Ondas (ONDS): Stock, Financials, Earnings & Company Overview

Quick Facts

Item	Detail
Company Name	Ondas Inc. (formerly Ondas Holdings Inc.)
Ticker Symbol	ONDS (Nasdaq)
Founded	December 22, 2014
Founder	Eric Brock
CEO	Eric Brock, Chairman and Chief Executive Officer
Headquarters	West Palm Beach, Florida, United States
Industry	Private wireless networks, autonomous drones, and counter drone defense systems
Name Change	Changed from Ondas Holdings Inc. to Ondas Inc. in January 2026
Employees	Roughly 500 as of mid 2026
FY2025 Revenue	$50.7 million, up about 605 percent year over year
Dividend	None currently paid

What Is Ondas?

Ondas Inc. is a Nasdaq listed technology company that builds two distinct but related businesses. The first, Ondas Networks, designs software based private wireless broadband systems for mission critical industrial applications such as railroads, electric utilities, oil and gas, and government agencies. The second and now much larger business, Ondas Autonomous Systems, or OAS, designs and sells autonomous drones, counter drone interceptor systems, and related robotics for defense, homeland security, and critical infrastructure protection customers around the world.

Over the past two years, Ondas has reinvented itself through a rapid series of acquisitions, mostly of Israeli defense technology companies, to build what management calls a system of systems platform, combining aerial drones, ground robots, sensors, and counter drone technology under one roof. This pivot has turned Ondas from a small, largely unprofitable rail technology supplier into one of the more closely watched names in the growing autonomous defense and security technology sector, alongside rising global demand for drone and counter drone capability tied to geopolitical conflict and border security needs.

Company History

Ondas was founded on December 22, 2014, originally focused on developing software defined wireless broadband technology for mission critical Internet of Things applications, branded as the FullMAX platform. Early customers came primarily from the railroad, utility, and oil and gas sectors, which need dependable, secure wireless coverage across large and often remote geographic areas.

In 2021, Ondas made its first major move into autonomous systems with the acquisition of American Robotics, a company known for developing one of the first drone systems approved by the Federal Aviation Administration for automated operation beyond visual line of sight without an onsite human operator. In 2023, Ondas expanded further by acquiring Airobotics, an Israeli developer of automated drone in a box systems, along with Iron Drone, a maker of interceptor drones designed to physically capture hostile aircraft.

The pace of acquisitions accelerated sharply in 2025, when Ondas acquired seven additional Israeli technology companies within a span of about five months, adding capabilities in ground robotics through RoboTeam, electro optic sensors through Insight Intelligent Sensors, cyber based counter drone detection through Sentrycs, and autonomy software through Apeiro Motion, among others. In 2026, the company continued this strategy with the acquisition of Mistral, a European joint venture called ONBERG formed with Heidelberger Druckmaschinen to build a localized defense manufacturing platform in Europe, and the acquisition of World View Enterprises, a high altitude balloon operator, along with Cyberhawk, a critical infrastructure drone inspection company.

To fund this growth, Ondas raised approximately 1.8 billion dollars in capital since June 2025, including roughly 960 million dollars in net proceeds in a single offering completed in January 2026. That same month, the company changed its legal name from Ondas Holdings Inc. to Ondas Inc. to better reflect its broader platform beyond its original wireless networking roots.

Company Milestones

• 2014: Ondas founded to develop private wireless broadband technology.
• 2021: Acquired American Robotics, entering the autonomous drone market.
• 2023: Acquired Airobotics and Iron Drone, expanding into automated drone in a box and counter drone systems.
• 2025: Acquired seven additional Israeli defense technology companies, including RoboTeam and Sentrycs.
• January 2026: Raised roughly 960 million dollars in net proceeds and renamed the company Ondas Inc.
• Early 2026: Announced the Mistral acquisition and the ONBERG European defense joint venture with Heidelberger Druckmaschinen.
• Mid 2026: Launched the LADOS layered autonomous defense command and control system and continued acquiring companies such as Cyberhawk.

Founders

Eric Brock is the founder of Ondas. He established the company in 2014 after more than two decades in global banking and investing, including time as a founding partner and portfolio manager at Clough Capital Partners, a Boston based investment firm, and earlier as an investment banker at Bear Stearns and an accountant at Ernst and Young. Brock has remained the driving force behind the company’s strategy since its founding, first building out its private wireless networking business and later leading its transformation into an autonomous systems and defense technology platform through a wave of acquisitions.

