Key points
- BlackRock reported 38,129,865 Ondas (ONDS) shares, 7.2% of the class, as of June 30, 2026. It is the first Schedule 13G BlackRock has ever filed on Ondas, and the stake was worth $285.6 million at the July 31 close of $7.49.
- Vanguard added 6,839,785 shares over six months, up 36%, to 25,606,942 as of June 30. It reported that through a new legal entity, which is why the filing is labeled an initial 13G rather than an amendment.
- Laurence E. Hirsch and Highlander Partners hold 32,688,035 shares, 5.7%, received for selling DZYNE Technologies to Ondas on July 2. Another 44,999,998 shares go to the DZYNE sellers on January 4, 2027.
- Goldman Sachs, Jane Street and Hood River Capital were all under 5% as of December 31, 2025. Hood River owned more shares at that date than it did in September and still fell below the line.
BlackRock disclosed a 7.2% stake in Ondas (ONDS) in a Schedule 13G filed July 29, 2026. The filing lists 38,129,865 shares as of June 30, with sole voting power over 37,278,093 of them. It is the first Schedule 13G BlackRock has filed on Ondas. At the July 31 close of $7.49 the position was worth $285.6 million.
A Schedule 13G is the form an institution files once it passes 5% of a company. BlackRock has never filed one on Ondas across an EDGAR history that runs back to 2015, so it sat below that line at every earlier point. Against the 137,426,546 shares on Ondas' May 2025 cover page, 5% was under 6.9 million shares. BlackRock now reports 38,129,865.
Two more 5% filings landed on Ondas in the same month. Vanguard filed on July 31 showing 25,606,942 shares, 6,839,785 more than it reported six months earlier. Laurence E. Hirsch, the manager of Dallas private equity firm Highlander Partners, filed on July 6 at 5.7%. All of it lands against a share count that went from 137,426,546 in May 2025 to 495,762,650 in May 2026, per the cover pages of Ondas' own quarterly reports. Here is what each filing says.
What the three filings report
Each filer used a different share count for its percentage, so the percentages are not directly comparable. Vanguard's 5.16% is measured against the 495,762,650 shares on the cover of Ondas' first-quarter 10-Q. BlackRock's 7.2% implies about 529.6 million. Hirsch's 5.7% implies about 573.5 million, after the shares Ondas issued to close the DZYNE deal.
| Holder | Shares | % of class | As of |
|---|---|---|---|
| BlackRock, Inc. | 38,129,865 | 7.2% | June 30, 2026 |
| Laurence E. Hirsch / Highlander Partners | 32,688,035 | 5.7% | July 2, 2026 |
| Vanguard Capital Management LLC | 25,606,942 | 5.16% | June 30, 2026 |
| Hood River Capital Management | 17,357,213 | 4.71% | Dec. 31, 2025 |
| Goldman Sachs Group | 15,338,509 | 4.2% | Dec. 31, 2025 |
| Jane Street Group | 11,475,382 | 3.1% | Dec. 31, 2025 |
BlackRock's 7.2% was measured before the DZYNE shares were issued. Against the larger count implied by Hirsch's filing, the same 38,129,865 shares work out to 6.6%.
Vanguard added 6.8 million shares
Vanguard reported 25,606,942 Ondas shares and 5.16% as of June 30. Six months earlier, as of December 31, 2025, it reported 18,767,157 shares and 5.09%. The count rose by 6,839,785 shares, an increase of 36%.
The two figures were not measured over the same set of Vanguard entities. The December filing came from The Vanguard Group on an aggregated basis. The June filing covers Vanguard Capital Management LLC and four named affiliates, and states that it "does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Capital Management LLC." The reporting perimeter narrowed and the share count still rose 36%.
That change of entity is also why the new document is labeled an initial Schedule 13G rather than an amendment, which can make it read as a first-time 5% crossing. The Vanguard Group's March 27 amendment, which took its own Ondas holding to zero, gives the reason in its own words: "On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment." That amendment says the subsidiaries involved "pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment." Vanguard Capital Management LLC has filed 1,427 initial 13Gs since April 27, 2026, its first day on the SEC's system.
