WEST PALM BEACH, May 15, 2026, 10:09 EDT
- Ondas bumped up its 2026 revenue goal to a minimum of $390 million, coming off a first-quarter revenue increase to $50.1 million.
- ONDS hovered around $11.20 early Friday, following a 27% surge the previous day.
- The company logged an operating loss of $42.7 million. Adjusted EBITDA loss came in even wider, reaching $10.9 million.
Ondas Inc. boosted its full-year revenue forecast to a minimum of $390 million, following a sizable leap in first-quarter sales that pushed the defense-drone company’s shares into the spotlight after Thursday’s rally. The West Palm Beach-based company disclosed in a filing that revenue climbed to $50.1 million, a steep climb from $4.3 million in the same period last year.
Timing is key here. Counter-UAS systems—gear used to detect, track, or neutralize drones—and ISR tech have moved to the forefront of defense budget discussions. Ondas, meanwhile, is working to knit together several recent acquisitions into something bigger. Early Friday on Nasdaq, shares hovered near $11.20 after a 27% jump Thursday.
Ondas reported its pro forma backlog climbed to $457 million, a jump from $68.3 million at the end of 2025. The backlog tally, which covers both booked orders and work still in the pipeline, folds in business from recent acquisitions along with new orders, the company said.
Gross profit climbed to $24.7 million, lifting gross margin to 49% from last year’s 35%. Operating expenses, however, surged to $67.3 million, leaving the company with a $42.7 million operating loss. Adjusted EBITDA—a non-GAAP metric excluding interest, taxes, depreciation and some other costs—came in at a loss of $10.9 million.
Ondas has “strong visibility into our 2026 targets” thanks to the current backlog, Chairman and CEO Eric Brock said. Brock pointed to “powerful demand tailwinds” in counter-UAS and defense robotics, highlighting the company’s Sentrycs and Iron Drone platforms.
Ondas is digging further into U.S. and allied defense, striking deals such as Mistral and World View. With Mistral, the company joins a U.S. Army loitering-munitions effort. World View, on the other hand, gives Ondas access to high-altitude balloon systems for persistent ISR—slotting in between conventional aircraft and satellite capability.
Bulls often point to the Palantir connection. Back in March, Palantir announced plans to collaborate with Ondas and World View on AI-driven multi-domain ISR—covering everything from production software to mission planning and edge operations. According to Palantir, work is underway on World View’s stratospheric systems, and integration with Ondas’ portfolio could get rolling as soon as the fourth quarter.
On Thursday’s call, analysts pressed management for details on organic growth, gross margins, Middle East demand, Mistral’s U.S. defense ties and software revenue. Stifel’s Jonathan Siegmann brought up the question of operating in an active war zone. Brock acknowledged the difficulties but replied, “we’re used to working under this pressure.” Investing.com
Shares of Ondas surged 27% Thursday, according to Barron’s, outpacing a mostly mixed defense sector. Palantir tacked on 2.8%, AeroVironment picked up 2.7%, while Karman Holdings slipped 1.9%. Ondas also topped Wall Street’s first-quarter revenue forecast, beating the $39.4 million estimate tracked by FactSet.
Ondas isn’t out of the woods yet. Gross margin could swing around, the company said, with systems sales prone to lumpiness. Adjusted EBITDA losses are likely to stay high in the second quarter, though Ondas expects things to pick up as the year goes on.
The headline number for net profit comes with important caveats. Ondas posted net income of $361.2 million; however, that figure reflects a $389.5 million non-cash gain related to warrant liabilities and a $51.5 million benefit from deconsolidating Ondas Networks. These accounting gains leave the company’s operating loss untouched.
Another wrinkle surfaced in a May 13 filing: Ondas flagged a possible share overhang with roughly 2.8 million shares eligible for resale by holders linked to the Mistral deal. The company won’t get any proceeds from those sales. Sellers also now face trading-volume restrictions, according to the document.
Right now, Ondas sits in the market’s crosshairs as a fast-growth defense-tech play, full of complexity. The real question isn’t so much backlog size anymore—it’s about execution: getting shipments out, managing integrations, protecting margins. The company’s on the hook to reach adjusted EBITDA profitability across the board by Q1 2028.
