Ondas Holdings Inc. ONDS

The business

Ondas Holdings runs two segments. Ondas Networks is the legacy private-wireless business selling the FullMAX software-defined radio platform into rail, energy, and critical-infrastructure customers. Ondas Autonomous Systems is the defense-robotics franchise built by acquisition: the Optimus airborne security drone, the Iron Drone counter-UAS interceptor, and the ScoutBase ground autonomous platform, with an in-progress Israeli AI orchestration layer meant to tie sensors, drones, and ground assets into one battlefield-management system. The engine doing essentially all of the work today is Ondas Autonomous Systems; counter-UAS and Optimus drove the revenue step from $7.2M in FY2024 to $50.7M in FY2025, with management citing counter-UAS as the largest near-term demand driver. A clean segment revenue split is not disclosed in the data available, so the concentration is named by direction, not a precise percentage.

The qualitative fact the financials understate is that this is an equity-funded growth machine, and the funding has accelerated hard. Shares outstanding went from 69.9M at year-end 2024 to a 221.8M weighted average across FY2025, and the latest 10-Q shows 514.5M shares outstanding, with a Q1 2026 diluted count of 461.7M. That issuance raised about $862M of stock proceeds in FY2025 and funded $207M of acquisitions plus the cash and investment portfolio. The Q1 2026 net income of $363M is not earnings; it is dominated by non-operating gains on securities held in that portfolio. The recurring operational read is the $50.1M of revenue and the negative $42.7M of operating income, not the headline EPS.