Ondas (ONDS) Stock Surges on 1,000% YoY Q1 Revenue Growth

TLDR

• Ondas reported first-quarter 2026 revenue of $50.1 million, marking an over 1,000% increase compared to the same period last year and surpassing estimates by $10.76 million.
• The company increased its full-year 2026 revenue guidance to a minimum of $390 million, up from the previous target of $375 million, representing approximately 670% growth.
• Pro forma backlog surged to $457 million from $68.3 million at the end of 2025, reflecting a 570% rise.
• Product companies achieved positive adjusted EBITDA in Q1, six months earlier than originally projected.
• Ondas maintains a cash position of $1.48 billion, supporting its ongoing acquisition strategy.

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(SeaPRwire) –   Ondas (ONDS) announced first-quarter 2026 revenue of $50.1 million, more than ten times the $4.3 million recorded in Q1 2025. The result exceeded Wall Street expectations by $10.76 million and was 25% above the high end of the company’s own forecast.

$ONDS Q1 EARNINGS

• Revenue: $50M vs. Est. $39M
• EBITDA: ($11M) vs. Est. ($20M)
• Backlog: ~$457M
• Cash position: ~$1.5B

FY26 Guidance
• Revenue: $390M vs. Est. $379M

Ondas anticipates achieving company-wide profitability by Q1 2028. pic.twitter.com/q3XXXs47Q2

— Shay Boloor (@StockSavvyShay) May 14, 2026

The stock attracted attention after Ondas raised its full-year 2026 revenue target to at least $390 million, up from $375 million, against a consensus estimate of $379.05 million.

Ondas Holdings Inc., ONDS

Revenue also grew 66% sequentially, increasing from $30.1 million in the prior quarter. Gross profit reached $24.7 million, with margins expanding to 49% from 42% in Q4 2025.

The company’s backlog highlighted even stronger performance. Pro forma backlog stood at $457 million as of the end of Q1, up from $68.3 million at year-end 2025. This 570% increase was fueled by new orders and contributions from recently acquired entities, including Mistral Inc. and World View Enterprises, which were finalized in April 2026.

Acquisitions Driving Growth

Ondas has pursued an aggressive acquisition strategy. Throughout and following Q1, it integrated Rotron Aerospace, Mistral Inc., Bird Aero, Indo-Earth, and World View into its operations.

Mistral Inc. brings a prime contractor role on a $982 million IDIQ contract with the U.S. Army for loitering munitions. World View provides a stratospheric balloon platform designed for persistent intelligence, surveillance, and reconnaissance (ISR), as well as communications capabilities.

The company also established ONBERG, a 51%-owned joint venture with Heidelberger Druckmaschinen AG, to develop a European manufacturing and sales network focused on counter-unmanned aerial systems (UAS) and ISR technologies.

According to the company, 4M Defense and INDO Earth secured around $220 million in combined contract wins during early 2026.

Path to Profitability

Product companies generated positive adjusted EBITDA in Q1, achieving this milestone six months ahead of internal plans. Ondas now forecasts that its Ondas Autonomous Systems segment will reach adjusted EBITDA profitability by Q1 2027, accelerating from the prior projection of Q3 2027.

Full company-wide adjusted EBITDA profitability is still expected by Q1 2028.

Operating expenses rose to $67.3 million in Q1, up from $36 million in Q4 2025, driven by acquisitions, higher personnel costs, and amortization of intangible assets. The operating loss widened to $42.7 million.

Net income totaled $361.2 million during the quarter, primarily due to non-cash items such as a $389.5 million gain from warrant revaluation.

Adjusted EBITDA loss was $10.9 million, compared to a $7.5 million loss in Q1 2025.

As of quarter-end, Ondas held $1.48 billion in cash, cash equivalents, restricted cash, and short-term investments. The company indicated it plans to complete further acquisitions in 2026, which are likely to contribute additional revenue to its outlook.

Management conducted an earnings call on May 14 at 8:30 a.m. ET to discuss the results.