Ondas: $0.58 of Earnings Per Share — and the Company Still Lost $42.7 Million in the Quarter

There is an investor weakness working overtime these months: the fear of missing the next defense and drone highflyer. Unmanned systems circle over every second headline, defense budgets are climbing, and a clock starts ticking in your head: "If I do not get in now, that was it." Straight into that mood drops a number that seems to confirm everything. Ondas Inc. (Nasdaq: ONDS) reported earnings of $0.58 per share for the first quarter of 2026 — after a loss of $0.15 per share a year earlier. A news ticker needs eight words for that, and in eight words it sounds like the moment a hope turns into a company.

So let's make a deal: before you decide whether that moment has arrived, we read together what Ondas itself reported to the U.S. securities regulator, the SEC — the annual report (10-K) for 2025, filed March 30, 2026, and the quarterly report (10-Q) for the first quarter of 2026, filed May 15, 2026. Filings like these are honest under penalty of law. And they tell two stories at once: of an operating business that has genuinely grown from $7.2 million to $50.7 million of revenue — and of a reported profit that has practically nothing to do with that business. In the end, the decision is yours.

What Ondas actually does — knock drones down, watch from above, drive on the ground

Ondas describes itself in its own annual report as a "defense, security, and critical infrastructure technology company." Behind that sit three business units, and it pays to keep them apart, because they contribute wildly differently to the business.

First, Ondas Autonomous Systems Inc. (OAS) — today this is effectively the entire company. The unit builds autonomous and unmanned systems for the air and the ground, aimed at the military, homeland security, law enforcement and the protection of critical sites. The report names four product lines. C-UAS stands for defeating hostile small drones — detecting, tracking and neutralizing them; think of it as a goalkeeper against very small flying opponents. ISR means airborne intelligence, surveillance and reconnaissance, the eye above the site. UGV are unmanned ground vehicles — robots that drive instead of fly. A fourth line the report calls LMS. Ondas itself talks about a "systems-of-systems" approach: not selling one device, but a package that works together. Under the name "Project Hive" the company is also working on AI-enabled autonomous loitering munitions for border and site protection — aircraft that circle above an area until a target appears.

Second, Ondas Networks Inc. — private wireless networks for mission-critical industrial applications, that is, data radio where an outage gets expensive. This is the eponymous original segment, and today it is economically close to irrelevant; we come back to that in uncomfortable truth number four. Third, Ondas Capital Inc. — investments and partnerships.

How the company itself thinks those three parts together is spelled out in the annual report:

"Our goal is to build a differentiated defense, security, and critical infrastructure technology platform by combining: (i) AI-enabled autonomous mission solutions through Ondas Autonomous Systems ("OAS"), (ii) secure, mission-critical private wireless connectivity through Ondas Networks, and (iii) disciplined strategic investing and partnerships through Ondas Capital"

— Ondas Inc., SEC annual report 10-K for 2025, Item 1 Business

Because the letters "AI" in that sentence are not decoration but sit inside the product being sold, our AI classification files Ondas in the category "sells AI": the autonomy of the systems is the product, not a tool in the back office.

One detail jumps out the moment you start reading and therefore belongs here: the company changed its name. The SEC filing history dates the switch from "Ondas Holdings Inc." to "Ondas Inc." to January 12, 2026; the quarterly report of November 13, 2025 still carried "ONDAS HOLDINGS INC." on the cover, and the annual report of March 30, 2026 already said "ONDAS INC." Going further back, a third name turns up: ZEV Ventures Inc. Name changes are nothing shady — but they make it harder to find a company's own past, which is exactly why we mention it. Anyone who wants to check the history of this stock has to search under three names.

