WEST PALM BEACH, Florida, August 15, 2026, 18:00 EDT — U.S. trading has ended for the weekend.
Shares of Ondas Inc. NASDAQ:ONDS climbed 3.7% to $9.24 on Friday, rebounding after an 8.8% drop on the day it released earnings. The stock ended the week up 1.4% overall.
The central investor assessment is currently particularly demanding. Based on guidance midpoints, Ondas requires a fourth-quarter revenue of approximately $256 million, which is over three times the amount of its second-quarter sales.
Despite record growth, the company did not achieve operating leverage in the most recent quarter. Adjusted EBITDA loss increased to $50.6 million, approximately 60% more than analysts’ consensus loss from FactSet.
| Market measure | Result | Comparison |
|---|---|---|
| Wednesday closing value | $9.77 | Reference before earnings |
| Thursday closing value | $8.91 | Fell 8.8% |
| Friday closing value | $9.24 | Gained 3.7% |
| Change on week | +1.4% | From $9.11 as of August 7 |
| Friday trading volume | 96.1 million | Represents 1.10x three-month average |
| 52-week high difference | -39.5% | Against $15.28 peak |
The advance on Friday offset just 38% of the 86-cent drop seen on Thursday. The final price stayed 4.1% under the session high reached earlier on Friday.
Revenue for the second quarter climbed to $83.8 million, up from $6.3 million in the same period last year. The result surpassed the $68 million consensus estimate from FactSet by approximately 23%.
| Operating measure | Q2 2026 | Q1 2026 | Q2 2025 |
|---|---|---|---|
| Revenue | $83.8 million | $50.1 million | $6.3 million |
| Gross profit | $36.1 million | $24.7 million | $3.3 million |
| Gross margin | 43.1% | 49.2% | 53.1% |
| Adjusted EBITDA | -$50.6 million | -$10.9 million | -$5.8 million |
| Pro forma backlog | $757 million | $457 million | Not comparable |
Gross profit rose by 46% compared to the first quarter. However, gross margin declined by 610 basis points, in part due to amortization expenses linked to acquired intangible assets.
Ondas CEO Eric Brock stated the company anticipates “another significant revenue ramp during the second half of 2026.” Ondas increased its full-year revenue outlook to between $525 million and $550 million. Ondas earnings release
After factoring in DZYNE and Cyberhawk, pro forma backlog stood at $757 million, representing 1.41 times the midpoint of annual guidance. Cash, restricted cash and short-term investments amounted to $1.4 billion.
| Guidance bridge | Revenue | Calculation |
|---|---|---|
| H1 actual | $133.9 million | Sum of Q1 and Q2 |
| Q3 outlook midpoint | $147.5 million | Midpoint of $140 million–$155 million forecast |
| 2026 outlook midpoint | $537.5 million | Midpoint of $525 million–$550 million projection |
| Calculated Q4 | $256.1 million | $537.5m minus $133.9m minus $147.5m |
| Q4 growth, calculated | +73.6% | Compared to Q3 midpoint |
The math gives little chance for a gentle outcome. Even if the lowest annual outlook and the highest third-quarter forecast are used, fourth-quarter revenue still needs to hit around $236 million.
Management anticipates that adjusted EBITDA losses will decrease from the previous quarter in the third quarter. The company aims to achieve adjusted EBITDA profitability across all operations by the end of 2027.
| Analyst | Latest rating | Target | Upside to $9.24 |
|---|---|---|---|
| Stifel | Buy | $18 | 94.8% |
| Needham | Buy | $19 | 105.6% |
| Lake Street | Buy | $19 | 105.6% |
| Eight-analyst consensus | Strong Buy | $19.81 average | 114.4% |
Analyst targets that are still published are well above the stock’s close on Friday. The majority of these forecasts were issued before the second-quarter earnings, so any updates will indicate if analysts support both the higher growth and the larger loss.
Nasdaq trading returns on Monday, August 17. Investors will monitor if ONDS remains above Thursday’s $8.91 closing price as analysts update their projections following the report.
Risks: The fourth-quarter ramp may face delays due to challenges in acquisition integration, program scheduling, and customer acceptance. Stock-based compensation totaled $69.1 million in Q2, and outstanding shares were up 39% between December and June.
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