Ondas (ONDS) Q1 2026 earnings summary

Executive summary

• Achieved Q1 2026 revenue of $50.1 million, representing a year-over-year increase of over 1,000% and exceeding prior targets by 25%, driven by acquisitions and organic growth in autonomous systems and defense technology markets.

• Raised 2026 revenue outlook to at least $390 million, supported by a $457 million backlog and global expansion to 15 offices and over 1,000 employees in 45+ countries.

• Product company-level adjusted EBITDA profitability achieved six months ahead of plan, with strong momentum sustained into 2026.

• Strategic acquisitions of World View, Mistral, Bird Aerosystems, Rotron Aerospace, Indo Earth, and Sentry CS, plus a partnership with Palantir, accelerated growth and technology integration.

• Deconsolidation of Ondas Networks in January 2026 resulted in a shift to a single operating segment focused on defense and critical infrastructure technologies.

Financial highlights

• Q1 2026 revenue: $50.1 million, up from $4.2 million in Q1 2025 and 66% sequentially from Q4 2025.

• Gross profit: $24.7 million (49% margin), up from 35% prior year and 42% in Q4 2025; gross margin improved to 51% in some reports.

• Net income: $361.3 million, driven by a $389.5 million non-cash gain from warrant revaluation and a $51.5 million gain from deconsolidation of a subsidiary.

• Adjusted EBITDA: loss of $10.9 million, compared to a $7.5 million loss prior year.

• Cash and short-term investments: $1.48 billion at quarter end, up from $616.1 million at end of 2025.

Outlook and guidance

• Raised 2026 revenue outlook to at least $390 million, with backlog of $457 million providing strong visibility.

• Adjusted EBITDA profitability expected at product company level by Q3 2026, company-wide by Q1 2028; OAS segment to achieve EBITDA profitability in Q1 2027.

• Strategic growth program and acquisitions expected to be additive in the second half of 2026.

• Higher losses expected in 1H 2026 as investments in growth continue, with improvement anticipated in H2 2026.