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Ondas' shares are down 21.9% YTD despite surging revenues and backlog, as losses, cash burn and M&A execution risks keep investors cautious.

Key Takeaways ONDS shares fell 18.2% in a month even as second-quarter revenue surged more than 13-fold year over year.ONDS lifted 2026 revenue guidance to $525-$550 million, with Q3 revenue seen at $140-$155 million.ONDS faces widening losses, heavy cash use and added integration risk from multiple acquisitions. Ondas Inc.'s (ONDS - Free Report) shares have fallen 18.2% in the past month even as its autonomous-systems business scales rapidly. The drop raises a straightforward question: Has the market created a better entry point, or is it discounting risks that still matter?

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Revenue growth, backlog and order activity remain powerful supports. Yet losses, heavy cash use and the challenge of integrating several acquisitions keep the risk-reward picture unsettled.

ONDS Growth Still Points Sharply HigherSecond-quarter 2026 revenues reached $83.8 million, up 67% sequentially and more than 13-fold year over year. Management raised its full-year 2026 revenue target to $525-$550 million from at least $525 million.

For the third quarter, revenues are projected at $140-$155 million. The midpoint implies roughly 76% sequential growth.

Ondas Backlog and Orders Support the Growth CasePro forma backlog stood at roughly $757 million as of June 30, including DZYNE and Cyberhawk. On the last earnings call, management noted that Ondas captured $175 million of new orders in the second quarter and another $105 million through the quarter-to-date period.

Its two-year strategic program pipeline exceeded $11 billion across aerial security, intelligence, surveillance and reconnaissance, precision strike and autonomous ground systems. That pipeline is not the same as contracted backlog, but it shows the scale of programs Ondas is pursuing.

ONDS Losses and Cash Burn Keep Pressure ElevatedThe growth has come with a much larger cost base. Second-quarter operating expenses climbed to $199.1 million from $67.3 million in the first quarter, while adjusted EBITDA loss widened to $50.6 million from $10.9 million.

Net cash used in operating activities reached $137.4 million in the first half of 2026 versus $15.1 million a year earlier. Management expects adjusted EBITDA losses to improve sequentially in the third quarter, but consolidated profitability remains a future milestone.

Ondas M&A Raises Both Scale and Execution RiskOndas is integrating World View, Mistral, Omnisys, DZYNE and Cyberhawk while continuing work on earlier acquisitions. That broader platform adds capabilities across precision strike, counter-unmanned aircraft systems, intelligence and critical-infrastructure applications, but it also raises integration and delivery complexity.

AeroVironment, Inc. (AVAV - Free Report) is a relevant comparison point because it also operates across autonomous systems, counter-unmanned aircraft technology, intelligence, surveillance and reconnaissance and precision-strike missions. Red Cat Holdings, Inc. (RCAT - Free Report) likewise targets defense and security customers with small unmanned aircraft focused on intelligence, surveillance and reconnaissance and precision effects, underscoring the competitive intensity around military autonomy.

ONDS Signals Still Favor Caution After the PullbackThe pullback has not clearly turned ONDS into a bargain. The stock trades at 4.9X forward 12-month sales, only slightly below its five-year median of 5.1X and above the S&P 500's 4.8X multiple, while substantial operating losses and cash burn still need to improve.

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ONDS currently carries a Zacks Rank #4 (Sell). It also has a VGM Score of F, Value Score of F, Growth Score of F and Momentum Score of C. The Zacks Consensus Estimate for current fiscal-year EPS has deteriorated over the past four weeks.

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The Zacks Rank is designed around short-term earnings-estimate revisions, while the Style Scores are complementary indicators of value, growth and momentum characteristics. With a #4 rank and weak Style Scores, the current setup still favors caution rather than treating the decline alone as evidence of value.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. 

Shares of Ondas Holdings Inc (NASDAQ:ONDS) traded down slightly Thursday afternoon, consolidating as heavy short interest and potential share dilution continue to weigh on investor sentiment following late-August volatility.

Ondas stock is trading near recent lows. What should traders watch with ONDS? Record Q2 Growth Overshadowed By Scaled Operating LossesIn its second-quarter report on Aug. 13, Ondas generated record revenue of $83.8 million, a 13-fold increase year-over-year that easily surpassed Wall Street estimates. The top-line surge prompted management to raise full-year 2026 revenue guidance to between $525 million and $550 million.

However, the initial post-earnings rally quickly faded as investors focused on bottom-line compression. Ondas reported a net loss of 19 cents per share, missing expectations of a 13-cent per share loss as aggressive operational scaling and integration costs from recent acquisitions weighed on gross margins.

Dilution Risks and High Short Interest Cap Near-Term UpsideTechnical overhead has kept shares anchored well below early-August highs near $9.70. A recent Form 8-K filing registered the potential resale of nearly 100,000 common shares issued for the acquisition of World View Enterprises. Resale filings signal to the market that insider or acquisition-related shares could soon be sold on the open market, creating supply-side friction.

Additionally, with short interest exceeding 40% of the float, a large contingent of traders continues to bet against the stock. While heavy shorting leaves ONDS vulnerable to sudden upward short squeezes, it reflects ongoing market skepticism over how quickly Ondas can translate its $757 million order backlog into profitable growth.

ONDS Shares Pause ThursdayONDS Price Action: Ondas shares were down 0.26% at $7.63 at the time of publication on Thursday, according to Benzinga Pro data.

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Ondas Stock Tops the List as Short Sellers Build Huge Bets Summary

Ondas leads the group with short interest at 40.40%, followed by SoundHound AI at 39.50%

Ondas ONDS is drawing the highest short interest among the five names highlighted, with short positions representing 40.40% of shares outstanding. That puts the stock at the center of attention for investors watching potential volatility.

SoundHound AI SOUN follows closely, with short interest at 39.50%. The level is notable given the company's position in application software, one of the industries appearing frequently among heavily shorted stocks.

NETSTREIT NTST ranks next at 30.74%, while Centrus Energy (LEU) and CleanSpark CLSK stand at 28.95% and 28.69%, respectively. The figures show that short positioning extends across technology, energy and real estate.

High short interest does not necessarily mean a stock will rise. However, sharp moves can occur if investors betting against a company begin closing those positions.

These five names could face elevated trading volatility as investors weigh short positioning against company-specific developments.

Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.

Click for the complete disclosure

Drone stocks whipsawed again this morning, but the bounce reveals something more useful than a simple reversal. The same force that crushed the group Monday is now lifting it, and the order is not random.

The drone complex is snapping back this morning after Monday’s bruising session, and the ordering of the bounce mirrors the ordering of the selloff almost exactly. Higher-beta names are leading. Lower-beta names are lagging.

Ondas Holdings (NASDAQ:ONDS) stock is up 6% to $8.68 in mid-morning trading. Meanwhile, Unusual Machines (NYSEAMERICAN:UMAC) stock is climbing 8% to $25.83, running out ahead of the group. AeroVironment (NASDAQ:AVAV | AVAV Price Prediction) shares are up 1% to $148.63, barely participating in the rebound.

The framing matters here. The Defiance Drone and Modern Warfare ETF (NYSEARCA:JEDI) is up 2% to $27.40, capturing the thematic bid. Also, the Invesco QQQ Trust (NASDAQ:QQQ) is up 1.06% to $718.92, marking a lift for the broad tech tape.

Risk-On Tape Lifts the Highest-Beta Corners The catalyst is not inside the drone group. Broad risk appetite returned to speculative technology this morning, and the drone complex is the leveraged expression of that mood. No company announcement, contract award, earnings release, regulatory action or analyst rating change has been verified at Ondas Holdings, Unusual Machines, AeroVironment or Red Cat Holdings (NASDAQ:RCAT) today.

The tone was set by NVIDIA (NASDAQ:NVDA), which is up 7% to $224.38 after guiding third-quarter revenue to $108 billion and fiscal 2028 revenue growth to 70%. That result gave speculative technology permission to run. NVIDIA has no direct bearing on drone companies, but the risk-appetite channel connects the two, and every high-beta corner of the tape is participating.

Positioning explains the rest. When the tape rallies, the highest-beta names lead by construction, and when it sells, they lead down. Unusual Machines carries a beta of 14.87, one of the most volatile listings in defense-tech. Ondas Holdings carries a beta of 2.75, still well above market, and AeroVironment sits closer to broad-market norms. Today’s rally is stacking in exactly that order.

Monday’s Session, Now Run in Reverse Here’s what makes the day analytically clean. On Monday we covered a session where the drone complex fell together with no shared trigger, and the order tracked volatility rather than fundamentals or year-to-date record. That coverage is here. Unusual Machines tumbled 9%, Red Cat fell 7%, and Ondas declined 5%. AeroVironment fell least.

Today the same ordering holds, only inverted. The highest-beta name is rising the most, and the lowest-beta name is barely moving. The year-to-date scorecard, importantly, predicts none of this. Ondas Holdings stock was down 15.8% year to date through Wednesday’s close, Unusual Machines stock was up 87.5% year to date through the same close, and AeroVironment stock was down 39.3% year to date through Wednesday’s close.

If year-to-date performance were driving the tape, the leader on the way down would not also lead on the way up. Yet, it does. Beta is symmetric, and that is the analytical claim worth remembering across future risk-on and risk-off days at these names. The direction of the tape sets the sign, and volatility sets the size.

What to Watch Now The next test for the drone complex is whether the bounce holds through the afternoon. High-beta names surrender gains fastest when the tape reverses, and the same volatility that produced today’s leadership can produce tomorrow’s laggards. For confirmation of continued thematic flows into the drone theme, investors can check the JEDI ETF, while QQQ serves as the broad-tape read on whether risk appetite is holding.

Investors sizing exposure to this group should keep their positions calibrated to the beta they’re actually buying (we wrote a free playbook on speculating with just a small slice of a portfolio, and the sizing rules travel well to high-beta corners like this one: here). A stock with a beta above 14 behaves like a stock with a beta above 14 in both directions, and their allocation to the drone theme should reflect that reality rather than the current direction of the tape.

Contact [email protected] for any questions or corrections.

Ondas delivered a huge second quarter. Revenue rose more than thirteen times from a year ago, while pro forma backlog reached $757 million. The opportunity is real. Ondas has meaningful defense orders, exposure to a major United States drone procurement cycle, and a much broader product lineup after several acquisitions. My concern is what all of that growth will be worth per share. The share count has climbed quickly, adjusted EBITDA losses widened, and another 45 million DZYNE shares are due in Jan 2027.

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The defense drone complex is selling off together on Thursday morning, and the shape of the move matters more than the headline attached to it. Ondas Holdings (NASDAQ:ONDS) stock is down 7% to $8.31, while Unusual Machines (NYSE:UMAC) stock is down 8% to $26.13.

Meanwhile, Red Cat Holdings (NASDAQ:RCAT) stock is down 5% to $9.36, and Kratos Defense & Security Solutions (NASDAQ:KTOS) stock is down 5% to $57.61. Four names that entered the day with wildly different year-to-date setups are all falling by similar amounts, which points to positioning as the driver.

That pattern reverses what held earlier in the week, when Ondas Holdings and Red Cat Holdings shares held their ground during a Nasdaq pullback and the drone complex looked like a rotation destination. Today the group is doing the leading, and in the wrong direction.

Tariff Headline Fits the Story but Not the Size China called on the United States on Thursday to reverse Section 232 tariffs on imported drones and related components, a policy that sits over every name in this group, including Ondas Holdings and Kratos Defense. He Yadong, a spokesperson for China’s Commerce Ministry, stated in Beijing that the measures “treat related Chinese products in a discriminatory manner and seriously harms the interests of Chinese companies.”

Those tariffs stem from a proclamation President Trump signed on August 13 imposing duties of up to 100% on imported drones and unmanned aircraft components, with most rates taking effect after 21 days. Chinese President Xi Jinping visits the United States on September 24, giving Unusual Machines and Red Cat Holdings shareholders a defined window for the dispute to shift.

All four names barely reacted to the news itself. Ondas Holdings, Unusual Machines, and Kratos Defense each moved lower by less than 1% in early Thursday trading, and Red Cat Holdings traded higher. Declines of 5% to 8% developed only once the regular Thursday session was underway.