And the company buys. A lot. For 2025 and the first quarter of 2026 alone, the annual and quarterly reports list, among others, Apeiro Motion Ltd. (August 31, 2025, 100 percent), Bird Aerosystems Ltd., Smart Precision Optics, Insight Intelligent Sensors Ltd., Rotron Aerospace Ltd. and Indo Earth Moving Ltd. — the last one booked as a "variable interest entity", a construction in which a company does not hold the majority of votes but calls the economic shots and therefore has to consolidate the numbers fully. After the quarterly report it carried on at the same pace: World View Enterprises Inc. (closed April 1, 2026, up to 12,775,219 shares plus roughly $7.3 million in cash), Omnisys Ltd. (closed May 21, 2026, 100 percent, purchase price of $196,602,739.73 paid entirely in its own shares) and High Point UAS, LLC (closed July 2, 2026, 100 percent, roughly $200 million in cash plus 39,999,998 shares immediately and a further 44,999,998 shares on January 4, 2027). On June 18, 2026 Ondas also announced the acquisition of Cyberhawk Holdings Limited, which had not closed as of the reporting date of this analysis. Remember those share-denominated purchase prices — they are the engine of the next chapter. In the first quarter of 2026 Ondas Networks went the other way and was deconsolidated, that is, taken out of the group figures.

That sets the central tension of this analysis, and it runs through every chapter that follows: the operating business really is growing — but the number that lands in the headlines measures something else entirely.

How the stock landed on our desk — through Reddit, not the scanner

Ondas is not a hit from our metric filters. It reached the research list through the Reddit hype scanner, which counts mentions in the big stock forums (data source ApeWisdom). The reading on July 25, 2026: rank 50, 10 mentions in 24 hours, 19 upvotes. More interesting than the number itself is its direction: 24 hours earlier ONDS sat at rank 170 with just 2 mentions. So the attention is climbing steeply right now — 120 places in a single day. The ticker first caught our eye on July 14, 2026, and it has been on the list since. If you want to see which filters otherwise run on our side, they are all in our in-house stock scanner.

The timing is worth noting. The crowd discovers this stock at exactly the moment the quarterly report shows $361.3 million of profit — a profit that, as we will see in a minute, does not come from the business. That is not a forecast and certainly not a signal in any direction; it is simply an observation about which number is generating attention right now.

Because a forum run is not a verdict on quality, it is a gauge of attention. It says "a lot of people are talking about this stock" — nothing more. At Ondas that attention meets a set of numbers that leads the classic metrics astray. A price-to-earnings ratio based on the reported quarterly profit would be plain nonsense, because that profit is not an operating profit. A price-to-book ratio is hard to read, because on the liability side sits a billion-dollar item whose size moves with the share price itself. Remember the finding right at the start: at Ondas you have to take the profit apart before you use it.

The numbers over the years — the growth is real

First what genuinely speaks for Ondas — and it is impressive. Revenue rose in 2025 from $7.193 million to $50.731 million, up 605 percent. You rarely see jumps like that, and this one did not come out of an accounting trick but out of systems sold and companies acquired.

More telling than revenue is the gross margin — the share of revenue left after the pure cost of making the product. It shows whether a company sells its products at a markup or merely passes material through. At Ondas it climbed from 4.8 to 39.7 percent (calculated from the annual report: $20.156 million of gross profit on $50.731 million of revenue, against $0.345 million on $7.193 million the year before). In 2024, in other words, less than five cents of every dollar sold stuck; in 2025 almost forty. That is the difference between "we ship something" and "we sell a product with value."

And the pace did not slow in 2026 — quite the opposite. In the first quarter of 2026 alone Ondas booked $50.122 million of revenue — almost as much as in all of 2025, and nearly twelve times the prior-year quarter ($4.248 million). The gross margin came in higher again at 49.2 percent ($24.658 million of gross profit, calculated from the quarterly report). Anyone claiming there is nothing behind Ondas but a story has not read these lines.

Honesty demands the other side: the operating loss is growing too. It rose from $34.609 million to $58.384 million year over year, because operating expenses jumped from $34.954 million to $78.540 million — general and administrative from $17.142 million to $44.474 million, sales and marketing from $5.336 million to $13.187 million, research and development from $12.476 million to $20.879 million. In the first quarter of 2026, $24.658 million of gross profit stood against $67.329 million of operating expense: an operating result of −$42.671 million, after −$10.310 million in the prior-year quarter.

The cash register tells the same story. Operating cash flow — the money the business actually takes in before anything is invested — was negative at −$38.746 million in 2025 (2024: −$33.469 million) and much more so in the first quarter of 2026 at −$51.298 million (prior-year quarter: −$6.659 million). Put differently: in a single quarter of 2026 more cash left the business than in all of 2025. Growth built this way costs money, and it costs it immediately.

