TLDR
- Ondas stock fell around 4-5% in premarket trading Thursday after Q2 results
- Revenue hit a record $83.8 million, up 1,236% year-over-year, beating estimates of $68 million
- Adjusted EBITDA loss widened to $50.6 million, well above the expected $31.6 million loss
- Full-year 2026 revenue guidance raised to $525-$550 million from at least $390 million
- Backlog stands at approximately $757 million, up from $68.3 million at end of 2025
Ondas Holdings posted record second-quarter revenue of $83.8 million, a 1,236% jump from $6.3 million a year ago. That blew past Wall Street’s estimate of around $68 million. The stock still dropped roughly 4-5% in premarket trading Thursday, hitting $9.36.
The reason for the drop comes down to losses. Ondas reported an adjusted EBITDA loss of $50.6 million for the quarter. Analysts had expected a loss of $31.6 million. That is a big miss.
On a per-share basis, the adjusted loss came in at $0.19, versus the $0.10 analysts had penciled in.
ONDAS $ONDS Q2’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $83.8M (Est. $68M) 🟢; +67% QoQ
🔹 Adj. EBITDA: -$50.6M (Est. -$32M) 🔴
🔹 Adj. Gross Margin: 50.4%FY26 Guide:
🔹 Revenue: $525M-$550M (Est. $509M) 🟢Q3 Guide:
🔹 Revenue: $140M-$155M (Est. $151M) 🟡Other Q2 Metrics:
🔹…— Wall St Engine (@wallstengine) August 13, 2026
Revenue also grew 67% sequentially from $50.1 million in Q1. That kind of quarter-over-quarter momentum is hard to ignore.
Operating expenses reached $199.1 million in the quarter. A large chunk of that, $105.8 million, was non-cash. That included $67.6 million in stock-based compensation.
The company ended the quarter with $1.4 billion in cash, cash equivalents, restricted cash, and short-term investments.
Guidance Raised
Despite the loss miss, management lifted its full-year 2026 revenue guidance to $525 million to $550 million. That is up from previous guidance of at least $390 million. The midpoint of $537.5 million sits above the analyst consensus of $525 million.
For Q3, Ondas is guiding revenue of $140 million to $155 million.
CEO Eric Brock pointed to strong bookings 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 said.
The company says the widening losses reflect investment in its platform and corporate development to support revenue expansion in the second half of 2026 and beyond.
Orders and Backlog
Ondas secured $175 million in new orders during Q2. It then added another $105 million in orders during Q3 to date.
As of June 30, the company’s backlog stood at $613 million. On a pro forma basis, including the DZYNE and Cyberhawk acquisitions that closed in Q3, that number rises to approximately $757 million. That compares to a backlog of just $68.3 million at the end of 2025.
Ondas is a partner of Palantir and provides AI-powered autonomous drone systems. The West Palm Beach, Fla.-based company has seen its stock gain 30% in August, though it has traded flat for the year heading into this report.
The company also expects adjusted EBITDA losses to decline sequentially in Q3 and forecasts profitability by the end of 2027.
Ondas ended Q2 with $1.4 billion in cash and short-term investments.
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