CEO

Eric Brock serves as Chairman and Chief Executive Officer of Ondas Inc. He holds an MBA from the University of Chicago and a bachelor’s degree from Boston College. Under his leadership, Ondas has executed one of the more aggressive acquisition strategies among small cap defense technology companies, assembling a group of businesses spanning drones, counter drone systems, ground robotics, and sensor technology, primarily through purchases of Israeli defense technology firms. Brock has framed the strategy as building a system of systems platform capable of addressing layered defense and security needs, from detection to interception, rather than selling a single standalone product. He works closely with Oshri Lugassy, Co-CEO of Ondas Autonomous Systems, who leads the day to day execution of the defense and security business, and with Markus Nottelmann, who leads the Ondas Networks business unit.

Headquarters

Ondas Inc. is headquartered in West Palm Beach, Florida. The company previously operated its corporate headquarters out of Boston and Waltham, Massachusetts, where its private wireless networking engineering teams remain active. Following its expansion into autonomous systems and defense technology, Ondas also maintains a significant operational presence in Israel, primarily through its Airobotics subsidiary based in Petah Tikva, along with other acquired Israeli businesses, giving the company a meaningful international footprint alongside its United States operations.

Business Segments

Ondas reports its results across two primary business segments.

• Ondas Networks: Develops and sells the FullMAX software defined radio platform, a patented system built on the IEEE 802.16 standards family, including the newer 802.16t, or dot16, protocol. This segment serves railroads, electric utilities, oil and gas companies, transportation operators, and government agencies that need secure, wide area private wireless connectivity for mission critical operations.
• Ondas Autonomous Systems (OAS): Designs, builds, and sells autonomous aerial drones, interceptor and counter drone systems, unmanned ground vehicles, and related sensor and software technology. This segment now generates the large majority of company revenue and has grown rapidly through both organic order growth and acquisitions of specialized defense technology companies, mostly based in Israel.

In recent periods, OAS has become by far the larger and faster growing of the two segments, reflecting surging global demand for autonomous defense and security technology, while Ondas Networks continues to work through a longer, more gradual sales cycle tied to large railroad and utility infrastructure upgrades.

Products and Services

Ondas offers a broad and expanding set of products across its two segments.

• FullMAX Software Defined Radio Platform: A patented wireless broadband system enabling secure, private, wide area networks for mission critical communications in rail, utility, and government markets, along with related software licensing, maintenance, and engineering services.
• Optimus System: A fully autonomous drone in a box platform, originally developed by Airobotics, used for continuous security, surveillance, and data collection at industrial and government sites without requiring an onsite pilot.
• Scout System: An automated drone in a box platform originally developed by American Robotics, one of the first systems approved by the FAA for automated beyond visual line of sight flight.
• Iron Drone Raider: A fully autonomous interceptor drone system designed to detect, track, and physically capture small hostile drones, aimed at protecting critical infrastructure and military sites.
• Sentrycs CoRF: A cyber and radio frequency based counter drone platform for detecting, identifying, tracking, and mitigating unauthorized drones.
• RoboTeam Ground Robotics: Unmanned ground vehicles designed for urban and underground operations supporting engineering and combat units.
• Apeiro Motion: Autonomy and mobility software that enhances navigation and operational effectiveness across Ondas’ robotic platforms.
• World View High Altitude Balloons: Stratospheric balloon systems used for persistent aerial surveillance and communications missions, including recent government contracts tied to maritime security.
• LADOS (Layered Autonomous Defense Operational C2 System): A command and control software layer designed to unify air defense, aerial intelligence, ground robotics, and loitering munition systems into a single operating picture.

Ondas markets many of its autonomous drone systems under a Robot as a Service model, allowing customers to pay for ongoing monitoring and data services rather than purchasing hardware outright, in addition to direct equipment sales to defense and government customers.

Revenue Breakdown

Ondas revenue was relatively small and inconsistent through 2023 and 2024, reflecting its early stage private wireless business and a still developing autonomous systems unit. Growth accelerated dramatically in 2025 and again in early 2026 as the OAS segment scaled rapidly through new orders and acquisitions.

