ONDS
Ondas Holdings Inc.
ONDS has the edge over SMR overall, supported by stronger fundamentals and stronger modeled upside.
SMR
NuScale Power Corporation
SMR has lower modeled downside risk, despite its lower overall score.
ONDS Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Weak | |
| Weak | |
| Unavailable |
ONDS's revenue is currently strong, but its profitability and cash flow are weak. There isn't enough data to rate its balance sheet.
SMR Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Weak | |
| Weak | |
| Unavailable |
SMR's revenue, profitability and cash flow are currently weak. There isn't enough data to rate its balance sheet.
ONDS PE Valuation
ONDS has no meaningful PE right now: it lost money over the past year.
SMR PE Valuation
SMR has no meaningful PE right now: it lost money over the past year.
ONDS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect ONDS's losses to grow, with revenue growing.
SMR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| -- | |
| Limited | |
| High |
Analysts expect SMR's losses to shrink, with revenue growing.
ONDS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.09 | +$0.32 |
| Q2 2026 | -$0.02 | +$0.51 |
| Q1 2026 | $0.09 | +$0.68 |
| Q4 2025 | -$0.62 | -$0.01 |
| Q3 2025 | -$0.41 | +$0.31 |
| Q2 2025 | -$0.53 | +$0.18 |
| Q1 2025 | -$0.59 | +$0.16 |
| Q4 2024 | -$0.61 | +$0.27 |
ONDS has the edge over SMR on earnings, with more consistent year-over-year improvement.
SMR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.72 | +$2.14 |
| Q2 2026 | -$2.46 | -$1.27 |
| Q1 2026 | -$2.46 | -$1.09 |
| Q4 2025 | -$2.43 | -$0.96 |
| Q3 2025 | -$2.86 | -$1.91 |
| Q2 2025 | -$1.19 | -$0.16 |
| Q1 2025 | -$1.37 | -$0.52 |
| Q4 2024 | -$1.47 | -$0.67 |
SMR is still losing money, but far less than before: $0.72 per share over the past year, against $2.86 at its worst in late 2025.
ONDS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $167.5M | +1559% |
| Q2 2026 | $83.8M | +1235% |
| Q1 2026 | $50.1M | +1080% |
| Q4 2025 | $30.1M | +629% |
| Q3 2025 | $10.1M | +582% |
| Q2 2025 | $6.3M | +555% |
| Q1 2025 | $4.2M | +580% |
| Q4 2024 | $4.1M | -17% |
ONDS has the edge over SMR on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -113% | +40 points |
| Q2 2026 | -195% | -47 points |
| Q1 2026 | -85% | +158 points |
| Q4 2025 | -77% | +129 points |
| Q3 2025 | -154% | +431 points |
| Q2 2025 | -147% | +720 points |
| Q1 2025 | -243% | +1218 points |
| Q4 2024 | -206% | +49 points |
ONDS has the edge over SMR on profitability, with a higher operating margin.
SMR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $281K | -97% |
| Q2 2026 | $75K | -99% |
| Q1 2026 | $565K | -96% |
| Q4 2025 | $1.8M | -95% |
| Q3 2025 | $8.2M | +1635% |
| Q2 2025 | $8.1M | +733% |
| Q1 2025 | $13.4M | +870% |
| Q4 2024 | $34.2M | +651% |
SMR's revenue has slid since its 2024 peak: $281,000 last quarter, down 97% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -23068% | -16535 points |
| Q2 2026 | -85337% | -84802 points |
| Q1 2026 | -10181% | -9917 points |
| Q4 2025 | -4022% | -3988 points |
| Q3 2025 | -6533% | +2103 points |
| Q2 2025 | -535% | +3796 points |
| Q1 2025 | -264% | +2925 points |
| Q4 2024 | -35% | +1524 points |
SMR's operating margin was −23068% last quarter, down 16535 points from the same quarter a year ago, near the bottom of its range since 2022.
