Ondas (ONDS) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $83.8 million, up over 13x year-over-year and 67% sequentially, driven by organic growth and strategic acquisitions.

• Increased full-year 2026 revenue target to $525–$550 million, reflecting strong backlog, pipeline, and broad-based demand.

• Pro forma backlog reached $757 million at June 30, 2026, with over $100 million in new Q3 orders to date and a two-year pipeline exceeding $11 billion.

• Significant investments in operating platform, integration of recent acquisitions (DZYNE, Cyberhawk, World View, Mistral), and global expansion to support rapid scaling.

• Management expects substantial operating leverage and profitability improvements as revenue scales in the second half of 2026 and into 2027.

Financial highlights

• Q2 2026 revenue: $83.8 million (67% sequential growth, over 13x year-over-year).

• Adjusted gross margin: 50.4% in Q2 2026; reported gross margin: 43%.

• Adjusted cash operating expenses: $93.3 million in Q2 2026, reflecting integration and growth investments.

• Adjusted EBITDA loss: $50.6 million in Q2 2026, expected to improve as revenue ramps.

• Ended Q2 with $1.4 billion in cash, cash equivalents, restricted cash, and short-term investments.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $525–$550 million, implying over 10x 2025 revenue and >30% organic growth.

• Q3 2026 revenue expected between $140–$155 million, ~73–76% sequential growth.

• Anticipates exiting 2026 at $1 billion annualized run-rate revenue, ahead of 2030 target.

• Operating platform expected to reach adjusted EBITDA profitability in Q4 2026; company-wide profitability in Q4 2027.

• Management targets 30–40% sustainable organic revenue growth into 2027.