Opposite Setups, Same Selloff The cleanest evidence that this is a theme unwind sits in the year-to-date (YTD) scoreboard. Through Wednesday’s close, Unusual Machines stock was up 122%, one of the largest gains in the small-cap defense complex, while Kratos Defense stock came into Thursday down 20%. Opposite positions entirely, and both are falling by roughly the same amount today.

Red Cat Holdings stock was up 25% YTD heading into the session, and Ondas Holdings stock was down 9%. When names with opposite setups and different fundamentals move as a single block, the tape is telling investors that a theme is being unwound at the group level.

Macro conditions reinforce that read. The 30-year Treasury yield sits at 5.28%, near a 19-year high hit earlier this week, and high-multiple momentum names carry the most sensitivity to a rising long-end discount rate. Ondas Holdings stock trades at a price-to-sales ratio near 29, and Unusual Machines stock trades at roughly 44 times sales, so both sit squarely in the crosshairs of that repricing.

What to Watch Now Traders may want to keep an eye on whether the group finds a bid into the afternoon or extends losses on rising volume, since the same flows dynamic that drove the morning drop can compound if late-day sellers keep trimming exposure. Options positioning already leans defensive, with the Ondas Holdings October 2 $6.5 put showing a volume-to-open-interest ratio of 16, and the Red Cat Holdings October 2 $10 put ratio sitting above 18.

The takeaway for position sizing is straightforward. When a theme trades as a single block, owning ONDS, UMAC, RCAT, and KTOS together provides far less diversification than four separate tickers on a brokerage statement would suggest (we wrote a whole free playbook on speculating with a small slice of a portfolio and sizing it with real rules, here). Shareholders carrying overlapping drone exposure across the four should size the group as a single position, not four independent ones, until the correlation breaks and these names start trading on their own catalysts again.

Contact [email protected] for any questions or corrections.

Creates the first publicly traded company dedicated principally to safe and scalable deployment of physical AI, as a universal safety layer across the robotics industry
Broad adoption across more than 600 customers globally, including robotics developers, robotics users, universities and governments. Customers include Agility Robotics, DoorDash, Cobot, Zoox, Textron, and Google DeepMind
Horizontal use across industries including humanoid robotics, warehousing, transportation, manufacturing, construction, agriculture, mining, energy, and defense
Rapidly accelerating commercial adoption, with revenue increasing 62% YoY in 2025
Received signed commitments to raise over $31 million of common equity in the form of both PIPE (Private Investment in Public Equity) and NRA (Non Redemption Agreement) investments from new and existing institutional investors, including Tiger Global, Prologis Ventures, and Mark Cuban
Strong partner network including the strategic collaboration recently announced with NVIDIA Halos for Robotics
Entering this transaction and becoming a public company positions FORT to capitalize on the rapid adoption of robotics and physical AI by accelerating product innovation, global commercial reach, M&A and strategic partnerships
Company to host a conference call at 8:30 a.m. ET today. Visit www.fortrobotics.com/investors for more information

, /PRNewswire/ -- FORT Robotics, Inc. ("FORT" or the "Company"), a safety platform developing The Trust layer for Physical AI, and Newbury Street II Acquisition Corp (Nasdaq: NTWO) ("Newbury Street II"), a special purpose acquisition company, today announced that they have entered into a definitive business combination agreement (the "Business Combination") that will result in the combined company becoming a publicly traded company.

Upon closing of the Business Combination, the combined company will be named FORT Robotics Holdings, Inc. and is expected to be listed on the Nasdaq Stock Market (Nasdaq) under the new ticker symbol "FROB," subject to regulatory approvals. The transaction values the combined company at a pro-forma enterprise value of $556.6 million (pre-money equity value of $500.0 million).

Building Trust in Physical AI

FORT Robotics was founded in 2018 and has since become a leading provider of safety solutions across the robotics industry, trusted by more than 600 customers including Agility Robotics, Google DeepMind, Cobot, Zoox, RIVR, Carnegie Robotics, Textron, Forterra, Genie, Ocado, Oxa, DoorDash and many others.  The company is backed by investors including Tiger Global, Mark Cuban Companies, Prologis Ventures, and Five Eleven Partners and recently announced a strategic collaboration with NVIDIA as part of the Halos for Robotics ecosystem. The company grew out of founder and CEO Samuel Reeves's previous company Humanistic Robotics, which built robots to clear landmines.

FORT's leadership and board bring deep operating experience from across the robotics and industrial-automation landscape. The post-closing board of directors is expected to include Sally Miller, DHL Supply Chain Global CIO, Jennifer Vescio, former executive at Uber, Vijay Kumar, Dean of Engineering at the University of Pennsylvania, and Karl Iagnemma, CEO at Vecna Robotics.

FORT's Trust Layer serves as the foundational safety infrastructure for the next generation of physical AI, enabling autonomous machines from different manufacturers to operate safely alongside humans and within shared environments. The platform, which is backed by 25 patents and has been certified to meet Safety Integrity Level 3 per IEC 61508, is intentionally machine-and application-agnostic, designed to serve as a universal layer of trust across mixed-machine workspaces.

In May 2026, FORT expanded The Trust Layer through the acquisition of Mapless AI, a full-stack, safety-first teleoperation company, adding remote human-in-the-loop control and onboard active safety to FORT's existing platform.

The Safety Imperative: Unlocking Potential for Robotics

"Physical AI will change the way we work in every industry, and this will be a game changer for workers, organizations and governments worldwide," said Samuel Reeves, Founder and CEO of FORT Robotics. "However, these new machines come with a completely new and different risk profile, and that must be addressed before autonomous systems can scale. FORT's mission is to 'ensure robots cause no harm' and we are dedicated to pioneering and building a shared framework for trust that robot manufacturers, integrators, end users, regulators, insurers, governments and any other interested party can rely on. How we trust physical AI will be one of the defining questions of our time and answering it will be a key enabler that will move these next generation machines from isolated pilot programs to real, scalable adoption."

Thomas Bushey, CEO of Newbury Street II, added: "Newbury Street II is proud to partner with FORT, a category-defining platform addressing one of the world's most complex infrastructure challenges. The robotics revolution is at an inflection point, and we believe FORT's universal layer of trust can accelerate widespread adoption. We look forward to supporting Samuel and the team as they advance FORT's horizontal platform for physical AI — as a public company, we believe FORT is well positioned to extend its leadership and create long-term shareholder value."

Commenting on the commercial momentum of physical AI, Griffin Schroeder, Partner at Tiger Global, said: "As physical AI moves into core industrial infrastructure, safety is paramount. FORT has built a critical, machine-agnostic trust layer that enables enterprise autonomy to scale safely. We are excited to support Samuel and the FORT team as they build on their momentum and enter this next chapter."

Key Financial & Operational Highlights

Strong Top-Line Momentum: FORT's 2025 revenue compounded at a 62% year-over-year growth rate, including 91% growth among its mature enterprise accounts (customers spending more than $100,000 annually with FORT,) positioning FORT among the fastest-growing companies in the robotics safety category as the broader physical AI market scales.
High-Margin, Capital-Efficient Profile: Maintained resilient standalone gross margins of 66% in 2025 and 70% in 2024, with long-term margin expansion expected as premium software solutions scale. While revenue grew 62% in 2025, operating expenses grew at a much lower 19%, demonstrating the operational leverage inherent in the business. 2025 revenue per employee was $276,000, further demonstrating FORT's ability to generate momentum while managing costs.
De-Risked Customer Ecosystem: Broad diversification across major enterprise verticals has materially reduced single-customer risk, driven by a 3.8x total growth in six-figure customers since 2021 with no single customer representing more than 9% of 2025 revenue.
Durable, Compounding Customer Base: Customer cohorts acquired as early as 2019 continue to generate revenue today, with pre-2025 cohorts contributing an estimated 68% of 2025 bookings. The platform is now deployed across more than 19,500 units globally, reflecting deep, sticky customer relationships and low churn central to the investment thesis. Cumulative customers have grown 2.6x and deployed units 3.7x since 2021, and the roughly two dozen mature enterprise accounts grew per-account spend by 27% year-over-year in 2025, reflective of a land-and-expand engine layered on top of the low-churn base.

Transaction Overview

The Business Combination values the combined company at an implied pro forma enterprise value of $556.6 million. The transaction is expected to deliver approximately $201 million in gross transaction proceeds, consisting of cash held in Newbury Street II's trust account (assuming no redemptions by Newbury Street II's public shareholders) including approximately $31 million of common equity in the form of both PIPE (Private Investment in Public Equity) and NRA investment from existing and new institutional investors. The Business Combination is expected to inject approximately $182 million in net cash directly to the balance sheet post-estimated transaction costs (assuming no redemptions by Newbury Street II's public shareholders). Proceeds from the Business Combination are expected to accelerate product development (including next-generation safety intelligence, observability and cybersecurity software), scale global go-to-market and channel partner efforts, and support targeted, high-synergy tuck-in M&A opportunities.

Existing FORT shareholders will roll 100% of their equity into the Business Combination, retaining an estimated 67% majority ownership stake on an issued and outstanding basis in the combined company at closing, assuming no redemptions.

The boards of directors of both FORT and Newbury Street II have each unanimously approved the Business Combination, subject to, among other things, the approval by Newbury Street II's shareholders of the Business Combination, the closing of the concurrent PIPE transaction, satisfaction of conditions stated in the definitive agreement and other customary closing conditions, including that the U.S. Securities and Exchange Commission (the "SEC") completes its review of the registration statement on Form S-4 and the proxy statement/prospectus, the receipt of certain regulatory approvals and approval by Nasdaq to list the securities of the combined company. The Business Combination is expected to close in the fourth quarter of 2026.

Conference Call Information

FORT and Newbury Street II will host an investor conference call to discuss the proposed transaction at 8:30 a.m. ET today, August 18, 2026. Interested parties may access a live webcast of the conference call by visiting https://app.webinar.net/YvJa2qE2Ey0. A replay of the call will also be made available at www.fortrobotics.com/investors and a transcript of the call will be filed with the Securities and Exchange Commission.

Advisors

BTIG LLC is serving as exclusive financial advisor and sole placement agent to Newbury Street II Acquisition Corp. Ellenoff Grossman & Schole LLP is serving as legal counsel to Newbury Street II Acquisition Corp. Evercore is serving as structuring advisor to FORT Robotics Inc. Fenwick & West LLP is serving as legal counsel to FORT Robotics, Inc. Loeb & Loeb LLP is acting as legal counsel to BTIG LLC. FINN Partners and Collected Strategies are serving as communications advisors.

About FORT Robotics Inc.

FORT Robotics is The Trust Layer for Physical AI, with the charter of making autonomous machines safe, secure, and reliable enough to deploy at scale alongside humans. Partnering with FORT gives robot manufacturers and end users the ability to certify safety, maximize efficiency, AND gain time to market speed.

Since its founding in 2018, FORT has become a leading provider of safety solutions across the robotics industry and used across warehousing, transportation, manufacturing, construction, agriculture, mining, energy, defense, and other industries. FORT has secured 25 patents and deployed more than 19,500 units to a global base of over 600 customers including Fortune 500 category leaders.

More information at www.fortrobotics.com

About Newbury Street II Acquisition Corp

Newbury Street II is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Newbury Street II is led by Chief Executive Officer Thomas Bushey, former President of Ondas (NASDAQ: ONDS), a leading provider of private wireless networks and autonomous robotics platforms for industrial infrastructure.

Additional Information and Where to Find It

In connection with the Business Combination, Newbury Street II and the Company intend to file the Registration Statement on Form S-4, (as amended or supplemented from time to time, the "Registration Statement"), with the SEC, which will include a proxy statement to Newbury Street II shareholders and a prospectus for the registration of Newbury Street II's securities to be issued in connection with the Business Combination. This press release does not contain all the information that should be considered concerning the Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. Newbury Street II's shareholders and other interested persons are advised to read, the Registration Statement and other documents filed in connection with the Business Combination, as these materials will contain important information about the Company, Newbury Street II and the Business Combination. Shareholders may obtain a copy of the Registration Statement, once available, as well as other documents filed by Newbury Street II with the SEC, without charge, at the SEC's website located at www.sec.gov or by directing a written request to Newbury Street II Acquisition Corp, 121 High Street, Floor 3, Boston, Massachusetts 02110.

BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS OF NEWBURY STREET II ARE URGED TO READ THE REGISTRATION STATEMENT AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH THE BUSINESS COMBINATION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE BUSINESS COMBINATION.

