ONDS — Q1 2026 Earnings Dashboard

Q1 2026 Earnings — Reported May 14, 2026

Revenue up 1,065% YoY — Product EBITDA 2 quarters ahead of plan

$50.1M revenue smashed the $38.2M consensus by 31%. EPS of $0.81 vs estimated loss of -$0.05 — a 1,643% surprise driven partly by $389.5M non-cash warrant gain. Gross margin hit 49%. Company raised FY 2026 guidance to ≥$390M and pulled forward OAS EBITDA profitability to Q1 2027.

Beats

RevenueEst. $38.2M$50.1M (+31%)

EPSEst. −$0.05$0.81 (+1,643%)

Gross MarginEst. ~44%49%

QoQ Revenue GrowthGuidance range+66% vs Q4 2025

Product EBITDA Profit.Target Q3 2026Achieved Q1 2026

FY 2026 Guidance RaisePrior $375M≥$390M (+$15M)

Concerns

Adj. EBITDA (Corp.)Exp. narrow loss−$10.9M (wider)

Operating Loss—−$42.7M

Cash Used — Operations—−$51.3M

Organic vs. M&A MixOrganic focus$34.7M from acq.

GAAP EPS Driver—$389M non-cash warrant

OpEx Growth—$67.3M (+471% YoY)

Select P&L Data — Q1 2026 vs Q1 2025

Line Item Q1 2026 Q1 2025 Change

    Revenue, net
    $50,122
    $4,248
    +1,065%
  

Cost of Goods Sold $25,464 $2,760 +822%

    Gross Profit
    $24,658
    $1,488
    +1,557%
  

G&A Expenses $43,316 $5,909 +633%

Sales & Marketing $10,494 $2,430 +332%

R&D $13,519 $3,459 +291%

Total OpEx $67,329 $11,798 +471%

    Operating Loss
    −$42,671
    −$10,310
    Wider
  

Warrant Fair Value Gain +$389,548 — Non-cash

    GAAP Net Income
    $361,250
    −$14,136
    Non-cash
  

Adj. EBITDA −$10,878 −$7,494 Wider

Ondas Autonomous Systems (OAS)

Revenue contributionPrimary growth driver

Airobotics / OptimusDrone platform — Israeli ops

American RoboticsScout industrial drones

SentrycsCounter-UAS (C-UAS)

Roboteam / ApeiroGround robotics

Mistral (acquired Apr '26)U.S. DoD Prime — $175M

Omnisys (acquired May '26)AI BRO software — $196.6M

OAS EBITDA targetQ1 2027 (pulled fwd 6M)

Ondas Networks & Cash Flow

Networks revenueModest — rail buildout uncertain

DeconsolidatedJan 16, 2026 ($51.5M gain)

Cash used — operations−$51.3M

Cash used — investing−$474.2M

Cash from financing+$968.5M

End-of-Q1 cash$1.48B total

M&A capacity>$4.2B estimated

"Our Q1 2026 results demonstrate the successful execution of our strategic growth initiatives and the scalability of our platform. Our Q1 revenue alone nearly matched all of the revenue Ondas generated during all of 2025. We believe Ondas now has one of the strongest balance sheets in the sector, and this is a key competitive advantage as we scale the business."

Eric Brock, CEO · Q1 2026 Earnings Call, May 14, 2026

Positives

▲

Revenue growth is real — $50.1M in Q1 alone nearly matches all of FY2025. The 66% sequential jump and 49% gross margin show genuine operating leverage building.

▲

Omnisys adds the AI software layer that transforms ONDS from hardware drone maker to multi-domain autonomous warfare platform — prime for software-multiple rerating.

▲

$457M backlog + $1.48B cash + Mistral prime contractor status = visibility + firepower. M&A capacity of $4.2B means the roll-up is far from over.

▲

Product EBITDA profitability achieved 2 quarters early. OAS segment profitability pulled to Q1 2027. Management is consistently beating its own targets.

Concerns

▼

$42.7M operating loss with $67.3M in OpEx — the revenue is scaling but costs are scaling faster. Cash burn of $51.3M in operations in a single quarter is unsustainable without continued raises.

▼

$361.2M GAAP net income was 100% driven by $389.5M non-cash warrant gain — not indicative of underlying business economics. EPS is misleading at face value.

▼

6+ acquisitions in 2026 creates severe integration risk. $34.7M of $50.1M Q1 revenue came from acquired entities — organic baseline is harder to validate.

▼

Heavy Israel concentration (Airobotics, Omnisys, Sentrycs, 4M Defense) and $1.1B warrant liability represent structural risks that weigh on the multiple.

Wall Street — Post Q1 2026

Firm	Rating	Price Target	Upside ~$10	Key Note
H.C. Wainwright	Buy	$25.00	+150%	$500M+ pipeline; autonomous leader
Needham	Buy	$23.00	+130%	Omnisys = most strategic deal to date
Lake Street	Buy	$17.50	+75%	Raised post Q1; defense ramp visible
Oppenheimer	Buy	$16.00	+60%	Most conservative; integration risk flagged
Stifel	Strong Buy	~$13–14	+35–40%	Backs transformation narrative
Consensus (8)	Strong Buy	$20.13	+101%	0 Hold · 0 Sell

Earnings Verdict

Speculative Buy · High Conviction, High Risk

Q1 2026 was an unambiguously strong quarter on the metrics that matter: revenue, gross margin, backlog, and profitability milestones. The 31% revenue beat and 49% gross margin show the business is scaling with improving unit economics. The non-cash EPS figure is noise — the adjusted EBITDA loss of $10.9M and $51.3M operating cash burn are the real numbers to watch. Investors should focus on whether Q2 delivers continued backlog conversion and whether Mistral + Omnisys integration proceeds on schedule. The $390M FY guidance implies roughly $340M in the remaining 3 quarters — a significant sequential ramp. Next earnings August 11, 2026.

Earnings Verdict

Speculative Buy

Risk

High

Consensus PT

$20.13

Upside

~100%

FY Guide

≥$390M

Next Earnings

Aug 11, 2026