Ondas Holdings Soars 26.5% on $50.1M Q1 Revenue, Raises $390M Target
ONDS•Ondas Holdings stock surged 26.5% after Q1 2026 revenue jumped 1,065% year-over-year to $50.1 million. Pro forma backlog climbed to $457 million after Mistral and World View acquisitions, prompting management to raise full-year revenue target to $390 million and project company-wide profitability by Q1 2028.
1. Q1 2026 Financial Results
Ondas reported Q1 2026 revenue of $50.1 million, up 1,065% year-over-year and 66% sequentially, driving a 26.5% stock surge. Gross margin expanded to 49% as counter-UAS and defense robotics products reached adjusted EBITDA profitability, although group-level EBITDA losses widened to $10.9 million and cash balance ended at $1.48 billion.
2. Acquisitions and Backlog Expansion
The April acquisitions of Mistral and World View added loitering munitions and stratospheric balloon ISR capabilities, boosting pro forma backlog from $68.3 million to $457 million. These strategic additions position the company to capitalize on a $982 million US Army IDIQ program and expand its AI-powered intelligence platform.
3. Outlook and Profitability
Management raised the 2026 revenue target to $390 million, reflecting 670% growth over 2025, and accelerated EBITDA profitability expectations to operational segment breakeven by Q1 2027. Company-wide profitability remains on track for Q1 2028 as expenses are front-loaded ahead of a second-half revenue ramp.