Participants in the Solicitation

Newbury Street II, the Company, and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of Newbury Street II's shareholders in connection with the Business Combination. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of certain of Newbury Street II's executive officers and directors in the solicitation by reading Newbury Street II's filings with the SEC, including the final prospectus of Newbury Street II dated as of October 31, 2024 and filed by Newbury Street II with the SEC on November 1, 2024 (the "IPO Prospectus"). To the extent that holdings of Newbury Street II's securities have changed from the amounts reported in the IPO Prospectus, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Information concerning the interests of Newbury Street II's and the Company's participants in the solicitation, which may, in some cases, be different than those of their respective equity holders generally, will be set forth in the Registration Statement relating to the Business Combination when it becomes available.

No Offer or Solicitation

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom.

NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE BUSINESS COMBINATION DESCRIBED HEREIN, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS COMBINATION OR ANY RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE INFORMATION IN THIS PRESS RELEASE. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict" or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The Company has based these forward-looking statements on current expectations and projections about future events. These statements include: projections of market opportunity and market share; estimates of customer adoption rates and usage patterns; projections regarding the Company's ability to commercialize new products, technologies and industry use cases; projections of development and commercialization costs and timelines; expectations regarding the Company's ability to execute its business model and the expected financial benefits of such model; expectations regarding the Company's ability to attract, retain and expand its customer base; the Company's deployment of proceeds from capital raising transactions; its expectations concerning relationships with strategic partners, suppliers, governments, state-funded entities, regulatory bodies and other third parties; the Company's ability to maintain, protect and enhance its intellectual property; future ventures or investments in companies, products, services or technologies; development of favorable regulations affecting its markets; the successful consummation and potential benefits of the proposed transaction and expectations related to its terms and timing; and the potential for the Company to increase in value.

These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions, many of which are beyond the control of the Company and Newbury Street II.

These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause the Company or Newbury Street II's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such statements. Such risks and uncertainties include: that the Company is pursuing an emerging technology, faces significant technical challenges and may not achieve commercialization or market acceptance; Company historical net losses and limited operating history; the Company's expectations regarding future financial performance, capital requirements and unit economics; Company's use and reporting of business and operational metrics; the Company's competitive landscape; the Company's dependence on members of its senior management and its ability to attract and retain qualified personnel; the potential need for additional future financing; the Company's ability to manage growth and expand its operations; potential future acquisitions or investments in companies, products, services or technologies; the Company's reliance on strategic partners and other third parties; the Company's ability to maintain, protect and defend its intellectual property rights; risks associated with privacy, data protection or cybersecurity incidents and related regulations; the use, rate of adoption and regulation of artificial intelligence and machine learning; uncertainty or changes with respect to laws and regulations; uncertainty or changes with respect to taxes, trade conditions and the macroeconomic environment; the combined company's ability to maintain internal control over financial reporting and operate a public company; the possibility that required regulatory approvals for the proposed transaction are delayed or are not obtained, which could adversely affect the combined company or the expected benefits of the proposed transaction; the risk that shareholders of Newbury Street II could elect to have their shares redeemed, leaving the combined company with insufficient cash to execute its business plans; the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; the outcome of any legal proceedings or government investigations that may be commenced against the Company or Newbury Street II; failure to realize the anticipated benefits of the proposed transaction; the ability of Newbury Street II or the combined company to issue equity or equity-linked securities in connection with the proposed transaction or in the future; and other factors described in Newbury Street II's filings with the SEC.

The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the (i) the IPO Prospectus, (ii) the annual report on Form 10-K filed by Newbury Street II with the SEC on March 6, 2026, (iii) the Registration Statement referenced above when available and other documents filed by Newbury Street II and the Company from time to time with the SEC. These filings will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. There may be additional risks that neither Newbury Street II nor the Company presently knows, or that Newbury Street II and/or the Company currently believe are immaterial, that could cause actual results to differ from those contained in the forward-looking statements. For these reasons, among others, investors and other interested persons are cautioned not to place undue reliance upon any forward-looking statements in this press release. Past performance by Newbury Street II's or the Company's management teams and their respective affiliates is not a guarantee of future performance. Therefore, you should not place undue reliance on the historical record of the performance of Newbury Street II's or the Company's management teams or businesses associated with them as indicative of future performance of an investment or the returns that Newbury Street II or the Company will, or may, generate going forward. None of the parties nor any of their representatives gives any assurance that any of Newbury Street II, Company, or the combined company will achieve its expectations.

Media Contact

Scott Bisang / David Feldman
[email protected] 

Investor Relations Contact

Greg Jawski
[email protected]

Aran Defense is a defense-focused division of Aran Ltd. (TASE:ARAN), an established Israeli engineering and manufacturing company serving governmental customers in Israel, as well as leading international defense companies

Acquisition will expand Ondas' local manufacturing and industrialization capacity in Israel to meet growing demand for autonomous defense systems

WEST PALM BEACH, FL / ACCESS Newswire / August 18, 2026 / Ondas Inc. (Nasdaq:ONDS) ("Ondas" or the "Company"), a leading provider of autonomous systems and next-generation defense and security technologies, announced today that it has entered into a definitive agreement to acquire Aran Defense Ltd., the defense-focused division of Aran Ltd. (TASE:ARAN), an established Israeli engineering and manufacturing company. The acquisition is expected to add multidisciplinary defense engineering manufacturing operations to support local growing demand for Ondas' autonomous platform solutions.

The acquisition is expected to significantly expand Ondas' local manufacturing and industrialization capacity in Israel, providing dedicated engineering, integration and production resources to support increasing demand across the Company's autonomous defense businesses. Aran Defense supports programs for governmental customers in Israel, as well as leading international defense companies. The acquisition will deepen Ondas' investment in Israel's sovereign defense-industrial base, expanding domestic engineering and production capacity for critical autonomous defense systems.

"As demand across our defense businesses continues to grow, expanding localized manufacturing capacity is becoming increasingly important to our ability to execute," said Eric Brock, Chairman and CEO of Ondas. "Aran Defense will provide us with an established production platform in Israel that can support multiple Ondas businesses and programs, allowing us to industrialize products faster, increase manufacturing scale and respond more efficiently to customer requirements. This is another important step in building Ondas into a vertically integrated defense technology company with the capabilities not only to develop differentiated technologies, but to manufacture and deliver them at scale."

Aran Defense operates approximately 4,400 square meters of engineering and manufacturing facilities in Israel, across a main facility of approximately 2,800 square meters and two additional facilities totaling approximately 1,600 square meters. The operation combines multidisciplinary engineering with in-house production infrastructure, including CNC turning and milling, electromechanical assembly and integration halls, cabling, classified production space, quality assurance and quality control, procurement, warehousing, tactical textiles, prototype manufacturing, 3D printing and new-product introduction capabilities. These capabilities will expand Ondas' footprint with an established sovereign Israeli industrial base that can be leveraged to increase production capacity as demand grows across its defense and autonomous systems portfolio.

As Ondas continues to report expanding order activity and backlog across its defense and autonomous systems businesses, the Company believes increased internal access to engineering, prototyping, integration and scalable production resources will become increasingly important. Aran Defense is expected to help Ondas convert product innovation and growing customer demand into repeatable production while providing greater oversight of quality, cost, supply-chain availability and delivery schedules. Aran' Defense's local engineering and manufacturing infrastructure is expected to support major local Ondas programs, with the transition of these programs into scalable production. Aran's existing relationships with Israel's defense establishment and leading defense companies are also expected to expand Ondas' access to new programs and operational requirements, while Ondas intends to leverage its international presence and customer relationships to support the future expansion of Aran's capabilities into allied markets.

"Aran Defense is a world-class engineering and manufacturing organization and its addition to Ondas will allow us to meet the urgent needs of our customers by expanding our scalable manufacturing footprint," said Oshri Lugassy, co-CEO of Ondas Autonomous Systems. "Ondas is committed to delivering timely, low-cost operational autonomous platforms across the market segments we address, and Aran's engineering and manufacturing capabilities are central to that commitment. These capabilities can support the continued development and scaling of our counter-UAS, ISR, loitering munition, autonomous aerial and ground robotic systems, while Aran Defense continues to serve its established governmental and defense-industry customers. This combination is expected to shorten development cycles, strengthen manufacturing readiness and help us deliver integrated autonomous systems at greater scale."

Aran Defense generated approximately $17 million of revenue in 2025, compared with approximately $12 million in 2024, and expected revenue of approximately $26 million of revenue in 2026 with positive Adjusted EBITDA. Under the proposed transaction terms, Ondas will acquire the business for approximately $33 million in cash or Ondas common stock, subject to working capital and other customary adjustments, representing approximately 1.3 times expected 2026 revenue. Ondas expects to close the acquisition during Q3 2026.

About Ondas Inc.

Ondas Inc. (Nasdaq:ONDS) is a leading provider of autonomous systems, robotics, and mission-critical technologies for defense, homeland security, public safety, critical infrastructure, and industrial markets. The Company develops and deploys integrated unmanned and autonomous platforms across air, ground, and stratospheric environments, including autonomous drone systems, counter-UAS technologies, robotic ground systems, advanced unmanned aircraft and propulsion solutions, demining and engineering systems, and integrated sensing and communications technologies designed to support intelligence, surveillance, reconnaissance, security, and operational missions in complex environments. Ondas' solutions are deployed globally by government, defense, and commercial customers to protect infrastructure, borders, transportation networks, personnel, and strategic assets.

For additional information on Ondas Inc., visit www.ondas.com.

Forward-Looking Statements

Statements made in this release that are not statements of historical or current facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including the risks discussed under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law.

Contacts

IR Contact for Ondas Inc.
888-657-2377
[email protected]

Media Contact for Ondas Inc.
Escalate PR
[email protected]

Preston Grimes
Marketing Manager, Ondas Inc.
[email protected]

SOURCE: Ondas Inc.

Ondas (ONDS +3.70%) surged over the last year as its military drone technology has captured investors' attention. Now, as wars in Ukraine and Iran drag on, the drone has become a critical weapon in the military arsenals of countries.

However, as investors learned the value of Ondas' pivot in this industry, they bid the stock higher by around 110% over the last year. Despite that gain, investors still have a good chance of outperforming the market with tech stocks.

Image source: Getty Images.

The state of Ondas
Once known as a wireless broadband company, Ondas pivoted to the commercial drone business and has gained more recent attention. Amid a massive increase in demand, Ondas' backlog rose from $68 million to $613 million in six months.

To that end, it made acquisitions to accelerate its go-to-market abilities. Additionally, it partnered with Palantir to scale its operating platform and integrate its ground, air, and stratospheric domains into a single AI-driven system.

At a $4.3 billion market cap, Ondas is a fraction of the size of industry giants like Northrop Grumman and RTX.

Still, Ondas announced $70 million in new orders in one month ending in late July. It won contracts from the U.S. Army and U.S. Air Force. Israel also selected it to build its next generation of military attack drones, indicating the company can compete with industry giants.

Looking forward, Markets and Markets forecasts a 26% compound annual growth rate (CAGR) for the military drone market through 2031, taking an estimated $35 billion market in 2026 to $109 billion by that year.

Ondas appears to be far outpacing that estimate, as analysts predict a revenue gain of more than tenfold in 2026 before growth slows to a forecast 87% gain the next year.

Although that may not turn the company profitable, it should ease worries about Ondas' 29 price-to-sales (P/S) ratio. Furthermore, amid the forecast revenue gains, Ondas now trades at a forward P/S ratio of 8. Given that increase and the surging demand for military drones, Ondas' stock appears to have plenty of room to rise.

Despite recent gains, Ondas' stock has plenty of room to run.

Admittedly, a 29 P/S ratio may seem high, even for a growth stock in an emerging industry. Fortunately, its growth is so massive that the P/S ratio is on track to fall into the single digits quickly. Moreover, the company has won contracts from the U.S. and Israeli militaries, often over large, established competitors.

Ultimately, as drones change the face of warfare, Ondas looks increasingly well-positioned to play a critical role. Even at its current valuation, Ondas' growth should benefit its investors over time.