Revenue by Segment

In fiscal 2025, Ondas Autonomous Systems generated approximately $49.7 million of the company’s roughly $50.7 million in total revenue, an increase of about 840 percent from $5.3 million in 2024, making it by far the dominant driver of company results. Ondas Networks contributed a much smaller portion, generating revenue in the range of one to two million dollars in recent years as large railroad customers have moved slowly on network upgrade decisions. Management has said it expects Ondas Networks to see a more meaningful pickup starting around 2027 as broader adoption of the new dot16 industrial wireless standard takes hold across the rail industry.

Financial Performance

Ondas has posted extremely high percentage revenue growth over the past year, though the company remains unprofitable on a GAAP basis as it invests heavily in acquisitions, integration, and global expansion of its defense and security platform.

Metric	FY2024	FY2025	Q1 2026
Revenue	$7.2 million	$50.7 million	$50.1 million
Revenue Growth (YoY)	Decline versus 2023	About 605 percent	About 1,000 percent
Gross Margin	Variable	Improving	49 percent
Adjusted EBITDA	Loss	Loss of roughly $32.5 million	Loss of $10.9 million
Cash and Equivalents (period end)	About $30 million	About $594 million	About $1.55 billion pro forma

Ondas ended 2025 with approximately $594 million in cash, cash equivalents, and restricted cash, a dramatic increase from about $30 million at the end of 2024, driven by roughly $1.8 billion in capital raised since June 2025, including about $960 million in net proceeds from a January 2026 offering. The company also reduced total debt from $54.2 million to $12.5 million during 2025, primarily by paying down convertible notes. Management has outlined a phased path toward profitability, targeting positive adjusted EBITDA at the product company level by the third quarter of 2026, positive adjusted EBITDA at the OAS segment level by the third quarter of 2027, and positive adjusted EBITDA for the full consolidated company by the first quarter of 2028.

For the first quarter of 2026, Ondas reported revenue of $50.1 million, exceeding its own guidance range of $38 million to $40 million by a wide margin, alongside a gross margin of 49 percent, up from 35 percent in the same period a year earlier. The company has raised its full year 2026 revenue target multiple times over the past several months, most recently to at least $390 million, up from an original 2026 outlook of $110 million issued in early 2025, reflecting both strong organic order growth and the ongoing contribution from acquired businesses.

Stock Information

ONDS has been one of the more volatile stocks in the small cap defense and drone technology space, with dramatic price swings tied to earnings surprises, new order announcements, acquisition news, and broader sentiment around military drone and counter drone spending.

Key Stock Facts

Item	Detail
Exchange	Nasdaq
52 Week Range	Approximately $1.71 to $15.28
Price to Sales Ratio	Roughly 24, reflecting a high growth premium valuation
Average Daily Volume	Roughly 40 to 70 million shares, reflecting high trading activity and volatility
Stock Splits	The stock has undergone multiple reverse and forward split events since its public listing
Next Earnings Date	Expected around mid August 2026, for Q2 2026 results
Wall Street Rating	Consensus rating generally described as Buy or Strong Buy among covering analysts, though price targets vary widely given the stock’s volatility and rapid guidance changes

Because Ondas remains unprofitable, trades at a high price to sales multiple, and has issued a significant number of new shares to fund its acquisition strategy, the stock tends to see outsized reactions to quarterly results, new contract wins, and changes in investor sentiment toward defense and drone technology spending. Investors should expect continued volatility given the company’s early stage profitability profile and its reliance on continued rapid revenue growth to justify its valuation.

Dividends

Ondas does not currently pay a dividend to shareholders. The company remains in a high growth, capital intensive phase, reinvesting available cash into acquisitions, manufacturing capacity, global expansion, and integration of its rapidly growing autonomous systems platform. Given ongoing net losses and the company’s stated multi year path toward consolidated profitability, most analysts do not expect Ondas to introduce a dividend in the foreseeable future. Investors looking for dividend income would need to look elsewhere, as Ondas remains firmly focused on funding growth rather than returning capital to shareholders.

Competitors

Ondas competes across several distinct but overlapping markets, including commercial and defense drones, counter drone systems, and private industrial wireless networking.

