Ondas Holdings delivered blockbuster second-quarter results with revenue climbing to $83.8 million, marking a staggering 1,236% increase compared to the $6.3 million reported in the same period last year. The figure crushed Wall Street expectations, which had called for approximately $68 million. Despite the impressive top-line performance, shares retreated about 4-5% in Thursday’s premarket session, trading at $9.36.
The market’s negative reaction centers on the company’s bottom-line performance. Ondas disclosed an adjusted EBITDA loss of $50.6 million for the three-month period. This represented a substantial shortfall against the analyst consensus of a $31.6 million loss.
Looking at the per-share figures, the company recorded an adjusted loss of $0.19, compared to the Street’s expectation of $0.10.
ONDAS $ONDS Q2’26 EARNINGS HIGHLIGHTS
Revenue: $83.8M (Est. $68M)
; +67% QoQ
FY26 Guide:
Q3 Guide:
Other Q2 Metrics:
— Wall St Engine (@wallstengine) August 13, 2026
The top-line figure also demonstrated strong sequential acceleration, climbing 67% from the $50.1 million recorded in the first quarter. This type of quarter-to-quarter expansion signals significant business momentum.
Total operating expenses for the period hit $199.1 million. Notably, $105.8 million of this amount was non-cash in nature. Stock-based compensation alone accounted for $67.6 million of the total.
The company closed the quarter with a robust balance sheet, holding $1.4 billion in cash, cash equivalents, restricted cash, and short-term investments.
Even with the earnings miss, Ondas management substantially increased its fiscal 2026 revenue forecast to a range of $525 million to $550 million. This represents a meaningful upgrade from the previous guidance of at least $390 million. The revised midpoint of $537.5 million exceeds the current analyst consensus of $525 million.
Looking ahead to the third quarter, Ondas expects revenue to land between $140 million and $155 million.
CEO Eric Brock highlighted the company’s operational execution and order momentum. “Our team at Ondas is performing at a high level, as evidenced by our record second-quarter results, headlined by strong revenue growth and continued bookings momentum across our business,” Brock stated.
Management explained that the expanding losses reflect strategic investments in platform development and corporate infrastructure designed to fuel revenue growth throughout the latter half of 2026 and into subsequent years.
During the second quarter, Ondas captured $175 million in fresh orders. The company has since booked an additional $105 million in orders so far in the third quarter.
The total backlog as of June 30 reached $613 million. When adjusting for the DZYNE and Cyberhawk acquisitions that closed during Q3, the pro forma backlog swells to approximately $757 million. This represents a massive expansion from the $68.3 million backlog reported at year-end 2025.
Ondas serves as a strategic partner to Palantir and specializes in AI-driven autonomous drone solutions. The Florida-based company, headquartered in West Palm Beach, has seen shares climb 30% during August, though the stock remains roughly flat on a year-to-date basis prior to this earnings announcement.
Management projects that adjusted EBITDA losses will narrow sequentially in the third quarter and anticipates achieving profitability by the conclusion of 2027.
The company maintains a strong cash position, ending the second quarter with $1.4 billion in cash and short-term investments available to fund operations and growth initiatives.
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