ONDS Ondas Inc - Common Stock
NASDAQ · Communications · View on SEC EDGAR ↗ 10-K/10-Q Aug 13, 2026
$6.65
· of 52w range
· above low
· to high
$4.9552w low
$15.2852w high
Market Cap (MRQ)
$3.52B
P/E (TTM)
-332.5
EPS (TTM)
$-0.02
Revenue (TTM)
$174M
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52W Range
$5–$15
Analyst Rating
BUY
Price Target
$19
P/E
-332.5
ROE
20.1%
Net Profit Margin
96.0%
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ONDS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$6.65
Market Cap (MRQ)
$3.52B
P/E (TTM)
-332.5
EPS (TTM)
$-0.02
Revenue (TTM)
$174M
ROE (TTM)
20.1%
Debt/Equity
0.0
52W Range
$5–$15
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$51M2019-12-31 → 2025-12-31
EPS$-0.622021-12-31 → 2025-12-31
Free Cash Flow$-41M2019-12-31 → 2025-12-31
Net margin96.0%2019-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | ONDS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -332.55Y avg ≈-7.2 | ≈-7.2 | · | · | |
| P/S (TTM) | 20.25Y avg ≈37.5 | ≈37.5 | 7.1 | Overvalued | |
| P/B (MRQ) | 2.25Y avg ≈8.6 | ≈8.6 | 7.5 | Undervalued | |
| EV / EBITDA | -34.5 | · | · | · | |
| Price / FCF (TTM) | -20.55Y avg ≈-33.6 | ≈-33.6 | · | · | |
| Price / Cash Flow (TTM) | -21.95Y avg ≈-35.3 | ≈-35.3 | · | · | |
| EV / Revenue | 39.1 | · | · | · | |
| EV / FCF | -48.6 | · | · | · | |
| Price / Tangible Book (MRQ) | 3.6 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | ONDS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 43.7%5Y avg ≈28.4% | ≈28.4% | 57.7% | Weak | |
| Operating Margin (TTM) | -140.4%5Y avg ≈-283.2% | ≈-283.2% | 6.9% | Weak | |
| EBITDA Margin (TTM) | -139.1%5Y avg ≈-271.9% | ≈-271.9% | 7.2% | Weak | |
| Pretax Margin (TTM) | 77.4%5Y avg ≈-358.7% | ≈-358.7% | 6.0% | Weak | |
| Net Profit Margin (TTM) | 96.0%5Y avg ≈-358.3% | ≈-358.3% | 4.6% | Weak | |
| ROA (TTM) | 10.6%5Y avg ≈-35.8% | ≈-35.8% | 2.7% | Weak | |
| ROE (TTM) | 20.1%5Y avg ≈-127.6% | ≈-127.6% | 4.1% | Weak | |
| ROIC | -13.3% | · | 3.3% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | ONDS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | · | 0.1 | Low debt | |
| Current Ratio (MRQ) | 9.85Y avg ≈2.1 | ≈2.1 | 1.8 | Strong liquidity | |
| Quick Ratio (MRQ) | 8.95Y avg ≈1.6 | ≈1.6 | 1.5 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | ONDS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 605.3%5Y avg ≈396.4% | ≈396.4% | · | · | |
| Revenue CAGR 3Y | 187.9%5Y avg ≈105.6% | ≈105.6% | · | · | |
| Revenue CAGR 5Y | 87.9% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | ONDS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.15Y avg ≈0.1 | ≈0.1 | 0.5 | Weak | |
| Inventory Turnover | 1.95Y avg ≈2.4 | ≈2.4 | 3.7 | Weak | |
| Receivables Turnover | 3.75Y avg ≈4.7 | ≈4.7 | 6.4 | Weak | |
| Revenue / Employee | ≈$110.5K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-45.5%
Next Report
Nov 16, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 13, 2026 | $-0.14 | $-0.08 | -68.5% |
| March 31, 2026 | May 14, 2026 | $-0.07 | $-0.06 | -20.1% |
| Dec. 31, 2025 | $-0.08 | $-0.05 | -64.9% | |
| Sept. 30, 2025 | $-0.06 | $-0.05 | -27.9% | |
| June 30, 2025 | $-0.08 | $-0.10 | 20.0% | |
| March 31, 2025 | $-0.15 | $-0.10 | -50.0% | |
| Dec. 31, 2024 | $-0.19 | $-0.09 | -107.0% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $51M | $7M | $16M | $2M | $3M | $2M | $320.4K | $190.0K | $274.4K | $5.5K | $3.9K | |
| Cost of Revenue | $31M | $7M | $9M | $1M | $2M | $1M | $79.1K | $39.4K | $79.8K | $12.4K | $5.4K | |
| Gross Profit | $20M | $345.0K | $6M | $1M | $1M | $927.7K | $241.3K | $150.7K | $194.6K | $-6.9K | $-1.5K | |
| R&D Expense | $21M | $12M | $17M | $24M | $6M | $4M | $5M | $3M | $1M | · | · | |
| SG&A Expense | $44M | $17M | $22M | $24M | $12M | $8M | $5M | $3M | $1M | · | · | |
| Operating Expenses | $79M | $35M | $46M | $71M | $19M | $12M | $16M | $9M | $3M | $27.7K | $18.3K | |
| Operating Income | $-58M | $-35M | $-40M | $-69M | $-18M | $-12M | $-15M | $-8M | $-2M | $-34.6K | $-19.8K | |
| Interest Expense | · | · | $4M | $4M | $575.7K | $2M | $3M | $3M | $642.7K | · | · | |
| Interest Income | $9M | $235.0K | $123.9K | $25.5K | $11.6K | $251 | $1.9K | · | · | · | · | |
| Other Non-op | $11.0K | $-20.0K | $-180.9K | $-4M | $27.8K | $-2M | $-4M | $-4M | $-627.9K | · | · | |
| Pretax Income | $-133M | $-38M | $-45M | $-73M | $-18M | $-13M | $-19M | $-12M | $-3M | · | · | |
