Ondas Q2 2026 earnings: record revenue, raised full-year outlook

Ondas reported record second-quarter revenue of $83.8 million on Thursday, up 67% from $50.1 million in the first quarter and more than 13 times the $6.3 million it generated in the second quarter of 2025, the company said.

Ondas raised its full-year 2026 revenue target to a range of $525 million to $550 million, up from prior guidance, representing a greater than 10-fold increase from 2025 results. The company said third-quarter revenue is expected to come in between $140 million and $155 million.

The West Palm Beach, Florida-based provider of autonomous systems and defense technologies secured $175 million in new orders during the second quarter. Backlog reached approximately $613 million as of June 30, 2026, up from $457 million on a pro forma basis at the end of the first quarter and $68 million at year-end 2025. Including the acquisitions of DZYNE Technologies and Cyberhawk, which closed in the third quarter, pro forma backlog stood at approximately $757 million.

Gross profit was $36.1 million for the quarter, compared with $3.3 million in the same period a year earlier. Gross margin was 43.1%, down from 53.1% a year ago, which the company attributed in part to amortization of capitalized intellectual property. Adjusted gross margin was 50.4%.

The company posted a net loss of $89.7 million for the quarter, compared with a net loss of $10.8 million a year earlier. Operating expenses rose to $199.1 million from $12.6 million a year ago, driven largely by $105.8 million in non-cash charges including $67.6 million in stock-based compensation. Adjusted EBITDA loss was $50.6 million, compared with a loss of $5.8 million in the second quarter of 2025.

Ondas ended the quarter with $1.4 billion in cash, cash equivalents, restricted cash, and short-term investments. The company said it used approximately $325 million of that in the third quarter to close the DZYNE and Cyberhawk acquisitions.

The company said it now expects to reach Adjusted EBITDA profitability at its operating platform level by the fourth quarter of 2026, and company-wide Adjusted EBITDA profitability by the fourth quarter of 2027.

"We expect to sustain this momentum and deliver another significant revenue ramp during the second half of 2026," Ondas Chairman and Chief Executive Officer Eric Brock said in a statement.

The company said $105 million in additional orders were captured through August 10 during the third quarter.