NEW YORK, July 30, 2026, 2:04 p.m. EDT — Shares of Ondas (NASDAQ:ONDS) surged 9.5% to $7.45 in afternoon trading, touching an intraday high of $7.48, following DZYNE's issuance that altered BlackRock's (NYSE:BLK) ownership in the company. The advance came after BlackRock disclosed a 7.2% holding, representing approximately 38.13 million shares as of June 30, and Ondas announced its second-quarter earnings date.
BlackRock's filing under Rule 13d-1(b) indicates a passive stake without control intent. However, two days after the disclosure, Ondas issued nearly 40 million DZYNE shares, diluting BlackRock's implied stake to about 6.69% based on the current total of 569.86 million shares. The market value of BlackRock's holdings stands near $284 million, assuming no trades since June 30. An additional 45 million DZYNE shares are scheduled for issuance on January 4, 2027, which would further dilute the stake to approximately 6.20% if BlackRock maintains its position.
Earnings and Revenue Targets
Ondas is set to release its second-quarter earnings on August 13 at 8:30 a.m. EDT, covering the period ended June 30. The DZYNE acquisition closed on July 2, meaning its revenue will not be included in the Q2 report. The company has raised its 2026 sales target to at least $525 million, factoring in contributions from DZYNE and Omnisys but excluding Cyberhawk. These projections, based on management estimates, are unaudited.
First-quarter revenue reached $50.1 million, leaving a shortfall of $474.9 million for the remainder of the year. To meet the annual target, Ondas must achieve an average of $158.3 million per quarter in Q2 through Q4 — 3.16 times the Q1 figure. Early DZYNE projections highlight the importance of the second half, with the unit expected to generate $191 million in 2026, surpassing $300 million in 2027, and a backlog of $111 million.
Market Performance and Valuation
Ondas led gains among autonomous-defense peers on Thursday, outperforming AeroVironment (NASDAQ:AVAV), which rose 2.3%, Kratos Defense & Security Solutions (NASDAQ:KTOS), up 3.5%, and Red Cat Holdings (NASDAQ:RCAT), which added 7.5%. Based on the current share price, the equity value stands at $4.24 billion. Including the January share block, the pro forma equity value rises to $4.58 billion, pushing the price-to-sales multiple from 8.1 times to 8.7 times.
CEO Eric Brock highlighted strong demand, noting $70 million in new orders over a four-week period, describing it as “a strong demonstration of our execution.” Delivery timelines were not provided, but the order surge underscores the focus on converting a substantial backlog into revenue.
Risks and Financial Outlook
Ondas faces integration challenges from multiple acquisitions, along with an increased share count and expenses. The company reported an operating loss of $42.7 million for Q1 and an adjusted EBITDA loss of $10.9 million, with management forecasting higher losses in Q2. The upcoming earnings report on August 13 will be critical in assessing whether pre-DZYNE revenue growth is accelerating enough to meet ambitious targets.
BlackRock's filing indicates a significant passive stake, but the present holding remains below the stated 7.2% due to dilution. The market will watch closely for any further ownership changes as Ondas navigates its growth trajectory.
