Ondas tops U.S. fails-to-deliver list as investors point to short sellers

Ondas, a defense drone company that works with Palantir, became the most failed-to-deliver security in the United States during the latest U.S. Securities and Exchange Commission reporting window, according to Protos. The stock, traded on Nasdaq under the ticker ONDS, had 20,954,097 shares sitting undelivered in the National Securities Clearing Corporation’s Continuous Net Settlement system on the Monday after its most recent quarterly earnings, the report said. No other U.S. stock recorded more undelivered shares that day. The company has also drawn attention because of its elevated short interest, which stood at 40.9% of its float. Protos noted that this was roughly ten times the level seen a year earlier, when short interest was near 4%. At the same time, Ondas reported $83.8 million in second-quarter revenue, said that figure was more than 13 times its Q2 2025 level, and raised its full-year revenue target to above $525 million. Even with those figures, the stock is down 22% since the start of the year and has traded flat over the past 12 months after a 10x rally from penny-stock levels. The SEC has cautioned that fails to deliver do not necessarily result from short selling and are not proof of abusive or naked short selling.