The massive revenue beat and raised guidance are strong bullish signals, but the widening adjusted EBITDA loss and cash burn rate warrant monitoring. Watch for Q2 2026 results to see if the revenue ramp materializes as expected and whether adjusted EBITDA losses peak as guided. The $1.48B cash position provides significant runway for M&A and organic growth.
Price Chart
Executive Summary
Ondas reported Q1 2026 revenue of $50.1M, a 1,065% YoY increase from $4.3M, and raised its full-year 2026 revenue target to at least $390M (670% YoY growth). The company ended the quarter with $1.48B in cash and $457M in pro forma backlog. However, the GAAP net income of $361.2M was driven by non-cash gains ($389.5M warrant revaluation, $51.5M deconsolidation gain), while adjusted EBITDA loss widened to -$10.9M from -$7.5M a year ago, and cash operating expenses surged to $36.9M from $9.0M. The stock's reaction will hinge on the massive revenue beat and raised guidance versus the escalating cash burn and GAAP EPS miss.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $50.1M vs $4.3M YoY (+1,065%), exceeding the high end of guidance by 25%
- Raised full-year 2026 revenue target to at least $390M, representing ~670% YoY growth
- Pro forma backlog reached $457M, up 570% from $68.3M at end of 2025
- Cash, cash equivalents, restricted cash and short-term investments of $1.48B as of March 31, 2026
- Product companies achieved adjusted EBITDA profitability in Q1, 6 months ahead of targets
- Adjusted EBITDA loss widened to -$10.9M from -$7.5M YoY; cash operating expenses $36.9M vs $9.0M YoY
- GAAP net income of $361.2M included $389.5M non-cash warrant gain and $51.5M deconsolidation gain
- Gross margin improved to 49% from 35% YoY
- Operating loss widened to -$42.7M from -$10.3M YoY
Financial Impact
Revenue beat consensus by 27% ($50.1M vs $39.4M est); full-year guidance raised to at least $390M from prior target, implying ~670% YoY growth
Risk Factors
- Adjusted EBITDA losses expected to remain elevated in Q2 2026 before improving in H2
- Cash operating expenses grew 4x YoY to $36.9M, outpacing revenue growth rate
- GAAP net income is heavily dependent on non-cash warrant revaluation gains, which are volatile
- Execution risk on integrating multiple acquisitions (Mistral, World View, etc.) and scaling operations
- Revenue concentration in defense/ government contracts with lumpy order patterns
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-056235 |
| Document: ea029069001ex99-2.htm | 0001213900-26-056235 |
| Document: ea0290690-8k_ondas.htm | 0001213900-26-056235 |
| Document: 0001213900-26-056235-index-headers.html | 0001213900-26-056235 |
| Document: 0001213900-26-056235-index.html | 0001213900-26-056235 |
| Document: 0001213900-26-056235.txt | 0001213900-26-056235 |
| 8-K Data (Synthetic) | 0001213900-26-056235 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 8-K | $7.23 $7.38 | ▲ +2.07% | ▲ +1.97% | $7.24 (+0.14%) |
Aug 15, 2026 6w ago | 144 | $9.00 $8.24 | ▼ −8.44% | ▼ −7.25% | $7.24 (−19.56%) |
Aug 15, 2026 6w ago | 144 | $9.00 $8.24 | ▼ −8.44% | ▼ −7.25% | $7.24 (−19.56%) |
Aug 13, 2026 7w ago | 8-K | $8.91 $8.38 | ▼ −5.95% | ▼ −3.98% | $7.24 (−18.74%) |
Aug 10, 2026 7w ago | 8-K | $9.31 $9.00 | ▼ −3.33% | ▼ −3.28% | $7.24 (−22.23%) |
Jul 24, 2026 10w ago | 8-K | $8.02 $7.49 | ▼ −6.61% | ▼ −7.68% | $7.24 (−9.73%) |
Jul 6, 2026 12w ago | 8-K | $7.82 $7.26 | ▼ −7.16% | ▼ −7.65% | $7.24 (−7.42%) |
Jun 26, 2026 14w ago | 8-K | $7.83 $7.41 | ▼ −5.36% | ▼ −7.53% | $7.24 (−7.54%) |
Jun 18, 2026 15w ago | 8-K | $9.27 $7.68 | ▼ −17.21% | ▼ −15.54% | $7.24 (−21.90%) |
Jun 11, 2026 16w ago | Institutional Cluster | $9.83 $9.12 | ▼ −7.22% | ▼ −7.66% | $7.24 (−26.35%) |
US Market Status
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