Key points
- Ondas (ONDS) is acquiring DZYNE Technologies, an autonomous ISR and counter-drone company, for $875.8 million: $200 million cash plus about 85 million ONDS shares worth roughly $675 million, announced July 6, 2026.
- DZYNE's owners, led by Highlander Partners, will hold about 13.8% of Ondas once the shares are issued, and 45 million of those 85 million shares are locked up for six months.
- Ondas raised its 2026 revenue target to at least $525 million, up from $390 million, folding in DZYNE and the earlier Omnisys deal, with the pending Cyberhawk acquisition not even counted yet.
- Unlike the largely all-stock Omnisys deal, DZYNE includes $200 million in real cash, though shares outstanding still move from about 523 million toward roughly 608 million once the new stock is fully issued, on top of a $1 billion raise in January.
Ondas Holdings (ONDS) just did what Ondas does: bought another company and asked existing shareholders to help pay for it in stock. The target this time is DZYNE Technologies, and at $875.8 million it's the largest deal yet in a buying spree that already included Mistral, Omnisys, and a pending purchase of Cyberhawk. Here's what DZYNE actually does, what the new revenue guidance says, and the dilution math underneath it.
What DZYNE actually does
DZYNE Technologies builds long-endurance ISR aircraft, autonomous aerial systems, counter-drone tools, and what the companies are calling "autonomous effects" platforms, gear meant to operate in contested airspace without a pilot or a constant connection back to base. The named products fill that out: ULTRA is the long-endurance aircraft flying persistent ISR missions, IonStrike is a kinetic interceptor built to physically bring down hostile drones like Iran's Shahed-136, and cheaper, expendable systems like Blitz and Grasshopper cover what the industry calls "affordable mass." Combined with Ondas' existing Sentrycs counter-drone unit and its OAS drone lineup, the pitch is a single autonomous defense platform that spans detection, ISR, and response instead of separate point products. CEO Eric Brock framed it as the core of the pitch: "Military advantage increasingly belongs to organizations capable of deploying autonomous systems at scale." That's the strategy talking. The math behind it is specific enough to hold Ondas to: about $191 million of DZYNE revenue expected in 2026, north of $300 million in 2027, growth north of 80% a year through 2028, and EBITDA profitability starting this year, with margins climbing from the mid-teens in 2027 to the mid-20% range by 2028. Ondas says the technology carries more than $500 million of cumulative R&D behind it already, not something assembled to fit a press release deadline.
The deal comes with an organizational answer too. Ondas is folding DZYNE into a new division, Ondas Sentinel, alongside its earlier World View acquisition. World View's CEO, Ryan Hartman, runs the combined unit; DZYNE co-founder Matt McCue becomes its CTO. DZYNE's existing customer list already includes the U.S. Air Force, Army, Navy, and Special Operations Command, plus DARPA and allied militaries in Australia, Japan, and Thailand. The combined ISR data is meant to run through SkyWeaver, an AI mission system Ondas is building with Palantir Technologies on top of Palantir's Foundry and AIP platforms.
What to expect: the guidance just went up again
Ondas lifted its full-year 2026 revenue target to at least $525 million, up from the $390 million it had guided since its first-quarter report, and this new number folds in both DZYNE and the Omnisys deal that closed in May. Cyberhawk, the roughly $125 million drone-inspection purchase Ondas agreed to in June, still hasn't closed and isn't counted in that figure yet. Every acquisition this year has come with a guidance bump attached to it, so a Cyberhawk close in the third quarter would be a reasonable one to expect too.
The catch: another round of dilution, with one new wrinkle
Here's a detail worth separating from the pattern before getting to the pattern itself. This deal isn't funded the way Omnisys was, which ran almost entirely on stock. DZYNE splits its $875.8 million price into $200 million of actual cash and $675 million in roughly 85 million new shares, meaning Ondas is willing to spend real money out of its own balance sheet this time rather than print its way through the whole thing. DZYNE's owners, led by Highlander Partners, end up with about 13.8% of the combined company, and Highlander's Jeff Hull made the equity-heavy split sound like commitment rather than extraction: "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." Forty-five million of the 85 million new shares, the majority, carry a six-month lock-up, so none of that stock hits the market right away.
None of that erases the bigger trend, though. Ondas priced a roughly $1 billion stock-and-warrant offering back in January, then leaned on stock again for Mistral and Omnisys before this one. Shares outstanding ran from about 508 million in late June to 523 million by July 1, and DZYNE pushes that toward roughly 608 million once its shares are fully issued, a pattern we've tracked since late June. Revenue keeps showing up. So does a bigger share count to divide it by.
Set against that, the earnings picture actually looks better after this deal than before it. DZYNE brings its own $111 million backlog as of June 30, 2026, and a three-year pipeline the two companies size at $1.5 billion, adding to the roughly $457 million backlog Ondas' existing units already carried as of the first quarter. Pair a business unit modeled to hit EBITDA profitability in its first year under the Ondas umbrella with a parent company whose existing product lines already turned adjusted-EBITDA positive months ahead of schedule, and the near-term earnings trajectory looks about as strong as it has all year, share count aside.
Short interest on ONDS still sits near a record, 167.5 million shares, about 33% of the float, as of FINRA's June 15 settlement date, the most recent published figure available before this news. Fresh shares landing on top of that big a short position doesn't guarantee which way the stock moves, but it does mean new supply is arriving right as a third of the float is positioned against it.
What to watch next
The next real trigger is Cyberhawk's close, expected sometime in the third quarter, one more deal in an already acquisition-heavy year for Ondas, and likely to bring guidance up again. After that, watch for the resale registration on the new DZYNE shares once the six-month lock-up expires around the start of 2027. Omnisys shares added the same kind of selling pressure once they were registered for resale earlier this year, though on a much faster timeline, about a month after that deal closed rather than six. The bigger test than either of those is whether DZYNE actually hits the growth and margin numbers Ondas is modeling, since that execution, not this week's announcement, is what would make the extra shares worth having issued. None of this is investment advice. The business keeps getting bigger, and this time, less of it was funded purely by printing stock. Whether that is enough to offset how much bigger the share count has become is still up to the numbers Ondas has yet to report.
