Ondas Reports Surge in Quarterly Revenue Driven by Expanding Defense Contracts
Waltham, Thursday, 13 August 2026.
Ondas achieved a 13-fold year-over-year revenue surge to $83.8 million in the second quarter of 2026, prompting the company to raise its full-year financial outlook.
Record Revenue and Guidance Raise
Ondas Holdings (NASDAQ:ONDS) reported record second-quarter 2026 revenue of $83.8 million on 13 August 2026, marking a significant escalation in financial performance [1]. This figure represents a 67% quarter-over-quarter increase and a 13-fold year-over-year growth compared to the second quarter of 2025 [1]. The substantial revenue surge was driven by strong bookings across core and strategic expansion programs, prompting the company to raise its full-year 2026 revenue target to between $525 million and $550 million [1]. Additionally, Ondas pulled forward its timeline for Adjusted EBITDA profitability, signaling confidence in its operational trajectory [1].
Record Revenue and Guidance Raise
The company’s liquidity position remains robust, with Ondas closing the quarter with $1.4 billion in cash, cash equivalents, restricted cash, and short-term investments as of 30 June 2026 [1]. This capital reserve supports the company’s aggressive growth strategy and operational scaling efforts [1]. The raised guidance reflects the momentum captured during the quarter, where $175 million in new orders were secured [1]. An additional $105 million in orders were captured in the third quarter of 2026 through 13 August 2026, further reinforcing the positive outlook [1].
Strategic Acquisitions and Backlog
Ondas reported a backlog of approximately $613 million as of 30 June 2026, which increases to a pro forma backlog of $757 million when including the acquisitions of DZYNE Technologies and Cyberhawk [1]. Both acquisitions closed in the third quarter of 2026, expanding Ondas technology and customer-solutions portfolio [1]. To support this growth, operational scaling efforts in the second quarter included expanding the manufacturing footprint by 230,000 square feet 21367.69 square meters [1]. The company is also planning facility upgrades to add approximately 50,000 square feet of manufacturing space to ramp production for the Lethal Unmanned Strike program [1].
Strategic Acquisitions and Backlog
Defense contracts continue to be a primary driver of backlog growth, with over $240 million in aggregate orders related to a $982 million Army IDIQ award for loitering munitions [1]. In July 2026, the company submitted over $90 million in proposals to U.S. defense customers for long-endurance ISR-T and received a $9 million order to integrate Ionstrike with a Fire Control System [1]. Furthermore, Ondas was awarded a $4.8 million contract by the U.S. Navy SOUTHCOM for stratospheric high-altitude balloon services, with a successful launch occurring in late July 2026 [1].
Market Reaction and Analyst Perspectives
Following the earnings report, Ondas stock gained more than 30% over the past month, with retail investors betting on extended rallies following the results [3]. Wall Street analysts had expected revenue of approximately $67.97 million for the second quarter, meaning the reported $83.8 million significantly exceeded estimates [2][3]. Roth Capital analyst Scott Searle initiated Ondas with a ‘Buy’ rating and a $13 price target, citing growth potential in a defense market that could be worth more than $100 billion [3].
Market Reaction and Analyst Perspectives
Despite the positive momentum, analysts note that management must deliver substantial revenue in the second half of the year to meet the new targets [4]. Specifically, there is a requirement to deliver $406 million revenue in the next two quarters to hit the $525 million annual target [4]. While analysts rate ONDS a Buy with targets up to $25, missing this milestone could mean major downside risks related to integration and revenue timing [4]. The company scheduled a conference call for 13 August 2026, at 8:30 a.m. ET to discuss these results [1].