Ondas

Ondas reported Q2 2026 revenue of $83.8 million (GAAP revenues, net $83,772 thousand), up from $50.1 million in Q1 2026 and $6.3 million in Q2 2025; the release describes this as a more than 13-fold year-over-year increase. On a pro forma organic basis, Q2 year-over-year revenue rose 85%. GAAP gross margin was 43.1% (adjusted gross margin 50.4%, a non-GAAP measure), while the GAAP operating loss widened to $162.9 million and GAAP net loss was $89.7 million; Q2 results include $105.8 million of non-cash expenses and $44.2 million of net other income, mainly warrant remeasurement gains and interest income. Adjusted EBITDA loss was $50.6 million. Operationally, the company reported $175 million in Q2 new orders, reported backlog of about $613 million (pro forma $757 million including DZYNE and Cyberhawk, both closed in Q3), and $105 million of additional orders through August 10. It also closed the DZYNE and Cyberhawk acquisitions and reported $1.4 billion in cash and short-term investments. Guidance: full-year 2026 revenue target raised to $525–$550 million; Q3 2026 revenue expected at $140–$155 million; company-wide adjusted EBITDA profitability pulled forward to Q4 2027, with the operating-platform level targeted for Q4 2026.

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