Ondas Inc. (NASDAQ:ONDS) saw its stock climb 3.4% to $8.295 by late morning Tuesday, with trading volume of 28.2 million shares and an intraday range of $8.15 to $8.80. The move came as investors weighed a significant resale registration against a surge in defense-related orders.
Resale Registration Details
A June 26 SEC filing registered 3,378,084 shares for resale by selling stockholders tied to the acquisitions of Omnisys and World View. Ondas will not receive any proceeds from these sales. The filing uses a share count of 526,540,758, meaning the resale block represents approximately 0.64% of outstanding shares. At Tuesday's price, the block is valued at roughly $28 million.
Importantly, the registration includes selling restrictions: Omnisys sellers face a 15% daily volume cap based on 10-day average volume, while certain World View sellers have a 5% daily cap for six months. These limits help mitigate immediate selling pressure.
Defense Orders Drive Sentiment
The supply test comes amid a strong order backdrop. Ondas announced on June 22 that it had secured more than $40 million in June orders for autonomous defense systems, pushing second-quarter-to-date order activity above $150 million. CEO Eric Brock stated, "Counter-UAS has become an urgent priority" for governments worldwide.
First-quarter revenue reached $50.1 million, a tenfold increase year-over-year. The company raised its 2026 revenue target to at least $390 million, with a pro forma backlog of $457 million, up sharply from $68.3 million at end-2025.
Valuation and Peer Comparison
Based on the SEC share count and Tuesday's price, Ondas has an implied equity value of about $4.37 billion, approximately 11.2 times its 2026 revenue target and 9.6 times Q1 pro forma backlog. The company also holds $1.48 billion in cash and short-term investments.
In morning trading, Ondas lagged some defense-tech peers. AeroVironment (AVAV) surged 18.6%, Kratos Defense (KTOS) gained 5.5%, and Red Cat Holdings (RCAT) rose 5.1%. Lockheed Martin (LMT), a recent partner through Ondas' Sentrycs unit, edged up 0.6%.
Recent Developments
On June 23, Ondas announced that Sentrycs would integrate its Cyber-over-RF technology into Lockheed Martin's Sanctum counter-drone platform. Additionally, Ondas agreed to acquire Cyberhawk for about $125 million, with 95% of the purchase price in cash. Cyberhawk brings over 300 customers, operations in 40 countries, and more than $45 million in forecast revenue for the fiscal year ending March 2027.
Analyst targets remain well above the current price. Google Finance shows seven buy ratings with an average 12-month target of $20.14 (range $16-$25). Needham's Austin Bohlig maintains a buy with a $23 target, while Northland's Michael Latimore rates it buy with an $18 target.