Key Takeaways Ondas posted record $83.8 million second-quarter revenue, up 67% sequentially and 13 times year over year.Ondas secured $175 million in second-quarter orders, with another $105 million captured quarter-to-date.A $757 million backlog and major programs support Ondas' raised 2026 revenue target of $525-$550 million. Ondas Inc. (ONDS - Free Report) has entered the second half of 2026 with substantial order momentum and growing visibility into its revenue outlook. The company delivered record second-quarter revenue of approximately $83.8 million, up 67% sequentially and more than 13 times year over year. Pro forma organic revenue increased approximately 85% year over year, showing that growth is not simply being driven by acquisitions.

During the second quarter, Ondas secured $175 million in new orders, while order momentum continued into the third quarter, with approximately $105 million of additional orders captured quarter to date. The scale of the company's backlog also provides meaningful support for the expected second-half revenue ramp. Ondas' pro forma backlog was approximately $757 million at the end of June, up about 66% sequentially from $457 million in the first quarter.

On the last earnings call, the company highlighted that the increase reflected both newly acquired businesses and strong organic order capture, while more than $100 million of orders added in the third quarter has continued to expand the backlog. Importantly, the backlog is diversified across four market segments and geographies, providing revenue visibility that is not dependent on a single product, customer or region.

Several sizeable programs are positioned to contribute to the second-half revenue increase. Mistral is preparing deliveries against approximately $240 million of aggregated orders associated with the U.S. Army's LUS IDIQ. IonStrike is expected to begin commercial volume orders and initial deliveries, while INDO Earth is expected to begin fourth-quarter deliveries under a combat engineering vehicles program with approximately $140 million of total program potential. Rotron is also ramping production against material orders, having captured approximately $34.2 million in orders during the second quarter alone.

The company expects third-quarter revenue of $140 million to $155 million, implying another significant sequential increase, and has raised its full-year 2026 revenue target to $525 million-$550 million. Management expects major programs already in backlog to contribute meaningfully during the second half as orders convert into deliveries.

Overall, Ondas' second-half revenue outlook is supported by a combination of a $757 million backlog, more than $100 million of third-quarter orders already captured, and several substantial programs moving toward volume deliveries. Management expects this combination of order conversion and continued pipeline growth to sustain the company's revenue ramp through the remainder of 2026 and into 2027.

Taking a Look at ONDS’ CompetitorsRed Cat Holdings (RCAT - Free Report) delivered record second-quarter 2026 revenue of $20.2 million, up 520% year over year, while first-half revenue reached $35.7 million, reflecting continued deliveries across its drone portfolio and execution on defense programs and international opportunities. The company remains confident in its $150 million to $180 million revenue target, supported by strong demand, expanded manufacturing capacity and production readiness. Red Cat also entered the second half with $50-$80 million of sellable drones that could ship once orders are received. Management expects revenue to ramp significantly in the third and fourth quarters, supported by new contracts and growing opportunities across aerial and maritime autonomy.

Kratos Defense’s (KTOS - Free Report) second-quarter 2026 consolidated bookings were $492.2 million, implying a 1.1 book-to-bill, while the last 12-month book-to-bill was 1.3. Kratos’ backlog increased to approximately $2.1 billion at the end of the second quarter of 2026. The bid and proposal pipeline rose to $15 billion at June 28, 2026. Revenues grew 30.5% year over year to $458.8 million, including organic growth of 19.1%, and Kratos raised full-year 2026 revenue guidance to $1.75-$1.81 billion compared with the previous range of $1.7-$1.76 billion with adjusted EBITDA of $173-$176 million.

ONDS’ Price Performance, Valuation and EstimatesShares of ONDS have jumped 26.3% in the past month compared with the Zacks Wireless-National industry’s rise of 5.1%.

Image Source: Zacks Investment Research

In terms of the forward 12-month Price/Sales ratio, ONDS is trading at 6.08, lower than the industry’s multiple of 7.96.

Image Source: Zacks Investment Research

For ONDS, earnings estimates for the current year have been revised significantly downward in the past 60 days.

Image Source: Zacks Investment Research

ONDS currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

U.S.-listed drone stocks are rallying after President Donald Trump imposed tariffs on foreign-made drones and drone parts.

Friday’s drone stock movers include:

Ondas Holdings (NASDAQ:ONDS) Red Cat Holdings (NASDAQ:RCAT) Kratos Defense & Defense & Security Solutions (NASDAQ:KTOS) ZenaTech (NASDAQ:ZENA) Unusual Machines Inc. (AMEX:UMAC) Draganfly Inc. (NASDAQ:DPRO) Aerovironment (NASDAQ:AVAV) Read Next

Trump’s Tariffs Boost Domestic Drone Makers Friday’s announcement of sweeping import restrictions has triggered a premarket surge for U.S. manufacturers. The tariffs aim to curb international reliance, with exemptions for non-sensitive components receiving a 180-day grace period. Commerce Secretary Howard Lutnick is authorized to establish a program to incentivize domestic manufacturing investments. Government’s Strategic Moves in Drone SectorIn a move to accelerate domestic production, the Trump administration is considering taking equity stakes in U.S. drone firms.

The Pentagon’s Office of Strategic Capital is leading discussions on a mix of debt and equity financing for select companies. This strategy, reported May 28, is part of the broader Drone Dominance Program aimed at reducing dependence on foreign components.

Meanwhile, Trump’s eldest sons, Donald Trump Jr. and Eric Trump, have backed at least three drone-related companies even as the administration pours money into the sector — raising conflict-of-interest concerns that remain unresolved publicly.

Read Next

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Ondas Holdings Inc. (ONDS - Free Report) came out with a quarterly loss of $0.03 per share versus the Zacks Consensus Estimate of a loss of $0.07. This compares to a loss of $0.08 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +57.14%. A quarter ago, it was expected that this company would post a loss of $0.03 per share when it actually produced a loss of $0.12, delivering a surprise of -300%.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

ONDAS INC, which belongs to the Zacks Wireless National industry, posted revenues of $83.77 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 25.13%. This compares to year-ago revenues of $6.27 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

ONDAS INC shares have added about 0.1% since the beginning of the year versus the S&P 500's gain of 13.2%.

What's Next for ONDAS INC?While ONDAS INC has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for ONDAS INC was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.06 on $155.86 million in revenues for the coming quarter and -$0.18 on $524.39 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Wireless National is currently in the bottom 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Descartes Systems (DSGX - Free Report) , another stock in the broader Zacks Computer and Technology sector, has yet to report results for the quarter ended July 2026. The results are expected to be released on September 10.

This logistics provider is expected to post quarterly earnings of $0.58 per share in its upcoming report, which represents a year-over-year change of +34.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Descartes Systems' revenues are expected to be $199.04 million, up 10.7% from the year-ago quarter.

Thursday, 13 August 2026 08:00 AM

Topic: 

Earnings Core + Strategic growth program expands Ondas' technology and customer-solutions portfolio, broadens its customer base, and accelerates the maturation and scale of its operating platform

Record Q2 2026 revenue of $83.8 million marks 67% QoQ increase and 13-fold YoY revenue growth; On a pro forma, same-portfolio basis, Q2 2026 YoY revenue increased 85%

$175 million in new orders were captured during Q2 2026, demonstrating the strength and momentum of the core platform; $105 million in additional orders have been captured to date during Q3 2026

Reported backlog of approximately $613 million as of June 30, 2026; Pro forma backlog of $757 million as of June 30, 2026, including the DZYNE and Cyberhawk acquisitions, both of which closed in Q3 2026

Increased full-year 2026 revenue target to $525 - $550 million; Pulls forward Adjusted EBITDA profitability timelines

$1.4 billion in cash, cash equivalents, restricted cash and short-term investments as of June 30, 2026

Conference call scheduled for today, August 13th at 8:30 a.m. ET

WEST PALM BEACH, FL / ACCESS Newswire / August 13, 2026 / (NASDAQ:ONDS) ("Ondas" or the "Company"), a leading provider of advanced autonomous systems and next-generation defense and security technologies and services, reported record financial and operating results for the second quarter of 2026. Ondas generated revenue of $83.8 million in the second quarter of 2026, compared with $50.1 million in the first quarter of 2026 and $6.3 million in the second quarter of 2025. The results represent approximately 67% sequential revenue growth and more than a thirteen-fold year-over-year increase.

The second-quarter performance reflects strong organic execution across Ondas' core business under the Core + Strategic growth program launched over the past 12 months. The Company secured approximately $175 million in new orders during the second quarter. Strong order capture increased Ondas' backlog to approximately $613 million as of June 30, 2026, up from $457 million pro-forma at the end of the first quarter and $68 million at year-end 2025. Including DZYNE Technologies and Cyberhawk, which closed in the third quarter of 2026, pro forma backlog was approximately $757 million. The acquired businesses expand Ondas' technology and customer-solutions portfolio, customer base and operating platform, and begin contributing to growth and operating leverage in the second half of 2026.

"Our team at Ondas is performing at a high level, as evidenced by our record second-quarter results, headlined by strong revenue growth and continued bookings momentum across our business," said Eric Brock, Chairman and CEO of Ondas. "We expect to sustain this momentum and deliver another significant revenue ramp during the second half of 2026, increasing our full-year 2026 revenue target to a range of $525 million to $550 million."

"The strength of our Core + Strategic Growth plan is increasingly becoming evident, and I am particularly pleased with the recent addition of new businesses, headlined by DZYNE Technologies and Cyberhawk, which have closed during Q3. DZYNE meaningfully broadens our solutions portfolio globally, highlighted by the ULTRA and IonStrike platforms, while also accelerating the maturation of our U.S. operating platform and deepening our relevance with the U.S. Department of War. Meanwhile, Cyberhawk's excellence in delivering aerial solutions supporting critical-infrastructure inspection and intelligence further advances our dual-use technology, services and AI capabilities. Collectively, these two new companies bring Ondas exceptional relationships with important customers such as the U.S. Air Force, U.S. Army, PG&E and Shell, among many others, while expanding our operating footprint, increasing our addressable market and offering significant operating leverage across both revenue growth and operating expenses."

"Our balance sheet and capital position remain strong and continue to provide significant competitive advantages. This strength supports faster and larger commercial success by allowing for continued investments in our global operating platforms while reinforcing customer confidence. The balance sheet strength is also translating into more attractive strategic acquisition opportunities. We will continue to leverage the growing strength of our operating and financial platforms to deliver on our commitments to investors."

"We expect our momentum to continue to accelerate in the second half of 2026 as volume deliveries ramp on key programs, particularly across our counter-drone, multi-domain ISR and precision strike verticals. Indeed, the order book remains strong, and our pipeline continues to expand. We have a great deal of work ahead, but I remain optimistic that Ondas is on the right path to deliver for our customers, partners, employees and, of course, our investors," Brock concluded.

Second Quarter 2026 and Recent Financial, Corporate, and Business Development Highlights

Financial

Delivered record financial performance, generating $83.8 million in revenue compared to $6.3 million in Q2 2025, representing a greater than 13-fold increase year-over-year.

On a pro forma organic basis, assuming the current portfolio of businesses was owned throughout both periods, Q2 2026 revenue increased 85% year over year.

Ondas announced $175 million in new orders demonstrating strong organic growth for the Company's diverse systems of systems platforms.

Ended Q2 with $757 million in pro forma backlog adjusted for the additions of DZYNE and Cyberhawk acquisitions which closed on July 2, 2026 and August 10, 2026, respectively, a 65% increase from the $457 million in pro forma backlog at the end of Q1 2026 and an 11-fold increase from the $68 million reported backlog as of Q4 2025. The backlog increase reflects the addition of newly acquired businesses, along with strong order capture and pipeline conversion at Ondas supported by accelerating global demand for OAS autonomous drone, counter-UAS and robotics solutions.

As of August 10th, Ondas has captured an additional $105 million in new orders during the third quarter demonstrating continued commercial momentum while continuing to expand backlog.

The Company ended the second quarter with $1.4 billion in cash, cash equivalents, restricted cash and short-term investments.

Corporate Activities

Executed on Ondas' strategic growth plan through a series of accretive acquisitions, significantly expanding its technology and operational platform into new high-growth dual-purpose categories: advanced ISR capabilities, battle resource optimization software, advanced CUAS technologies and industrial inspection applications. The acquisitions completed since March 31, 2026, are as follows:

World View - a stratospheric balloon platform that delivers persistent, low-cost ISR and communications without satellites or aircraft.

Mistral - an experienced prime contractor and systems integrator delivering advanced systems to the U.S. Department of War (DoW).

Omnisys - An AI-powered mission and battlefield management & optimization software platform for mission planning and real-time operational decision making.

