Ondas: Beyond The Dilution Headlines

Ondas: Beyond The Dilution Headlines

Ondas secured more than $220 million of new defense contracts within months, rapidly expanding across ISR, counter-UAS, and autonomous systems. The DZYNE acquisition adds a $1.5 billion pipeline, approximately a $111 million backlog, and management expects EBITDA positivity during 2026. Management increased 2026 revenue guidance by 25% to more than $525 million, while analysts forecast nearly $1 billion of revenue in 2027. Pro forma backlog is expected to reach approximately $663 million, improving revenue visibility through DZYNE and Cyberhawk while expanding higher-margin services. Despite nearly 90% expected revenue growth in 2027, Ondas trades at only 4.5x forward P/S, while roughly 40-44% of the float remains sold short.

Investment Thesis While the current debate about Ondas Holdings ( ONDS ) concerns itself with nothing other than dilution, I believe investors have missed out on looking at the bigger picture. Since my last coverage, ONDS