The acquisition fundamentally transforms Ondas into a scaled autonomous defense platform with meaningful revenue and EBITDA. Watch for integration execution, conversion of the $1.5B pipeline and $111M backlog, and the upcoming financial statements (due within 71 days) which will provide the first combined financial picture. The six-month lock-up on >50% of stock consideration limits near-term overhang, but the 85M shares issued represent ~16% dilution on the pre-deal 529.8M shares outstanding.
Price Chart
Executive Summary
Ondas completed the acquisition of DZYNE Technologies for $875M ($200M cash + 85M shares), creating a combined autonomous defense platform spanning ISR, counter-UAS, and autonomous effects. DZYNE is expected to generate $191M revenue in 2026 and >$300M in 2027 with 80%+ CAGR and positive EBITDA, prompting Ondas to raise its 2026 revenue target to at least $525M.
Key Financial Metrics
Key Facts
- Total consideration of $875M: $200M cash plus 85M shares of Ondas common stock
- 39,999,998 immediate shares and 44,999,998 deferred locked-up shares (delivered Jan 4, 2027)
- Over 50% of stock consideration subject to six-month lock-up
- DZYNE 2026F revenue of $191M, 2027F >$300M, 80%+ revenue CAGR 2025-2028
- DZYNE EBITDA positive in 2026, mid-teens EBITDA margin in 2027, mid-20% by 2028
- Ondas raised 2026 revenue target to at least $525M from prior $390M
- DZYNE adds 377 employees (119 engineers), 145,000 sq ft manufacturing, $1.5B 3-year pipeline, $111M backlog as of June 30, 2026
- Ondas formed Ondas Sentinel operating division combining DZYNE and World View
- DZYNE shareholders led by Highlander Partners will own ~13.8% of Ondas outstanding shares
- Inducement grants of 500,000 RSUs and 1,500,000 stock options at $7.92/share to 255 new employees
Financial Impact
Transformative acquisition valued at $875M total consideration ($200M cash + ~$675M in stock). DZYNE adds $191M in 2026 revenue and >$300M in 2027, with positive EBITDA and mid-teens to mid-20% EBITDA margins. Ondas raised full-year 2026 revenue target to at least $525M.
Risk Factors
- Integration risk combining DZYNE, World View, and prior acquisitions into Ondas Sentinel
- Execution risk on aggressive growth targets (80%+ CAGR, $300M+ 2027 revenue)
- Dilution from 85M shares issued (~16% of pre-deal outstanding)
- Potential overhang when lock-up expires in January 2027 (or earlier if stock price triggers extension)
- Reliance on U.S. defense spending and government contract awards
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-075227 |
| Document: ea029670201ex10-1.htm | 0001213900-26-075227 |
| Document: ea029670201ex99-2.htm | 0001213900-26-075227 |
| Document: ea0296702-8k_ondas.htm | 0001213900-26-075227 |
| Document: ea029670201ex99-3.htm | 0001213900-26-075227 |
| Document: ea029670201ex5-1.htm | 0001213900-26-075227 |
| Document: ea029670201ex99-1.htm | 0001213900-26-075227 |
| Document: 0001213900-26-075227-index-headers.html | 0001213900-26-075227 |
| Document: 0001213900-26-075227-index.html | 0001213900-26-075227 |
| Document: 0001213900-26-075227.txt | 0001213900-26-075227 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 8-K | $7.23 $7.38 | ▲ +2.07% | ▲ +1.97% | $7.24 (+0.14%) |
Aug 15, 2026 6w ago | 144 | $9.00 $8.24 | ▼ −8.44% | ▼ −7.25% | $7.24 (−19.56%) |
Aug 15, 2026 6w ago | 144 | $9.00 $8.24 | ▼ −8.44% | ▼ −7.25% | $7.24 (−19.56%) |
Aug 13, 2026 7w ago | 8-K | $8.91 $8.38 | ▼ −5.95% | ▼ −3.98% | $7.24 (−18.74%) |
Aug 10, 2026 7w ago | 8-K | $9.31 $9.00 | ▼ −3.33% | ▼ −3.28% | $7.24 (−22.23%) |
Jul 24, 2026 10w ago | 8-K | $8.02 $7.49 | ▼ −6.61% | ▼ −7.68% | $7.24 (−9.73%) |
Jul 6, 2026 12w ago | 8-K | $7.82 $7.26 | ▼ −7.16% | ▼ −7.65% | $7.24 (−7.42%) |
Jun 26, 2026 14w ago | 8-K | $7.83 $7.41 | ▼ −5.36% | ▼ −7.53% | $7.24 (−7.54%) |
Jun 18, 2026 15w ago | 8-K | $9.27 $7.68 | ▼ −17.21% | ▼ −15.54% | $7.24 (−21.90%) |
Jun 11, 2026 16w ago | Institutional Cluster | $9.83 $9.12 | ▼ −7.22% | ▼ −7.66% | $7.24 (−26.35%) |
US Market Status
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