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7h ago

Ondas Posts Blowout Q1 and Raises 2026 Outlook as Backlog Hits $457 Million

A swelling order book signals faster scaling backed by a large cash reserve.

Ondas’s $1.48 billion liquidity position gives the company unusually strong flexibility to fund production growth and execute on its backlog without immediate financing pressure.
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Overview

  • Ondas, which reported results Thursday, booked $50.1 million in Q1 revenue, beating forecasts by about $11 million as the stock jumped more than 20%.
  • Management lifted its 2026 sales goal to at least $390 million after pro forma backlog reached about $457 million at March 31.
  • Product subsidiaries turned adjusted EBITDA profitable in Q1, and the company now targets its Autonomous Systems unit to reach that mark by Q1 2027 with company-wide profitability in Q1 2028.
  • Reported net income was $361.2 million, driven mostly by a non-cash $389.5 million warrant revaluation, while adjusted EBITDA loss measured $10.9 million.
  • Cash and investments totaled roughly $1.48 billion, funding an acquisition drive that added Mistral and World View and opened doors to larger U.S. Army loitering-munitions and ISR programs.