Ondas Holdings Inc. Q2 2026 Earnings Recap

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.

Key Takeaways

• 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.