DZYNE - A U.S.-focused diversified defense technology company and recognized leader in long-range ISR, CUAS and precision strike systems.

Cyberhawk - an industry leading autonomous industrial asset inspection company.

Announced in August that David Barnea has joined Ondas Defense Ltd. as President and Chairman to help lead Ondas' global expansion.

Established Ondas Sentinel, led by World View CEO Ryan Hartman as CEO and DZYNE Founder and CEO Matt McCue as Chief Technology Officer (CTO) creating a scaled, U.S.-focused defense and security platform, bringing together the Company's autonomous systems, counter-UAS, ISR, and defense technologies into a unified organization focused on U.S. and allied defense customers.

Expanded U.S. manufacturing footprint with 6 major facilities totaling 230,000 square feet of underutilized capacity to support anticipated revenue growth.

Added 560 U.S. employees, including 155 engineers, significantly strengthening engineering, manufacturing, and operational capabilities.

Planning facility upgrades that will expand production capacity and add approximately 50,000 square feet of additional manufacturing space.

Scaled Palantir Foundry deployment across the enterprise, now operating at 4 of 5 U.S. business sites and throughout our global operations.

Expanded Foundry implementation to 8 enterprise workstreams supporting 24 active operational use cases. Driving operational efficiency with an expected 20% improvement in G&A productivity, while delivering additional gains across supply chain, manufacturing, and flight operations.

Launched ONBERG Autonomous Systems with Heidelberg in Germany, establishing a European hub for the development, integration, industrial-scale manufacturing and deployment of autonomous air defense systems. The joint venture combines Ondas' proven technologies with German engineering and production capabilities, initially targeting Germany and Ukraine before expanding across Europe.

Business Development

Secured new and follow-on orders for integrated, layered air defense solutions, from defense ministries, national police organizations, law-enforcement agencies, defense contractors and distribution partners across North America, Europe, the Middle East, Asia-Pacific, Africa and Latin America.

Supported counter-UAS protection at a majority of the stadiums hosting the 2026 FIFA World Cup in North America, demonstrating the scalability and maturity of Ondas' air defense technologies in complex civilian environments.

In August, Sentrycs was selected to provide a counter-drone protection system for Jacksonville Jaguars games at EverBank Stadium during the upcoming NFL season, making the Jaguars the first NFL franchise to move beyond detection to controlled mitigation of unauthorized drones by authorized operators, extending Sentrycs' CoRF deployment from the FIFA World Cup into professional sports venues.

Advanced a strategic collaboration with Lockheed Martin to integrate Ondas' CUAS Cyber-over-RF capabilities into the Sanctum™ counter-UAS platform, adding precise drone detection, identification, tracking and mitigation capabilities and creating a pathway to larger U.S. and allied defense programs.

In Q2 2026, Ondas received follow-on orders supporting existing ISR and emergency-response deployments, demonstrating continued customer adoption and expansion of operational programs.

Ondas selected as Stratospheric High-Altitude Balloon Provider for U.S. Navy SOUTHCOM with $4.8 million contract award supporting operational counter-narcotics and illegal, unreported and unregulated fishing missions across the Eastern Pacific and Caribbean. Successfully launched HAPS balloon in late July in support of this mission.

Onboarded with new prime partner Huntington Ingalls Industries, Inc. (HII) for follow-on orders in support of SOUTHCOM under the recently awarded STRINGRAI program for recurring ISR HAPS solutions.

Announced that NASA increased the ceiling on its existing IDIQ for Stratollite-based ISR solutions from $45 million to $395 million in anticipation of expanding demand, including from the DoW.

Captured a $18.8 million ULTRA order in July in support of an unnamed customer for a current operational need.

In July submitted over $90 million in proposals to U.S. defense customers for long-endurance ISR-T.

During a DoW-sponsored JREX 26.1 event in July, Ondas Sentinel demonstrated an industry-first counter-UAS engagement using its RF-passive LOCATE LiDAR sensor, interfaced with FAAD-C2, to cue third-party laser weapons to repeated hard-kill engagements against Group 1-3 UAS, delivering 20x greater cueing accuracy than radar with no RF emissions.

Captured multiple Dronebuster awards third quarter-to-date across U.S., Australia and New Zealand markets.

Advanced customer activities for the Sawtooth platform targeting a mid-sized award from a military customer in Asia.

In July received $9 million order to integrate Ionstrike with a Fire Control System.

Successfully tested IonStrike in a GNSS-denied environment.

Successful U.S. government demonstration of Blitz with a new EW payload and visual-based navigation capability.

Advanced commercial activity within the precision strike domain through supporting strategic defense programs in the U.K. along with other programs that together generated over $34 million in new orders in Q2 2026.

Further within precision strike, Ondas captured a new order worth $52.9 million for the Lethal Unmanned Strike (LUS) in July while beginning to ramp production for the LUS program in the third quarter of 2026. The LUS program is a $982 million IDIQ award with the U.S. Army for loitering munitions. Ondas has now captured over $240 million of aggregate orders related to this IDIQ award.

Unmanned Ground Systems (UGV) domain delivered strong order activity in Q2 2026, reflecting growing demand for tactical robotics, resilient unmanned-system technologies, demining, border infrastructure, terrain preparation and unmanned heavy engineering equipment and military tracked vehicles.

Furthered integration of AI Software layer into suite of solutions through the launch of LADOS, the continued development of SkyWeaver with Palantir, and the addition of combat-proven Battle Resource Optimization software, supporting Ondas' transition into a software-defined systems-of-systems company.

Showcased Ondas' expanded autonomous defense platform at Eurosatory 2026 under its "Autonomy at First Contact" vision, launching Iron Wave, Dual Shield, MODUS, Scout Cyber-over-RF, Iron Arrow and LADOS across air defense, aerial intelligence, precision strike and Ground Robotics, while presenting a unified systems-of-systems architecture designed to connect sensing, decision-making, autonomous operations and coordinated mission execution across multiple domains.

Second Quarter 2026 Financial Results

Revenues increased 67% sequentially to $83.8 million for the three months ended June 30, 2026, compared to $50.1 million for the three months ended March 31, 2026, and a more than 13-fold increase from $6.3 million for the three months ended June 30, 2025. On a pro forma organic basis, revenue increased 85% year over year, assuming the businesses owned and operated during Q2 2026 were also owned and operated in Q2 2025. Growth at this rate reflects the benefits of platform scale, shared technology, expanded customer access, and operating leverage. The increase reflects strong performance across the Company's portfolio, particularly C-UAS systems, where demand remains strong given the long-term need to protect the lower skies across civilian and military airspace.

Gross profit was $36.1 million for the three months ended June 30, 2026, as compared to $24.7 million for the three months ended March 31, 2026 and $3.3 million for the three months ended June 30, 2025. Gross margin was 43.1% for the three months ended June 30, 2026, as compared to 49.2% for the three months ended March 31, 2026 and 53.1% for the three months ended June 30, 2025. Gross profit was reduced during the quarter by the amortization of capitalized intellectual property. Adjusted Gross Profit and Adjusted Gross Margin was $42.3 million and 50.4%, respectively, for the three months ended June 30, 2026, as compared to Adjusted Gross Profit and Adjusted Gross Margin of $25.8 million and 51.5%, respectively, for the three months ended March 31, 2026. The increase in Adjusted Gross Profit reflects higher revenue, favorable product mix, greater absorption of fixed manufacturing costs, and the contribution of businesses acquired during the period. The Company expects gross margin to vary from quarter to quarter as system sales mix shifts, order timing remains uneven at this early stage of adoption, and the Company scales market penetration.

Operating expenses increased to $199.1 million for the three months ended June 30, 2026, compared with $67.3 million for the three months ended March 31, 2026 and $12.6 million for the three months ended June 30, 2025. The increase was primarily driven by $105.8 million of non-cash expenses during the quarter, mainly comprising $67.6 million of stock-based compensation, $19.2 million from the change in fair value of contingent consideration, and $14.0 million of amortization expense, together with $4.4 million of transaction-related expense. The stock-based compensation expense was particularly elevated due to the vesting of equity awards provided to key executives.

Adjusted Cash Operating Expense was $93.3 million compared to $36.9 million for the three months ended March 31, 2026 and $9.4 million for the three months ended June 30, 2025. The growth in cash operating expenses reflected the inclusion of newly acquired businesses along with continued investment in Ondas' operating platform and infrastructure in support of our expected significant revenue acceleration in the second half of 2026. In particular, the Company saw growth in spending related to the WarpSpeed and Skyweaver initiatives and market development activities with Palantir, totaling $26.2 million. Continued investment in the Ondas operating platform, along with corporate development activities, also contributed to the growth in cash operating expenses.

Operating loss increased to $162.9 million for the three months ended June 30, 2026, compared to a $42.7 million loss for the three months ended March 31, 2026, and a $9.3 million loss in the three months ended June 30, 2025. The increase from both periods was the result of the changes described above and includes the aforementioned large non-cash expenses.

Total other income, net of $44.2 million for the three months ended June 30, 2026, compared to other income of $404.2 million for the three months ended March 31, 2026 and other expense of $1.5 million for the three months ended June 30, 2025. Other income included $29 million of interest and investment income during the second quarter, in addition to non-cash gains relating to warrants issued in connection with the October 2025 and January 2026 equity raises. Because these warrants are remeasured at fair value each reporting period, the resulting non-cash gains and losses can create significant volatility in reported earnings that are unrelated to the Company's core operating performance, cash flows, or the economic terms of the warrants.

Net loss was $89.7 million for the three months ended June 30, 2026, which included the non-cash items mentioned above, as compared to net income of $361.2 million for the three months ended March 31, 2026, and a net loss of $10.8 million for the three months ended June 30, 2025.

Adjusted EBITDA loss was $50.6 million for the three months ended June 30, 2026, as compared to a loss of $10.9 million for the three months ended March 31, 2026 and a loss of $5.8 million for the three months ended June 30, 2025. The higher sequential loss reflects the investments made in Ondas' operating platform and corporate development activities to support the expected significant revenue expansion in the second half of 2026 and beyond.

A reconciliation of non-GAAP measures including Adjusted EBITDA, Adjusted Cash Operating Expense, Adjusted Gross Profit and Adjusted Gross Margin, is provided in the attached financial tables.

Operational and Financial Outlook

The Company expects continued strong momentum in 2026 and is raising its revenue target for the full year to $525 - $550 million, which represents a greater than 10-fold increase from 2025 results. On a pro forma organic basis, the midpoint of this range would equate to greater than 30% year on year growth. This updated target includes revenue expected from Cyberhawk during the second half of 2026.

Growth is expected to be broad-based across Ondas' product portfolio, supported by a strong pipeline and approximately $757 million in pro forma backlog. Beyond this broad-based demand, the second-half of 2026 ramp is also expected to be driven by specific customer orders and programs already in backlog: Ondas will begin volume shipments related to orders captured by Mistral under the $982 million Lethal Unmanned Strike (LUS) IDIQ award with the U.S. Army, while also delivering against growing demand for the new ULTRA and IonStrike platforms, which are expected to begin their adoption curve in 2026. Ondas also expects to begin volume deliveries in the fourth quarter for the $140 million combat engineering vehicles program announced earlier in the year. Revenue for the third quarter of 2026 is expected to be $140 - $155 million, representing 76% sequential growth at the midpoint, and greater than 30% organic growth on a year-over-year pro forma basis.

Ondas' strategic growth program remains active, and the Company expects to execute additional acquisitions in 2026 which would result in further business expansion.

The elevated losses in the first half of 2026 represented a front-loading of expenses ahead of the significant revenue ramp expected in the second half of 2026 and beyond. The Company views these expenses as investments necessary to support long-term growth and market capture, and as prudent and limited in scope in relation to the significant opportunity ahead. The Company expects Adjusted EBITDA losses to decline sequentially in the third quarter of 2026 through higher operating leverage benefiting from strong growth in revenues and gross profits driven by strong demand tailwinds and the leveraging of the Ondas broadening operating platform.

The Company pulls forward expectations for Adjusted EBITDA profitability at the operating platform level, which includes OAS and Ondas Sentinel, by Q4 2026 and company-wide adjusted EBITDA profitability by Q4 2027.

Ondas held approximately $1.4 billion in cash, cash equivalents and short-term investments as of June 30, 2026. During the third quarter, the Company has utilized approximately $325 million of cash in connection with closing the acquisitions of DZYNE and Cyberhawk.

