Ondas reported a pro-forma backlog of $757 million as of June 30, 2026, reflecting the inclusion of the DZYNE and Cyberhawk acquisitions. The firm also disclosed cash and equivalents totaling $1.4 billion for the quarter.

The reported backlog stood at approximately $613 million as of June 30, 2026. The pro-forma figure accounts for the DZYNE and Cyberhawk acquisitions, both of which closed in Q3 2026.

What the Numbers Show

The divergence between the reported backlog ($613 million) and the pro-forma backlog ($757 million) highlights the immediate impact of recent M&A activity on Ondas' order visibility. The $144 million difference represents the backlog contributed by the DZYNE and Cyberhawk deals, which officially closed in the subsequent quarter (Q3 2026). This suggests that while current operational backlog is stable, future revenue streams are significantly bolstered by these strategic additions.

Financial Position

The strong cash position of $1.4 billion provides substantial liquidity relative to the reported backlog, indicating a robust balance sheet capable of supporting ongoing operations and potential further integration costs from the recent acquisitions.

Ondas Inc. (NASDAQ: ONDS) reports second quarter 2026 results, with the options market pricing in an 11.14% implied move that places approximately $634 million of market value at stake. This volatility metric sits in the middle of a five-stock watchlist spanning crypto infrastructure, communications, fintech, and space sectors, yet it represents a significant potential swing for the company.

Wall Street consensus expects a 7 cent per share loss on $67.71 million in revenue for the quarter. This compares to an 8 cent per share loss on $6.27 million in revenue during the same period last year. The company operates in two primary segments: selling and supporting FullMAX software-defined radio technology, and operating an autonomous-systems segment. Investors are focused on demand for communications equipment and the deployment cadence of these technologies.

Market Position and Analyst Views

Ondas carries a Buy consensus rating from analysts. The share price currently trades well below the 180-day average analyst price forecast. Recent analyst actions have been mixed: Roth Capital initiated coverage with a Buy rating in August, while Needham cut its price forecast in July.

The stock has declined 11.6% year-to-date in 2026. However, it trades 6.7% above the 200-day moving average, following a death cross where the 50-day moving average crossed below the 200-day in July. The shares are trading approximately 35% below the 52-week high of $15.28.

What the Numbers Show

The consensus estimates highlight a massive divergence between top-line growth and bottom-line performance. Revenue is expected to increase from $6.27 million to $67.71 million, a more than tenfold expansion. Despite this significant revenue ramp, the company is still projected to report a loss, albeit a narrower one (7 cents vs 8 cents per share). This suggests that costs are scaling rapidly alongside revenue, or that gross margins remain under pressure as the company expands its operations in software-defined radio and autonomous systems. The implied move of 11.14% reflects trader uncertainty about whether this revenue acceleration will translate into sustainable profitability or if the cost structure will continue to weigh on earnings.