Ondas

ONDS · NASDAQ

$6.10+$0.04 (+0.66%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $6.06

ONDS analyst rating

BuyConsensus of 9 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy9
Hold0
Underperform0
Sell0

12-month price target · 11 analysts

Average $19.81 (+224.7% upside)

Low: $13.13
Now: $6.10
High: $26.25

Upgrades and downgrades

The latest rating actions, newest first

ONDS analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Citizens	Oct 5, 2026	Initiates	Market Outperform	$14.00	68%
Needham	Sep 14, 2026	Maintains	Buy	$19.00	16%
Ladenburg Thalmann	Aug 17, 2026	Maintains	Buy	$21.50 → $22.75	47%
Oppenheimer	Aug 14, 2026	Maintains	Outperform	$16.00 → $18.00	63%
Needham	Aug 14, 2026	Maintains	Buy	$19.00	16%
Roth Capital	Aug 11, 2026	Initiates	Buy	$13.00	48%
Needham	Jul 7, 2026	Maintains	Buy	$23.00 → $19.00	16%
Needham	May 19, 2026	Maintains	Buy	$23.00	16%
Northland Capital Markets	Mar 26, 2026	Maintains	Outperform	$16.00 → $18.00	35%
Needham	Mar 25, 2026	Maintains	Buy	$23.00	16%

The case for and against

Updated Oct 14, 2026

Bull case

Ondas is supported by a rapidly consolidating autonomous-systems platform built through more than 19 acquisitions since 2025, creating broader product breadth, customer access, and cross-selling opportunities across defense and commercial end markets. The company’s pro forma revenue base is scaling quickly, with about $757M of backlog as of F2Q26 and a model that grows revenue from $50.7M in FY25A to $1,496.4M in FY28E, while adjusted EBITDA is expected to improve from a loss of ($23.8M) in FY27E to a $128.4M profit in FY28E. Its ~80% non-U.S. revenue mix in F2Q26, ~45% revenue contribution from Israel, and ~$1.4B of cash and short-term investments provide both geographic diversification and funding for continued execution, despite integration and dilution risks.

Bear case

Ondas is viewed negatively because its growth story is highly dependent on execution-heavy acquisitions, with dilution already severe: two stock-and-warrant offerings left about 195M warrants outstanding against roughly 590M basic shares after the September 23 acquisition closings, and the share count has grown more than six-fold since the start of FY25. Its operating risk is also elevated because a significant portion of engineering and production sits in Israel, where hostilities since October 2023 have already disrupted revenue, while defense-driven demand remains cyclical, procurement can be lumpy, and competition from well-funded peers could pressure pricing and win rates. Although revenue is projected to rise from $50.7M in FY25A to $1,496.4M in FY28E, the company’s 43.1% gross margin in 1Q, ongoing cash burn, and capital-intensive scaling make the stock vulnerable if execution or integration slips.

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