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Ondas went from sleepy to sprint mode
Ondas didn’t just beat Wall Street’s number — it blew past it. First-quarter revenue hit $50.1 million, more than 10 times last year’s $4.2 million and well above the company’s own guidance. That kind of growth tends to wake a stock up fast, which is exactly why shares were up sharply on Thursday.
The defense machine keeps getting louder
The company is riding a wave of demand for counter-UAS, defense robotics, and other autonomous systems. It also pointed to about $220 million in awards tied to 4M Defense and INDO Earth, plus new contracts in Europe and the Middle East. In other words, this isn’t just one shiny quarter — Ondas says the order book is getting fatter.
- Pro forma backlog climbed to $457 million from $68.3 million
- Product companies reached adjusted EBITDA profitability six months ahead of target
- Full-year 2026 revenue guidance was lifted to more than $390 million
- OAS adjusted EBITDA profitability is now expected in Q1 2027, ahead of the prior Q3 2027 target
Palantir is still in the mix
The company also expanded its partnership with Palantir on the SkyWeaver platform, which is aimed at knitting together AI-driven operations across air, ground, and stratospheric defense systems. That’s the kind of buzzword soup that usually makes investors roll their eyes — until the contracts start stacking up.
Big picture
Ondas is trying to sell investors on a pretty simple story: the defense-autonomy market is real, the backlog is growing, and the company wants to scale faster than your average small-cap could dream of. The catch? It’s still burning cash on an adjusted basis, so the next few quarters will matter a lot for whether this turns into a legit growth machine or just another stock that got ahead of itself.