Ondas Holdings Inc.
- Open
- 7.88
- Day high
- 7.93
- Day low
- 7.65
- Prev close
- 7.90
- Volume
- 28.4M
- Mkt cap
- $4.4B
- P/E (TTM)
- 79.6
- EPS (TTM)
- $0.10
- P/B
- 2.8
- P/S
- 25.1
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$67K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Ondas Holdings Inc. (ONDS) is a Technology company listed on NASDAQ. The stock is up 41% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 1 published research article covering ONDS.
Ondas Holdings Inc. (ONDS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ONDS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 13, 2026 | $-0.09 | $-0.19 | -111.1% | $84M | +23.2% |
| May 14, 2026 | $-0.03 | $0.77 | +2666.7% | $50M | +30.5% |
| Mar 25, 2026 | $-0.06 | $-0.39 | -550.0% | $30M | +8.2% |
| Nov 13, 2025 | $-0.04 | $-0.06 | -54.6% | $10M | +43.6% |
| Aug 12, 2025 | $-0.11 | $-0.08 | +27.3% | $6M | -9.4% |
| May 15, 2025 | $-0.11 | $-0.15 | -36.4% | $4M | -2.5% |
| Mar 12, 2025 | $-0.09 | $-0.14 | -55.6% | $4M | -26.4% |
| Aug 14, 2024 | $-0.17 | $-0.14 | +17.6% | $957851 | -23.4% |
| May 15, 2024 | $-0.16 | $-0.17 | -6.3% | $625009 | -83.4% |
| Nov 14, 2023 | $-0.16 | $-0.15 | +6.3% | $3M | -37.6% |
| Aug 14, 2023 | $-0.20 | $-0.18 | +10.0% | $5M | +28.1% |
| May 15, 2023 | $-0.30 | $-0.30 | +0.0% | $3M | +59.3% |
ONDS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 20, 2026 | COHEN RICHARD Mdirector | Sell | 7,500 | $8.96 |
| Aug 14, 2026 | SOOD JASPREET Kdirector | Option | 2,817 | — |
| Aug 14, 2026 | SOOD JASPREET Kdirector | Option | 6,482 | — |
| Aug 14, 2026 | SOOD JASPREET Kdirector | Tax | 3,345 | $9.30 |
| Aug 14, 2026 | Seidl Randydirector | Option | 2,817 | — |
| Aug 14, 2026 | Seidl Randydirector | Option | 6,482 | — |
| Aug 14, 2026 | LAIRD NEIL Jofficer: CFO and Treasurer | Tax | 4,988 | $9.30 |
| Aug 14, 2026 | LAIRD NEIL Jofficer: CFO and Treasurer | Option | 12,500 | — |
| Aug 14, 2026 | SOOD JASPREET Kdirector | Tax | 1,345 | $9.30 |
| Aug 14, 2026 | COHEN RICHARD Mdirector | Option | 6,482 | — |
| Aug 14, 2026 | COHEN RICHARD Mdirector | Tax | 3,356 | $9.30 |
| Aug 14, 2026 | COHEN RICHARD Mdirector | Option | 2,817 | — |
| Aug 14, 2026 | COHEN RICHARD Mdirector | Tax | 1,460 | $9.30 |
| Aug 14, 2026 | Huston Robert Patrickofficer: COO, GC & Secretary | Option | 8,334 | — |
| Aug 14, 2026 | Huston Robert Patrickofficer: COO, GC & Secretary | Tax | 4,301 | $9.30 |
Source: ONDS SEC Form 4 filings, latest Aug 20, 2026. For informational purposes only — not investment advice.
See the full ONDS insider & 13F page →Ondas Holdings Inc. company profile
Overview
Ondas Holdings Inc. (NASDAQ:ONDS) is a technology company founded in 2014 and publicly traded since December 2020. The company operates through two main subsidiaries providing specialized wireless communication and autonomous drone solutions for industrial and defense applications. Headquartered in Waltham, Massachusetts, Ondas has evolved from a wireless communications equipment provider into a diversified technology company serving critical infrastructure markets including rail transportation, energy, mining, agriculture, and defense sectors across the United States and internationally.
Business
Ondas Holdings operates in two distinct but complementary technology segments that serve mission-critical industrial applications. Ondas Networks develops and manufactures software-defined radio (SDR) platforms for wide-area broadband networks. Their flagship product, FullMAX, is an industrial-grade wireless communication system designed specifically for railroad operations. Software-defined radio is a communication technology where traditional hardware components are replaced by software that can be reconfigured for different communication protocols and frequencies. This makes the system highly flexible and upgradeable without replacing physical equipment. The FullMAX platform operates in the 900 MHz and 220 MHz spectrum bands and provides secure, reliable connectivity for railroad applications including positive train control (PTC) systems, which are federally mandated safety systems that prevent train collisions and derailments. This segment generates approximately 20-25% of total company revenue. Ondas Autonomous Systems (OAS), operating through American Robotics, provides automated drone solutions for surveillance, monitoring, and defense applications. Their primary products include the Optimus System, a "drone-in-a-box" solution that combines autonomous drones with ruggedized base stations for continuous, unattended operations, and the Iron Drone Raider, a counter-unmanned aircraft system (counter-UAS) designed for military and homeland security applications. The drone-in-a-box concept allows drones to operate autonomously for extended periods by automatically returning to charging stations, processing data, and uploading information to cloud systems without human intervention. The Iron Drone system can autonomously detect, track, and physically capture hostile drones using AI-powered software. This segment now represents approximately 75-80% of total company revenue and has become the primary growth driver.
