Ondas surges as Q1 revenue beats estimates, guidance raised
Ondas is surging in premarket trading after posting record Q1 revenue Thursday morning that exceeded analysts’ estimates.
Key numbers:
Revenue of $50.1 million (estimate: $39.36 million).
Adjusted EBITDA loss of $10.9 million (estimate: $19.53 million).
The company ended the first quarter with a pro forma order backlog of $457 million, up sharply from $68.3 million at the end of 2025.
The primary catalyst for this backlog expansion is the company’s aggressive integration of newly secured defense and autonomy contracts. One driver is Ondas’ recently finalized $175 million acquisition of Mistral, which directly injected $264 million in contracted backlog and established Ondas as a prime contractor for the US Army and Special Operations.
Furthermore, the company’s newly formed ONBERG Autonomous Systems joint venture is actively positioning Ondas to capture upcoming critical infrastructure and drone defense contracts across Germany and Ukraine.
“Looking ahead, we believe Ondas is well positioned for the remainder of 2026 and beyond,” said Eric Brock, chairman and CEO of Ondas. “Recent global developments continue to underscore the urgency driving accelerated adoption of our solutions, reinforcing our long-term thesis and validating the strategic actions we have taken to position the Company for a multi-decade growth cycle.”
Ondas raised its full-year 2026 revenue target to at least $390 million, compared with analysts’ forecasts for $377 million.
Before Thursday, the stock had fallen about 9% year to date after surging in 2025.