| Income Tax | $488.0K | · | · | · | $-3M | · | · | · | · | · | · | |
| Net Income | $-132M | $-38M | $-45M | $-73M | $-15M | $-13M | $-19M | $-12M | $-3M | $-34.6K | $-19.8K | |
| EPS (Basic) | $-0.62 | $-0.61 | $-0.88 | $-1.73 | $-0.44 | · | · | · | · | · | · | |
| EPS (Diluted) | $-0.62 | $-0.61 | $-0.88 | $-1.73 | $-0.44 | · | · | · | · | · | · | |
| Shares (Basic) | 221,769 | 69,917 | 52,740,215 | 42,242,525 | 34,180,897 | · | · | · | · | · | · | |
| Shares (Diluted) | 221,769 | 69,917 | 52,740,215 | 42,242,525 | 34,180,897 | · | · | · | · | · | · | |
| EBITDA | $-57M | $-35M | $-35M | $-69M | $-18M | $-12M | $-15M | $-8M | · | $-34.6K | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $551M | $30M | $15M | $30M | $41M | $26M | $2M | $1M | $456.0K | $45.2K | $5.2K | |
| Short-term Investments | $22M | · | · | · | · | · | · | · | · | · | · | |
| Receivables | $22M | $5M | $3M | $104.3K | $1M | $47.6K | $20.2K | $30.4K | $31.9K | $1.8K | · | |
| Inventory | $22M | $10M | $2M | $2M | $1M | $1M | $427.5K | $347.9K | $173.3K | $1.5K | $2.9K | |
| Prepaid Expense | · | · | · | · | · | $28.6K | $52.2K | · | $13.8K | · | · | |
| Other Current Assets | $25M | $2M | $3M | $2M | $1M | $629.0K | $700.6K | $533.5K | $43.6K | · | · | |
| Current Assets | $686M | $48M | $24M | $36M | $45M | $28M | $3M | $2M | $704.8K | $5.7K | · | |
| PP&E (Net) | $10M | $3M | $4M | $3M | $1M | $163.1K | $252.2K | $502.1K | $12.9K | · | · | |
| PP&E (Gross) | $15M | $6M | $8M | · | $1M | $471.5K | $499.3K | $680.9K | $136.7K | · | · | |
| Accum. Depreciation | $5M | $4M | $4M | $702.9K | $424.7K | · | $247.0K | $178.8K | $123.8K | · | · | |
| Goodwill | $252M | $28M | $28M | $26M | $45M | · | · | · | · | · | · | |
| Intangibles | $137M | $27M | $31M | $29M | $25M | $379.5K | $126.3K | $53.3K | · | · | · | |
| Other Non-current Assets | $12M | $5M | $64M | $59M | $72M | $459.2K | $700.6K | $533.5K | $43.6K | · | · | |
| Total Assets | $1.13B | $110M | $92M | $98M | $117M | $29M | $4M | $3M | $717.6K | $5.7K | $8.0K | |
| Accounts Payable | $14M | $6M | $5M | $3M | $2M | $2M | $2M | $1M | $795.8K | $8.0K | $2.0K | |
| Accrued Liabilities | $75M | · | · | $359.2K | · | $44.6K | $437.6K | · | $6.0K | · | · | |
| Short-term Debt | $2M | $1M | · | · | · | $59.5K | $10M | $4M | $4M | · | · | |
| Current Liabilities | $142M | $51M | $36M | $23M | $5M | $12M | $16M | $17M | $6M | · | · | |
| Capital Leases | $10M | $5M | $6M | $2M | $241.7K | · | $52.4K | · | · | · | · | |
| Deferred Tax | $15M | · | · | · | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $10M | $5M | · | · | · | · | $3M | $2M | $879.0K | · | · | |
| Total Liabilities | $661M | $74M | $47M | $40M | $5M | $13M | $17M | $18M | $9M | $60.5K | $28.3K | |
| Long-term Debt | · | $300.0K | · | · | · | $666.1K | · | · | · | · | · | |
| Total Debt | $2M | $1M | · | · | $300.0K | $8M | $11M | $4M | · | · | · | |
| Common Stock | $38.0K | $9.0K | $6.2K | $4.4K | $4.1K | $2.7K | $2.0K | $5.0K | $1.7K | $300 | $300 | |
| Paid-in Capital | $806M | $253M | $231M | $212M | $193M | $80M | $39M | $17M | $12M | · | · | |
| Retained Earnings | $-368M | $-236M | $-198M | $-154M | $-80M | $-65M | $-52M | $-32M | $-20M | $-55.1K | $-20.6K | |
| AOCI | $329.0K | · | · | · | · | · | · | · | · | · | · | |
| Stockholders' Equity | $438M | $17M | $33M | $58M | $112M | $15M | $-12M | $-15M | $-8M | $-5M | $-20.3K | |
| Liabilities + Equity | $1.13B | $110M | $92M | $98M | $117M | $29M | $4M | $3M | $717.6K | $5.7K | $8.0K | |
| Shares Outstanding | 380,763,481 | 93,173,191 | 61,940,878 | 44,108,661 | 40,990,604 | 26,540,769 | 19,756,154 | 50,463,732 | 16,797,744 | 3,000,000 | 3,000,000 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $946.0K | $602.0K | $5M | $4M | $2M | $117.6K | · | · | · | · | · | |
| Stock-based Comp | $16M | $1M | $1M | $6M | $3M | $5M | $938.1K | · | $1.2K | · | · | |
| Deferred Tax | · | · | · | · | $14M | · | · | · | · | · | · | |
| Amort. of Intangibles | $6M | $4M | $4M | $4M | $1M | $19.8K | $1.1K | $194 | · | · | · | |
| Other Non-cash | $77M | · | $5M | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-39M | $-33M | $-34M | $-38M | $-17M | $-8M | $-15M | $-9M | $-3M | $-29.0K | $-20.6K | |
| CapEx | $2M | $2M | $211.0K | $3M | $923.7K | $8.6K | $77.9K | $544.2K | · | · | · | |
