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Ondas pivots to defense with $1.4B cash, $757M backlog, aiming $1B run rate by 2026

Analyst Insights
12 Oct 2026
Seeking Alpha
View Source
Bullish
Ondas pivots to defense with $1.4B cash, $757M backlog, aiming $1B run rate by 2026

Ondas Inc. has transformed into a leading defense contractor, holding $1.4 billion in cash, a $757 million backlog, and an $11 billion project pipeline. The company targets revenues of $525 million to $550 million by 2026 and expects to reach a $1 billion annual run rate by the end of that year. Ondas also aims for adjusted EBITDA profitability at the operating platform level by Q4 2026. Despite heavy share dilution increasing the share count from 93 million to 590 million, the strong balance sheet and high short interest could lead to a significant stock re-rating if the company meets its guidance.

Ondas Inc. shows a market cap of $3.92 billion and an enterprise value of $2.55 billion on Pluang as of Oct 12, 2026, 20:01 WIB. The stock price stands at USD 7.05, up 4.75% on the day, with a high trading volume of over 37 million shares. This active trading and strong valuation highlight investor interest in the company’s growth prospects and financial strength.

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