Ondas Holdings has gone through a rapid transformation, shifting from a small industrial communications company into a defence-drone and autonomous-systems platform. It now operates businesses covering counter-drone technology, unmanned aircraft, ground robots, loitering munitions and infrastructure inspection.
Q1 2026 revenue came in at $50.1 million. That beat the top end of management’s own guidance by 25%. A year ago, the same quarter looked nothing like this.
On the back of that result, management raised its full-year revenue target to at least $390 million. That would be growth of around 670% compared to 2025.
Pro forma backlog stood at $457 million at the end of Q1, up sharply from $68.3 million at year-end 2025. The company also said it locked in more than $110 million in new orders during just the first two months of Q2.
That backlog number grabs attention. But backlog is not revenue. Government approvals, delivery schedules and budget cycles can push when that money actually shows up in earnings.
The counter-unmanned aircraft systems market is where Ondas sees its biggest opening.
Subsidiary Sentrycs uses cyber-over-radio-frequency technology to detect drones, identify controllers and potentially take control of hostile aircraft. It is a softer approach compared to jamming or missiles, which makes it more practical in crowded or sensitive environments.
Sentrycs technology is already being integrated into a Lockheed Martin counter-drone platform, which adds some weight to the business case.
Defence budgets are moving toward this space fast. Small, inexpensive drones have become a real threat across military and civilian settings, and that is driving urgent procurement.
Ondas is not profitable. Adjusted EBITDA came in at negative $10.9 million for Q1. Operating costs rose because of new staff, professional services and acquisition-related expenses.
Management expects losses to peak in Q2 before improving. The targets are profitability at the autonomous-systems division by early 2027 and company-wide adjusted EBITDA profitability in early 2028.
Those are targets, not guarantees.
The company ended Q1 with roughly $1.48 billion in cash, restricted cash and short-term investments. That gives Ondas room to keep investing without an immediate funding crisis.
However, most of that cash came from selling stock and warrants, which has diluted existing investors. The share count has grown.
Customer concentration adds another layer of risk. Three customers made up nearly 70% of Q1 revenue. One delayed programme could move the needle in the wrong direction fast.
Nine Wall Street analysts cover Ondas. MarketBeat shows a Moderate Buy consensus, with one Strong Buy, six Buys and two Holds. No Sells.
The average 12-month price target is $16.75, with a range from $10 to $19.
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