Company	Ticker	Overlap With Ondas
AeroVironment	AVAV	Military drones, loitering munitions, and broader unmanned systems for defense customers
Red Cat Holdings	RCAT	Small drone platforms for military and government reconnaissance applications
Kratos Defense and Security Solutions	KTOS	Unmanned aerial systems and broader defense technology programs
Draganfly	DPRO	Commercial and public safety drone platforms, including NDAA compliant systems
Unusual Machines	UMAC	Drone components and small unmanned aircraft systems for government and hobbyist markets
Anterix	ATEX	Private wireless spectrum and networking solutions for utilities, a partial overlap with Ondas Networks

Among these, AeroVironment is generally viewed as the largest and most established competitor given its long history supplying the U.S. military with drone systems, while Red Cat Holdings and Draganfly are often compared to Ondas as smaller, faster growing companies riding similar demand trends in defense and security drone technology.

Recent News

• June 2026: Ondas announced a collaboration between its Sentrycs counter drone platform and Lockheed Martin, and unveiled its new LADOS layered autonomous defense command and control system at the Eurosatory 2026 defense show in Paris.
• June 2026: Ondas subsidiary World View Enterprises was selected by United States Naval Forces Southern Command and the U.S. 4th Fleet to provide high altitude balloon support for counter narcotics and illegal fishing monitoring missions.
• May 2026: Ondas reported record first quarter 2026 revenue of $50.1 million, well above its own guidance, and raised its full year 2026 revenue target to at least $390 million.
• May and June 2026: The company disclosed more than $150 million in new orders across the second quarter to date, spanning counter drone systems, loitering munition systems, and integrated autonomous defense solutions.
• March 2026: Ondas announced the acquisition of Mistral in a transaction valued at $175 million and formed the ONBERG joint venture with Heidelberger Druckmaschinen to build a European defense manufacturing and engineering platform.
• January 2026: Ondas completed a capital raise of approximately $960 million in net proceeds and formally changed its corporate name from Ondas Holdings Inc. to Ondas Inc.
• 2025: Ondas acquired seven Israeli technology companies within about five months, including RoboTeam, Sentrycs, and Insight Intelligent Sensors, significantly expanding its ground robotics, sensor, and counter drone capabilities.

Frequently Asked Questions

What does Ondas actually make?

Ondas builds two main types of technology. Ondas Networks makes private wireless broadband systems for industries such as rail and utilities, while Ondas Autonomous Systems makes autonomous drones, counter drone interceptor systems, ground robots, and related sensor and command software for defense, homeland security, and critical infrastructure customers.

Is Ondas profitable?

No. Ondas remains unprofitable on both a GAAP and adjusted EBITDA basis as of mid 2026, though losses as a percentage of revenue have been shrinking as the company scales. Management has laid out a phased target of reaching positive adjusted EBITDA at the product company level in the third quarter of 2026, with full consolidated profitability targeted for the first quarter of 2028.

Does Ondas pay a dividend?

No. Ondas does not currently pay a dividend and is instead reinvesting all available cash into acquisitions, manufacturing, and global expansion of its autonomous systems platform.

Why did Ondas change its name from Ondas Holdings to Ondas Inc?

Ondas changed its legal name in January 2026 to Ondas Inc, reflecting the company’s evolution from a private wireless networking equipment supplier into a broader autonomous systems and defense technology platform following a series of acquisitions.

Why has ONDS stock been so volatile?

ONDS is a small cap stock in the fast moving defense and drone technology sector, with a history of rapid revenue growth, ongoing net losses, and significant share issuance to fund acquisitions. These factors, combined with sensitivity to defense spending headlines and geopolitical news, tend to produce large price swings in both directions.

Who are Ondas’ main competitors?

Key competitors include AeroVironment, Red Cat Holdings, Kratos Defense and Security Solutions, Draganfly, and Unusual Machines in the drone and counter drone space, along with companies such as Anterix in private wireless networking for utilities and industrial customers.

How has Ondas grown its business so quickly?

Much of the growth has come from an aggressive acquisition strategy, particularly involving Israeli defense technology companies, combined with strong organic order growth for counter drone and autonomous defense systems amid rising global demand tied to geopolitical tensions and border security needs.

What is Ondas’ revenue target for 2026?

As of its most recent guidance update following first quarter 2026 results, Ondas has targeted at least $390 million in revenue for the full year 2026, up sharply from prior targets, supported by a growing order backlog and an expanding multibillion dollar sales pipeline.

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Sources include Ondas Inc. SEC filings and press releases, company investor relations materials, and third party financial data providers. Figures such as stock price, market capitalization, and revenue guidance change frequently and were approximate as of early July 2026.