ONDS stock has climbed 260.8% over the past year, yet it has fallen 42% in the past six months. That split leaves Ondas Inc. investors weighing a strong long-term run against a sharp recent pullback while the company keeps leaning on revenue growth, acquisitions and a bigger pipeline.
Ondas Inc. Growth Meets Selling
The contrast is stark. Ondas shares outpaced the Wireless National industry, which rose 109.7% over the same period, and also beat the 37.6% rise in the S&P 500 composite and the 25.6% gain in the Zacks Computer and Technology sector. Over the last six months, though, the stock has given back 42% of that move.
The company’s latest quarter helps explain why the long-term story stayed intact. Ondas reported first-quarter 2026 revenue of more than $50.1 million, a tenfold increase from a year earlier, and said that figure was more than 25% above the high end of its prior target. It was also nearly equal to total revenue for full-year 2025.
World View and Mistral
Ondas followed that quarter by lifting its full-year 2026 revenue forecast to at least $390 million from at least $375 million. On that math, the new target adds roughly 4% to the prior one and points to roughly 670% year-over-year growth. The company also said it reached product company-level EBITDA profitability two quarters ahead of its internal plan.
The growth case is not built on revenue alone. Ondas said backlog rose to approximately $457 million after the World View and Mistral acquisitions, and it put its pipeline at about $4.3 billion. It also said it has more than 45 active submissions and strategic programs with combined potential exceeding $1.6 billion.
IRON-WAVE and SkyWeaver
Those figures point to a business that is still expanding across multiple programs. Ondas introduced the IRON-WAVE multi-layered robotic platform and is developing SkyWeaver through its partnership with Palantir. It also launched the ONBERG joint venture in Germany, adding another piece to the Core + Strategic Growth strategy.
For investors, the stock action leaves a simple test: whether the recent six-month slide is a pause inside a larger rerating or a warning that the market wants harder proof after the revenue spike. The next benchmark is already set by Ondas itself — at least $390 million in full-year 2026 revenue — and the stock will keep trading against that target until the company closes the gap between the growth story and the share-price trend.