| Investing Cash Flow | $-260M | $-2M | $536.3K | $-7M | $-10M | $-16.1K | $-354.8K | $-629.7K | · | · | · | |
| Stock Issued | $830M | $7M | · | $6M | $48M | $31M | $6M | $4.7K | $22.0K | · | · | |
| Net Stock Activity | $830M | $7M | · | · | $48M | $31M | $6M | · | · | · | · | |
| Financing Cash Flow | $863M | $50M | $19M | $34M | $42M | $31M | $16M | $10M | $3M | $26.2K | · | |
| Net Change in Cash | · | · | · | · | $15M | $24M | $1M | $673.8K | $410.8K | $-2.8K | $3.7K | |
| Taxes Paid | · | · | · | $14.2K | $1M | $337.1K | $1M | $979.2K | $502.6K | · | · | |
| Free Cash Flow | $-41M | $-35M | $-34M | $-41M | $-18M | $-8M | $-15M | $-9M | · | · | · | |
| Levered FCF | · | · | · | · | $-18M | · | · | · | · | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.7% | 4.8% | 40.7% | 52.2% | 37.7% | 42.9% | 75.3% | 79.3% | · | -125.4% | · | |
| Operating Margin | -115.1% | -481.2% | -253.2% | -3266.0% | -618.3% | -532.6% | -4798.0% | -4439.1% | · | -627.4% | · | |
| Net Margin | -260.7% | -528.4% | -285.8% | -3445.3% | -516.9% | -622.9% | -6052.2% | -6365.8% | · | -627.4% | · | |
| Pretax Margin | -261.9% | -528.4% | -285.8% | -3445.3% | -617.4% | -622.9% | -6052.2% | -6365.8% | · | · | · | |
| EBITDA Margin | -113.2% | -481.2% | -221.4% | -3266.0% | -618.3% | -532.6% | -4798.0% | -4439.1% | · | -627.4% | · | |
| ROA | -23.4% | -37.7% | -46.5% | -68.0% | -20.6% | -82.2% | -560.0% | -716.0% | · | -504.8% | · | |
| ROE | -57.0% | -211.3% | -114.5% | -96.4% | -13.2% | -2013.9% | 170.3% | 97.6% | · | 92.1% | · | |
| ROIC | -13.3% | · | · | · | -13.4% | · | · | · | · | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.8 | 0.9 | 0.7 | 1.7 | 9.7 | 2.2 | 0.2 | 0.1 | · | · | · | |
| Quick Ratio | 4.0 | 0.7 | 0.1 | 1.4 | 9.1 | 2.1 | 0.1 | 0.1 | · | · | · | |
| Debt / Equity | 0.0 | 0.1 | · | · | 0.0 | 0.5 | -0.9 | -0.3 | · | · | · | |
| LT Debt / Equity | · | · | · | · | 0.0 | 0.1 | -0.0 | · | · | · | · | |
| Interest Coverage | · | · | -9.6 | -18.5 | -31.2 | -5.9 | -5.2 | -3.2 | · | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.2 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | · | 0.8 | · | |
| Inventory Turnover | 1.9 | 1.1 | 4.3 | 0.6 | 1.6 | 1.6 | 0.2 | 0.2 | · | 5.7 | · | |
| Receivables Turnover | 3.7 | 1.7 | 8.9 | 3.2 | 4.6 | 63.8 | 12.7 | 6.1 | · | 6.1 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $1.15 | $0.18 | $0.53 | $1.32 | $2.74 | $0.57 | $-0.21 | $-0.29 | · | $-0.02 | · | |
| Revenue / Share | $228.76 | $0.10 | $0.30 | $0.05 | · | · | · | · | · | · | · | |
| Cash Flow / Share | $-174.71 | $-0.48 | $-0.65 | $-0.90 | · | · | · | · | · | · | · | |
| Cash / Share | $1.45 | $0.32 | · | $0.68 | $1.00 | $0.98 | $0.04 | $0.02 | · | $0.00 | · | |
| EPS (TTM) | $-0.62 | $-0.61 | $-0.88 | $-1.73 | $-0.44 | · | · | · | · | · | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 605.3% | -54.2% | 638.1% | -26.9% | 34.3% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 187.9% | 35.3% | 93.6% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 87.9% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $51M | $7M | $16M | $2M | $3M | $2M | $320.4K | $190.0K | $274.4K | $5.5K | · | |
| Net Income TTM | $-132M | $-38M | $-45M | $-73M | $-15M | $-13M | $-19M | $-12M | $-3M | $-34.6K | · | |
| Market Cap | $3.72B | $239M | $95M | $70M | $275M | $248M | · | · | · | · | · | |
| Enterprise Value | $3.17B | $210M | · | · | $235M | $230M | · | · | · | · | · | |
| P/E | -15.7 | -4.2 | -1.7 | -0.9 | -15.2 | · | · | · | · | · | · | |
| P/S | 73.3 | 33.2 | 6.0 | 33.0 | 94.6 | 114.4 | · | · | · | · | · | |
| P/B | 8.5 | 14.4 | 2.9 | 1.2 | 2.5 | 16.4 | · | · | · | · | · | |
| P / Tangible Book | 75.7 | · | · | 18.7 | 6.5 | 16.8 | · | · | · | · | · | |
| P / Cash Flow | -95.9 | -7.1 | -2.8 | -1.8 | -16.3 | -32.9 | · | · | · | · | · | |
| P / FCF | -91.1 | -6.8 | -2.8 | -1.7 | -15.4 | -32.8 | · | · | · | · | · | |
| EV / EBITDA | -55.1 | -6.1 | · | · | -13.0 | -19.9 | · | · | · | · | · | |
| EV / FCF | -77.7 | -6.0 | · | · | -13.2 | -30.4 | · | · | · | · | · | |
| EV / Revenue | 62.4 | 29.2 | · | · | 80.7 | 106.1 | · | · | · | · | · | |
| Earnings Yield | -6.3% | -23.8% | -57.5% | -108.8% | -6.6% | · | · | · | · | · | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $84M | $50M | $30M | $10M | $6M | $4M | $4M | $1M | $957.9K | $625.0K | $5M | $3M | $5M | $3M | $478.9K | $632.5K | |
