Ondas' first quarter revenue of $50.1 million beat estimates, prompting a raised 2026 forecast to $390 million.

Ondas reported first quarter 2026 revenue of $50.1 million, a more than ten-fold increase year-over-year and significantly ahead of analyst expectations. While the company posted GAAP net income of $361.2 million, driven by a large non-cash gain on warrant liabilities, its adjusted EBITDA loss was $10.9 million.

Key Highlights

• Revenue grew 1,065% year-over-year to $50.1 million, beating the high end of the company's guidance by 25%.
• Full-year 2026 revenue guidance was raised to at least $390 million, implying a 670% increase over 2025 results.
• Pro forma backlog surged to $457 million, up 570% from $68.3 million at year-end 2025, driven by strong order activity and recent acquisitions.
• The company's product divisions achieved positive adjusted EBITDA, reaching this milestone six months ahead of internal targets.