Ondas Revenue Up More Than 16-Fold as Defense Drone Business Expands
U.S. unmanned systems company Ondas posted third-quarter revenue of $167.5 million, over 16 times the level a year earlier. It raised its 2026 revenue target and set a goal for 2027.
Ondas Inc. (NASDAQ: ONDS), a U.S. company that makes defense and counter-drone systems and autonomous unmanned platforms, published its third-quarter 2026 results on November 12. Revenue reached $167.5 million, compared with $10.1 million a year earlier. The company attributed the increase to acquisitions and rising demand for its defense, counter-drone and autonomous systems.
Orders and outlook
During the quarter Ondas received $214 million in new orders, and its backlog rose to $835 million, 36% higher than in the previous quarter. The company lifted its full-year 2026 revenue target to at least $550 million and set a first 2027 target of at least $1.1 billion, which excludes further acquisitions. Fourth-quarter revenue is expected to exceed $250 million. Ondas also brought forward its goal of company-wide adjusted EBITDA profitability from the fourth quarter of 2027 to the third.
Acquisitions
Ondas reported completing six strategic acquisitions: DZYNE Technologies, Cyberhawk, Gate/Bron, Ottopia, Insignito and Caribou Labs. On a pro forma organic basis, which assumes the current businesses were owned throughout both periods, revenue grew 64%. The company also created Ondas Sentinel, a U.S. defense platform combining DZYNE Technologies and World View. Sentinel booked $100 million in new orders in the quarter, including $53.7 million in follow-on orders for its ULTRA platform and $21.7 million for IonStrike systems.
Ondas said its Sentrycs technology provided counter-drone protection at a majority of stadiums hosting the 2026 FIFA World Cup, and that several NFL stadiums selected it. The company is opening a new office in Huntsville, Alabama. It also reported a follow-on U.S. Army task order and selection for an Israeli Ministry of Defense tactical attack drone program.
Losses persist
The third-quarter operating loss widened to $189.5 million from $15.5 million, and the net loss was $64.7 million versus $7.5 million. Gross margin fell to 21.8% from 25.8%, which Ondas blamed on acquisition-related accounting expenses and production inefficiencies. At the end of September the company held about $820 million in cash, cash equivalents, restricted cash and short-term investments.