Ondas (ONDS) Q3 2026 earnings: revenue $167.5M vs $148M estimate, 64% pro forma organic growth, $835M backlog, adjusted EBITDA loss $59.7M, 2027 target of $1.1B

On Nov. 12, 2026, Ondas Inc. (NASDAQ: ONDS) reported third-quarter 2026 revenue of $167.5 million, up from $83.8 million in the second quarter and $10.1 million a year earlier. Analysts expected about $148 million. Most of the jump came from acquisitions: on a pro forma basis, as if it had owned its current businesses in both periods, Ondas says revenue grew 64%. Backlog ended at $835 million, with $820.3 million in cash, cash equivalents, restricted cash and short-term investments. GAAP gross margin fell to 21.8% from 43.1% in Q2, and the adjusted EBITDA loss widened to $59.7 million from $46.2 million in Q2. Ondas raised its 2026 target to at least $550 million and set an initial 2027 target of at least $1.1 billion; both are company targets.

Source: Ondas Inc.: Ondas Posts Record Q3 2026 Revenue of $167.5 Million on Strong Bookings and Backlog Growth; Raises Full-Year Outlook (Nov. 12, 2026)

Servospace take: Ondas is a counter-drone and defense autonomy roll-up, and this quarter shows the cost of buying growth.

Servospace take: a roll-up buying scale faster than it can earn on it

Servospace analysis: reported revenue rose more than 16-fold year over year, but Ondas's own pro forma organic figure is 64%, so most of the headline growth is acquired. The balance sheet shows it. Goodwill and intangible assets reached about $2.53 billion at Sept. 30, about 63% of $4.03 billion in total assets, up from about $389 million at Dec. 31, 2025. Shares outstanding rose to 590.2 million from 380.8 million, about 55% more, Servospace arithmetic from the release.

Unit economics went the wrong way. GAAP gross profit was flat at $36.5 million on double the revenue, and adjusted gross margin fell to 34.8% from 50.4%. Ondas attributes the GAAP margin drop to purchase accounting, amortization and early production inefficiencies, and the adjusted-margin drop to mix, especially in its precision strike segment. CFO Neil Laird said on the call the company expects adjusted gross margins to stay in the mid-30% range in Q4 because of that lower-margin mix. The adjusted EBITDA loss of $59.7 million was about 36% of revenue. The $64.7 million net loss already includes a $125.1 million non-cash warrant gain.

Demand looks real on paper: $214 million of Q3 bookings is about 1.3 times revenue, and the $835 million backlog is about 3.3 times the Q4 revenue target of more than $250 million. Nine-month revenue of $301.4 million means Q4 needs about $249 million to reach the $550 million floor. The test is whether the claimed operating-platform breakeven in Q4 2026 and company-wide adjusted EBITDA breakeven in Q3 2027, pulled forward from Q4 2027, show up while margins sit in the mid-30s. Those are company targets, not results.

Sources

• Ondas Inc.: Ondas Posts Record Q3 2026 Revenue of $167.5 Million on Strong Bookings and Backlog Growth; Raises Full-Year Outlook (Nov. 12, 2026)
• Benzinga: Ondas Holdings Q3 2026 Earnings Call Transcript (Nov. 12, 2026)
• Reuters via TradingView: BRIEF-Ondas Q3 Revenue USD 167.5 Million Vs. IBES Estimate USD 148 Million
• Investing.com: Ondas earnings beat by $0.03, revenue topped estimates
• @barronsonline on X: Autonomous drone maker Ondas forecasts it can break even sooner than expected

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Summarized by Servospace from the sources above, drafted with AI help and checked against those sources before publishing. Claims are the companies' or outlets' unless we say otherwise. How we work.