Ondas revenue skyrockets 1,065% as defense backlog hits $457M

Ondas Holdings (NASDAQ:ONDS) reported blockbuster first-quarter 2026 financial results on Thursday, blowing past the high end of Wall Street and management forecasts.

The company announced that total revenue for the first quarter ended March 31, 2026, surged a staggering 1,065% year-over-year to a record $50.1 million, compared to just $4.25 million in the first quarter of 2025.

The performance also represented a 66% sequential jump over the fourth quarter of 2025 and eclipsed the upper limit of the company's internal guidance by 25%.

The company posted a massive GAAP net income of $361.2 million, largely driven by non-cash valuation gains tied to its strategic investments and a highly successful corporate restructuring.

While company-wide adjusted EBITDA showed a loss of $10.9 million due to ongoing corporate expansion and integration costs, the company’s core hardware and product divisions achieved positive Adjusted EBITDA for the first time.

The operational backbone of Ondas has been transformed by a string of high-profile acquisitions completed earlier this year, including the $175 million merger with U.S. defense contractor Mistral and the integration of near-space infrastructure provider World View.

Driven by these additions, the company's pro forma contracted backlog climbed to a record $457 million, up from $68.3 million at the end of last year.

Financially, Ondas is heavily capitalized to fulfill its burgeoning order book.

Following a massive $1 billion equity offering executed in January, the company concluded the first quarter with approximately $1.48 billion in cash, cash equivalents, and short-term investments, with zero long-term debt.

Reflecting the accelerating pace of global drone defense and automated industrial network rollouts, Ondas raised its full-year 2026 revenue guidance to at least $390 million—up from its previous projection of $375 million. This updated outlook represents an outsized 670% growth rate compared to fiscal year 2025.