Vanguard's percentage moved far less than its share count, from 5.09% to 5.16%, because Ondas kept issuing stock. Ondas' cover-page count grew from 368,459,664 in November 2025 to 495,762,650 in May 2026. The filing lists Vanguard's type as IA, an investment adviser, and carries the standard passive certification that the shares were "acquired and are held in the ordinary course of business."
Who Laurence E. Hirsch is and why he owns 5.7%
Hirsch is the manager of Highlander Partners GP, LLC, which sits at the top of the chain that sold DZYNE. His filing breaks the 32,688,035 shares into 32,325,139 held by Highlander Partners Defense, LLC and 362,896 held by DZYNE Management Holdings, LLC. The business address for all five reporting persons is 300 Crescent Court, Suite 550, Dallas.
Ondas closed the acquisition on July 2, 2026, buying 100% of High Point UAS, LLC, DZYNE's parent. The 8-K puts the price at about $200 million in cash, including $12 million in escrow, plus 39,999,998 shares delivered at closing and 44,999,998 more due on January 4, 2027. Ondas valued the deal at $875.8 million and said more than 50% of the stock consideration is subject to a six-month lock-up.
Jeff Hull, president and chief executive officer of Highlander Partners, described the split in the July 6 announcement: "We structured this transaction to take the majority of our consideration in Ondas equity because we believe in the long-term value of the combined platform." Hull added that Highlander invests its own proprietary capital and that "our equity position reflects genuine conviction."
The lock-up agreement carries a clause tied to the share price. If the stock's average daily VWAP over the 30 trading days before January 2, 2027 exceeds $20.00, half of the locked shares stay locked for another six months. ONDS closed at $7.49 on July 31. Separately, each seller is capped at its pro rata portion of 10% of the stock's daily trading volume.
Three holders fell below 5%
Goldman Sachs Group reported 5.9% of Ondas as of September 30, 2025, then 4.2% as of December 31. Its share count fell from 18,980,633 to 15,338,509 over that quarter. Jane Street Group went from 5.3% to 3.1%, with shares down from 19,596,582 to 11,475,382.
Hood River Capital Management is a different case. Its 13G/A reports 17,357,213 shares as of December 31, up from 16,101,140 in its original filing dated September 30. The stake still fell from 5.02% to 4.71%. Hood River bought more Ondas stock and ended up owning a smaller share of the company.
The DZYNE purchase alone accounts for 84,999,996 of those new shares, split across its two delivery dates in July 2026 and January 2027.
Where the business stands
Ondas reported $50.1 million of revenue in the first quarter of 2026, against $4.2 million in the first quarter of 2025. Full-year 2025 revenue was $50.7 million, so the first quarter of this year came up $609,000 short of the entire prior year. Cash and equivalents stood at $1.026 billion as of March 31, up from $550.7 million at the end of 2025.
The DZYNE fact sheet Ondas filed with the SEC forecasts $191 million of DZYNE revenue in 2026 and more than $300 million in 2027, with $111 million of backlog as of June 30 and a three-year pipeline the company sizes at $1.5 billion. It lists DZYNE as EBITDA positive in 2026, with margins rising to the mid-teens in 2027.
Ondas announced $70 million of new orders on July 22, covering unmanned ground systems, border security and counter-drone work over the prior four weeks. A separate June 22 release put new orders at more than $40 million. Ondas traded 214 million shares in a single session on July 17.
What to watch next
Ondas reports second-quarter results on August 13, 2026 at 8:30 a.m. ET. Form 13F filings for the June 30 quarter are due August 14, which is where the rest of the institutional book shows up. The pro forma financials for DZYNE are due by amendment to the July 6 8-K, no later than 71 days after that filing was required.
Eric Brock, chairman and chief executive officer of Ondas, framed the order flow this way in the July 22 release: "Securing $70 million in new orders in the past four weeks is a strong demonstration of our execution on the substantial demand pipeline at Ondas and the leveraging of our strengthening global operating platform."
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This is general market commentary and opinion, not investment advice. Markets can go down as well as up, and you can lose money. Always do your own research and consider speaking with a licensed financial professional before making any investment decision.