What the filings say — the uncomfortable truths

Uncomfortable truth no. 1: the reported profit mirrors the share price, not the business

Now to the number from the headline. For the first quarter of 2026 Ondas reports net income of +$361.250 million, of which +$361.659 million is attributable to Ondas stockholders. Getting from there to the +$0.58 per share (diluted +$0.56), however, takes one intermediate step that the reconciliation in the quarterly report spells out: because the warrants from the October 2025 and January 2026 offerings participate in earnings, $103.924 million is allocated to their holders as "net income attributable to participating securities". Common stockholders are left with $257.735 million, divided by 445,088,835 weighted average shares — which is where the $0.58 comes from. Divide $361.659 million by the share count alone and you get $0.81, overstating the earnings by a good forty percent. None of it comes from the operating business anyway: there, a minus of $42.671 million stands. The road from one number to the other runs through five intermediate steps — and that road is the core of this whole analysis:

The biggest bar is $389.548 million from the remeasurement of warrants. What is that? A warrant is a promise by the company to investors: you may buy new shares from us later at a price fixed in advance. In accounting terms such a promise is a liability for Ondas, and it is remeasured on every reporting date. If the share price rises, the promise becomes more expensive for the company — it books a loss. If the price falls, it becomes cheaper — it books a gain. Translated into an everyday image: you have promised your neighbor you will sell him your car next year for $10,000. If used-car prices rise, your promise has become expensive, and you would — if you kept books — have to report a loss. If they fall, it would be a gain. In neither case does a single cent move in your bank account.

Ondas explains the mechanism itself, and the note is clearer than any summary:

"In connection with the January 2026 Offering, the Company issued liability classified warrants that were measured at fair value on the issuance date. The initial fair value of the warrant liabilities of $1.2 billion exceeded the net proceeds received from the issuance of $959.1 million. As a result, the Company recognized a loss upon issuance equal to the excess of the initial fair value of the warrant liabilities over the net proceeds of $234.9 million. The warrant liabilities are subsequently remeasured to fair value at each reporting date, with changes in fair value recognized in earnings in the period of change. The $389.5 million net gain, consisting of the $234.9 million loss recognized upon issuance and the $624.5 million gain on change in fair value subsequent issuance, are recorded in other income (expense), net in the condensed consolidated statements of operations."

— Ondas Inc., SEC quarterly report 10-Q for the first quarter of 2026, note on the valuation of the warrants

The company files it under exactly the same heading in the management discussion of the quarterly report — with no sugar-coating:

"Total other income, net increased $408 million to $404.2 million for the three months ended March 31, 2026, from total other expense, net of $3.8 million for the three months ended March 31, 2025. Total other income, net increased primarily as a result of the net gain of $389.5 million related to the change in fair value of our warrant liability, an increase of approximately $51.5 million related to the gain on the deconsolidation of Ondas Networks"

— Ondas Inc., SEC quarterly report 10-Q for the first quarter of 2026, management discussion (MD&A)

That this entry is not a one-way street is shown by the year before it, with the sign reversed: in 2025 the same remeasurement cost $82.225 million and contributed decisively to turning an operating loss of $58.384 million into a net loss of $133.380 million — $137.171 million for the Ondas shareholders, or −$0.62 per share. Same company, same rule, the opposite result.

So remember this: earnings per share at Ondas is not a measure of business success but a by-product of the share price. Whoever uses it as a reason to buy is buying their own expectation a second time. Ondas is not alone in this, by the way: at Battalion Oil the books also show a reported net profit that does not belong to the common shareholders at all — though the road that leads there is an entirely different one.

Uncomfortable truth no. 2: more than five times as many shares — and the ceiling had to be raised

Growth has to be paid for, and Ondas pays for it with new shares. How much is shown most honestly on the cover pages of the SEC filings — each one states the number of shares outstanding as of the filing date. The most recent figure, however, is not in a quarterly report but in a prospectus supplement (424B7) of July 24, 2026, with which Ondas registers shares from a corporate acquisition for resale. We looked up every date:

The latest figure is stated there verbatim:

"The information set forth in the table below is based on 569,858,722 shares of our Common Stock outstanding as of July 23, 2026, including the Shares issued to the selling stockholders at closing under the Purchase Agreement"

— Ondas Inc., SEC prospectus supplement 424B7 of July 24, 2026, section "Selling Stockholders"

Dilution in an everyday image means this: your slice of the pie gets smaller because new slices keep being cut — so the pie has to grow at least as fast for your slice to stay the same size. At Ondas the ratio is unambiguous: the share count more than quintupled while revenue rose from $7.2 million to $50.7 million. The weighted average share count shows it too: 69.917 million (2024) against 221.769 million (2025). And the reason for the latest surge is in the previous chapter: Omnisys was paid for entirely in shares, High Point half in shares.

