# Ondas Inc. (ONDS)

> Source: Nexqual · https://nexqual.com/ONDS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Ondas Inc. (ONDS), nexqual.com/ONDS" · informational, not investment advice.

**Price:** USD 6.02 (-3.99% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 6.27 · day 5.89–6.34 · 52w 4.95–15.28 · market cap $3.51B · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $174M, net income $167M (96.0% margin), free cash flow -$172M (SEC filings).
- Valuation: P/E 21.0x, net cash $1.38B.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $32.2M; 4 not under a Rule 10b5-1 plan ($32.1M); 3 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.70 on a 1–5 scale) (10 analysts), mean target USD 18.88 (range 13–25).
- Total return with dividends: 1Y -14.7% vs S&P 500 +14.9%; 5Y -29.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-12, EPS estimate USD -0.09, revenue estimate $148M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.9M | $2.1M | $15.7M | $7.2M | $50.7M | $174M |
| Gross profit | $1.1M | $1.1M | $6.4M | $345K | $20.2M | — |
| Operating income | -$18.0M | -$69.4M | -$39.7M | -$34.6M | -$58.4M | -$244M |
| Net income | -$15.0M | -$73.2M | -$44.8M | -$38.0M | -$132M | $167M |
| EPS (diluted) | -$0.44 | -$1.73 | -$0.88 | -$0.61 | -$0.62 | — |
| Free cash flow | -$17.8M | -$40.8M | -$34.2M | -$35.1M | -$40.8M | -$172M |
| Gross margin | 37.7% | 52.2% | 40.7% | 4.8% | 39.7% | — |
| Operating margin | -618.3% | -3266.0% | -253.2% | -481.1% | -115.1% | -140.4% |
| Net margin | -516.9% | -3445.3% | -285.8% | -528.4% | -260.7% | 96.0% |
| Revenue growth | +34.3% | -26.9% | +638.1% | -54.2% | +605.3% | — |
| Cash + short-term investments | $40.8M | $29.8M | $15.0M | $30.0M | $572M | — |
| Total debt | $300K | $14.2M | $2.8M | $300K | $3.8M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 21.0x · P/S 20.1x · EV/Sales 12.2x · P/B 2.2x · FCF yield -4.90% · Earnings yield 4.77% · Net cash $1.38B · EV $2.12B

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-24 | Laird Neil J | CFO and Treasurer | 4,952 | $38K | 9.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-18 | Cohen Richard M | Director | 7,500 | $67K | 2.8% | Yes (adopted May 19, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-02 | Brock Eric A | Chairman, CEO and President | 2,378,245 | $31.9M | 33.4% | No | Too little history (no open-market trades in 2023) |
| 2026-05-20 | Cohen Richard M | Director | 7,500 | $71K | 2.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-19 | Seidl Randy | Director | 10,000 | $98K | 3.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.70 on a 1–5 scale), 10 analysts; mean target USD 18.88 (low 13, high 25).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-05 | Citizens | Initiated | Market Outperform | $14 |
| 2026-09-14 | Needham | Reiterated | Buy | $19 |
| 2026-08-17 | Ladenburg Thalmann | Target raised | Buy | $21.5 → $22.75 |
| 2026-08-14 | Oppenheimer | Target raised | Outperform | $16 → $18 |
| 2026-08-14 | Needham | Reiterated | Buy | $19 |
| 2026-08-11 | Roth Capital | Initiated | Buy | $13 |
| 2026-07-07 | Needham | Target lowered | Buy | $23 → $19 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -14.7% | -29.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -14.8% | -6.8% |
| Volatility (annualized) | 105.4% | 111.2% |
| Max drawdown | -57.0% (Jan 2026→Oct 2026) | -96.4% (Nov 2021→Oct 2023) |

## Peers (Communication Equipment)
BDC (Belden Inc) USD 103.46 -4.01% · EXTR (Extreme Networks, Inc.) USD 22.04 -2.22% · DGII (Digi International Inc.) USD 72.8 -3.32% · AAOI (Applied Optoelectronics, Inc.) USD 68.07 -11.96% · TSAT (Telesat Corporation) USD 40.4 -4.33% · VIAV (Viavi Solutions Inc.) USD 30.3 -14.38%

## More
Full page: https://nexqual.com/ONDS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ONDS's own 10-K filed 2026-03-30 (https://www.sec.gov/Archives/edgar/data/1646188/000121390026035981/ea0282911-10k_ondas.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Ondas Autonomous Systems | "of our business, particularly through our OAS segment, involves sales to government customers, including defense, homeland security, and" |
| Partner | Palantir (PLTR) | "entered a strategic partnership between Palantir, the Company and World View." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product Revenue | $43.4M | 51.9% | +1105.2% |
| Service Revenue | $23.6M | 28.2% | +845.6% |
| Development Revenue | $16.7M | 20.0% | +9622.7% |
| Total revenue | $83.8M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Israel | $37.5M | 44.7% | +2875.4% |
| Europe | $19.4M | 23.1% | +523.1% |
| North America | $17.3M | 20.6% | +12330.2% |
| Africa | $4.3M | 5.1% | — |
| Asia | $2.6M | 3.1% | +6367.5% |
| United Arab Emirates | $1.5M | 1.8% | -10.6% |
| Other Countries | $1.3M | 1.5% | — |
| Total revenue | $83.8M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 40% of revenue from unnamed direct customers (10-Q, filed 2026-08-13).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.09 | $-0.05 | +80.0% | $148.0M | 1 |
| Next quarter (ends 2026-12-31) | $-0.07 | $-0.02 | +250.0% | $254.8M | 1 |
| Current fiscal year (ends 2026-12-31) | $-0.21 | $-0.14 | +50.0% | $536.7M | 1 |
| Next fiscal year (ends 2027-12-31) | $-0.02 | $-0.05 | -60.0% | $1.01B | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-13 (includes earnings 2026-11-12): ±16.9%; earnings reaction alone ±8.1%; last 8 reports averaged ±10%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 71.5% | ±8.5% |
| 2026-11-06 | 14 | 77.4% | ±12.5% |
| 2026-11-13 | 21 | 86.1% | ±16.9% |
| 2026-11-20 | 28 | 86.0% | ±19.3% |
| 2026-11-27 | 35 | 78.0% | ±19.4% |
| 2026-12-04 | 42 | 100.3% | ±27.2% |
| 2026-12-18 | 56 | 77.1% | ±24.1% |
| 2027-01-15 | 84 | 74.2% | ±28.2% |