PodcastThe Deep End: Stock and Earnings Analysis from Futurum EquitiesOctober 19, 2026
Ondas Is Building the Next Anduril With 20 Acquisitions in 2 Years
Ondas built a broad defense-autonomy platform via 20 acquisitions and heavy dilution, but must still prove the pieces work as one company.
- Revenue transformation: Ondas went from $7M revenue two years ago to a guided $525-550M this year, mostly via 20 acquisitions in under two years (19 deals in nine months per hosts).
- Massive dilution: Share count rose from ~106M (March 2025) to ~571M (August 2026) after raising $1.8B in capital; enterprise value sits near $2.4-2.5B.
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