Ondas (ONDS) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $83.8 million, up over 13x year-over-year and 67% sequentially, driven by organic growth and strategic acquisitions.

• Raised full-year 2026 revenue target to $525–$550 million, reflecting strong backlog, pipeline, and broad-based demand.

• Pro forma backlog reached $757 million at June 30, 2026, with $105 million in new Q3 orders to date and a two-year strategic program pipeline exceeding $11 billion.

• Significant investments in operating platform, leadership, and technology integration to support rapid scaling and future growth.

• Management expects continued acceleration in the second half of 2026 and into 2027, with a clear path to profitability and long-term value creation.

Financial highlights

• Q2 2026 revenue: $83.8 million (67% sequential growth, over 13x year-over-year).

• Gross profit: $36.1 million; gross margin: 43.1% (down from 53.1% YoY); adjusted gross margin: 50.4%.

• Operating expenses: $199.1 million, with $93 million in adjusted cash OpEx, driven by integration and growth investments.

• Adjusted EBITDA loss: $50.6 million, expected to peak in Q2 and improve as revenue scales.

• Ended Q2 with $1.4 billion in cash, cash equivalents, and short-term investments.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $525–$550 million, implying over 10x 2025 revenue and >30% organic growth.

• Q3 2026 revenue expected between $140–$155 million, ~73–76% sequential growth.

• Adjusted EBITDA profitability for operating platform expected in Q4 2026; company-wide profitability in Q4 2027.

• Expects to exit 2026 at $1 billion annualized run rate revenue, ahead of 2030 targets.