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Ondas

ONDS on Nasdaq. Ondas sells drones, wireless networks, and mission systems to governments and industrial customers. Market value $4.2bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Technology stocks that passed both tests

This is not advice. Check the numbers below.

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Cash yield
past 12 months to June 2026
-4.1%low

For every $100 of what the whole company costs, it produced $-4.07 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 40 of 100. Price score: 21 of 100. Our list needs 70 on quality and 60 on price.

$7.41 a share, 50% above its 1-year low

Over the past year the price has ranged from $4.95 to $15.28.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.0
-0.0
-0.0
-0.0
-0.0
-0.2
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: a shortfall of $172 million in the past 12 months, a shortfall of $41 million in the year to December 2025.

Revenue
$3m$2m$16m$7m$51m
Operating margin
-618.3%-3266.0%-253.2%-481.1%-115.1%
Debt to equity
0.00n/an/a0.02n/a
Shares outstanding
0.04bn0.06bn0.08bn0.37bn0.57bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting checksSkipped: company is not yet profitable
  • DebtUnknown
  • Revenue growth, five yearsStrong, 88.0% a year
  • Buying back its own sharesNo, 1230% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $84 million last quarter, up 1235% on a year ago.
  • A loss of $88 million, compared with a loss of $11 million a year ago.
  • It loses 140 cents on each $1 of sales, compared with 228 cents a year earlier.
  • Over the past 12 months it spent $172 million more cash than it brought in, compared with $32 million a year earlier.
  • 234% more shares than a year ago. Each share owns a bit less of the company.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$1m
December 2024$4m
March 2025$4m
June 2025$6m
September 2025$10m
December 2025$30m
March 2026$50m
June 2026$84m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$10m
December 2024-$10m
March 2025-$14m
June 2025-$11m
September 2025-$7m
December 2025-$100m
March 2026$363m
June 2026-$88m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
30 March 2026
Next quarterly (estimated, 10-Q)
12 November 2026

Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 417 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

  • BlackRock, Inc.
    Passive investor
    7.2%
    Since 30 June 2026
  • Laurence E. Hirsch
    Passive investor
    at least 5.7%
    (filed with 4 related holders)
    Since 2 July 2026
  • 5.2%
    Since 30 June 2026
  • Joseph V. Popolo
    at least 5.0%−3.4 pts
    (filed with 1 related holder)
    Since 18 April 2025
    What they said

    Item 4 of the Original Schedule 13D is hereby amended and supplemented to add the following information: As a result of Popolo being nominated to serve as the U.S. Ambassador to the Kingdom of the Netherlands and pursuant to the ethics restrictions applicable to such office with…

    Read the filing
  • at least 4.2%−1.7 pts
    (filed with 1 related holder)
    Since 31 December 2025
  • JANE STREET GROUP, LLC
    Passive investor
    at least 3.1%−2.2 pts
    (filed with 3 related holders)
    Since 31 December 2025
  • Sold down below 5%
    Since 31 December 2025
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 6 sold $44m, $67,177 of it under preset trading plans.

  • LAIRD NEIL J
    CFO and Treasurer
    Sold
    Date
    24 September 2026
    Shares
    4,952
    Price
    $7.74
    Value
    $38,328
  • COHEN RICHARD M
    Director
    Sold
    under a preset trading plan
    Date
    18 August 2026
    Shares
    7,500
    Price
    $8.96
    Value
    $67,177
  • Brock Eric A
    Chairman, CEO and President, Director
    Sold
    Date
    2 June 2026
    Shares
    2,378,245
    Price
    $13.43
    Value
    $32m
  • COHEN RICHARD M
    Director
    Sold
    Date
    20 May 2026
    Shares
    7,500
    Price
    $9.50
    Value
    $71,250
  • Seidl Randy
    Director
    Sold
    Date
    19 May 2026
    Shares
    10,000
    Price
    $9.83
    Value
    $98,300
  • Brock Eric A
    Chairman, CEO and President, Director
    Sold
    Date
    31 December 2025
    Shares
    475,000
    Price
    $9.71
    Value
    $5m
  • SOOD JASPREET K
    Director
    Sold
    Date
    22 December 2025
    Shares
    29,698
    Price
    $9.48
    Value
    $281,537
  • Seidl Randy
    Director
    Sold
    Date
    22 December 2025
    Shares
    21,520
    Price
    $9.48
    Value
    $204,010
  • COHEN RICHARD M
    Director
    Sold
    Date
    22 December 2025
    Shares
    25,861
    Price
    $9.48
    Value
    $245,162
  • LAIRD NEIL J
    CFO, Secretary and Treasurer
    Sold
    Date
    22 December 2025
    Shares
    4,526
    Price
    $9.48
    Value
    $42,906

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 2 things worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 30 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 36 later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “Following an extensive evaluation process, on January 17, 2026, the Audit Committee of the Board of Directors (the “Audit Committee”) of Ondas Inc. (the “Company”) approved the dismissal of Rosenberg Rich Baker Berman, P.A. (“RRBB”) as the Company’s independent registered public accounting firm”

    From an 8-K filed 20 January 2026: Change of auditor. Read it in the filing

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 55% last year. Losing that customer would hurt.

    “During the year ended December 31, 2025, two customers accounted for approximately $27.8 million and $5.4 million of our revenue or approximately 55% and 11%, respectively.”

    From the 10-K filed 30 March 2026, Item 1. Business. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.