Ondas shares drop 5% despite $270M in defense orders and acquisitions, lagging peers AeroVironment and Kratos.

Ondas has secured over $270 million in defense orders and acquired three businesses recently, yet its shares fell 5% and are down 29% year-to-date. This contrasts with peers AeroVironment and Kratos, whose stocks have declined less or risen, highlighting concerns about Ondas' ability to scale production and convert orders into revenue. Investors are watching Ondas' execution on deliveries, especially on a European loitering munition contract, and whether future acquisitions will be cash-funded to avoid share dilution. The gap between Ondas' order book and revenue remains the main risk for the company’s stock performance.

Ondas shares are trading at USD 6.86 on Pluang as of Oct 09, 2026 00:22 WIB, down 4.66% in the last day. The stock's market cap stands at $4.19 billion, reflecting ongoing investor caution despite recent defense orders. Ondas is near its 52-week low of $5.25, showing significant pressure compared to its 52-week high of $14.01.