Ondas Inc (NAS:ONDS)

Q2 2026 Ondas Inc Earnings Call Transcript

Aug 13, 2026 / 12:30 PM GMT

Release Date Price: $8.91 (-8.85%)

Transcript 10-Q8-K

Key Points

Positve

Record Q2 2026 revenue of $83.8 million, up 13-fold year-over-year and 67% sequentially.
Pro forma organic revenue growth of 85% year-over-year, indicating strong underlying business momentum.
Pro forma backlog reached $757 million, up 66% sequentially, with $105 million in new orders in Q3 to date.
Two-year strategic program pipeline expanded to over $11 billion, up 2.5x since May.
Raised full-year 2026 revenue guidance to $525-$550 million, implying over 30% organic growth.
Strong balance sheet with $1.4 billion in cash and investments, supporting further M&A and growth investments.
Pulled forward adjusted EBITDA profitability for the operating platform to Q4 2026 and company-wide to Q4 2027.
Key programs ramping: US Army LUS IDIQ, Iron Strike, Ultra, and IndoEarth, providing visibility into H2 2026 growth.
Successful integration of acquisitions, accelerated by Palantir Foundry, enabling faster value realization.
Expanding global footprint with 25 locations and 1,700 employees, enhancing customer reach and operational scale.

Negative

Adjusted EBITDA loss of $51 million in Q2, reflecting elevated cash operating expenses of $93 million.
Cash operating expenses increased significantly due to full-quarter impact of acquisitions and $29 million in growth investments.
Gross margin pressure expected in H2 2026 due to product mix and recently acquired excess capacity.
Supply chain challenges persist, particularly for new programs like LUS and counter-strike, requiring ongoing management.
Integration of acquisitions like Design and CyberHawk adds complexity and near-term OpEx step-up.
Dependence on large program deliveries (e.g., LUS, IndoEarth) for H2 revenue ramp, with potential timing risks.
Pipeline conversion and order cadence may be lumpy, as seen with quarterly fluctuations in backlog growth.
M&A strategy requires disciplined execution to avoid dilution and ensure accretion, with no guarantee of future deals.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

ONDS.OQ - Ondas Inc
Q2 2026 Ondas Inc Earnings Call
Aug 13, 2026 / 12:30PM GMT

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Presentation
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Unidentified_1 [1]
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Direct comparable GAAP measures is shown in our press release issued today, which is available at the Investor Relations section of our website. This non-GAAP information is provided as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP. However, management believes these non-GAAP measures provide investors with valuable information on the underlying trends. Our business. Please note this event is being recorded.

I would now like to turn the presentation over to Eric Brock, Chairman and CEO. Please go ahead.

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Unidentified_2 [2]
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