| Cost of Revenue | $48M | $25M | $17M | $7M | $3M | $3M | $3M | $1M | $1M | $1M | $3M | $2M | $2M | $2M | $210.1K | $233.0K | |
| Gross Profit | $36M | $25M | $13M | $3M | $3M | $1M | $883.3K | $47.6K | $-190.9K | $-395.0K | $2M | $554.9K | $3M | $1M | $268.8K | $399.5K | |
| R&D Expense | $31M | $14M | $9M | $5M | $4M | $3M | $3M | $3M | $3M | $4M | $3M | $3M | $5M | $7M | $9M | $6M | |
| SG&A Expense | $128M | $43M | $22M | $11M | $6M | $6M | $5M | $4M | $4M | $4M | $8M | $3M | $5M | $5M | $5M | $7M | |
| Operating Expenses | $199M | $67M | $36M | $18M | $13M | $12M | $9M | $9M | $8M | $9M | $14M | $6M | $12M | $14M | $35M | $14M | |
| Operating Income | $-163M | $-43M | $-23M | $-16M | $-9M | $-10M | $-9M | $-9M | $-8M | $-9M | $-13M | $-6M | $-8M | $-13M | $-35M | $-14M | |
| Interest Expense | · | · | · | · | · | · | · | $871.3K | $703.6K | $782.6K | · | $894.0K | $541.4K | $2M | $4M | $8.2K | |
| Interest Income | $12M | $12M | $7M | $2M | $250.0K | $201.0K | $-71.4K | $121.6K | $87.3K | $97.5K | $116.2K | $379 | · | $7.3K | · | · | |
| Other Non-op | $45M | $136.0K | $-2.1K | $31.5K | $60.0K | $-1.0K | $-16.1K | $-1.8K | $257 | $-2.3K | $3M | $-1M | $-461.4K | $-2M | $-4M | $-29.6K | |
| Pretax Income | $-119M | $361M | $-101M | $-7M | $-11M | $-14M | $-10M | $-10M | $-8M | $-10M | $-14M | $-7M | · | $-14M | · | · | |
| Income Tax | $-29M | $245.0K | $180.5K | $307.5K | $0 | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income | $-88M | $363M | $-100M | $-7M | $-11M | $-14M | $-10M | $-10M | $-8M | $-10M | $-14M | $-7M | $-9M | $-14M | $-38M | $-14M | |
| EPS (Basic) | $-0.18 | $0.58 | $-0.36 | $-0.03 | $-0.08 | $-0.15 | $-0.15 | $-0.15 | $-0.14 | $-0.17 | $-0.25 | $-0.15 | $-0.18 | $-0.30 | $-0.90 | $-0.32 | |
| EPS (Diluted) | $-0.19 | $0.56 | $-0.36 | $-0.03 | $-0.08 | $-0.15 | $-0.15 | $-0.15 | $-0.14 | $-0.17 | $-0.25 | $-0.15 | $-0.18 | $-0.30 | $-0.90 | $-0.32 | |
| Shares (Basic) | 500,709,000 | 445,089 | · | 259,909,415 | 150,653,000 | 105,005 | · | 70,741,662 | 66,377,505 | 63,035,122 | · | 53,892,848 | 51,112,218 | 47,697,767 | · | 42,661,607 | |
| Shares (Diluted) | 503,593,000 | 461,706 | · | 259,909,415 | 150,653,000 | 105,005 | · | 70,741,662 | 66,377,505 | 63,035,122 | · | 53,892,848 | 51,112,218 | 47,697,767 | · | 42,661,607 | |
| EBITDA | $-163M | $-42M | · | $-16M | $-9M | $-10M | · | $-7M | $-7M | $-8M | · | $-6M | $-8M | $-13M | · | $-14M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $658M | $1.03B | $551M | $433M | $68M | $25M | $30M | $3M | $5M | · | $15M | $21M | $3M | $14M | · | $15M | |
| Short-term Investments | $727M | $448M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Receivables | $72M | $45M | $22M | $5M | $5M | $2M | $5M | $3M | $2M | $2M | $3M | $5M | $5M | $1M | $104.3K | $821.2K | |
| Inventory | $52M | $34M | $22M | $13M | $11M | $11M | $10M | $9M | $5M | $4M | $2M | $3M | $3M | $4M | $2M | $1M | |
| Other Current Assets | $88M | $65M | $25M | $9M | $6M | $6M | $2M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | |
| Current Assets | $1.61B | $1.63B | $686M | $479M | $91M | $43M | $48M | $17M | $15M | $24M | $24M | $30M | $13M | $21M | $36M | $19M | |
| PP&E (Net) | $21M | $12M | $10M | $3M | $2M | $3M | $3M | $3M | $5M | $5M | $4M | $5M | $6M | $6M | $3M | $4M | |
| PP&E (Gross) | · | · | $15M | $7M | $6M | $6M | $6M | $6M | $10M | · | $8M | · | · | · | · | · | |
| Accum. Depreciation | · | · | $5M | $4M | $4M | $4M | $4M | $3M | $5M | $4M | $4M | $3M | $3M | $3M | $702.9K | $660.1K | |
| Goodwill | $661M | $382M | $252M | $35M | $28M | $28M | $28M | $28M | $28M | $28M | $28M | $28M | $28M | $28M | $26M | $45M | |
| Intangibles | $583M | $313M | $137M | $28M | $25M | $26M | $27M | $28M | $29M | $30M | $31M | $32M | $33M | $34M | $29M | $30M | |
| Other Non-current Assets | $46M | $33M | $12M | $69M | · | · | $5M | · | · | $63M | · | $65M | $66M | $67M | $59M | $80M | |
| Total Assets | $2.99B | $2.44B | $1.13B | $550M | $152M | $105M | $110M | $80M | $83M | $92M | $92M | $101M | $85M | $94M | $98M | $103M | |
| Accounts Payable | $31M | $17M | $14M | $8M | $5M | $4M | $6M | $4M | $4M | $6M | $5M | $5M | $5M | $5M | $3M | $3M | |
| Accrued Liabilities | $17M | $40M | $75M | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Short-term Debt | · | · | $2M | $2M | $2M | $2M | $1M | $891.2K | · | · | · | · | · | · | · | · | |
