Ondas Holdings Inc. (ONDS) Earnings
Ondas Holdings Inc. is expected to report next earnings on November 12, 2026 (in NaN days), with a consensus EPS estimate of $-0.09. ONDS has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise +487.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 13, 2026 | $-0.09 | $-0.19 | -111.1% | $84M | +23.2% |
| May 14, 2026 | $-0.03 | $0.77 | +2666.7% | $50M | +30.5% |
| Mar 25, 2026 | $-0.06 | $-0.39 | -550.0% | $30M | +8.2% |
| Nov 13, 2025 | $-0.04 | $-0.06 | -54.6% | $10M | +43.6% |
| Aug 12, 2025 | $-0.11 | $-0.08 | +27.3% | $6M | -9.4% |
| May 15, 2025 | $-0.11 | $-0.15 | -36.4% | $4M | -2.5% |
| Mar 12, 2025 | $-0.09 | $-0.14 | -55.6% | $4M | -26.4% |
| Aug 14, 2024 | $-0.17 | $-0.14 | +17.6% | $957851 | -23.4% |
| May 15, 2024 | $-0.16 | $-0.17 | -6.3% | $625009 | -83.4% |
| Nov 14, 2023 | $-0.16 | $-0.15 | +6.3% | $3M | -37.6% |
| Aug 14, 2023 | $-0.20 | $-0.18 | +10.0% | $5M | +28.1% |
| May 15, 2023 | $-0.30 | $-0.30 | +0.0% | $3M | +59.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 13, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- **Core Strategy: One ONDIS Integrated Platform**: ONDIS is executing a "Core Plus Strategic Growth" plan, building a single unified global operating platform rather than operating as a collection of independent acquired companies. Shared resources across supply chain, production, global sales, field support, finance, and corporate infrastructure reduce duplication, accelerate commercialization, and generate operating leverage as revenue scales. The platform combines differentiated domain-specific technologies from acquired companies to deliver integrated AI-enabled multi-domain systems of systems solutions, rather than just standalone products. - **Operational Integration Progress**: Palantir Foundry software is used as a common enterprise operating system, connecting data, workflows, and decision-making across the business. This integration approach allows ONDIS to bring newly acquired companies into the ecosystem far faster than traditional acquisition timelines: first integration tools were operational just one week after the Worldview acquisition, and all core integration tools are already operational today. All infrastructure runs on compliant Microsoft Azure GovCloud, with AI agents enabling read-write access to legacy ERP, inventory, and planning systems to create a unified operating picture without requiring full legacy system mergers. The company currently operates in over 60 countries across 25 physical locations, with approximately 1,700 global employees. - **Commercial and Pipeline Momentum**: The two-year strategic program pipeline expanded 2.5x since the May 2026 update to over $11 billion, with growth broad-based across all four core market segments (aerial security, ISR/persistent intelligence, precision strike, autonomous ground systems) and all major geographies. New organic pipeline growth is driven by the scaled global sales organization, deeper existing customer engagement, and an expanded partner network. Pro forma backlog grew 66% sequentially quarter-over-quarter to $757 million, with an additional ~$105 million in new orders captured in Q3 2026 to date. The recently announced Digital Bat program with the Israeli MOD is a mass production next-generation one-way attack system, with plans to expand the offering to additional global territories. - **Leadership Additions**: David Barnea, former Director of the Mossad, joined as President and Chairman of ONDIS Defense Limited to lead global expansion, strengthen international customer relationships, and advance adoption of the company's AI-enabled multi-domain autonomous platform. General Charlie Flynn, retired four-star U.S. Army general and former commanding general of U.S. Army Pacific, joined the company's advisory board to support U.S. Department of Defense and allied customer engagement and refine the company's multi-domain technology roadmap. - **Key Product Integration Milestones**: Skyweaver, the edge AI platform developed in partnership with Palantir, completed successful ground and aerial testing, validating its architecture. Skyweaver acts as a unifying intelligence layer across the entire ONDIS portfolio, enabling real-time processing of multi-domain sensor data for autonomous operations. Centrix cyber over RF capabilities are being integrated with Design's Sawtooth counter UAS technology to create a unified full-kill-chain detect-identify-defeat counter drone solution. The IronWave integrated tactical edge ISR platform is already fielded with strong customer performance, opening new market opportunities.
