Ondas Inc. (ONDS)
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Hardly any sector is pulling harder right now than counter-drone and autonomous defense technology — and Ondas Inc. delivers the headline to match: $0.58 of earnings per share in the first quarter of 2026, after −$0.15 a year earlier. The quarterly report to the U.S. securities regulator, the SEC, tells the second half of the story: operating loss was $42.7 million; the reported net income of $361.3 million came to the tune of $389.5 million from the remeasurement of warrants — an entry that in 2025 produced an $82.2 million loss with the sign reversed. The operating business, meanwhile, is genuinely racing ahead: revenue from $7.2 million to $50.7 million, gross margin from 4.8 to 39.7 percent. It was paid for with new shares: 105.7 million in March 2025, 569.9 million on July 23, 2026 — and because the authorized ceiling of 800 million would no longer have been enough, stockholders raised it to 1.2 billion shares on May 28, 2026. On Reddit the stock jumped from rank 170 to rank 50 within 24 hours (ApeWisdom, as of July 25, 2026). Not investment advice — just the difference between a profit that is booked and one that is earned.
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Basics
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Valuation
Profitability
Balance Sheet & Safety
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Quality & Screener
AI Rating
Sells AIOndas verkauft KI als Kern des Produkts: die autonomen Systeme der Sparte Ondas Autonomous Systems werden im Geschäftsbericht ausdrücklich als „AI-enabled“ beschrieben, und das Schutzrecht-Portfolio dieser Sparte wurde laut Filing mit Verfahren der künstlichen Intelligenz und des maschinellen Lernens entwickelt.
View the full file — quotes, sources, reviewed filings
„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 to accelerate market access, capability expansion, and long-term value creation."
Unser Ziel ist es, eine unterscheidbare Technologieplattform für Verteidigung, Sicherheit und kritische Infrastruktur zu bauen, indem wir kombinieren: (i) KI-gestützte autonome Einsatzlösungen über Ondas Autonomous Systems („OAS“), (ii) sichere, einsatzkritische private Funkverbindungen über Ondas Networks und (iii) diszipliniertes strategisches Investieren und Partnerschaften über Ondas Capital, um Marktzugang, Fähigkeitsausbau und langfristige Wertschöpfung zu beschleunigen.
„The OAS segment’s intellectual property incorporates internally developed software and hardware design incorporating machine and computer vision and was developed with artificial intelligence and machine learning techniques. This intellectual property is critical to the development of end-to-end systems which reliably enable the automated operation of drones in real-world environments."
Das geistige Eigentum der Sparte OAS umfasst selbst entwickelte Software und Hardware-Entwürfe mit maschinellem und rechnergestütztem Sehen und wurde mit Verfahren der künstlichen Intelligenz und des maschinellen Lernens entwickelt. Dieses geistige Eigentum ist entscheidend für die Entwicklung durchgängiger Systeme, die den automatisierten Betrieb von Drohnen unter realen Bedingungen zuverlässig ermöglichen.
„We incorporate machine learning and artificial intelligence capabilities into certain of our products and solutions and may seek to expand the use of AI in our offerings in the future."
Wir bauen Fähigkeiten des maschinellen Lernens und der künstlichen Intelligenz in bestimmte unserer Produkte und Lösungen ein und streben möglicherweise an, den Einsatz von KI in unserem Angebot künftig auszuweiten.
Filings Reviewed: 10-K 2026-03-30 · 10-K 2025-03-12 · 10-Q 2026-05-15 · 10-Q 2025-11-13 · 10-Q 2025-08-12 · 10-Q 2025-05-15
Rated on July 25, 2026 · How the Rating Is Built
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.14 | 22.20 | 1 | -82.50 | -863.40 | -9 | -10 |
| 2024: Q3 | -0.15 | -0.60 | 2 | -44.40 | -643.30 | -9 | -10 |
| 2024: Q4 | -0.14 | 46.20 | 4 | -16.80 | -250.30 | -8 | -8 |
| 2025: Q1 | -0.15 | 11.80 | 4 | 579.70 | -332.80 | -7 | -7 |
| 2025: Q2 | -0.08 | 42.90 | 6 | 554.90 | -171.40 | -8 | -9 |
| 2025: Q3 | -0.03 | 80.10 | 10 | 582.00 | -74.00 | -11 | -11 |
| 2025: Q4 | -0.32 | -128.60 | 30 | 629.30 | -331.00 | -13 | -13 |
| 2026: Q1 | -0.07 | 55.30 | 50 | 1,079.90 | 724.10 | -51 | -53 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Revenue rose in 2025 from $7.193 million to $50.731 million (+605 percent), and the first quarter of 2026 alone brought in $50.122 million — almost as much as the entire prior year and nearly twelve times the prior-year quarter ($4.248 million). It is carried by Ondas Autonomous Systems, which reached $49.751 million in 2025 after $5.261 million.
The reported profit of $361.250 million in the first quarter of 2026 (+$0.58 per share) stands against an operating loss of $42.671 million. It comes to the tune of $389.548 million from the remeasurement of warrants and $51.453 million from the deconsolidation of Ondas Networks. The same warrant entry cost $82.225 million in 2025 — the number follows the share price, not the business.
