ONDS · Ondas Holdings Inc.

Ondas Holdings reported record first quarter 2026 results, with revenue of $50.1 million, a more than 10-fold increase from $4.3 million in Q1 2025 and a 66% sequential increase from $30.1 million in Q4 2025. The revenue exceeded the high end of the company's guidance by 25%. Gross profit rose to $24.7 million (49.2% margin) from $1.5 million (35.0%) a year ago, driven by higher sales volume, favorable product mix, and contributions from acquired companies. Operating expenses increased to $67.3 million from $11.8 million, reflecting the addition of acquired businesses, personnel costs, amortization of intangibles, and acquisition-related expenses. Operating loss widened to $42.7 million from $10.3 million. Net income was $361.3 million, largely due to a $389.5 million non-cash gain from the revaluation of warrant liabilities. The company raised its full-year 2026 revenue guidance to at least $390 million, representing approximately 670% year-over-year growth, citing strong demand for counter-UAS and defense robotics, a $457 million pro forma backlog, and the integration of recent acquisitions including Mistral and World View. Management highlighted that product companies achieved adjusted EBITDA profitability in Q1, six months ahead of target. The balance sheet remains strong with $1.48 billion in cash and short-term investments, providing substantial capacity to support organic growth and the Core + Strategic Growth Program.