Key Highlights
- First-quarter revenue reached $50.1M, marking a 1,079% year-over-year surge and exceeding analyst projections by $10.76M.
- Full-year 2026 revenue guidance increased to a minimum of $390M from the previous $375M target, signaling approximately 670% growth.
- Pro forma backlog expanded to $457M from $68.3M at the end of 2025, representing a 570% jump.
- Product divisions achieved adjusted EBITDA positivity in Q1, surpassing internal projections by half a year.
- Cash reserves stand at $1.48B, fueling the company’s continued acquisition program.
Ondas (ONDS) delivered first-quarter 2026 results showing revenue of $50.1 million, representing an extraordinary leap from the $4.3 million recorded during the same period last year. The figure surpassed analyst expectations by $10.76 million and exceeded the upper range of company guidance by 25%.
Investor attention has intensified following the announcement that management elevated its full-year 2026 revenue projection to a minimum of $390 million, revised upward from the earlier $375 million forecast, compared to the Street’s consensus of $379.05 million.
Sequential growth was equally impressive, with revenue climbing 66% from the previous quarter’s $30.1 million. Ondas generated gross profit of $24.7 million during the period, while gross margins expanded to 49% compared to 42% in the fourth quarter of 2025.
The backlog figures painted an equally compelling picture. The company’s pro forma backlog surged to $457 million by quarter-end, a dramatic rise from $68.3 million at 2025’s conclusion. This 570% expansion stemmed from fresh order intake and the integration of newly acquired entities, including Mistral Inc. and World View Enterprises, both of which were finalized in April 2026.
M&A Strategy Fuels Expansion
Ondas has pursued an ambitious acquisition campaign. Throughout and following the first quarter, the organization integrated Rotron Aerospace, Mistral Inc., Bird Aero, Indo-Earth, and World View into its operational structure.
Mistral’s acquisition provides access to a prime contractor role within a $982 million IDIQ contract with the U.S. Army focused on loitering munition systems. World View contributes stratospheric balloon technology designed for sustained intelligence, surveillance, reconnaissance, and communication capabilities.
Additionally, the company established ONBERG, a joint venture maintaining 51% ownership alongside Heidelberger Druckmaschinen AG, to develop a European production and distribution network specializing in counter-unmanned aerial systems and ISR technologies.
According to company disclosures, 4M Defense and INDO Earth collectively secured roughly $220 million in tender awards during early 2026.
Profitability Timeline Accelerates
The product business segments achieved positive adjusted EBITDA during Q1, a milestone reached six months earlier than management’s initial timeline. The company has now accelerated its expectations for the Ondas Autonomous Systems division to reach adjusted EBITDA profitability by the first quarter of 2027, moving ahead from the previous Q3 2027 projection.
Corporate-wide adjusted EBITDA profitability continues to target Q1 2028.
Operating expenses grew to $67.3 million in the first quarter, up from $36 million in the prior quarter, attributed to recent acquisitions, expanded workforce costs, and intangible asset amortization. The operating deficit expanded to $42.7 million.
Reported net income of $361.2 million for the quarter was predominantly influenced by non-cash accounting entries, including a $389.5 million gain from warrant revaluation.
Adjusted EBITDA loss totaled $10.9 million, versus a $7.5 million loss in the year-ago quarter.
Ondas closed the quarter holding $1.48 billion across cash, cash equivalents, restricted cash, and short-term investment instruments. Leadership indicated expectations to finalize additional acquisitions throughout 2026 that would contribute incremental revenue beyond current projections.
Company executives conducted an earnings conference call on May 14 at 8:30 a.m. ET to provide detailed commentary on the quarterly performance.
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