How much room is left is written in the charter — and the annual report spelled it out in the risk section:

"Our Amended and Restated Articles of Incorporation authorize the issuance of a maximum of 800,000,000 shares of common stock. Any additional financings effected by us may result in the issuance of additional securities without stockholder approval and the substantial dilution in the percentage of common stock held by our then existing stockholders."

— Ondas Inc., SEC annual report 10-K for 2025, Item 1A Risk Factors

And this is where it gets interesting, because that limit no longer applies as written. Let us first work out how tight it had become. On top of the 569,858,722 shares outstanding as of July 23, 2026 come the securities that are not shares yet but can become shares. The quarterly report lists them in the earnings-per-share footnote, because it excludes them from the calculation: 195,527,101 warrants and 109,456,221 contingently issuable shares, together 305,637,672 potentially dilutive securities as of March 31, 2026. Add the two and you get roughly 875 million shares — more than the old ceiling of 800 million would ever have allowed. (The two figures carry different cut-off dates; some of those securities may since have been exercised and thus be included in the 569.9 million. That does not change the order of magnitude.)

The company saw the problem and solved it — at the annual meeting on May 28, 2026. Item 4 on the agenda read verbatim:

"Proposal 4 - a proposal to approve an amendment to the Company's Amended and Restated Articles of Incorporation, as amended, to increase the number of authorized shares of common stock from 800,000,000 to 1,200,000,000 (the "Certificate of Amendment")."

— Ondas Inc., SEC current report 8-K of May 28, 2026, Item 5.07 (voting results of the annual meeting)

So today the 569.9 million shares outstanding stand against 1,200,000,000 authorized — roughly 47.5 percent used up, a good 630 million shares free (our own calculation). That sounds like more room than before, and that is precisely the trap in the number: the room was not created by restraint but by a vote. Measured against the old ceiling it would have been 71.2 percent — and with the potentially dilutive securities on top, that ceiling would no longer have been enough. Anyone measuring dilution by how much of the authorized capital is used up is measuring a limit the company can move itself, and has just moved. Two further lines fit the picture: in the same resolution the share reserve of the incentive plan went from 61 to 81 million shares, and stock-based compensation rose in 2025 from $1.265 million to $16.016 million. Those, too, are stakes that will come into existence later. The next date is already on the calendar: on January 4, 2027 another 44,999,998 shares fall due from the High Point purchase alone.

And now the other side, because in fairness it belongs here: the money raised really is in the bank. Financing inflows came to $862.653 million in 2025 and another $968.465 million in the first quarter of 2026 — roughly $1.83 billion in fifteen months. The result stands on the balance sheet as of March 31, 2026: $1,026.003 million of cash, $11.081 million of restricted cash and $447.842 million of short-term investments, some $1.485 billion together. The quarterly report puts the 2025 inflow from the sale of common stock and warrants at roughly $829.5 million net. Set that cash position against the operating outflow of $51.298 million in the first quarter of 2026 and the money lasts more than seven years on paper. Financing distress looks different — the dilution was expensive, but it worked. It is no pillow to rest on either, though: the cash portion of the High Point purchase on July 2, 2026 alone cost roughly $200 million.

One note on the investing outflow, so the numbers do not look more dramatic than they are: cash used in investing activities was $260.132 million in 2025 and $474.167 million in the first quarter of 2026. Of the 2025 figure, roughly $206.8 million went to acquisitions (purchase price less cash acquired) — and the first-quarter 2026 figure is mostly the build-up of short-term investments, which rose from $21.750 million to $447.842 million. A large part of that "outflow" is therefore just money moving from one account to another.