Earnings Conference Call & Audio Webcast Details

Date: Thursday, August 13, 2026
Time: 8:30 a.m. Eastern Time
Toll-free dial-in number: 844-883-3907
International dial-in number: 412-317-5798
Call participant pre-registration link: here

The Company encourages listeners to pre-register, which allows callers to gain immediate access and bypass the live operator. Please note that you can register at any time during the call. For those who choose not to pre-register, please call the conference telephone number 10-15 minutes prior to the start time, at which time an operator will register your name and organization.

The conference call will also be broadcast live and available for replay here and via the investor relations section of the Company's website at ir.ondas.com. A replay will be accessible from the investor relations website after completion of the event.

About Ondas Inc.

Ondas Inc. (NASDAQ:ONDS) is a leading provider of autonomous systems, robotics, and mission-critical technologies for defense, homeland security, public safety, critical infrastructure, and industrial markets. The Company develops and deploys integrated unmanned and autonomous platforms across air, ground, and stratospheric environments, including autonomous drone systems, counter-UAS technologies, robotic ground systems, advanced unmanned aircraft and propulsion solutions, demining and engineering systems, and integrated sensing and communications technologies designed to support intelligence, surveillance, reconnaissance, security, and operational missions in complex environments. Ondas' solutions are deployed globally by government, defense, and commercial customers to protect infrastructure, borders, transportation networks, personnel, and strategic assets.

For additional information on Ondas Inc., visit www.ondas.com.

Forward-Looking Statements

Statements made in this release that are not statements of historical or current facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including the risks discussed under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law.

Contacts

IR Contact for Ondas Inc.
888-657-2377
[email protected]

Media Contact for Ondas Inc.
Escalate PR
[email protected]

Preston Grimes
Marketing Manager, Ondas Inc.
[email protected]

ONDAS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except par value)

June 30,
2026

December 31,
2025

(Unaudited)

ASSETS

Current Assets:

Cash and cash equivalents

$

657,906

$

550,744

Restricted cash

8,472

43,615

Short-term investments

726,587

21,750

Accounts receivable, net

72,247

22,356

Inventory, net

52,034

21,963

Other current assets

88,326

25,473

Total current assets

1,605,572

685,901

Property and equipment, net

21,292

10,217

Goodwill

661,362

251,809

Intangible assets, net

583,268

136,890

Investment in unconsolidated affiliates

26,802

-

Long-term equity investments

49,282

35,587

Other assets

45,919

12,437

Total assets

$

2,993,497

$

1,132,841

LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY

Current Liabilities:

Accounts payable

$

31,499

$

13,873

Accrued expenses and other current liabilities

83,449

33,970

Accrued purchase and contingent consideration

17,180

75,000

Notes payable, related party

-

1,500

Notes payable

1,562

704

Convertible notes payable, related party

-

3,500

Convertible notes payable

718

2,950

Government grant liability

1,841

2,295

Deferred revenue

26,834

8,029

Total current liabilities

163,083

141,821

Notes payable, net of current portion

194

-

Accrued purchase and contingent consideration, net of current portion

116,896

-

Convertible notes payable, net of current portion

3,934

3,834

Government grant liability, net of current portion

1,804

1,362

Warrant liability

1,043,740

489,434

Deferred tax liability

53,779

14,531

Other long-term liabilities

34,490

10,244

Total liabilities

1,417,920

661,226

Commitments and contingencies

Temporary Equity

Redeemable noncontrolling interests

-

29,796

Stockholders' Equity:

Preferred stock - par value $0.0001; 5,000,000 shares authorized at June 30, 2026 and December 31, 2025, and none issued or outstanding at June 30, 2026 and December 31, 2025

-

-

Series A Convertible Preferred stock - par value $0.0001; 5,000,000 shares authorized at June 30, 2026 and December 31, 2025, and none issued or outstanding at June 30, 2026 and December 31, 2025

-

-

Common stock - par value $0.0001; 1,200,000,000 shares authorized at June 30, 2026 and December 31, 2025, 529,838,610 and 380,763,481 issued and outstanding at June 30, 2026 and December 31, 2025, respectively

52

38

Additional paid in capital

1,662,209

805,828

Accumulated other comprehensive income

1,414

329

Accumulated deficit

(93,683

)

(368,387

)

Total Ondas Inc. stockholders' equity

1,569,992

437,808

Noncontrolling interest

5,585

4,011

Total stockholders' equity

1,575,577

441,819

Total liabilities, temporary equity, and stockholders' equity

$

2,993,497

$

1,132,841

ONDAS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Revenues, net

$

83,772

$

6,273

$

133,894

$

10,522

Cost of goods sold

47,641

2,941

73,105

5,701

Gross profit

36,131

3,332

60,789

4,821

Operating expenses:

General and administrative

128,007

6,079

171,323

11,988

Sales and marketing

20,883

2,266

31,377

4,696

Research and development

30,953

4,237

44,472

7,696

Change in fair value of contingent consideration

19,234

-

19,234

-

Total operating expenses

199,077

12,582

266,406

24,380

Operating loss

(162,946

)

(9,250

)

(205,617

)

(19,559

)

Other income (expense), net

Interest expense

(1,041

)

(1,561

)

(1,378

)

(5,428

)

Other income (expense), net

45,238

60

449,743

102

Total other income (expense), net

44,197

(1,501

)

448,365

(5,326

)

Income (loss) before provision for income taxes

(118,749

)

(10,751

)

242,748

(24,885

)

Provision for (benefit from) income taxes

(29,053

)

-

(28,807

)

-

Net income (loss)

(89,696

)

(10,751

)

271,555

(24,885

)

Less preferred dividends attributable to noncontrolling interest

-

390

-

780

Less deemed dividends attributable to accretion of redemption value

342

878

1,631

1,695

Net loss attributable to noncontrolling interests

(1,451

)

-

(3,149

)

-

Net income (loss) attributable to Ondas Inc. stockholders

$

(88,587

)

$

(12,019

)

$

273,073

$

(27,360

)

Net income (loss) per share - basic

$

(0.18

)

$

(0.08

)

$

0.41

(0.21

)

Net income (loss) per share - diluted

$

(0.19

)

$

(0.08

)

$

0.38

(0.21

)

Weighted average number of common shares outstanding, basic and diluted

Basic

500,709

150,653

473,053

127,955

Diluted

503,593

150,653

491,308

127,955

ONDAS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(dollars in thousands)
(Unaudited)

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Net income (loss)

$

(89,696

)

$

(10,751

)

$

271,555

$

(24,885

)

Other comprehensive income (loss):

Foreign currency translation

2,433

-

2,134

-

Available-for-sale investments:

Unrealized gain (loss), net

(275

)

-

(657

)

-

Comprehensive income (loss)

$

(87,538

)

$

(10,751

)

$

273,032

$

(24,885

)

Comprehensive income (loss) attributable to:

Comprehensive loss attributable to noncontrolling interests

$

(1,451

)

$

-

$

(3,149

)

$

-

Foreign currency translation adjustments attributable to noncontrolling interests

383

-

391

-

Noncontrolling interests

(1,068

)

-

(2,758

)

-

Comprehensive income (loss) attributable to Ondas Inc. stockholders

$

(86,470

)

$

(10,751

)

$

275,790

$

(24,885

)

Non-GAAP Measures

As required by the rules of the Securities and Exchange Commission ("SEC"), we provide a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP measures. These reconciliations are set forth in the tables below.

We believe that adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA") is a useful supplemental measure for evaluating our operating performance and period to period trends because it eliminates the impact of items that primarily reflect our capital structure, tax position, non-cash accounting charges, acquisition-related transaction costs, and other items that management does not consider indicative of ongoing operating performance. Adjusted EBITDA should be considered in addition to, and not as a substitute for, net income (loss) and other measures prepared in accordance with GAAP. Adjusted EBITDA removes the effects of interest and financing-related items, depreciation and amortization, income taxes, stock-based compensation and expense, acquisition-related expenses, change in fair value of contingent consideration and other acquisition related obligations, and other non-operating gains and losses. Management believes that excluding these items enhances comparability across periods and facilitates analysis of underlying operating trends.

Adjusted Cash Operating Expense is a non-GAAP financial measure that represents total operating expenses excluding depreciation, amortization of intangible assets, acquisition-related expenses, change in fair value of contingent consideration and other acquisition related obligations, and stock-based compensation and expense. The most directly comparable GAAP measure to Adjusted Cash Operating Expense is total operating expenses. Management believes Adjusted Cash Operating Expense provides useful supplemental information by isolating recurring, cash-based operating costs and facilitating meaningful period-to-period comparisons. Management uses this measure for internal cost management, budgeting, and to evaluate operating trends exclusive of non-cash accounting charges. Adjusted Cash Operating Expense should be considered in addition to, and not as a substitute for, total operating expenses prepared in accordance with GAAP.

Beginning in the period ended June 30, 2026, the Company revised its calculation of Adjusted EBITDA and Adjusted Cash Operating Expense to exclude changes in the fair value of contingent consideration and other acquisition related obligations. These amounts reflect periodic remeasurement adjustments required under U.S. GAAP and are primarily driven by changes in estimates and assumptions related to future earn-out payments. Management believes excluding these acquisition-related fair value adjustments improves period-to-period comparability and provides investors with additional insight into the Company's operating performance. This revision did not affect any previously reported Adjusted EBITDA or Adjusted Cash Operating Expense amounts because no gains or losses related to changes in the fair value of contingent consideration were recognized in the prior periods presented. In connection with this change, the Company renamed 'Cash Operating Expense' to 'Adjusted Cash Operating Expense'. The revised caption is intended to more clearly communicate the measure as a management-defined non-GAAP performance measure that excludes specified cash and noncash expenses and does not represent all operating expenses requiring cash settlement.

Also beginning in the period ended June 30, 2026, the Company introduced Adjusted Gross Profit and Adjusted Gross Margin. Adjusted Gross Profit is a non-GAAP financial measure that represents gross profit excluding amortization of acquisition-related intangible assets and stock-based compensation and expense included in cost of goods sold. Adjusted Gross Margin is a non-GAAP financial measure that represents Adjusted Gross Profit as a percentage of revenue. The most directly comparable GAAP measures to Adjusted Gross Profit and Adjusted Gross Margin are gross profit and gross margin (gross profit as a percentage of revenue), respectively. Management believes these measures provide investors with additional insight into the underlying profitability of the Company's products and services, operating performance and period-to-period trends. Comparative prior-period amounts have been presented on a consistent basis.

Management uses Adjusted EBITDA, Adjusted Cash Operating Expense, Adjusted Gross Profit, and Adjusted Gross Margin together with GAAP results, in making operating and planning decisions and in evaluating the Company's ongoing performance. Other companies may calculate similarly titled non-GAAP measures differently, and therefore our non-GAAP measures may not be comparable to measures used by other companies.

Three months ended
June 30,

For the six months
ended June 30,

(dollars in thousands)

2026

2025

2026

2025

Net income (loss)

$

(89,696

)

$

(10,751

)

$

271,555

$

(24,885

)

Depreciation

934

189

1,603

370

Amortization of intangible assets

18,641

1,055

24,263

2,117

Acquisition-related expenses (1)

4,414

-

10,258

-

Stock-based compensation and expense

69,094

2,179

88,753

3,751

Change in fair value of contingent consideration

19,234

-

19,234

-

Provision for (benefit from) income taxes

(29,053

)

-

(28,807

)

-

Other (income) expense, net (2)

(44,197

)

1,501

(448,365

)

5,326

Adjusted EBITDA

$

(50,629

)

$

(5,827

)

$

(61,506

)

$

(13,321

)

(1)

Acquisition-related expenses include legal, accounting, and other due diligence costs incurred in connection with completed or pending acquisitions.

(2)

Other (income) expense, net includes interest and dividend income, unrealized gain and losses on investments, interest expense, foreign exchange gain and loss, the change in the fair value of government grant liabilities and warrant liability, and other income (expense), net included on the Company's unaudited Condensed Consolidated Statements of Operations.