Revenue model
Ondas generates revenue through direct product sales and system deployments across both business segments, with different customer bases and payment structures for each division. Ondas Networks operates on a traditional equipment sales model, selling FullMAX radio systems and related infrastructure to railroad operators, transit authorities, and system integrators like Siemens. Revenue comes from initial system sales, upgrades, and ongoing support services. The business benefits from long replacement cycles and regulatory requirements that mandate specific communication standards for railroad safety systems. Customers include major Class I railroads (the largest freight railroad companies in North America), regional transit authorities like Metra, and Amtrak. The railroad industry's transition from legacy communication systems to newer 900 MHz networks creates a substantial replacement market opportunity. Ondas Autonomous Systems generates revenue through direct sales of drone systems to government, military, and commercial customers. The Optimus systems are sold as complete packages including drones, base stations, and software, typically in fleet deployments ranging from 10-100 units per customer. Iron Drone systems command premium pricing due to their specialized military applications, with gross margins exceeding 50%. Key customers include Middle Eastern governments, U.S. military branches, homeland security agencies, and commercial entities in oil & gas, mining, and critical infrastructure sectors. The business model benefits from high switching costs once systems are deployed and integrated into customer operations. Factors that could increase margins include economies of scale in manufacturing, premium pricing for specialized defense applications, and recurring revenue from software subscriptions and support services. Margin pressures could arise from component cost inflation, increased competition in the commercial drone market, pricing pressure from large government contracts, and the need for continuous R&D investment to maintain technological advantages in rapidly evolving markets.
Competitive moat
Ondas Holdings possesses moderate competitive advantages that vary significantly between its two business segments, though neither represents an exceptionally strong economic moat. Ondas Networks benefits from regulatory barriers and switching costs within the railroad industry. The company's FullMAX platform is built on the IEEE 802.16 standard (also known as WiMAX), which has been formally selected by the Association of American Railroads (AAR) as the communications protocol for 900 MHz railroad networks. This regulatory endorsement creates a significant advantage, as railroads must comply with federal mandates requiring migration from legacy systems by 2025-2026. The specialized nature of railroad communications, combined with stringent safety requirements and long replacement cycles, creates high switching costs for customers. However, this moat is somewhat limited by the presence of established competitors and the relatively small total addressable market within the railroad industry. Ondas Autonomous Systems operates in a more competitive and rapidly evolving market with weaker moat characteristics. While the company has achieved FAA Type Certification for its Optimus drone system and developed proprietary autonomous capture technology for its Iron Drone platform, these advantages face significant competitive threats. The drone industry includes well-funded competitors like Skydio and DJI, along with numerous defense contractors developing similar counter-UAS solutions. The company's competitive position relies primarily on technological differentiation, customer relationships, and first-mover advantages in specific applications rather than sustainable structural barriers. The most significant competitive threat comes from larger, better-capitalized technology companies and defense contractors who could develop competing solutions or acquire smaller players in the space. Additionally, rapidly evolving technology in AI, battery systems, and drone hardware could potentially obsolete current product advantages relatively quickly.
Risks & safety
The company presents significant financial risks with limited margin of safety based on current fundamentals. • Liquidity concerns: Cash position of $25.4 million as of Q1 2025, but burning approximately $6-8 million per quarter in operating cash flow, providing roughly 3-4 quarters of runway at current burn rate • Debt and solvency: Current ratio of 0.86 indicates current liabilities exceed current assets; debt-to-equity ratio of 1.62 shows moderate leverage; company has relied on convertible note financing and working capital facilities • Valuation metrics: Trading at negative P/E due to losses; EV/EBITDA of -4.3x reflects negative EBITDA; price-to-book ratio of 4.3x appears elevated given financial performance • Profitability: Consistent operating losses with EBITDA losses of $7.6 million in Q1 2025; gross margins improving but still challenged by low revenue base and high fixed costs • Revenue concentration: Heavy dependence on OAS segment which, while growing rapidly, serves volatile government and defense markets subject to budget cycles and geopolitical factors
Recent development
Over the past two years, Ondas has undergone a significant strategic transformation, evolving from primarily a railroad communications company to a defense and autonomous systems focused enterprise. The most notable development has been the dramatic growth of the Ondas Autonomous Systems segment, which expanded from less than $1 million in revenue in 2022 to over $20 million projected for 2025. Key strategic developments include securing major defense contracts totaling over $14 million for Iron Drone Raider and Optimus systems, primarily from Middle Eastern military customers and U.S. homeland security agencies. The company established a strategic partnership with Palantir Technologies to integrate AI capabilities into their drone platforms, potentially enhancing their competitive position in the defense market. Geographic expansion has been substantial, with successful deployments in Dubai, UAE, and expansion into European markets through their Iron Drone Demo team. On the Ondas Networks side, the company achieved a significant milestone with the formal selection of their IEEE 802.16 technology as the standard for 900 MHz railroad networks, creating a substantial market opportunity as railroads must migrate from legacy systems by 2025-2026. Recent organizational changes include appointing co-CEOs for each business segment, reflecting the company's dual-focus strategy. The company has also been working to scale manufacturing capabilities and establish supply chain partnerships to meet growing demand, particularly for defense applications where margins exceed 50%.
ONDS company profile · for informational purposes only — not investment advice.
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