ONDS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$150.8M | -$139.6M |
| Q2 2026 | -$93.8M | -$85.3M |
| Q1 2026 | -$52.6M | -$45.8M |
| Q4 2025 | -$14.3M | -$6.2M |
| Q3 2025 | -$11.1M | -$2.7M |
| Q2 2025 | -$8.5M | +$1.4M |
| Q1 2025 | -$6.8M | +$1.8M |
| Q4 2024 | -$8.1M | -$2.1M |
SMR has the stronger cash trend. Its trailing FCF is down 161% versus its history, compared with ONDS at down 686%.
SMR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$58.6M | -$25.3M |
| Q1 2026 | -$316.2M | -$293.3M |
| Q4 2025 | -$204.1M | -$177.6M |
| Q2 2025 | -$33.3M | +$2.7M |
| Q1 2025 | -$22.9M | +$10.6M |
| Q4 2024 | -$26.5M | +$46.8M |
| Q3 2024 | -$12.7M | +$15M |
| Q2 2024 | -$36M | +$4.5M |
SMR has burned cash in almost every quarter: −$608M over the past year, against −$95M the year before.
ONDS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +23% | +114M shares |
| 1 year | +489% | +513M shares |
| 3 years | +1363% | +576M shares |
| 5 years | +2983% | +598M shares |
ONDS has 618M diluted shares, up 489% from a year ago.
SMR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +13% | +45.9M shares |
| 1 year | +178% | +263M shares |
| 3 years | +448% | +336M shares |
SMR has the edge over ONDS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
ONDS Net Leverage
ONDS's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
SMR Net Leverage
SMR's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
ONDS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 36.4 | Neutral |
| Stochastic | 15.5 | Oversold |
ONDS's weekly RSI is 36 (neutral) and its Stochastic is 15 (oversold).
SMR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 29.5 | Oversold |
| Stochastic | 8.6 | Oversold |
SMR's weekly RSI is 30 (oversold) and its Stochastic is 9 (oversold).
ONDS PE vs Technology Sector
| Metric | ONDS | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
ONDS has no meaningful PE right now: it lost money over the past year.
SMR PE vs Utilities Sector
SMR has no meaningful PE right now: it lost money over the past year.
ONDS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.35 | 16% below |
| 20 week MA | $7.23 | 26% below |
| 50 week MA | $8.92 | 40% below |
| 100 week MA | $6.08 | 12% below |
| 200 week MA | $3.57 | 49% above |
ONDS has the edge over SMR on trend strength, trading above more of its moving averages.
SMR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.26 | 23% below |
| 20 week MA | $7.88 | 39% below |
| 50 week MA | $11.4 | 58% below |
| 100 week MA | $20.2 | 76% below |
| 200 week MA | $14.4 | 67% below |
SMR is in a downtrend: it's below all five of its weekly moving averages, and 67% below its 200-week average.
ONDS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2019 | $18.0 | $18.0 | 0% |
| 2020 | $18.0 | $7.65 | -57% |
| 2021 | $7.65 | $7.16 | -6.4% |
| 2022 | $7.16 | $1.69 | -76% |
| 2023 | $1.69 | $1.53 | -9.5% |
| 2024 | $1.53 | $2.59 | +69% |
| 2025 | $2.59 | $8.48 | +227% |
| 2026 YTD | $8.48 | $5.32 | -37% |
ONDS has the edge over SMR on returns for 2026, with the stronger performance.
SMR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.1 | $10.3 | +1.2% |
| 2021 | $10.3 | $10.1 | -1.9% |
| 2022 | $10.1 | $10.1 | +0.5% |
| 2023 | $10.1 | $3.29 | -67% |
| 2024 | $3.29 | $19.5 | +493% |
| 2025 | $19.5 | $14.9 | -24% |
| 2026 YTD | $14.9 | $4.82 | -68% |
SMR's yearly returns have swung widely, from +493% in 2024 to −67% in 2023. It's down 68% so far in 2026.