Uncomfortable truth no. 3: two customers, two thirds of revenue

A revenue jump of 605 percent sounds like a broadly based breakthrough. The annual report says where the money actually came from:

"Because we have only recently invested in our customer service and support organization, a small number of customers have accounted for a substantial amount of our revenue. During the year ended December 31, 2025, two customers accounted for approximately $27.8 million and $5.4 million of our revenue or approximately 55% and 11%, respectively."

— Ondas Inc., SEC annual report 10-K for 2025, Item 1 Business — "Dependence on a Small Number of Customers" (the risk section in Item 1A names the same dependence, but there with percentages only and no dollar amounts)

Imagine your neighbor telling you excitedly that his business has grown revenue sevenfold — and then, when you ask, two thirds of it turns out to come from two clients. You would swallow hard for a second. That is exactly the situation here: $33.2 million of the $50.7 million of annual revenue comes from two customers. If one of them merely pushes an order into the following year, a double-digit percentage of revenue is gone — and with an operating loss of $58.4 million in the same year there is no cushion for it.

The quarterly report shows that little changed into the first quarter of 2026 — only the number of heads: three customers accounted for 32, 20 and 17 percent of quarterly revenue, 69 percent together (in the prior-year quarter it was 43, 36 and 14 percent). It is tighter still on the receivables side: as of December 31, 2025 a single customer stood for 73 percent of all outstanding receivables, and as of March 31, 2026 two customers for 42 and 11 percent.

Fairness demands the counterweight: in defense technology a small customer count is not unusual, because government agencies and armed forces rarely turn up in batches of a hundred buyers. It is not a sign of anything shady. It is still a concentration — and Ondas names it as a risk itself.

Uncomfortable truth no. 4: the eponymous segment no longer delivers anything

Ondas is called Ondas because of the radio technology. Ondas Networks builds private wireless networks for mission-critical industrial applications — that was the company's founding idea. In the numbers nothing of it is left: segment revenue fell from $1.932 million to $0.980 million (2024 to 2025), down 49 percent, while group revenue rose 605 percent. In the revenue table of the management discussion for the first quarter of 2026 the line shows a flat zero (prior-year quarter: $227 thousand), because the unit was deconsolidated effective January 16, 2026 — it is no longer counted line by line in the group figures; Ondas still holds roughly 47.5 percent as an investment. The one-segment company has now become one formally as well: the segment note of the quarterly report explicitly reports only "one operating and reportable segment". $49.751 million of the $50.731 million of 2025 revenue came from Ondas Autonomous Systems, and in the first quarter of 2026 it was $50.122 million of $50.122 million.

Part of the long back story is how much money this road has cost. The annual report puts a figure on it in the risk section:

"Since our inception, we have incurred significant net losses. As of December 31, 2025 and December 31, 2024, we had an accumulated deficit of approximately $368.4 million and $236.4 million, respectively. To date, we have financed our operations primarily through sales of our equity securities and debt financing."

— Ondas Inc., SEC annual report 10-K for 2025, Item 1A Risk Factors

And now comes the line on which the whole analysis can be hung. On the balance sheet as of March 31, 2026 the accumulated deficit stands at just $5.438 million — after $368.387 million three months earlier. On paper, then, Ondas wiped out almost the entire losses of its corporate history in a single quarter. Not one cent of it was earned. It is the same book gain from the remeasurement of the warrants that produced the $0.58 per share — one floor lower, in the balance sheet. If the fair value of the warrants moves the other way, the line can grow again just as fast. A deficit that swings by $363 million in three months is not measuring earning power.

Valuation: what the numbers support — and what they do not

This analysis is deliberately evergreen, so there is no daily price and no current market capitalization here. At Ondas that is not a limitation but methodically the only honest route: as long as a material part of the income statement depends on the share price itself, a valuation "at today's price" would be circular. We therefore stay with cut-off figures from the filings.

The only market value the filings themselves name sits on the cover page of the annual report: the value of the freely tradable shares was roughly $392 million as of June 30, 2025. It has to be read against a share count that was somewhere between 105 and 368 million at the time — the figure comes from the middle of a phase in which the share count was multiplying, and it therefore serves only as rough orientation, not as a yardstick for today.