The share count rose from 105,730,826 (March 11, 2025) to 569,858,722 (July 23, 2026, prospectus supplement 424B7) — a factor of 5.39 in a little over sixteen months. On top of that come 305,637,672 potentially dilutive securities as of March 31, 2026; together roughly 875 million shares, and therefore more than the old ceiling of 800,000,000 would have allowed. That is precisely why stockholders raised it to 1,200,000,000 on May 28, 2026 — the remaining good 630 million free shares are newly created room, not a sign of restraint. The annual report states explicitly that further issues are possible without stockholder approval; stock-based compensation rose in 2025 from $1.265 million to $16.016 million.
The money raised really is in the bank: $1,026.003 million 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). Against the operating outflow of $51.298 million in the quarter, that lasts more than seven years on paper (our own calculation). There is no financing distress in the foreseeable future.
The largest liability is not a loan: $1,058.990 million of warrants, which is 77.9 percent of all liabilities of $1,359.055 million (our own calculation) and almost as much as the entire equity of $1,077.861 million — all as of March 31, 2026. On top of that, $381.838 million of goodwill from acquisitions as of the same date, after $251.809 million at December 31, 2025. The accumulated deficit shrank from $368.387 million to $5.438 million, but through an accounting entry, not through money earned.
Two customers accounted for roughly $27.8 million and $5.4 million of 2025 revenue, or 55 and 11 percent — two thirds of the year together. At the same time the eponymous Ondas Networks segment fell from $1.932 million to $0.980 million and delivered zero in the first quarter of 2026 after the deconsolidation. In practice all group revenue hangs on one segment and on a handful of buyers.
Ondas Inc. is the textbook case for how far a reported profit and the actual business can drift apart. Operationally the company really is growing: revenue from $7.193 million to $50.731 million, gross margin from 4.8 to 39.7 percent, and $50.122 million in the first quarter of 2026 alone. In that same quarter the operating line showed a minus of $42.671 million — the reported quarterly profit of $361.250 million, or $0.58 per share, comes to the tune of $389.548 million from the remeasurement of warrants, an entry that had cost $82.225 million in 2025. The growth was paid for with shares: from 105,730,826 (March 2025) to 569,858,722 (July 23, 2026) — and because the authorized ceiling of 800 million shares would no longer have been enough, stockholders raised it to 1.2 billion on May 28, 2026. The money, in return, really is in the bank — $1.485 billion as of March 31, 2026. Not investment advice.
- Ondas reached the research list not through a metrics scanner but through the Reddit hype scanner: rank 50, 10 mentions in 24 hours and 19 upvotes (ApeWisdom, list "all-stocks", as of July 25, 2026) — 24 hours earlier still rank 170 with 2 mentions. Attention is therefore climbing steeply right now; the ticker was first flagged on July 14, 2026. No price forecast can be derived from these numbers; they measure attention, not quality.
- The data basis consists of the annual reports (10-K) for 2024 and 2025 and the quarterly reports (10-Q) for the third quarter of 2025 and the first quarter of 2026, plus the filings after May 15, 2026: prospectus supplement 424B7 of July 24, 2026 (share count 569,858,722 as of July 23, 2026) and the current reports (8-K) of May 21, May 28 and July 6, 2026 (Omnisys, authorized capital, High Point UAS), and fundamental data as of July 25, 2026. Gross margins, growth rates, share-of-total and per-share calculations are computed by us from the published absolute figures and are marked as such in the text.
- Deliberately not used: a current market capitalization and any multiples derived from it. At Ondas the valuation of the warrant liability itself depends on the share price — a valuation "at today's price" would be circular. The only market value used is the cut-off value of the freely tradable shares of roughly $392 million as of June 30, 2025 per the cover page of the annual report.
About the Company
Ondas Inc. provides private wireless, drone, and automated data solutions in the United States and internationally. It operates through the Ondas Networks and Ondas Autonomous Systems segments. The company offers Counter-UAS (CUAS) and site protection systems, including iron drone raider, a fully autonomous interceptor drone system for neutralizing small hostile drones; sentrycs CoRF, Cyber/RF-based CUAS platform for detection, identification, tracking, and mitigation of unauthorized drones; optimus system, fully autonomous drone platform for continuous security, surveillance, and mission-critical data collection; 4M defense, supporting missions related to demining and clearing land of unexploded ordnance; roboteam, UGVs and tactical ground robotics; apeiro motion, autonomy and mobility software for robotic platforms, enhancing navigation and operational effectiveness; and loitering munition systems, is a one way drone for a variety of missions including ISR defense and strike. It also offers FullMAX Software-Defined Radio Platform, a patented SDR platform for secure, private, wide-area broadband networks, enabling mission-critical communications; software and hardware maintenance agreements, extended software and hardware maintenance contracts, including ongoing support, security upgrades, and feature enhancements; licensing/royalties, licensing of FullMAX software and technology for integration into partner hardware and software platforms; and ancillary services, wireless network design, systems engineering, radio frequency planning, software configuration, product training, installation, onsite support, and engineering/product development. It serves rail, electric utilities, oil and gas, public safety, government, and other industrial applications. The company was formerly known as Ondas Holdings Inc. and changed its name to Ondas Inc. in January 2026. Ondas Inc. was incorporated in 2014 and is headquartered in West Palm Beach, Florida.
| IPO Year | 2018 |
|---|
Chart
Interactive price chart (TradingView).
Data as of: July 25, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.