TLDR
- Ondas posts record $83.8M Q2 revenue as backlog reaches $757 million.
- New orders hit $175 million in Q2, with another $105 million secured in Q3.
- Ondas raises 2026 revenue guidance to $525M-$550M after record quarterly sales.
- Pro forma backlog climbs to $757 million after DZYNE and Cyberhawk acquisitions.
- ONDS falls 6.55% to $9.13 despite strong revenue growth and a larger order book.
Ondas Inc. (ONDS) shares reported record second-quarter revenue as rapid order growth expanded its defense and autonomous systems platform. Revenue reached $83.8 million, while pro forma backlog climbed to $757 million after recent acquisitions. Still, ONDS shares fell 6.55% to $9.13 as markets assessed higher spending and quarterly losses.
Revenue Growth Strengthens Ondas Operating Scale
Second-quarter revenue rose 67% from $50.1 million in the first quarter and sharply exceeded last year’s $6.3 million. On a comparable portfolio basis, revenue increased 85% year over year across businesses owned during the latest quarter. Growth reflected stronger counter-drone demand, broader customer access, acquisitions, and increased production across Ondas‘ operating network.
Gross profit reached $36.1 million, compared with $24.7 million in the previous quarter and $3.3 million last year. Gross margin declined to 43.1% from 49.2% sequentially as amortization and product mix affected profitability. Adjusted gross profit reached $42.3 million, while adjusted gross margin stood at 50.4% during the quarter.
Operating expenses climbed to $199.1 million as Ondas absorbed acquisitions and increased investment across technology and manufacturing. Non-cash costs included $67.6 million of stock compensation and $19.2 million from contingent consideration changes. Consequently, the company recorded a $162.9 million operating loss and an $89.7 million net loss.
Ondas Backlog Reaches $757 Million After Acquisitions
Ondas secured $175 million in new orders during the second quarter, lifting reported backlog to about $613 million. Including DZYNE Technologies and Cyberhawk, pro forma backlog reached $757 million at the end of June. The company captured another $105 million in orders through August 10, extending commercial momentum into the third quarter.
Recent acquisitions expanded Ondas across intelligence, counter-drone systems, precision strike, industrial inspection, and battlefield software. DZYNE added long-range ISR and strike capabilities, while Cyberhawk strengthened autonomous inspection services for major infrastructure customers. World View, Mistral, and Omnisys broadened the company’s defense technology and mission management portfolio.
Ondas also expanded its United States manufacturing footprint to six facilities with 230,000 square feet of underused capacity. The company added 560 employees, including 155 engineers, and plans another 50,000 square feet of manufacturing space. It also expanded Palantir Foundry across eight workstreams supporting 24 operational use cases throughout its growing platform.
Ondas Raises 2026 Revenue Target
Ondas increased its full-year 2026 revenue target to between $525 million and $550 million after the stronger quarter. Management also moved forward its expected timeline for adjusted EBITDA profitability as second-half deliveries continue expanding. Key programs include counter-drone systems, precision strike platforms, multi-domain intelligence, surveillance and reconnaissance products.
The company ended June with $1.4 billion in cash, restricted cash, equivalents, and short-term investments. That capital supports acquisitions, production expansion, technology development, and larger customer programs across defense and commercial markets. Ondas also plans facility upgrades as order volumes increase across its expanded United States manufacturing network.
Ondas continues expanding government and commercial contracts across North America, Europe, Asia, Africa and the Middle East. Recent wins included orders covering precision strike, counter-drone systems, high-altitude surveillance, and unmanned ground technologies. These programs provide additional context for the rapid backlog growth recorded throughout the first half of 2026.
The post Ondas Inc. (ONDS) Stock: Record $83.8M Revenue and $757M Backlog Fuel Q2 Growth appeared first on Blockonomi.
