ONDS: The Print Has Arrived — Bears Still Haven't Moved

Ondas Inc. is reporting Q2 results today with the standoff that has defined this stock for weeks still fully intact — and a new wrinkle: the stock fell 8.8% yesterday, giving bears their first meaningful day of relief in a month.

The short position has not budged. Short interest measured 234.7 million shares as of August 12 — 63.7% of the free float — essentially unchanged from the 234.8 million recorded three sessions earlier. The band of 233–236 million shares that has held since late July held again through yesterday's selloff. Availability remains locked at 0%. Every share in the lending pool is already out on loan, a condition that has persisted without interruption for over six weeks. The borrow has eased from a July 28 peak above 20% annualised to 12.9%, but that still represents more than triple the rate bears were paying in early July. Yesterday's drop did not trigger a single meaningful cover. Bears absorbed the rally, paid the carry, and are now watching the print from exactly the same position they built in the July 21–24 window.

Options positioning has shifted in a direction that favours the bullish camp, though not dramatically. The put/call ratio dropped to 0.42 yesterday — now 2.4 standard deviations below its 20-day mean of 0.46 — marking the most call-skewed reading of the past year. That is a notable divergence from the flat options picture documented in earlier previews. Call buyers have been more active into the print even as the stock pulled back. Analyst coverage reinforces the bullish lean: Roth Capital initiated at Buy just days ago with a $13 target, and Needham maintains Buy with a $19 target despite trimming from $23 in July. The consensus sits at Buy across six covering analysts, with a mean target of $19.19 against a last close of $8.91.

The bull case rests on the DZYNE Technologies acquisition expanding Ondas's footprint in the counter-drone market, with defense contract momentum — including the previously documented Israeli Ministry of Defense deal — providing near-term revenue visibility. Bears counter that the acquisition carries integration risk, the balance sheet has a history of modest fundamentals, and the 793% year-on-year sales growth figure almost certainly reflects a low base rather than durable acceleration. The one historical data point in the reaction record is unambiguous: after the May 2026 print, the stock fell 13% on the day and 19% over the following five sessions.

Today's report tests whether the company can deliver Q2 numbers credible enough to shake a short position that has now absorbed 28% of price appreciation without covering a single meaningful block.