| Current Liabilities | $163M | $149M | $142M | $31M | $31M | $50M | $51M | $40M | $38M | $38M | $36M | $36M | $29M | $25M | $23M | $6M | |
| Capital Leases | $28M | $8M | $10M | $5M | $5M | $5M | $5M | $5M | $6M | $6M | $6M | $2M | $2M | $2M | $2M | $3M | |
| Deferred Tax | $54M | $48M | $15M | $867.5K | · | · | · | · | · | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $34M | $9M | $10M | $99.9K | $82.5K | $82.5K | $5M | $82.5K | $82.5K | $82.5K | · | · | · | · | · | · | |
| Total Liabilities | $1.42B | $1.36B | $661M | $40M | $39M | $58M | $74M | $47M | $46M | $48M | $47M | $44M | $35M | $40M | $40M | $9M | |
| Total Debt | · | · | · | $2M | $2M | $2M | · | $891.2K | · | · | · | · | · | · | · | · | |
| Common Stock | $52.0K | $46.0K | $38.0K | $33.0K | $20.7K | $12.8K | $9.0K | $7.5K | $6.7K | $6.6K | $6.2K | $5.5K | $5.2K | $4.9K | $4.4K | $4.3K | |
| Paid-in Capital | $1.66B | $1.08B | $806M | $755M | $352M | $277M | $253M | $241M | $236M | $236M | $231M | $229M | $226M | $222M | $212M | $209M | |
| Retained Earnings | $-94M | $-5M | $-368M | $-269M | $-261M | $-251M | $-236M | $-226M | $-217M | $-208M | $-198M | $-184M | $-177M | $-168M | $-154M | $-115M | |
| AOCI | $1M | $-361.0K | $329.0K | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Stockholders' Equity | $1.57B | $1.07B | $438M | $486M | $91M | $26M | $17M | $15M | $19M | $28M | $33M | $45M | $50M | $54M | $58M | $94M | |
| Liabilities + Equity | $2.99B | $2.44B | $1.13B | $550M | $152M | $105M | $110M | $80M | $83M | $92M | $92M | $101M | $85M | $94M | $98M | $103M | |
| Shares Outstanding | 529,838,610 | 469,062,109 | 380,763,481 | 329,515,817 | 206,732,666 | 127,724,799 | 93,173,191 | 75,297,311 | 66,550,712 | 65,564,484 | 61,940,878 | 55,184,623 | 52,451,402 | 49,108,159 | 44,108,661 | 42,682,335 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $934.0K | $669.0K | $380.4K | $196.0K | $188.7K | $181.0K | $-3M | $1M | $1M | $1M | · | $1M | $1M | $1M | · | $1M | |
| Stock-based Comp | $69M | $20M | $7M | $5M | $2M | $2M | $276.3K | $311.1K | $408.0K | $269.6K | $411.0K | $-2M | $2M | $1M | $1M | $1M | |
| Amort. of Intangibles | $19M | $6M | $3M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $978.8K | $843.8K | $904.1K | |
| Other Non-cash | · | $-434M | · | · | · | · | · | · | · | $975.7K | · | · | · | · | · | · | |
| Operating Cash Flow | $-86M | $-51M | $-13M | $-11M | $-8M | $-7M | $-8M | $-9M | $-9M | $-7M | $-6M | $-6M | $-9M | $-13M | $-12M | $-11M | |
| CapEx | $8M | $1M | $2M | $170.6K | $95.8K | $171.0K | $29.6K | $-675.9K | $1M | $1M | $116.1K | $29.8K | $-70.1K | $135.2K | $-644.8K | $913.1K | |
| Investing Cash Flow | $-289M | $-474M | $-241M | $-18M | $-110.8K | $-195.0K | $-73.6K | $655.5K | $-1M | $-1M | $-108.7K | $-50.5K | $-168.3K | $863.8K | $-1M | $-2M | |
| Stock Issued | $0 | $959M | $407M | $380M | · | · | $-23.3K | $3M | $0 | $4M | · | · | · | · | $-8.9K | $60.2K | |
| Net Stock Activity | · | $959M | · | · | · | · | · | · | · | $4M | · | · | · | · | · | · | |
| Financing Cash Flow | $3M | $968M | $414M | $394M | $52M | $2M | $35M | $6M | $306.3K | $8M | $29.5K | $24M | $-2M | $-4M | $28M | $125.1K | |
| Taxes Paid | · | · | · | · | · | · | · | · | · | · | · | · | $150.1K | $5.3K | · | $8.9K | |
| Free Cash Flow | · | $-53M | · | · | · | $-7M | · | · | · | $-9M | · | · | · | $-13M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.1% | 49.2% | · | 25.8% | 53.1% | 35.0% | · | 3.2% | -19.9% | -63.2% | · | 20.8% | 56.2% | 39.6% | · | 63.2% | |
| Operating Margin | -194.5% | -85.1% | · | -153.5% | -147.4% | -242.7% | · | -584.9% | -866.9% | -1460.3% | · | -222.7% | -155.4% | -487.4% | · | -2142.1% | |
| Net Margin | -105.5% | 723.8% | · | -74.1% | -171.4% | -332.8% | · | -643.3% | -863.4% | -1580.2% | · | -273.6% | -163.8% | -556.8% | · | -2146.8% | |
| Pretax Margin | -141.8% | 721.2% | · | -71.0% | -171.4% | -332.8% | · | -643.3% | · | -1580.2% | · | · | · | -556.8% | · | · | |
| EBITDA Margin | -194.5% | -83.8% | · | -153.5% | -147.4% | -242.7% | · | -500.7% | -745.3% | -1272.3% | · | -222.7% | -155.4% | -487.4% | · | -2142.1% | |
| ROA | -5.6% | 28.5% | · | -2.4% | -9.2% | -14.4% | · | -10.5% | -9.9% | -10.7% | · | -7.2% | -9.0% | -14.1% | · | -11.5% | |
| ROE | -10.6% | 66.0% | · | -3.0% | -19.5% | -52.5% | · | -31.7% | -24.0% | -24.1% | · | -10.5% | -11.5% | -18.3% | · | -13.0% | |
