Ondas (ONDS) Stock Pulls Back After Index Rally and Cyberhawk Deal – Time to Buy?

TLDR

• Ondas (ONDS) shares rose 3.24% Tuesday but pulled back sharply after a recent index-driven rally.
• The company struck a $125 million deal to acquire Cyberhawk, a drone-based infrastructure inspection firm.
• Cyberhawk is expected to generate more than $45 million in revenue with 95% recurring contracts.
• Ondas also landed a counter-drone partnership with Lockheed Martin and over $150 million in new defense orders.
• Ondas stock is down 17.83% year-to-date despite the recent run-up.

Ondas Holdings (ONDS) stock climbed 3.24% on Tuesday, even as the shares pulled back from a sharper rally earlier this month. The move follows a busy stretch for the drone and wireless technology company, headlined by a major acquisition announcement.

Ondas Holdings Inc., ONDS

On June 18, 2026, Ondas announced a definitive agreement to acquire Cyberhawk, a global player in drone-based infrastructure inspection and AI-enabled analytics. The deal is valued at roughly $125 million.

About 95% of the purchase price is being funded in cash. Some Cyberhawk leaders chose to roll about $5 million of their proceeds into Ondas common stock, with a one-year lock-up attached.

The acquisition is expected to close in the third quarter of 2026. It still needs regulatory approval and other customary closing conditions.

What Cyberhawk Brings to the Table

Cyberhawk is no small add-on. The company is projected to bring in more than $45 million in revenue for its fiscal year ending March 2027.

Roughly 95% of that revenue comes from recurring, multi-year contracts and software subscriptions. Cyberhawk also carries a $95 million backlog spread across utility, renewable energy, and energy infrastructure customers.

Ondas said EBITDA margins, currently in the high single digits, could climb to 25% or more by 2030 once the deal is folded in. Cyberhawk has inspected more than 500,000 infrastructure assets and built up over 232 terabytes of proprietary inspection data.

That data trove will feed into Cyberhawk’s cloud-based iHawk platform. Ondas plans to pair it with its own autonomous systems for defense, security, and industrial customers.

Why the Stock Is Swinging

The pullback investors are seeing today isn’t tied to bad news. Instead, traders appear to be locking in gains after a sharp run-up tied to Ondas joining the Russell 2000 and Russell 3000 indexes.

That earlier rally was fueled by index-linked buying alongside a wave of positive headlines. Those include the Cyberhawk deal, a counter-drone partnership with Lockheed Martin, and more than $150 million in fresh defense orders booked during the second quarter of 2026.

None of those catalysts have gone away. The current dip looks more like short-term traders reassessing how much good news is already baked into the price.

Ondas still has plenty going for it on the balance sheet side. A strong cash position gives the company room to integrate Cyberhawk and chase higher-margin defense and software contracts without needing to scramble for funding.

That said, the company is still posting operating losses and burning cash. Any slip in converting its growing backlog into actual revenue could test investor patience.

For context, Ondas stock is still down 17.83% year-to-date despite this month’s bounce. Average trading volume sits at over 67 million shares, and the company carries a market cap of $4.07 billion. Technical sentiment on the stock is currently rated a Buy.

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