For the three months
ended June 30,

For the six months
ended June 30,

(dollars in thousands)

2026

2025

2026

2025

Total operating expenses

$

199,077

$

12,582

$

266,406

$

24,380

Depreciation

(571

)

(189

)

(1,043

)

(370

)

Amortization of intangible assets

(13,963

)

(1,055

)

(19,585

)

(2,117

)

Acquisition-related expenses (1)

(4,414

)

-

(10,258

)

-

Change in fair value of contingent consideration

(19,234

)

-

(19,234

)

-

Stock-based compensation and expense

(67,651

)

(1,986

)

(86,148

)

(3,424

)

Adjusted Cash Operating Expenses

$

93,244

$

9,352

$

130,138

$

18,469

(1)

Acquisition-related expenses include legal, accounting, and other due diligence costs incurred in connection with completed or pending acquisitions.

For the three months
ended June 30,

For the six months
ended June 30,

(dollars in thousands)

2026

2025

2026

2025

Revenue

$

83,772

$

6,273

$

133,894

$

10,522

Cost of goods sold

47,641

2,941

73,105

5,701

Gross profit (GAAP)

$

36,131

$

3,332

$

60,789

$

4,821

Amortization of acquisition-related intangible assets

4,678

-

4,678

-

Stock-based compensation and expense

1,443

193

2,604

327

Adjusted Gross Profit (Non-GAAP)

$

42,252

$

3,525

$

68,071

$

5,148

Gross margin (GAAP)

43.1

%

53.1

%

45.4

%

45.8

%

Adjusted Gross Margin (Non-GAAP)

50.4

%

56.2

%

50.8

%

48.9

%

For the three months ended March 31

(dollars in thousands)

2026

2025

Revenue

50,122

4,248

Cost of goods sold

25,464

2,760

Gross profit (GAAP)

$

24,658

$

1,488

Amortization of acquisition-related intangible assets

-

-

Stock-based compensation and expense

1,161

134

Adjusted Gross Profit (Non-GAAP)

$

25,819

$

1,622

Gross margin (GAAP)

49.2

%

35.0

%

Adjusted Gross Margin (Non-GAAP)

51.5

%

38.2

%

SOURCE: Ondas Inc.

Ondas stock continued its strong rally this week, reaching its highest level since June 8 as the company received a new order from Israel. It has now jumped by over 70% from its lowest point this year. Even so, it is one of the most shorted companies in the US, with a short interest of over 40%.

Ondas, a company in the defense industry, won a large order from the Israel Defense Forces (IDF) to build low-cost drones in a program known as the Digital Bat. This contract covers the aerial platform, autonomous capabilities, and software. 

The new contract comes after the company announced David Barnea, the former head of the Mossad as the Chairman of Ondas Defense. It came after the company received a 450 million US Army order for its tactical Lethal Unmanned Systems (LUS). This order is part of the previously granted $982 million multi-year Indefinite Delivery, Indefinite Quantity (IDIQ) program.

These contracts come at a time when the US-Iran and Ukraine-Russia wars are changing how battles are fought. Instead of relying on traditional weapons, these wars are mostly focusing on low-cost drones that are equally capable.

The most recent results showed that Ondas’ business was doing well, with the management expecting the trend to continue. Its Q1 revenue soared 10x to $50.1 million, driven by its core growth and strategic acquisitions. 

Analysts expect the upcoming results to show that its revenue jumped by 983% to $67.9 million in the last quarter. It will then grow by 1,428% in the current quarter to $154 million, with annual revenue this year soaring to $524 million and $985 million. This trajectory makes it one of the fastest-growing companies in the industry.

Still, Ondas is one of the most shorted companies in the US, with a short interest of 40%. This means that almost half of its float is held by short-sellers, who are mostly concerned about its valuation and dilution. TradingView data shows that it has been a dilution machine, with the outstanding shares soaring to 469 million from 40 million in 2022.

ONDS is not highly followed in Wall Street. In a recent note, Scott Searle, a Roth Capital analyst, initiated the company with a buy rating and a target of $13. Northlands, HC Wainwright, and Stifel also have a bullish forecast for the company.

ONDS stock chart | Source: TradingView

The daily chart shows that the ONDS stock has jumped in the past few days as investors bought the dip. It has already crossed the important resistance level of $7.80, its lowest level on March 30th. 

The stock has also jumped above the 50-day Exponential Moving Average (EMA), while the Relative Strength Index (RSI) has soared to 65. Therefore, the stock will likely continue rising as bulls target the resistance at $15. However, with earnings coming out today, and with its short interest rising, its volatility may become elevated.

ONDS heads into Q2 earnings with surging revenue expectations, a growing defense pipeline and M&A-driven scale, but integration and profit risks linger.

© Anton Petrus / Moment via Getty Images

Shares of Unusual Machines (NYSE:UMAC) have climbed 23.39% over the past week, and the stock is adding another 3.41% in Monday trading to change hands near $27. The move follows the company’s Q2 earnings report and comes alongside a broad bid across NDAA-compliant drone names. UMAC is now up 104.95% year-to-date.

Blowout Revenue and a Widening Domestic Drone Tailwind The most recent catalyst is the Q2 FY2026 report released on August 6, 2026. Revenue landed at $16.72 million versus the $9.19 million consensus, an 81.87% beat and growth of 687.3% year-over-year. GAAP EPS came in at -$0.16, missing expectations of $0.08, weighed by $5.70 million in non-cash stock compensation and a $3.88 million unrealized loss on short-term investments. The adjusted EBITDA loss narrowed to roughly $400,000, putting UMAC within striking distance of operational breakeven.

Balance sheet matters here. Cash sits at $229.60 million, headcount doubled to 240 employees, and gross margin held at 34.7%. CEO Allan Evans framed the setup bluntly: “The second quarter of 2026 has been incredible. Unusual Machines is firmly into our next phase of growth, and we are doing it without burning cash. The demand signals continue to be positive.” Management is guiding Q3 revenue to pause sequentially as capacity investments come online, then ramp sharply in Q4 tied to the Department of War’s Drone Dominance program, with positive operating cash flow targeted by end of Q1 2027.

The policy backdrop is a major tailwind. The FY2027 defense request includes $53.6 billion for Drone Dominance, with $39.2 billion earmarked for a multi-year autonomous-systems procurement and domestic production build. That is the demand pipeline UMAC and its peers are competing to feed.

Peers Are Moving in Lockstep Drone stocks are up across the board today.

Red Cat Holdings (NASDAQ:RCAT) reported the same day as UMAC, with revenue up more than fivefold year-over-year even as EPS missed. Kratos Defense (NASDAQ:KTOS) beat on both lines August 4 and raised full-year revenue guidance to $1.75 billion to $1.81 billion, with a bid pipeline of $15.0 billion. AeroVironment (NASDAQ:AVAV | AVAV Price Prediction) is riding record bookings from its Switchblade and BlueHalo lines, and Ondas Holdings (NASDAQ:ONDS) raised its FY26 revenue target to at least $390 million on a backlog that jumped to $457 million.

Another major catalyst to the group is Boeing selling its autonomous flight subsidiaries to Archer Aviation. The deal sees Boeing receive a 16.5% stake in Archer, which provides more validation to aerospace startups. However, another facet is a well-financed competitor selling off businesses that could compete with startups in the space.

Here is how the group looks against UMAC over the past week:

Ticker Today Past Week Market Cap UMAC (Unusual Machines) +3.41% +23.39% $1.35B RCAT (Red Cat) +6.84% +22.31% $1.49B KTOS (Kratos) +1.27% +30.41% $11.63B AVAV (AeroVironment) +0.81% +25.01% $9.53B ONDS (Ondas) +1.65% +21.63% $5.28B Every name in the basket has posted double-digit weekly gains. That points to a factor move: domestic drone supply chain, NDAA compliance, and Drone Dominance procurement. UMAC and RCAT are leading intraday, while KTOS carries the largest weekly gain after its guidance raise.

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Key Takeaways Ondas won a $50M U.S. Army LUS order, lifting Mistral's program awards above $240M.Mistral is producing LUS systems for deliveries starting in Q3 2026, with the new order extending visibility.Mistral's capabilities is helping Ondas compete for large-scale U.S. government defense contracts. Ondas Inc (ONDS - Free Report) recently secured a significant order of more than $50 million from the U.S. Army for tactical Lethal Unmanned Systems (“LUS”), reinforcing its growing presence in the defense market.

This order, awarded to Ondas’ subsidiary Mistral Inc., falls under a previously granted $982 million multi-year Indefinite Delivery, Indefinite Quantity (“IDIQ”) contract tied to the Army’s LUS program. Mistral's total awards, under the LUS program, to date have surpassed $240 million, including the initial $190.8 million award.

The contract underscores Ondas’ expanding role in the rapidly evolving precision-strike segment, which is witnessing strong global demand. 
Strategically, the deal highlights the success of Ondas’ acquisition of Mistral, which has positioned it to compete more effectively for large-scale, multi-year government contracts.

Mistral is a prime contractor on U.S. Army and USSOCOM uncrewed and autonomous platforms procurement vehicles. It brings U.S.-based manufacturing, assembly, integration and quality assurance capabilities to Ondas’ operations, supporting program execution and compliance with the country’s defense sourcing requirements. Mistral has a wide-ranging exposure, including advanced mission equipment integration, survivability and mobility enhancements, unmanned systems procurement, defense electronics and lifecycle sustainment services.

Mistral is producing systems for the initial LUS order, with delivery beginning in the third quarter of 2026. The new order extends this production visibility.
Management continues to expect demand for precision-strike and loitering-munition capabilities to keep accelerating as U.S. and allied forces focus on autonomous and deployable strike capabilities.

However, the opportunity is unfolding in an increasingly crowded drone space. Given the rising adoption of autonomous and distributed warfare systems, several established and fast-upcoming players in the drone space are vying for a larger share of this lucrative market. The unmanned aerial vehicle drones market is expected to witness a CAGR of 9.3% from 2026 to 2031, according to a report from Mordor Intelligence.

Let's Evaluate the Competitive TerrainRed Cat Holdings (RCAT - Free Report) is one of the closest competitors for Ondas in the drone space. Teal Drones and FlightWave Aerospace are two of its wholly-owned affiliates. Its portfolio also includes Black Widow (small, unmanned aircraft systems), TRICHON (a military-grade hybrid VTOL) and FANG, an NDAA-compliant FPV drone.

It recently introduced Hellcat, a dual-use small unmanned aircraft system based on the Black Widow platform. RCAT’s expansion into USVs via Blue Ops adds a significant new revenue stream. It also completed the acquisition of Quaze Technologies Inc., which develops wireless power transfer technology for unmanned and autonomous systems. The company recently reported second quarter 2026 results. Revenues surged 527% year over year to $20.2 million.

The broader demand backdrop strongly supports sustained growth in Kratos Defense & Security Solutions (KTOS - Free Report) drone business. Unlike ONDS, Kratos’ unmanned systems business involves scaled defense programs and vertical integration. At the heart of this business lies the XQ-58A Valkyrie combat collaborative aircraft (“CCA”), which has secured a key role in the U.S. defense ecosystem.

Additionally, the company is actively participating in multiple next-gen drone and CCA programs, with strong positioning in future procurement phases. Earlier in the year, Northrop Grumman, a KTOS partner, received the $230 million MUX TACAIR CCA program award, which will be split equally with Kratos. For this program, Northrop will equip its mission systems with Kratos Valkyrie CCA, validating Valkyrie’s operational relevance. The company is also expanding its presence in C-UAS, a category expected to ramp significantly over the next few years.

Second quarter revenues came in at $458.8 million, up 30.5%, with unmanned segment revenues increasing 8.1% year over year on an organic basis. Beyond drones, it is also expanding into other high-growth areas, such as hypersonics, propulsion systems, space and satellite systems, and microwave electronics

ONDS’ Price Performance, Valuation and EstimatesShares of ONDS have gained 16.3% in the past month against the Wireless-National industry’s decline of 16.1%

Image Source: Zacks Investment Research

In terms of the forward 12-month price/sales ratio, ONDS is trading at 6.03, versus the industry’s multiple of 7.02.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for ONDS’ earnings for the current year has been revised downwards over the past 60 days.

Image Source: Zacks Investment Research

ONDS currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Ondas Holdings Inc. (ONDS - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 13. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis company is expected to post quarterly loss of $0.07 per share in its upcoming report, which represents a year-over-year change of +12.5%.

Revenues are expected to be $66.68 million, up 963.5% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for ONDAS INC?For ONDAS INC, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that ONDAS INC will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that ONDAS INC would post a loss of$0.03 per share when it actually produced a loss of -$0.12, delivering a surprise of -300.00%.

