| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 15 | — | 17.3x | Bottom tier | |
Growth | 99 | — | 7.1% | Top tier | |
Quality | 6 | — | 4.5% | Bottom tier | |
Safety | 31 | — | 2.6x | Bottom tier | |
Capital Return | 19 | 0.00% | 0.06% | Bottom tier | |
Momentum | 30 | 12.8% | -1.6% | Bottom tier | |
Sentiment | 38 | 3 | 3 | Bottom tier |
Ondas Holdings Inc. operates through the One Ondas platform, which brings together autonomous, defense, and security system technologies across four core markets: air security and counter-drone systems, persistent intelligence, surveillance, and reconnaissance, precision strike, and autonomous ground systems. The company generates revenue from selling systems and equipment, executing programs, and providing deployment capabilities, field support, and sustainment to defense, government, and industrial customers, while integrating software, artificial intelligence, and command and control across platforms such as Sentrycs, Airobotics, ULTRA, Stratollite, Iron Wave, and SkyWeaver.
In fiscal Q2 2026, Ondas recorded record revenue of $83.8 million, up 67% sequentially and more than 13 times year over year, while preliminary organic growth on a comparable portfolio basis was approximately 85%. Gross profit according to EDGAR data reached $36.1 million, equivalent to an accounting gross margin of approximately 43.1%, while management reported an adjusted gross margin of 50.4% compared with 51.5% in the previous quarter. Despite the revenue expansion, the company recorded a net loss of $88.4 million and an adjusted loss before interest, taxes, depreciation, and amortization of $51 million.
Growth was distributed across several businesses, with preliminary Sentrycs revenue rising 298% year over year, 4M revenue rising 258%, and Airobotics revenue rising 112%. The company’s activity was distributed across the four strategic segments, but precision strike and intelligence, surveillance, and reconnaissance together represented more than 70% of the backlog, according to the discussion on the call. By comparison, revenue for the full fiscal year 2025 was $50.7 million, with a net loss of $132.2 million, highlighting both the scale of the operational transformation and the difficulty of comparing the two periods.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $18.5, within a range of $17 to $22, with a consensus rating of “Buy”; the average is approximately 21% above the 52-week range high of $15.28, while the highest target exceeds that high by approximately 44%. No usable price-to-earnings ratio is available, and the wide 52-week range of $4.9 to $15.28 reflects the valuation’s sensitivity to the expected revenue surge on one hand and to operating losses and backlog execution risks on the other.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
Growth depends on converting a preliminary backlog of $757 million into revenue after the company booked $175 million in new orders in fiscal Q2 2026. Mistral is preparing for shipments associated with more than $240 million in orders under the U.S. Army’s unmanned offensive systems program, and the company also expects contributions from ULTRA, IonStrike, and INDO Earth. Accordingly, management raised its fiscal year 2026 revenue target to $525–550 million and set fiscal Q3 2026 guidance at $140–155 million.
The figures discussed on the call do not indicate that growth came from acquisitions alone, as preliminary organic growth on a comparable portfolio basis was approximately 85% in fiscal Q2 2026. Preliminary Sentrycs revenue rose 298% year over year, 4M revenue rose 258%, and Airobotics revenue rose 112%. Nevertheless, acquisitions remain a major part of the growth, and the company spent approximately $325 million on DZYNE and Cyberhawk during fiscal Q3 2026.
Management expects the Ondas Autonomous Systems and Ondas Sentinel platform to reach adjusted profitability before interest, taxes, depreciation, and amortization in fiscal Q4 2026. It expects Ondas Inc. to reach group-level adjusted profitability in fiscal Q4 2027. However, the company recorded an adjusted loss of $51 million and a net loss of $88.4 million in fiscal Q2 2026, so reaching the target depends on executing the substantial expected increase in revenue and gross profit.
Sentrycs provides Cyber-over-RF capabilities to detect and take control of drones within a multilayered defense system, and its preliminary revenue grew 298% year over year in fiscal Q2 2026. IonStrike is designed to intercept threats such as Shahed drones and swarms, and management expects commercial orders and volume deliveries to begin during the second half of fiscal year 2026. SkyWeaver, developed with Palantir, completed ground and flight testing before the August 13, 2026 call and aims to connect data, decision-making, and mission execution across Ondas’s aerial and ground platforms.
The clearest risk is executing the required revenue jump from $83.8 million in fiscal Q2 2026 to a range of $140–155 million in Q3, followed by an additional increase in Q4. This plan depends on the timing of production and delivery for major programs, and management acknowledged that the distribution of some unmanned offensive systems program shipments between quarters is difficult to determine. There are also supply chain challenges and expected margin pressure due to product mix and excess capacity at some acquired businesses.
The average price target is $18.5, with a low target of $17 and a high target of $22, and the analyst consensus is “Buy.” The average is approximately 21% above the 52-week range high of $15.28, illustrating that expectations assume substantial success in converting backlog into revenue. No usable price-to-earnings ratio is available because the company recorded a net loss of $88.4 million in fiscal Q2 2026 despite positive net income on a trailing twelve-month basis appearing in EDGAR data.