Ondas announced an Israeli attack-drone order with no price; Q3 revenue guided to $140 million to $155 million
The November 10 purchase order under Israel's Digital Bat attack-drone program carries no dollar figure, and the factories meant to build the drones sit inside two acquisitions that have not closed. Q3 results land November 12 with revenue guided to $140–155 million, the first test of whether the announcement cadence converts to cash.
Vincent Jiangthree-minute read
An order with no price on it
Ondas+3.59% — Ondas, up 3.59 percent today Inc. (Nasdaq: ONDS), the West Palm Beach company that has bought more than half a dozen defense businesses this year, said on November 10 that it received a purchase order under Digital Bat, the Israeli Ministry of Defense program for low-cost tactical attack drones 1. The release names no dollar value and no unit count, and its Airobotics subsidiary, which leads development, won the underlying tender in August described only as "multi-million-dollar" 13. Traders answered with a drop of nearly 9% to about $5.46 2. By late morning on November 11 the stock stood 4.2% higher at $5.81 4.
The factories are not Ondas's yet
Chairman and CEO Eric Brock framed the order as a step toward building "thousands of affordable, mission-ready systems" 1. The capacity to build them sits inside two deals that have not closed.
Aran Defense, agreed on August 18 for roughly $33 million in cash or stock, brings 4,400 square meters of Israeli machining and assembly floors and was originally slated to close in Q3 2026 5; the November 10 release now says Q4 1, and Zacks reports completion has not been confirmed 6.
Stemme, the German maker of the ULTRA surveillance airframe, was signed on November 5 in an all-cash deal of undisclosed price, closing no earlier than Q1 2027 67. The stock fell 9% that day too 7.
Thursday morning prices the announcements
Q3 results land before the open on November 12, with the call at 8:30 a.m 4. ET 4. Ondas guided revenue to $140–155 million against $83.8 million in Q2 69, a sequential jump of 67–85% that would set another record 12. Estimates cluster at a loss of 9 to 14 cents a share 68. The order book holds more than $270 million booked since June 30 6, the tally The Inference examined on October 10, while Q2 operating expenses ran $199 million and Q1 burned $51.3 million of operating cash 61112.
Hitting its own Q3 guide means nearly doubling Q2's record revenue
The Q3 guide of $140–155M sits 67–85% above Q2's record $83.8M
- Revenue
- Estimate
Data
| Revenue | |
|---|---|
| Q1 '25 | $4.25M |
| Q2 '25 | $6.27M |
| Q3 '25 | $10.1M |
| Q4 '25 | $30.11M |
| Q1 '26 | $50.12M |
| Q2 '26 | $83.77M |
| Q3 '26E (estimate) | $147.5M ($140–155M) |
Two camps hold the float. Shorts sit near 40% of it by Koyfin's count, and retail boards quote 44% 9. Insiders filed five sales and zero purchases in six months, Brock's 2,378,245 shares worth about $31.9 million among them; BlackRock+0.47% — BlackRock, up 0.47 percent today added 30.2 million shares in Q2 10.
What the order is worth
Not knowable yet: no filing discloses the purchase order's value, and neither factory deal has closed. Three dates decide it. November 12 shows whether the announcement cadence converts to revenue inside the guide 1. Q4 is the new promise for Aran 1. Q1 2027 brings Stemme 7. The tape has voted twice in three days; the income statement votes once, on Thursday morning.
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