Ondas Inc. (ONDS) Stocks: Record revenue of $83.8 million and backlog orders of $757 million drive Q

TLDR

Ondas 'second-quarter revenue hit a record $83.8 million, with an order backlog of $757 million.

New orders reached US$175 million in the second quarter, and another US$105 million in orders were received in the third quarter.

Ondas raised its 2026 revenue guidance to $525 million to $550 million after record quarterly sales.

After acquiring DZYNE and Cyberhawk, the estimated order backlog climbed to US$757 million.

Despite strong revenue growth and expanded orders, ONDS shares fell 6.55% to $9.13.

Revenue growth enhances Ondas operating scale

Ondas Holdings Inc. (ONDS) reported record second-quarter revenue as rapid order growth boosted the development of its defense and autonomous systems platforms. Revenue reached $83.8 million, while the estimated order backlog climbed to $757 million following the completion of recent acquisitions. Still, ONDS shares fell 6.55% to $9.13 as the market assessed higher expenses and quarterly losses.

Second-quarter revenue increased 67% from US$50.1 million in the first quarter and far exceeded US$6.3 million in the same period last year. Based on comparable portfolios, revenue increased 85% year-on-year among businesses held in the latest quarter. The growth reflects increased anti-drone demand, broadening customer channels, acquisitions and increased capacity in Ondas operating networks.

Gross profit reached $36.1 million, compared with $24.7 million in the previous quarter and $3.3 million in the same period last year. Gross profit margin fell from 49.2% to 43.1%, mainly affected by amortization and product mix. Adjusted gross profit was US$42.3 million, and adjusted gross margin was 50.4%.

Operating expenses climbed to $199.1 million as Ondas absorbed acquisitions and increased investment in technology and manufacturing. Non-cash costs include $67.6 million in stock-based compensation and $19.2 million in contingent consideration changes. As a result, the company reported an operating loss of $162.9 million and a net loss of $89.7 million.

Ondas 'order backlog reaches US$757 million after acquisition

Ondas received US$175 million in new orders in the second quarter, bringing the reported order backlog to approximately US$613 million. Including DZYNE Technologies and Cyberhawk, the estimated order backlog reached $757 million at the end of June. As of August 10, the company received another $105 million in orders, extending business momentum into the third quarter.

Recent acquisitions allow Ondas to expand its business into areas such as intelligence, anti-drone systems, precision strikes, industrial testing and battlefield software. DZYNE has added remote ISR and strike capabilities, while Cyberhawk has strengthened its autonomous detection services for large infrastructure customers. World View, Mistral and Omnisys further enrich the company's defense technology and mission management portfolio.

Ondas also expanded its U.S. manufacturing footprint to six facilities with 230,000 square feet of underutilized capacity. The company added 560 employees, including 155 engineers, and plans to add 50,000 square feet of manufacturing space. In addition, eight workflows were extended on Palantir Foundry to support 24 operational use cases on its growing platform.

Ondas raises 2026 revenue target

After a strong quarter, Ondas raises its full-year 2026 revenue target to $525 million to $550 million. Management also advanced the expected timetable for adjusted EBITDA earnings as deliveries continued to expand in the second half of the year. Key projects include anti-drone systems, precision strike platforms, multi-domain intelligence, surveillance and reconnaissance products.

As of the end of June, the company held US$1.4 billion in cash, restricted cash, cash equivalents and short-term investments. The funds support acquisitions, capacity expansion, technology development, and large customer projects in the defense and commercial markets. As order volumes increase, Ondas also plans to upgrade facilities in its expanding U.S. manufacturing network.

Ondas continues to expand its government and commercial contracts in North America, Europe, Asia, Africa and the Middle East. Recently won orders cover areas such as precision strikes, anti-drone systems, high-altitude surveillance and unmanned ground technology. These projects provide more background support for the rapid order backlog growth recorded in the first half of 2026.

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