Ondas (ONDS) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $167.489M, up more than 16x YoY and 100% QoQ; pro forma organic growth was 64%. Bookings totaled $214M and backlog reached $835M, up 36% sequentially.

• Cash, cash equivalents, restricted cash and short-term investments totaled $820.3M at September 30, 2026.

• FY2026 revenue target rose to $550M+, with a Q4 target above $250M; the initial FY2027 target is $1.1B+, and adjusted EBITDA profitability targets moved forward.

Financial highlights

• Q3 revenue was $167.489M versus $10.098M in Q3 2025 and $83.8M in Q2 2026; nine-month revenue was $301.4M versus $20.6M a year earlier.

• Q3 GAAP gross profit was $36.5M and gross margin 21.8%; adjusted gross profit was $58.3M and adjusted gross margin 34.8%.

• GAAP operating loss was $189.5M and net loss was $64.7M, including non-cash warrant-related gains; total other income, net, was $133.1M.

• Adjusted EBITDA loss was $59.7M versus $8.1M in Q3 2025; adjusted cash operating expenses were $118.7M. R&D rose $30M sequentially to $61.6M.

• Nine-month net income was $206.9M versus a $32.4M loss in 9M 2025; Q3 diluted EPS was $(0.10) and 9M diluted EPS was $0.27.

Outlook and guidance

• FY2026 revenue target was raised to at least $550M from a prior $525M–$550M range; Q4 target is above $250M, with pro forma organic growth of at least 75% YoY.

• Initial FY2027 revenue target is at least $1.1B, excluding additional acquisitions, implying 100% total YoY growth and more than 40% organic growth.

• Adjusted EBITDA profitability is targeted for the operating platform in Q4 2026 and for the full business by Q3 2027, one quarter earlier than prior guidance.

• Q4 backlog is expected to grow sequentially, with volume shipments planned for ULTRA, IonStrike, the U.S. Army LUS IDIQ program and a $140M combat engineering vehicles program.

• Q4 gross margin is expected near Q3 levels due to product mix, with recovery toward historical levels as production ramps normalize; operating leverage is expected over the next 12+ months.