Ondas shares dropped 5.4% following the earnings release as investors reacted negatively to elevated operating expenses, signaling margin pressure despite strong revenue growth and backlog expansion.
- Second quarter revenue surged to $83.8 million, reflecting more than 13-fold growth year-over-year.
- Pro forma backlog expanded over 11x in 2026, now totaling approximately $757 million.
- New orders of $105 million captured quarter-to-date, supporting robust commercial momentum.
- Cash operating expenses increased substantially, with $29 million spent on growth investments across various corporate initiatives.
- The company ended June with $1.4 billion in liquidity but acknowledged elevated OpEx ahead of expected future revenue and gross profit ramps.
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