Ondas Q2 2026 slides: revenue soars 13x as defense platform scales

Ondas Inc. reported robust second-quarter 2026 earnings, highlighting significant revenue growth and strategic expansion within the defense technology sector. The company's revenue soared 13-fold compared to the same period last year, reaching $83.8 million, marking a 67% increase from the first quarter. Despite beating revenue expectations by over 22%, shares experienced a 7% decline to $9.085, as investors were concerned about the company's wider-than-anticipated losses and increased spending to fuel rapid growth.

Ondas' aggressive growth strategy spans several high-growth defense segments, including aerial security, precision strike, persistent intelligence, and autonomous ground systems. The company has set an ambitious full-year 2026 revenue target of $525 million to $550 million, indicating continued strong acceleration through the end of the year.

CEO Eric Brock emphasized that the company's growth is driven by organic expansion rather than solely acquisition accounting. The adjusted gross margin remained strong at 50.4%, indicating pricing power despite a shifting product mix and higher sales volumes. However, the adjusted EBITDA loss widened to $50.6 million for the quarter, reflecting substantial investments in infrastructure and integration to support the growth trajectory.

Despite these losses, Ondas maintains a strong balance sheet with $1.4 billion in cash and short-term investments as of June 30, 2026. The company's strategic focus on technology integration, operational integration, and market penetration has positioned it as a unified operating platform, bringing together 17 specialized technology companies across various fields.

The company's diverse customer base spans military, government, and commercial sectors, with a notable backlog of $757 million, demonstrating steady demand and market penetration across multiple regions.