Key Highlights

• Ondas fell nearly 10% to close at $7.68 despite announcing more than $40 million in new June defense orders.

• A prospectus supplement registered on June 22 allows selling stockholders to offload more than 3.1 million shares.

• The company announced a boosted 2026 revenue target of at least $390 million and a $457 million pro forma backlog.

• A Lockheed Martin counter-drone partnership was announced alongside the defense order news.

Ondas (NASDAQ:ONDS), an autonomous systems and mission-critical connectivity company serving defense, rail, and industrial markets, closed at $7.68 on June 24, down nearly 10%, despite announcing more than $40 million in new June defense orders and a counter-drone partnership with Lockheed Martin, as the market focused on near-term supply dynamics rather than the positive order momentum.

The session's decline was driven by a prospectus supplement registered on June 22 that authorised selling stockholders from recent acquisitions to offload more than 3.1 million shares, creating significant near-term supply overhang that the positive order news was insufficient to overcome. Dilution risk from resale filings commonly weighs on share prices in the days immediately following registration, regardless of the operational news flow accompanying the period.

The company also provided a boosted 2026 revenue target of at least $390 million and reported a $457 million pro forma backlog, metrics that demonstrate the commercial momentum building across its autonomous systems portfolio. The Lockheed Martin partnership adds strategic credibility to Ondas's counter-drone positioning in a defense market where uncrewed aerial threat mitigation has become a priority procurement area.

Investors who can look past the near-term resale overhang will find a company presenting a meaningfully stronger order and backlog position than was evident at the start of the year.