Over the last four quarters, the company has beaten consensus EPS estimates just once.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

ONDAS INC doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Represents an additional order for Ondas' Mistral Inc. under a previously awarded $982 million multi-year IDIQ supporting the U.S. Army's Lethal Unmanned Systems (LUS) program

Order strengthens Ondas' position in the U.S. Defense Market and demonstrates continued execution of Its defense growth strategy

Ondas is currently producing systems for delivery in the third quarter under the initial $190.8 million order for the LUS program

WEST PALM BEACH, FL / ACCESS Newswire / August 5, 2026 / Ondas Inc. (Nasdaq:ONDS) ("Ondas" or the "Company"), a leading provider of autonomous systems and next-generation defense and security technologies, announced today that its U.S.-based defense prime contractor, Mistral Inc., has received an over $50 million order from the U.S. Army for tactical Lethal Unmanned Systems (LUS). The order was issued under a previously awarded $982 million multi-year Indefinite Delivery, Indefinite Quantity ("IDIQ") contract supporting the U.S. Army's Lethal Unmanned Systems (LUS) program. Combined with the initial $190.8 million award under the LUS program, Mistral's total awards to date exceed $240 million.

The award represents an important expansion of Ondas' position in the precision-strike market. Together with Ondas' DZYNE and Rotron, Mistral strengthens Ondas' ability to develop, integrate, and deliver a broader portfolio of precision-strike solutions across multiple ranges, missions, and operational environments. Precision-strike is a rapidly growing segment of the global defense industry driven by increasing demand for accurate, responsive and deployable strike capabilities. The order also demonstrates the strategic rationale behind Ondas' acquisition of Mistral. Mistral provides Ondas with established access to major U.S. defense programs, long-standing customer relationships, prime-contractor capabilities and the infrastructure required to execute large, complex government programs.

"This order moves Ondas deeper into the precision-strike market, where demand from the U.S. Department of War and allied forces continues to accelerate," said Eric Brock, Chairman and CEO of Ondas. "Our focus now is on execution. Mistral is already producing systems for delivery beginning in the third quarter of 2026 under the initial LUS order, and this new award extends that production runway on the same Army contract vehicle. Our expanding operating footprint in the United States makes Ondas increasingly well positioned to compete for and execute large, multi-year programs like this one."

Mistral's established position within the U.S. defense ecosystem complements Ondas' growing portfolio of autonomous technologies, mission-planning capabilities, unmanned systems and advanced defense solutions. Ondas believes this combination creates opportunities to participate in a broader range of defense programs and to support customers across the full operational mission cycle, including intelligence and surveillance, target identification, mission planning, autonomous operations, precision strike and post-mission assessment. The award represents continued execution under the multi-year U.S. Army contract vehicle and provides Ondas with increased visibility into future production, integration, training and sustainment activity.

Ondas expects demand for tactical precision-strike and loitering-munition capabilities to continue expanding as the United States and allied defense forces prioritize distributed, autonomous and rapidly deployable systems. The order further demonstrates Ondas' strategy of combining differentiated technologies with established defense businesses that bring market access, customer relationships, manufacturing capacity and large-scale program-execution capabilities

About Ondas Inc.

Ondas Inc. (Nasdaq:ONDS) is a leading provider of autonomous systems, robotics, and mission-critical technologies for defense, homeland security, public safety, critical infrastructure, and industrial markets. The Company develops and deploys integrated unmanned and autonomous platforms across air, ground, and stratospheric environments, including autonomous drone systems, counter-UAS technologies, robotic ground systems, advanced unmanned aircraft and propulsion solutions, demining and engineering systems, and integrated sensing and communications technologies designed to support intelligence, surveillance, reconnaissance, security, and operational missions in complex environments. Ondas' solutions are deployed globally by government, defense, and commercial customers to protect infrastructure, borders, transportation networks, personnel, and strategic assets.

For additional information on Ondas Inc., visit www.ondas.com.

Forward-Looking Statements

Statements made in this release that are not statements of historical or current facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including the risks discussed under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law.

Contacts

IR Contact for Ondas Inc.
888-657-2377
[email protected]

Media Contact for Ondas Inc.

Escalate PR
[email protected]

Preston Grimes
Marketing Manager, Ondas Inc.
[email protected]

SOURCE: Ondas Inc.

WEST PALM BEACH, FL / ACCESS Newswire / July 30, 2026 / Ondas Inc. (Nasdaq:ONDS) ("Ondas" or the "Company"), a leading provider of advanced autonomous systems and next-generation defense and security technologies and services, today announced the Company will hold a conference call on Thursday, August 13, 2026, at 8:30 a.m. Eastern Time to discuss its financial results for the second quarter ended June 30, 2026. The results will be reported in a press release prior to the conference call.

Ondas management will host the conference call and simultaneous webcast, followed by a question-and-answer period.

Date: Thursday, August 13, 2026
Time: 8:30 a.m. Eastern Time
Toll-free dial-in number: 844-883-3907
International dial-in number: 412-317-5798
Call participant pre-registration link: here

The Company encourages listeners to pre-register, which allows callers to gain immediate access and bypass the live operator. Please note that you can register at any time during the call. For those who choose not to pre-register, please call the conference telephone number 10-15 minutes prior to the start time, at which time an operator will register your name and organization.

The conference call will also be broadcast live and available for replay here and via the investor relations section of the Company's website at ir.ondas.com. A replay will be accessible from the investor relations website after completion of the event.

About Ondas Inc.

Ondas Inc. (Nasdaq:ONDS) is a leading provider of autonomous systems, robotics, and mission-critical technologies for defense, homeland security, public safety, critical infrastructure, and industrial markets. The Company develops and deploys integrated unmanned and autonomous platforms across air, ground, and stratospheric environments, including autonomous drone systems, counter-UAS technologies, robotic ground systems, advanced unmanned aircraft and propulsion solutions, demining and engineering systems, and integrated sensing and communications technologies designed to support intelligence, surveillance, reconnaissance, security, and operational missions in complex environments. Ondas' solutions are deployed globally by government, defense, and commercial customers to protect infrastructure, borders, transportation networks, personnel, and strategic assets.

For additional information on Ondas Inc., visit www.ondas.com.

Forward-Looking Statements

Statements made in this release that are not statements of historical or current facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including the risks discussed under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law.

Contacts

IR Contact for Ondas Inc.
888-657-2377
[email protected]

Media Contact for Ondas Inc.
Escalate PR
[email protected]

Preston Grimes
Marketing Manager, Ondas Inc.
[email protected]

SOURCE: Ondas Inc.

Today's Change

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8.00

Ondas (ONDS +4.44%), a drone networking and autonomous defense systems provider, closed at $8.00, up 4.44%. Premarket, the company announced $70 million in new orders over the past month, and investors are watching the execution of the order backlog next. Trading volume reached 171.9M shares, coming in about 107% above its three-month average of 82.9M shares. Ondas IPO'd in 2020 and has grown 30% since going public.

How the markets moved todayThe S&P 500 (^GSPC -0.14%) fell 0.13% to 7,499, while the Nasdaq Composite (^IXIC -0.57%) dropped 0.57% to 25,691. Among aerospace & defense peers in private wireless, drone, and counter-UAS systems, AeroVironment closed at $150.35, up 1.01%, while Red Cat Holdings finished at $7.83, down 8.85%, underscoring uneven sentiment across the group.

What this means for investorsAfter seeing its stock nearly halve from $12 to $6 since the start of June, drone-focused Ondas has rebounded nicely over the last week, announcing $70 million in new orders over the last four weeks. This figure is attention-grabbing because it shows a sharp rise from $40 million in June and $30 million in May, indicating an acceleration in growth.

Buoyed by this burgeoning order book, a backlog of over $450 million, and $1.4 billion in cash available for use with the company’s serial acquisition strategy, Ondas and its management believe it will generate $525 million in sales in 2026. Compared to the company’s market cap of $4.4 billion, this growth is an interesting story to monitor. That said, Ondas is relying heavily upon shareholder dilution to fund its voracious appetite for M&A -- shares outstanding have doubled over the last year -- so ONDS stock will remain a highly volatile, high-risk, high-reward proposition.

Awards Across Ground Systems, Border Security, Aerial Security, ISR and Precision-Strike Technologies Demonstrate Broad-Based Customer Demand

Broad-Based Order Momentum Demonstrates Continued Execution of Ondas' Strategic Growth Plan and Growing Demand for Autonomous Defense Systems

WEST PALM BEACH, FL / ACCESS Newswire / July 22, 2026 / Ondas Inc. (Nasdaq:ONDS) ("Ondas" or the "Company"), a leading provider of autonomous systems and next-generation defense and security technologies, announced today that it has secured $70 million in new orders during the past four weeks across its defense, security and autonomous technology platform.

The orders span a broad range of Ondas' core technology segments, including unmanned ground systems, border security and protection technologies, counter-unmanned aircraft systems ("C-UAS"), intelligence, surveillance and reconnaissance ("ISR") systems, and autonomous precision-strike capabilities. The orders include awards for new systems, expanded customer programs and additional operational capabilities, including the recently announced $6.9 million order for Ondas' C-UAS systems in Australia. Ondas believes the pace and breadth of the awards demonstrate growing demand for autonomous defense technologies and provide further evidence that the Company's strategic growth plan is translating into increased customer adoption, larger programs and expanding market access.

"Securing $70 million in new orders in the past four weeks is a strong demonstration of our execution on the substantial demand pipeline at Ondas and the leveraging of our strengthening global operating platform," said Eric Brock, Chairman and CEO of Ondas. "These awards reflect the commercial value of the global operating platform we are building and our ability to convert a growing pipeline of opportunities into meaningful customer programs."

"The orders also demonstrate the breadth of the Ondas platform," Brock continued. "They extend beyond a single product or mission and include ground systems, border security, counter-UAS, ISR and precision-strike technologies. We believe this broad-based demand validates our strategy of integrating differentiated technologies, engineering capabilities, manufacturing resources and customer access into a unified defense technology company."

Ondas is building a scaled defense and security technology company capable of addressing increasingly complex operational requirements across air and ground environments. The Company is executing this strategy by combining specialized autonomous technologies with shared engineering resources, manufacturing capacity, operational expertise, customer relationships, supply-chain capabilities and deployment support. Ondas believes this integrated operating model enables each technology segment to grow faster, reach additional customers and compete for larger programs.

The recent awards demonstrate demand across several complementary mission areas. The Company's unmanned ground systems are designed to support defense, security, engineering, logistics and other operations in hazardous and contested environments. These autonomous and remotely operated platforms can reduce risk to personnel while expanding the ability of defense and security organizations to perform complex ground missions.

Ondas believes the recent awards further strengthen its visibility into future production, delivery and deployment activity. The Company is continuing to expand manufacturing capacity, integrate acquired technologies and increase field-support resources to meet growing customer requirements. The orders also demonstrate how Ondas' strategic growth plan is creating commercial and operational synergies across the Company. Technologies developed within one part of Ondas can gain access to additional markets, customers and manufacturing resources through the broader platform, while customers can procure a wider range of complementary technologies from a single trusted provider.

About Ondas Inc.

Ondas Inc. (Nasdaq:ONDS) is a leading provider of autonomous systems, robotics, and mission-critical technologies for defense, homeland security, public safety, critical infrastructure, and industrial markets. The Company develops and deploys integrated unmanned and autonomous platforms across air, ground, and stratospheric environments, including autonomous drone systems, counter-UAS technologies, robotic ground systems, advanced unmanned aircraft and propulsion solutions, demining and engineering systems, and integrated sensing and communications technologies designed to support intelligence, surveillance, reconnaissance, security, and operational missions in complex environments. Ondas' solutions are deployed globally by government, defense, and commercial customers to protect infrastructure, borders, transportation networks, personnel, and strategic assets.

For additional information on Ondas Inc., visit www.ondas.com.

Forward-Looking Statements

Statements made in this release that are not statements of historical or current facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including the risks discussed under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law.

Contacts:

IR Contact for Ondas Inc.
888-657-2377
[email protected]

Media Contact for Ondas Inc.
Escalate PR
[email protected]
Preston Grimes
Marketing Manager, Ondas Inc.
[email protected]

SOURCE: Ondas Inc.

ONDAS INC (ONDS) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions may not translate into further price increase in the near term.