| ROIC | -7.8% | -4.0% | · | -3.3% | · | · | · | · | · | · | · | · | · | · | · | · |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 9.8 | 10.9 | · | 15.3 | 2.9 | 0.9 | · | 0.4 | 0.4 | 0.6 | · | 0.9 | 0.5 | 0.9 | · | 3.0 | |
| Quick Ratio | 8.9 | 10.2 | · | 14.0 | 2.3 | 0.5 | · | 0.1 | 0.2 | 0.1 | · | 0.7 | 0.3 | 0.6 | · | 2.6 | |
| Debt / Equity | · | · | · | 0.0 | 0.0 | 0.1 | · | 0.1 | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | -9.9 | -11.8 | -11.7 | · | -6.6 | -15.7 | -7.0 | · | -1651.3 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.0 | · | 0.0 | 0.1 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.1 | 0.0 | · | 0.0 | |
| Inventory Turnover | 1.5 | 1.1 | · | 0.7 | 0.4 | 0.4 | · | 0.3 | 0.3 | 0.3 | · | 1.1 | 1.1 | 0.6 | · | 0.2 | |
| Receivables Turnover | 2.2 | 2.1 | · | 2.5 | 1.6 | 2.1 | · | 0.4 | 0.3 | 0.4 | · | 0.9 | 2.1 | 3.3 | · | 0.9 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $2.96 | $2.29 | · | $1.48 | $0.44 | $0.20 | · | $0.20 | $0.29 | $0.42 | · | $0.82 | $0.94 | $1.10 | · | $2.20 | |
| Revenue / Share | $0.17 | $108.56 | · | $0.04 | $0.04 | $0.04 | · | $0.02 | $0.01 | $0.01 | · | $0.05 | $0.11 | $0.05 | · | $0.01 | |
| Cash Flow / Share | · | $-111.11 | · | · | · | $-0.06 | · | · | · | $-0.12 | · | · | · | $-0.27 | · | · | |
| Cash / Share | $1.24 | $2.19 | · | $1.31 | $0.33 | $0.20 | · | $0.04 | $0.07 | · | · | $0.38 | $0.06 | $0.29 | · | $0.36 | |
| EPS (TTM) | $-0.02 | $0.09 | · | $-0.41 | $-0.53 | $-0.59 | · | $-0.71 | $-0.71 | $-0.75 | · | $-1.53 | $-1.70 | $-1.79 | · | $-0.93 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $174M | $97M | · | $25M | $16M | $11M | · | $8M | $9M | $14M | · | $11M | $9M | $4M | · | $2M | |
| Net Income TTM | $167M | $245M | · | $-43M | $-45M | $-42M | · | $-42M | $-40M | $-40M | · | $-69M | $-75M | $-78M | · | $-39M | |
| Market Cap | $4.37B | $4.24B | · | $2.54B | $397M | $137M | · | $58M | $39M | $64M | · | $34M | $45M | $53M | · | $158M | |
| Enterprise Value | · | · | · | $2.11B | $331M | $113M | · | $56M | · | · | · | · | · | · | · | · | |
| P/E | -412.0 | 100.4 | · | -18.8 | -3.6 | -1.8 | · | -1.1 | -0.8 | -1.3 | · | -0.4 | -0.5 | -0.6 | · | -4.0 | |
| P/S | 25.1 | 43.9 | · | 102.8 | 24.6 | 12.6 | · | 7.2 | 4.2 | 4.6 | · | 3.0 | 4.9 | 12.3 | · | 71.2 | |
| P/B | 2.8 | 3.9 | · | 5.2 | 4.4 | 5.2 | · | 3.9 | 2.0 | 2.3 | · | 0.7 | 0.9 | 1.0 | · | 1.7 | |
| P / Tangible Book | 13.4 | 11.2 | · | 6.0 | 10.4 | · | · | · | · | · | · | · | · | · | · | 8.2 | |
| P / Cash Flow | · | -82.7 | · | · | · | -20.5 | · | · | · | -8.5 | · | · | · | -4.2 | · | · | |
| EV / Revenue | · | · | · | 85.4 | 20.5 | 10.4 | · | 7.0 | · | · | · | · | · | · | · | · | |
| Earnings Yield | -0.24% | 1.0% | · | -5.3% | -27.6% | -55.1% | · | -92.1% | -122.4% | -77.3% | · | -250.8% | -197.7% | -165.7% | · | -25.1% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2025-06-11 | 2024-12-31 | 2023-12-31 | 2023-09-30 |
|---|---|---|---|---|---|
| Revenue | $51M | · | $7M | $16M | · |
| Gross Margin % | 39.7% | · | 4.8% | 40.7% | · |
| Operating Margin % | -115.1% | · | -481.2% | -253.2% | · |
| Net Income | $-132M | · | $-38M | $-45M | · |
| Diluted EPS | $-0.62 | · | $-0.61 | $-0.88 | · |
| Metric | 2025-12-31 | 2025-06-11 | 2024-12-31 | 2023-12-31 | 2023-09-30 |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | · | 0.1 | · | · |
| Current Ratio | 4.8 | · | 0.9 | 0.7 | · |
| Quick Ratio | 4.0 | · | 0.7 | 0.1 | · |
| Metric | 2025-12-31 | 2025-06-11 | 2024-12-31 | 2023-12-31 | 2023-09-30 |
|---|---|---|---|---|---|
| Free Cash Flow | $-41M | · | $-35M | $-34M | · |
Institutional owners (13F) 474 filers · $3.1B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
474
Value held
$3.1B
New positions
146
Exited positions
79
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 146 (-40 vs prior Q) | 79 (+34 vs prior Q) | 178 (+40 vs prior Q) | 88 (+30 vs prior Q) | +83.3M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BlackRock, Inc. | $325,482,235 | 39,500,271 | 10.49% | Shares |
| VANGUARD GROUP INC | $183,167,453 | 18,767,157 | 5.90% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $180,573,107 | 21,914,212 | 5.82% | Shares |
