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Ondas Q2 revenue soars 13x YoY, backlog hits $757M, but share dilution raises concerns

Company Fundamentals
24 Aug 2026
Seeking Alpha
View Source
Neutral
pluang ai news

Ondas reported a remarkable second quarter with revenue increasing over thirteen times compared to the previous year and a pro forma backlog reaching $757 million. The company benefits from significant defense contracts, involvement in a major U.S. drone procurement cycle, and an expanded product lineup due to acquisitions. However, concerns remain about the value per share as the share count has risen quickly, adjusted EBITDA losses have widened, and a large number of additional shares are expected in 2027. The stock is rated Hold with a valuation of $9.50, with more interest expected if the price drops near $7 or if revenue growth outpaces operating costs.

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