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Did you know: $ONDS backlog went from $23M to $457M in under 6 months. That is not guidance. That is money already on the books. Most retail investors focus on revenue guidance. But backlog is what tells you whether the guidance is real. Backlog is signed contracts, secured orders, and committed programs waiting to convert into revenue. It is not aspiration. It is obligation. At Q3 2025, Ondas had $23.3M in backlog. By year-end 2025 it had tripled to $68.3M. Then the Mistral acquisition closed, adding roughly $264M in secured DoD backlog in a single transaction. By the end of March 2026, total backlog sat at approximately $457M, nearly 20 times where it was just six months prior. On top of that, Ondas secured nearly $200M in new contract potential during April alone. To put that in context: Ondas is guiding for at least $375M in 2026 revenue. Their current backlog of $457M already exceeds that number. That means even if they won zero new contracts for the rest of the year, they would have more than enough committed work to hit the target. Every new contract win from here is additive upside, not a requirement just to make the number. This is also why management described Q1 2026 revenue guidance of $38 to $40M as essentially already locked in. The backlog provides what analysts call "clear visibility." In defense tech, visibility is everything.

🐋 $ONDS Whale Watch $3.2M on the $11 strike, $2M on $12, and the $10 call just went vertical at the right edge crossing $1M. Price is sitting at $10 and whales are stacked on every strike above current price and the ladder is still building. Total call premiums across $10 to $15 are pushing $8M+ with everything positive and holding. The only bear signal is $11.5 puts at around $400K — flat and going nowhere. For a name priced at $10, $8M in stacked call premiums from $11 to $15 is not a small bet. Whales want this thing and they've been patient since April 17. What does $ONDS have coming that the market hasn't priced in? 👇

Bought $ONDS at $9.40 a week ago. Trimmed around $11 today. Not selling everything. Not getting greedy. Just cautious with Iran & US talks take 2. If it dips — I buy back. If it runs — I still win.