Ondas (ONDS) Q2: Explosive Growth Meets a Much Bigger Cost Structure
- Jonathan Poyer
- 1 day ago
- 2 min read
Revenue reached a record $83.8 million, up from just $6.3 million a year ago.
But growth came alongside substantially higher spending: adjusted EBITDA was a loss of $50.6 million, versus a $5.8 million loss a year ago.
Q2 2026 by the Numbers
Metric | Q2 2026 | Context |
Revenue | $83.8M | +1,236% YoY / +67% QoQ |
Pro Forma Organic Growth | +85% | Same-portfolio basis |
Gross Profit | $36.1M | — |
Gross Margin | 43.1% | — |
Adjusted Gross Margin | 50.4% | — |
New Q2 Orders | ~$175M | >2x quarterly revenue |
Reported Backlog | ~$613M | June 30 |
Pro Forma Backlog | ~$757M | Includes DZYNE + Cyberhawk |
Adjusted EBITDA | ($50.6M) | vs. ($5.8M) prior year |
Net Loss | ($89.7M) | — |
Cash + Investments | ~$1.4B | June 30 |
Ondas booked approximately $175 million of new orders in Q2 and another $105 million through August 10.
Pro forma backlog reached approximately $757 million, up from $68 million at year-end 2025. That is roughly 9x Q2 revenue.
Management also raised full-year 2026 revenue guidance to $525–$550 million and expects Q3 revenue of $140–$155 million.
The company reported a $50.6 million adjusted EBITDA loss and a $89.7 million net loss in Q2.
Operating expenses reached approximately $199 million.
Ondas has been an aggressive acquirer, adding businesses including DZYNE, World View, Mistral, Omnisys and Cyberhawk.
That's why the company's disclosed 85% pro forma organic growth may actually be the more useful number.
Ondas expects its operating platform to reach adjusted EBITDA profitability in Q4 2026, with company-wide adjusted EBITDA profitability targeted for Q4 2027.
Management's outlook implies a substantial acceleration:
Time Frame | Revenue |
Q1 2026 | $50.1M |
Q2 2026 | $83.8M |
Q3 Guidance | $140M–$155M |
FY2026 Guidance | $525M–$550M |
Ondas is unquestionably becoming a much larger company.
$83.8M revenue
$175M of Q2 orders
$757M of pro forma backlog
$1.4B of liquidity
525M–$550M of expected 2026 revenue
But investors also have to weigh:
$89.7M net loss
$50.6M adjusted EBITDA loss
A rapidly expanding cost structure
Multiple acquisitions being integrated simultaneously
The bigger test is whether Ondas can convert that backlog into revenue — and then convert revenue growth into sustainable margins and cash flow.
Comments