More solid are the balance sheet figures as of March 31, 2026. Total assets stood at $2.439 billion, after $1.133 billion at the end of 2025 — more than a doubling in three months. On the asset side sit $1.026 billion of cash, $447.842 million of short-term investments, $45.295 million of receivables and $34.286 million of inventory. Spread across the 469,062,109 shares outstanding at the reporting date, cash and investments together come to roughly $3.14 per share (our own calculation), and the equity of $1.078 billion to roughly $2.30 per share. That is a solid floor — with one important caveat.

The caveat sits on the liability side. Of the $1.359 billion of total liabilities, $1.059 billion is the warrants, or 77.9 percent (our own calculation). The largest debt on this balance sheet is therefore not a loan but a promise whose size moves with the share price — and it is almost as large as the entire equity of $1.078 billion. If the price rises sharply, this item grows, depresses equity and produces book losses; if it falls, the opposite happens. Whoever wants to value the Ondas balance sheet is therefore valuing, to a substantial degree, the price they are paying themselves.

Two further items belong in the picture. Goodwill from the acquisitions stood at $381.838 million as of March 31, 2026 — after $251.809 million at the end of 2025 and $27.752 million a year before that. The roll-forward in the quarterly report names the movement: $251.809 million less $7.882 million of measurement-period adjustments plus $137.911 million from the quarter’s acquisitions. Goodwill is the premium a buyer pays above the substance value — it generates no revenue but can be written down on a revaluation. At a company that acquires every quarter, this line grows faster than the business. And the warrant liability itself rose from $489.434 million at the end of 2025 to the $1.059 billion mentioned, because new warrants with $1.2 billion of initial fair value were added in January 2026.

What is left as a yardstick? The only undistorted one is the operating result: −$58.384 million in 2025, −$42.671 million in the first quarter of 2026. And revenue, which really is growing. How we handle metrics distorted by entries of this kind is something we show in our other company analyses as well: whatever cannot be checked against an original document, or answers a different question from the one asked, gets named — not used.

Opportunities and risks at a glance

What speaks for Ondas:

• The operating growth is real and fast: revenue from $7.193 million to $50.731 million (+605 percent) in 2025, and $50.122 million in the first quarter of 2026 alone, after $4.248 million in the prior-year quarter.
• The quality of that revenue is rising with it: gross margin from 4.8 to 39.7 percent for the year, and 49.2 percent in the first quarter of 2026 (each calculated from the filings).
• The bank account is full: $1.026 billion plus $447.842 million of short-term investments as of March 31, 2026, after financing inflows of $862.653 million (2025) and $968.465 million (first quarter of 2026).
• The product sits in the path of defense budgets: counter-drone (C-UAS), airborne surveillance (ISR), unmanned ground vehicles (UGV) — with AI as part of the system being sold, not as a marketing term.
• The group is actively acquiring and building out Ondas Autonomous Systems: Apeiro Motion (August 31, 2025, 100 percent), Bird Aerosystems, Rotron Aerospace and Indo Earth Moving through the first quarter of 2026, then World View Enterprises (April 1, 2026), Omnisys (May 21, 2026, 100 percent) and High Point UAS (July 2, 2026, 100 percent); segment revenue from $5.261 million to $49.751 million.

What speaks against it:

• The reported profit does not measure the business: +$361.250 million in the first quarter of 2026 against −$42.671 million operating, carried by +$389.548 million of warrant remeasurement and +$51.453 million of deconsolidation gain. In 2025 the same entry ran against the company at −$82.225 million.
• Dilution on a grand scale: 105,730,826 shares (March 11, 2025) against 569,858,722 (July 23, 2026), a factor of 5.39; plus 305,637,672 potentially dilutive securities as of March 31, 2026. Because the old ceiling of 800 million would no longer have been enough, it was raised to 1,200,000,000 shares on May 28, 2026; stock-based compensation reached $16.016 million in 2025 and the incentive-plan share reserve went from 61 to 81 million shares.
• The business burns cash: operating cash flow of −$38.746 million (2025) and −$51.298 million in the first quarter of 2026 alone — more in one quarter than in all of the prior year.
• Customer concentration: two customers with roughly $27.8 million and $5.4 million, or 55 and 11 percent of 2025 revenue.
• The eponymous segment has practically disappeared: Ondas Networks from $1.932 million to $0.980 million, and zero in the first quarter of 2026 after deconsolidation.
• Balance sheet risks beyond day-to-day operations: a warrant liability of $1.059 billion (77.9 percent of all liabilities, almost as large as equity) and $381.838 million of goodwill from acquisitions as of March 31, 2026, after $251.809 million three months earlier.

