonomous systems market is competitive, and public procurement often runs through tenders with risks of protests and delays 1. If demand in Europe and the Middle East strengthens, the order book could support growth in the second half of 2026 3.
Trends
- Rising demand for counter-drone systemstailwind
Spending on C-UAS systems is growing quickly in several regions, and the company reports orders in Europe, North America and Asia-Pacific 13.
- Volatile government budgetsheadwind
Funding for defense programs depends on budget processes and procurement policies, which can lead to delays or contract reductions 1.
- Integration of acquisitionsmixed
Integrating acquired companies such as DZYNE and Cyberhawk could bring scale and operational efficiency, but also costs and execution risks 3.
- Standardization and certificationmixed
Type approvals and compliance requirements for autonomous flight shape the pace of adoption of aerial systems in civil and military airspace 1.
Competitive position
Ondas operates in a competitive environment where defense contracts are won through tenders and where competitors can challenge awards 1. The company differentiates through system integration and its ability to deliver complete solutions rather than individual platforms 1.
In the C-UAS and UGV markets competition includes defense system makers and large integrators, and an advantage can come from customer relationships and partnerships, such as the collaboration with Lockheed Martin 3. Partnerships with integrators and large suppliers, such as Huntington Ingalls Industries, could support access to larger programs 3.
- Lockheed MartinLMT
Collaboration partner cited for integrating CUAS capabilities into the Sanctum platform, and also a possible competitor on defense programs 3.
- Huntington Ingalls IndustriesHII
New partner cited for ISR orders supporting SOUTHCOM programs 3.
- US and European C-UAS and UGV system suppliers
Companies offering comparable counter-drone and ground robotics systems and competing for the same defense budgets 1.
- Regional defense integrators
Local players competing for national tenders that may hold an advantage through government relationships, as described in the risk disclosures 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Ondas (ONDS) Buys GATE and Bron. Can Component Ownership Improve Defense Returns?Yahoo Finance — News · 17 Sept 2026 · EN
- Jim Cramer on Ondas (ONDS): “It’s Not Great, Not Bad”Yahoo Finance — News · 14 Sept 2026 · EN
- AeroVironment Rises 6% as Post-Earnings Recovery Outpaces Drone Group; Ondas Ticks Up, Red Cat Barely BudgesYahoo Finance — News · 14 Sept 2026 · EN
- AeroVironment Rises 5% on First International LOCUST Laser Order, Unusual Machines Holds Steady, Ondas SlipsYahoo Finance — News · 10 Sept 2026 · EN
- Drone Stocks Slide as Risk-Off Sentiment Hits High-Beta Names: AeroVironment Sinks 4%, Red Cat Drops 3%, Ondas EasesYahoo Finance — News · 09 Sept 2026 · EN
- Drone Stocks Drop While Broad Market Rises: Unusual Machines Sinks 9%, Ondas Falls 6%, Red Cat Slides 5%Yahoo Finance — News · 28 Aug 2026 · EN
- Ondas to Buy Autonomous Aircraft Maker DZYNE for $875.8 MillionBloomberg Markets · 06 Jul 2026 · EN
- Rotron’s SkyLance breakthrough unlocks multi-billion-dollar export market opportunities as Ondas Inc. acquires UK Defence innovatorEuropean Defence Review · 14 May 2026 · RO
The latest news item in our archive is from 17 Sept 2026; the newest SEC filing is from 13 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report13 Oct 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report23 Sept 2026Item 3.02 · Other events · Financial statements and exhibits
- Current report14 Sept 2026Material agreement · Acquisition or disposition of assets · Item 3.02 · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report28 Aug 2026Item 3.02 · Other events · Financial statements and exhibits
- Quarterly report13 Aug 2026
- Current report13 Aug 2026Results of operations · Financial statements and exhibits
- Current report (amendment)11 Aug 2026Financial statements and exhibits
- Current report10 Aug 2026Acquisition or disposition of assets · Item 3.02 · Other events · Financial statements and exhibits
- Current report07 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Current report24 Jul 2026Item 3.02 · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Ondas Inc. · 30 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ondas Inc. · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Ondas Inc. · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.