Guidance
- Full-year 2026 revenue guidance was upwardly revised to a range of $525 million to $550 million, representing over 10x growth compared to 2025 full-year revenue and over 30% pro forma organic year-over-year growth. Q3 2026 revenue is expected to be between $140 million and $155 million, representing ~73% sequential growth and over 30% pro forma organic year-over-year growth. If execution meets targets, ONDIS expects to exit 2026 at a $1 billion annualized run rate revenue, 2 years ahead of the original 2030 $1.5 billion revenue target. - Adjusted EBITDA losses are expected to narrow starting in Q3 2026, as front-loaded growth investments are offset by scaling revenue and gross profit. The company pulled forward its adjusted EBITDA profitability timeline by one quarter: the ONDIS Autonomous Systems and ONDIS Sentinel operating segments are now expected to reach adjusted EBITDA profitability in Q4 2026, and company-wide adjusted EBITDA profitability for ONDIS Inc is expected in Q4 2027. - Growth investments are front-loaded, so the rate of operating expense growth is expected to moderate starting in Q3 2026, driving increasing operating leverage as revenue scales. Gross margin pressure is expected in H2 2026 due to product mix and excess capacity from recent acquisitions, but the long-term gross margin target remains above 50%. - 30% to 40% annual organic revenue growth is expected to be sustainable into 2027 and beyond, supported by early adoption curves for multiple new platforms that are just beginning large-scale deployment.
Segment performance
ONDIS delivered total Q2 2026 revenue of $83.8 million, representing 13-fold year-over-year growth and 67% sequential quarter-over-quarter growth. On a pro forma organic basis (assuming the current portfolio was owned in both periods), total revenue grew 85% year-over-year, indicating growth is not solely driven by acquisitions. Gross profit reached $36 million, with an adjusted gross margin (excluding non-cash stock compensation and acquisition-related intangible amortization) of 50.4%, slightly down from 51.5% in Q1 2026 due to normal product mix variability. Performance by business segment: 1. **Aerial Security / Counter UAS**: Centrix delivered 298% year-over-year pro forma revenue growth, driven by strong demand for its cyber over RF counter UAS systems. Design (acquired in Q3 2026) added new ISR and counter drone program opportunities to the pipeline, with its IronStrike kinetic counter UAS platform expected to begin commercial volume deliveries in H2 2026. Rotron captured $34.2 million in Q2 2026 orders alone, exceeding the full-year 2026 revenue expectation of $25 million underwritten at acquisition. IronWave, an integrated forward-deployed ISR platform, is already operational and fielded with strong customer performance. Total pro forma backlog as of Q2 end 2026 is $757 million, with over 70% of backlog concentrated in Precision Strike and ISR segments.
Risks & headwinds
The only explicitly discussed risk factors referenced in the call are general forward-looking statement disclosures, noting that all future projections are subject to risks and uncertainties that can cause actual results to differ materially from guidance. These risks are detailed in ONDIS's periodic SEC filings and recent earnings press release. No specific material operational failures, ongoing constraints, or material unexpected risks were disclosed during the call. The company noted that supply chain challenges exist for the industry, but stated that ONDIS has put in place strategies and capacity to meet its delivery targets for 2026 and 2027.
Analyst Q&A
Q: The $11 billion two-year pipeline grew dramatically from $4 billion last quarter, driven partially by the Design acquisition. How much growth is organic, and what is driving the large Asia-Pacific pipeline increase? /
A: Pipeline growth is broad-based across all four market segments and all regions. Design contributed meaningful new ISR and counter UAS opportunities, particularly in Europe, while Rotron has driven strong organic growth in the Precision Strike segment across regions. General Flynn's addition to the team is expected to support further penetration of the Asia-Pacific market to pull through the existing regional pipeline. Underlying organic demand across the entire portfolio supports sustainable 30-40% annual organic growth going forward.
Q: How will corporate growth investment costs change moving forward, and do you expect absolute dollar spending to decline? /
A: Corporate development, ONDIS Capital, and partner program investment levels will stay relatively steady for the next 6-12 months, before moderating and potentially declining in 2027. These long-term investments are designed to capture market position in a fast-growing industry, and significant operating leverage will come from strong revenue and gross profit growth that will outpace incremental spending.
Q: How is ONDIS able to integrate acquired companies faster than traditional roll-ups, and what role does Palantir and AI play in the operational platform? /
A: The platform is built around deliberate investment in leadership first, with experienced senior leaders added to manage scaled growth. Technically, Palantir Foundry and Warp Speed are used to build AI agents that connect to legacy ERP, inventory, and financial systems, creating a unified common operating picture without requiring full merger of legacy systems. The first integration tools were operational just one week after the Worldview acquisition, and all core tools are operational today. This capability is a key competitive advantage that unlocks fast organic growth for acquired platform technologies.
Q: What is ONDIS's M&A strategy going forward, and will you continue to acquire to fill portfolio gaps? /
A: There are no major gaps remaining in the core four-segment portfolio, but there is significant opportunity to deepen capability within each existing segment. The acquisition pipeline remains strong, and ONDIS will continue to pursue disciplined strategic acquisitions that deliver financial and strategic value, rather than acquiring just to fill gaps.
Q: Are any business segments underperforming expectations, and what is your resource allocation approach for underperforming assets? /
A: No segments are underperforming internal expectations. Resource allocation prioritizes platforms and customer engagements that are delivering the highest return on invested time and capital, which can shift focus away from slower-adoption platforms, but this is a deliberate prioritization rather than a response to underperformance.