A human conclusion

Back to the clock in your head that ticks whenever drones fly through the headlines. The uncomfortable thing about Ondas is that both sides could turn out to be right. Whoever says "something real is being built here" has the numbers on their side: a revenue jump from $7.2 million to $50.7 million and a gross margin that grew eightfold cannot be argued away. Whoever says "this profit is a mirage" has them too: $0.58 per share stands against an operating minus of $42.7 million, and the accumulated deficit was not paid off but reclassified.

The real risk is therefore not that Ondas fails — with $1.485 billion of cash, restricted cash and investments the company has far too much air for that in the foreseeable future. The risk is that somebody buys the wrong thing for the right reason: the headline instead of the business. Because the headline will turn around the moment the fair value of the warrants turns around — the same entry that produced a $389.5 million gain in the first quarter of 2026 cost $82.2 million in 2025. And attention is climbing at exactly this moment: from rank 170 to rank 50 within a single day (ApeWisdom, as of July 25, 2026). A lot of clocks are ticking at the same time right now.

So the honest question for you is not "is Ondas profitable?" but: would you buy this company even if the bottom line still showed a minus of $42.7 million — which is exactly what the business actually produces? If yes, you have a thesis about counter-drone systems, airborne surveillance and ground robots, and that thesis can work out. If no, you have bet on an accounting item that belongs to nobody. What you make of it is your decision. And that is exactly as it should be.

Sources

All original documents used in this analysis — to read for yourself:

• Ondas Inc. — SEC annual report 10-K for 2025 (filed March 30, 2026)
• Ondas Holdings Inc. — SEC annual report 10-K for 2024 (filed March 12, 2025)
• Ondas Inc. — SEC quarterly report 10-Q for the first quarter of 2026 (filed May 15, 2026)
• Ondas Inc. — SEC quarterly report 10-Q for the third quarter of 2025 (filed November 13, 2025)
• Ondas Inc. — SEC prospectus supplement 424B7 of July 24, 2026 (most recent documented share count: 569,858,722 as of July 23, 2026)
• Ondas Inc. — SEC current report 8-K of May 28, 2026 (annual meeting, authorized capital raised to 1,200,000,000 shares)
• Ondas Inc. — SEC current report 8-K of July 6, 2026 (acquisition of High Point UAS, LLC as of July 2, 2026, Items 1.01 and 2.01)
• Ondas Inc. — SEC current report 8-K of May 21, 2026 (acquisition of Omnisys Ltd., Item 2.01)
• Full SEC filing history of Ondas Inc. (former names: Ondas Holdings Inc., ZEV Ventures Inc.): EDGAR overview (sec.gov)
• Fundamental data (company master data and metrics; data as of July 25, 2026), reconciled with the four filings named above.
• Reddit mentions: ApeWisdom, list "all-stocks" (reading of July 25, 2026: rank 50, 10 mentions in 24 hours, 19 upvotes; 24 hours earlier rank 170 with 2 mentions); surfaced through our in-house Reddit hype scanner, which first flagged ONDS on July 14, 2026. Unexpected side finds from this research are collected in Side Finds.

Note on the data basis: all annual figures come from the annual reports (10-K) for 2024 and 2025, all quarterly figures from the quarterly reports (10-Q) for the third quarter of 2025 and the first quarter of 2026. Figures that arose after the quarterly report of May 15, 2026 — the share count as of July 23, 2026, the increase in authorized capital on May 28, 2026 and the World View, Omnisys, High Point and Cyberhawk acquisitions — come from the prospectus supplements (424B7) and current reports (8-K) linked above. Gross margins, growth rates, share-of-total calculations and per-share values are computed by us from the absolute figures published there and are marked as such in the text. A current market capitalization is deliberately not used, because the valuation of the warrants itself depends on the share price.

Transparency & disclaimer: This analysis is a journalistic contextualization of publicly available information and is not investment advice, not a financial analysis in the regulatory sense, and not a solicitation to buy or sell securities. Stock investments carry substantial risks up to total loss. All information without warranty; the data cut-off is noted in the text. The author holds no position in Ondas shares at the time of publication.