Ondas posts record Q3 revenue of $167.5 million and raises 2026 outlook

Ondas reported record third quarter revenue of $167.5 million on Thursday, more than sixteen times the $10.1 million recorded a year earlier, as acquisitions and growing demand for autonomous defense systems drove sales.

Revenue doubled from $83.8 million in the previous quarter and exceeded Wall Street estimates of approximately $148 million. On a pro forma organic basis, which accounts for its current portfolio of acquired businesses, revenue increased 64% from a year earlier.

The company secured $214 million in new orders during the quarter, lifting its order backlog 36% to $835 million. Growth was supported by defense programs, autonomous drone systems and the expansion of its operating platform through acquisitions.

Ondas raised its 2026 revenue target to at least $550 million from a previous range of $525 million to $550 million. It expects fourth quarter revenue to exceed $250 million and introduced a 2027 revenue target of at least $1.1 billion, excluding additional acquisitions.

Despite the sales growth, Ondas posted a quarterly net loss of $64.7 million, compared with $7.5 million a year earlier. Its adjusted EBITDA loss widened to $59.7 million from $8.1 million, reflecting higher operating expenses and investments in expanding production.

The company expects its operating platform to reach adjusted EBITDA profitability in the fourth quarter of 2026 and moved its companywide adjusted EBITDA profitability target forward to the third quarter of 2027.

Ondas also recently launched Regna AI, a venture leveraging technology from Palantir and Nvidia to develop sovereign AI applications for defense and national security customers.

The company ended September with approximately $820 million in cash, restricted cash, cash equivalents and short term investments.