| STATE STREET CORP | $128,376,118 | 15,579,626 | 4.14% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $104,794,452 | 12,715,298 | 3.38% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $102,857,687 | 12,482,729 | 3.31% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $101,991,424 | 12,377,600 | 3.29% | Call option |
| Hood River Capital Management LLC | $96,311,551 | 11,688,295 | 3.10% | Shares |
| CITADEL ADVISORS LLC | $95,102,784 | 11,541,600 | 3.07% | Put option |
| MORGAN STANLEY | $94,281,504 | 11,441,930 | 3.04% | Shares |
| VAN ECK ASSOCIATES CORP | $84,696,794 | 10,278,737 | 2.73% | Shares |
| JANE STREET GROUP, LLC | $78,933,432 | 9,579,300 | 2.54% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $73,025,352 | 8,862,300 | 2.35% | Put option |
| JANE STREET GROUP, LLC | $66,634,408 | 8,086,700 | 2.15% | Call option |
| D. E. Shaw & Co., Inc. | $58,901,992 | 7,148,300 | 1.90% | Call option |
| CITADEL ADVISORS LLC | $56,652,472 | 6,875,300 | 1.83% | Call option |
| UBS Group AG | $56,625,750 | 6,872,057 | 1.82% | Shares |
| Marex Group Ltd | $56,097,269 | 6,807,921 | 1.81% | Shares |
| JPMORGAN CHASE & CO | $53,060,495 | 6,593,434 | 1.71% | Shares |
| NORTHERN TRUST CORP | $36,231,907 | 4,397,076 | 1.17% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $35,125,348 | 4,262,785 | 1.13% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $34,008,837 | 4,127,286 | 1.10% | Shares |
| CITADEL ADVISORS LLC | $30,597,559 | 3,713,296 | 0.99% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $29,168,001 | 3,539,806 | 0.94% | Shares |
| TREMBLANT CAPITAL GROUP | $27,737,636 | 3,366,218 | 0.89% | Shares |
| GOLDMAN SACHS GROUP INC | $27,322,259 | 3,315,808 | 0.88% | Shares |
| Walleye Trading LLC | $27,234,848 | 3,305,200 | 0.88% | Call option |
| MERCER GLOBAL ADVISORS INC /ADV | $25,288,412 | 3,068,982 | 0.82% | Shares |
| Clear Street Group Inc. | $24,748,173 | 3,003,419 | 0.80% | Shares |
| Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD | $24,716,210 | 2,999,540 | 0.80% | Shares |
| EXCHANGE TRADED CONCEPTS, LLC | $24,181,071 | 2,934,596 | 0.78% | Shares |
| RFG Advisory, LLC | $22,966,544 | 2,787,202 | 0.74% | Shares |
| Vident Advisory, LLC | $22,842,937 | 2,772,201 | 0.74% | Shares |
| Legal & General Group Plc | $22,793,008 | 2,941,466 | 0.73% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $22,546,239 | 2,736,194 | 0.73% | Shares |
| Focus Partners Wealth | $22,405,032 | 2,719,057 | 0.72% | Shares |
| Invesco Ltd. | $20,380,528 | 2,473,365 | 0.66% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $19,204,128 | 2,330,598 | 0.62% | Shares |
| JANE STREET GROUP, LLC | $18,951,325 | 2,299,918 | 0.61% | Shares |
| BANK OF AMERICA CORP /DE/ | $18,420,017 | 2,235,439 | 0.59% | Shares |
| IMC-Chicago, LLC | $17,865,844 | 2,168,185 | 0.58% | Shares |
| NATIONAL BANK OF CANADA /FI/ | $17,286,325 | 2,097,850 | 0.56% | Shares |
| MASTERS CAPITAL MANAGEMENT LLC | $16,480,000 | 2,000,000 | 0.53% | Call option |
| NOMURA HOLDINGS INC | $15,970,768 | 1,938,200 | 0.51% | Put option |
| CANTOR FITZGERALD, L. P. | $15,769,679 | 1,913,796 | 0.51% | Shares |
| GOLDMAN SACHS GROUP INC | $15,098,152 | 1,832,300 | 0.49% | Put option |
| NOMURA HOLDINGS INC | $14,834,109 | 1,800,256 | 0.48% | Shares |
| Walleye Trading LLC | $13,250,744 | 1,608,100 | 0.43% | Put option |
| Bank of New York Mellon Corp | $13,158,115 | 1,596,859 | 0.42% | Shares |
| STIFEL FINANCIAL CORP | $13,059,313 | 1,584,869 | 0.42% | Shares |
Activists & 5%+ owners 5 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Charles & Potomac Capital, LLC, Joseph V. Popolo ×6 filings | June 6, 2025 | 0.00% | Amendment | · | SEC |
| Eric A. Brock ×4 filings | Dec. 23, 2020 | · | Initial filing | Passive investment | SEC |
| Robert J. Smith, Energy Capital, LLC, an entity solely owned by Robert J. Smith ×2 filings | Jan. 27, 2020 | · | Initial filing | · | SEC |
| MENASHE SHAHAR | Jan. 31, 2019 | · | Initial filing | · | SEC |
| Stewart Kantor | Jan. 31, 2019 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 14 insiders · 4 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Neil J Laird | CFO and Treasurer | Sept. 24, 2026 M | 42,246 | 0 | 2 | $-81,234 |
| Yishay Curelaru | CFO, Treasurer and Secretary | April 8, 2024 A | · | 0 | 0 | $0 |
| Derek Reisfield | CFO, Treasurer and Secretary | Feb. 9, 2023 A | 37,296 | 0 | 0 | $0 |
| Stewart Kantor | Pres.,CFO,Treasurer&Secretary | Dec. 6, 2021 S | 513,445 | 0 | 0 | $0 |
