Ondas Inc.

Ondas Inc.

Ondas is a US-listed autonomous systems company headquartered in West Palm Beach, Florida. It was named Ondas Holdings Inc. until January 2026, when it filed a name change to Ondas Inc. and moved its head office to Florida. Almost everything it now sells was bought rather than built: the company has spent the past two years acquiring drone, counter-drone, stratospheric and inspection businesses and consolidating them under Ondas Autonomous Systems.

The original business — Ondas Networks, a software-defined wireless broadband company built around the FullMAX platform for rail and utility networks — was deconsolidated on 16 January 2026 following a capital restructuring, producing a one-time non-cash gain of $51.5 million. It no longer appears in Ondas’ consolidated results, so the “industrial wireless plus drones” framing that described this company through 2025 no longer describes it.

What it owns

American Robotics and Airobotics — the Optimus automated drone-in-a-box system, which Ondas says is cleared for federal procurement via the DCMA Blue UAS list.

Sentrycs — an Israeli counter-UAS business acquired in late 2025, using protocol manipulation rather than jamming. Ondas says it has roughly 200 deployments across more than 25 countries; 2026 work has included venues at the FIFA World Cup and NFL home games.

DZYNE Technologies — long-endurance autonomous aircraft, counter-drone systems and autonomous effects. Acquired for $875.8 million ($200 million cash and roughly $675 million in stock), closed 2 July 2026.

World View — stratospheric balloon platforms for persistent ISR.

Cyberhawk — drone-enabled infrastructure inspection and asset-intelligence software, closed 10 August 2026.

DZYNE and World View were folded into a new US defense division, Ondas Sentinel, announced 6 July 2026.

Business and financial position

Full-year 2025 revenue was $50.7 million, against $7.2 million in 2024, with a net loss of $133.4 million that included an $82.2 million non-cash warrant charge. Growth then accelerated sharply: $50.1 million in the first quarter of 2026 and $83.8 million in the second, at a 43.1% gross margin.

Profitability has not followed. The quarter ended 30 June 2026 carried a net loss of $88.6 million attributable to Ondas stockholders and an adjusted EBITDA loss of $50.6 million. Backlog was roughly $613 million reported and $757 million pro forma for DZYNE and Cyberhawk, on about $175 million of new orders in the quarter. Cash, equivalents, restricted cash and short-term investments stood at roughly $1.4 billion, after about $960 million of net proceeds raised in January 2026.

Management has guided to $525–550 million of 2026 revenue and $140–155 million for the third quarter, and says it expects EBITDA profitability at the operating-platform level by the fourth quarter of 2026 and company-wide by the fourth quarter of 2027. Those are targets, not results.

Why it matters

Ondas is the most aggressive roll-up in the listed drone sector, and the balance sheet — not the growth rate — is what makes the strategy available. It is buying position in counter-UAS and defense autonomy faster than it could build it, and it has the cash to absorb losses while doing so.

The risks are the ordinary ones for a roll-up, and they are all still open. Full-year guidance implies a heavily back-loaded year that depends on acquired businesses consolidating on schedule. An EBITDA loss of $50.6 million on $83.8 million of revenue means the incremental dollar does not yet pay for itself. And the growth headline flatters: pro-forma organic growth was reported at 85% year on year, a real number, but a different one from the thirteen-fold figure in the release.