| Randy Seidl | Director | Oct. 1, 2026 M | 314,101 | 0 | 7 | $-302,310 |
| COHEN RICHARD M | Director | Aug. 18, 2026 S | 261,836 | 0 | 8 | $-383,612 |
| Ron Stern | Director | Nov. 26, 2025 M | 0 | 0 | 1 | $-6,723,500 |
| Joseph V Popolo | Director | Dec. 31, 2024 G | 3,283,244 | 0 | 0 | $0 |
| Richard H Silverman | Director | Aug. 18, 2023 M | 42,942 | 0 | 0 | $0 |
| Thomas Bushey | Director | Aug. 17, 2023 M | 263,182 | 0 | 0 | $0 |
| Robert J Smith | 10% owner | Sept. 27, 2019 J | 15,276,742 | 0 | 0 | $0 |
| Robert Patrick Huston | · | Aug. 14, 2026 M | 15,219 | 0 | 0 | $0 |
| Jaspreet K Sood | · | Aug. 14, 2026 M | 244,525 | 0 | 6 | $-281,538 |
| Eric A Brock | · | June 1, 2026 M | 3,583,010 | 0 | 2 | $-36,552,080 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 32 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| ROBO · EXCHANGE TRADED CONCEPTS TRUST | 1.14% | 3,035,048 NS | July 31, 2026 | N-PORT |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.29% | 222,783 NS | July 31, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.24% | 522,302 SH | Aug. 19, 2026 | Daily |
| IWO · iShares Trust | 0.23% | 4,587,366 SH | Sept. 11, 2026 | Daily |
| PPA · Invesco Exchange-Traded Fund Trust | 0.16% | 1,957,462 SH | Oct. 23, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.15% | 17,788 NS | July 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.14% | 132,082 NS | July 31, 2026 | N-PORT |
| TRFM · ETF Series Solutions | 0.13% | 44,318 NS | July 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.12% | 2,809,856 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.12% | 233,741 NS | July 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.12% | 154,293 SH | Sept. 11, 2026 | Daily |
| IWM · iShares Trust | 0.12% | 12,462,981 SH | Sept. 11, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.09% | 66,891 NS | July 31, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.07% | 125,003 NS | July 31, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.06% | 3,286,068 SH | Aug. 19, 2026 | Daily |
| IGPT · Invesco Exchange-Traded Fund Trust | 0.06% | 123,837 SH | Oct. 23, 2026 | Daily |
| MADE · iShares Trust | 0.05% | 4,301 SH | Sept. 11, 2026 | Daily |
| ESML · iShares Trust | 0.05% | 196,158 SH | Sept. 11, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.05% | 5,684,053 SH | Aug. 19, 2026 | Daily |
| WSML · iShares Trust | 0.03% | 29,007 SH | Sept. 11, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.02% | 5,689,462 SH | Aug. 19, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.02% | 48,472 SH | Aug. 19, 2026 | Daily |
| IGM · iShares Trust | 0.02% | 238,261 SH | Sept. 11, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.01% | 15,742,488 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.01% | 40,072 SH | Aug. 19, 2026 | Daily |
| ITOT · iShares Trust | 0.01% | 654,562 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 130,827 SH | Sept. 10, 2026 | Daily |
| TILT · FlexShares Trust | 0.00% | 13,118 NS | July 31, 2026 | N-PORT |
| FTEC · FIDELITY COVINGTON TRUST | 0.00% | 55,589 NS | July 31, 2026 | N-PORT |
| VGT · VANGUARD WORLD FUND | 0.00% | 86,497 SH | Aug. 19, 2026 | Daily |
| ISCB · iShares Trust | · | 21,830 SH | Sept. 11, 2026 | Daily |
| SMLF · iShares Trust | · | 187,316 SH | Sept. 11, 2026 | Daily |
ONDS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 15 analysts
BUY
Median target
$18.50
+178.2%
5 33.3%
Strong Buy
9 60.0%
Buy
1 6.7%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
10 analysts · 2026-10-28Mean target $18.88 +183.8%
← Below all targets
Current price $6.65
Low$13.00
Mean$18.88
High$25.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ONDS | $3.72B | -15.7 | 605.3% | -260.7% | -57.0% | 39.7% |
| UI | $32.32B | 33.7 | 27.2% | 29.3% | 78.2% | 46.2% |
| VSAT | $6.25B | -183.2 | 2.7% | -0.73% | -0.74% | · |
| VIAV | $11.76B | -366.4 | 40.0% | -2.0% | -2.7% | 57.7% |
| AAOI | $2.61B | -54.5 | 82.8% | -8.4% | -6.6% | 30.0% |
| EXTR | $4.25B | 104.4 | 12.6% | 3.3% | 45.7% | 61.5% |
| DGII | · | 33.8 | 1.5% | 9.5% | 6.6% | 62.9% |
| NTCT | $2.29B | 24.5 | 4.5% | 11.1% | 5.9% | 79.4% |
| CALX | $3.55B | 203.6 | 20.3% | 1.8% | 2.2% | 56.8% |
| ADTN | $695M | -16.7 | 17.5% | -4.2% | -28.9% | 38.3% |
| CSCO | $450.51B | 34.3 | 11.8% | 20.9% | 27.1% | 64.5% |
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Source: SEC 10-Q filed Aug 13, 2026