Aug 13, 2026 earnings call — Building One Ondas integrated platform
Company reported record Q2 revenue of approximately $83.8 million and raised full-year 2026 revenue target to $525 million to $550 million.
Revenue $0.1B (est $0.1B) · EPS $-0.19 (est $-0.09) · Next-quarter revenue outlook $0.1B
Key quotes
"And to be clear, Ondas is not simply a collection of acquired companies."
"Our 2-year strategic program pipeline has expanded to more than $11 billion and our pro forma backlog now stands at approximately $757 million, including DZYNE and Cyberhawk, growing more than 11x during 2026 and providing substantial revenue visibility."
"We now expect our operating platform, consisting of Ondas' Autonomous Systems and Ondas Sentinel to reach profitability in the fourth quarter of 2026."
Analyst Q&A 9
Pipeline growth and DZYNE impact
Q (Austin Bohlig · Needham): Analyst asked why the strategic pipeline jumped from about $4 billion to $11 billion and what portion came from the DZYNE acquisition versus organic pickup, noting a big APAC increase.
A: Management said the pipeline increase is broad across all four market segments and regions. DZYNE added significant ISR and counter-drone systems, and leadership additions will help penetrate Asia Pacific to pull through the pipeline.
"DZYNE has certainly brought quite a bit on the ISR and counter drone systems in particular." — Eric Brock (CEO·CHAIR)
Corporate investments and future spend
Q (Jonathan Siegmann · Stifel): Analyst asked whether corporate investment costs are one-time and if they will decline on a dollar or percent basis, given push to pull forward EBITDA targets.
A: Management said spending on corp dev, Ondas Capital and partner programs is likely steady for the next 6 to 12 months and may moderate into 2027. They view these investments as needed to capture market position while expecting operating leverage as revenue and gross profit grow.
"So I think the level of spending on the corp dev and Ondas Capital and partner programs is probably a steady state, at least for the next 6 to 12 months." — Eric Brock (CEO·CHAIR)
SkyWeaver effect and OpEx impact
Q (Scott Searle · ROTH Capital): Analyst wanted to know how unifying with SkyWeaver changes engagement with governments, what in the $11 billion pipeline comes from multi-domain opportunities, timing for conversions to revenue, and how to think about OpEx after DZYNE and Cyberhawk closes.
A: Management said adding DZYNE will step up OpEx but also increase revenue and gross profit, and that OpEx expectations reflect DZYNE contribution. They said SkyWeaver raises win probability for programs needing C2 connectivity and mission autonomy and enables cross-selling between platforms, increasing customer receptivity to autonomous, connected missions.
"First is through the addition of SkyWeaver into our platforms, we're increasing the probability of win for programs that need to be connected into the customer C2 systems and through the ability to do mission autonomy." — Ryan Hartman (CEO)
How they integrate acquisitions quickly
Q (Timothy Horan): Analyst asked how the company built its operational platform, what tech/cloud/AI they use with Palantir, and how fast integrations become operational.
A: Management said the integration is built on people and processes and that Palantir Foundry and Warp Speed enable AI agents with read/write access into ERPs, MRPs and inventory to create a unified business picture and efficiencies. They said the system runs on GovCloud and Microsoft Azure, is largely AI-based, and many tools are already operational and being used to integrate acquisitions.
"And ultimately, what that enables us to do is have a unified picture of the businesses and create efficiencies through supply chain and manufacturing processes and then even doing things like building AI agents to merge policies." — Ryan Hartman (CEO)
Timing and shape of delivery ramp (LUS, ISR)
Q (Clarke Jeffries · Piper Sandler): Analyst asked for color on Precision Strike vs ISR ramp in H2, how much Lethal Unmanned Systems (LUS) deliveries drive Q4 sequential ramp, and whether LUS timing converts into P&L soon.
A: Management said Mistral captured the LUS program late last year and has been preparing supply chain and production. They expect commercial deliveries to begin in Q3 and Q4 and continue into 2027, but would not give specific numbers or quarter shapes; demand is broad and LUS will be a material part of the ramp.
"We feel like we've made quite a bit of progress on that." — Eric Brock (CEO·CHAIR)
Supply chain health and Cyberhawk commercial strategy
Q (Mike Latimore · Northland): Analyst asked about supply chain constraints and whether Cyberhawk expands Ondas into commercial critical infrastructure and if they will do more commercial acquisitions.
A: Management said Cyberhawk is a platform they can build around in industrial/commercial markets and that Ondas has been active in those markets. On supply chain, they acknowledged challenges industry-wide but said they are energizing supply chains for long-endurance ISR, Counter-Strike and DZYNE and have strategies and capacity to fulfill plans into 2027.
"So I highlight what we're seeing with long-endurance ISR as well as Counter-Strike, with DZYNE." — Eric Brock (CEO·CHAIR)
M&A strategy going forward
Q (Amit Dayal · H.C. Wainwright): Analyst asked whether future M&A will fill portfolio gaps or focus on revenue and how the company will approach deals going forward.
A: Management said they don't see portfolio gaps but see opportunities to deepen each segment. They will remain disciplined: deals must be accretive financially and strengthen the operating platform while advancing profitability, growth and market position.
"These deals have to be accretive and they have to strengthen the operating platform in parallel and advance our objectives around profitability and growth and market position." — Eric Brock (CEO·CHAIR)
Underperforming segments and Digital Bat program
Q (Maxwell Michaelis · Lake Street): Analyst asked if any segments are underperforming vs expectations and for details on the Digital Bat program announced with Israel.
A: Management said no segment stood out as disappointing; they focus time and capital on highest-return platforms. They described Digital Bat as a mass production program to manufacture next-generation FPV drones for battlefield use and plan a large manufacturing site and expansion to more territories beyond Israel.
"We're going to manufacture and mass production of FPV drones." — Meir Kliner (PRESIDENT)
Capital allocation after reaching EBITDA positive
Q (Matthew Galinko · Maxim Group): Analyst asked whether the company will be more selective deploying capital after achieving corporate EBITDA positive and how they will balance acquisitions vs maintaining EBITDA.
A: Management said they will stay disciplined and focus on financial accretion and demonstrating EBITDA and operating leverage over the next 6 to 12 months. They will continue to invest in OpEx to capture market position while pursuing M&A that is modeled to be revenue and gross profit accretive and highly accretive overall.
"In the near term, I'd say over the next 6 to 12 months, we want to demonstrate that EBITDA and operating leverage." — Eric Brock (CEO·CHAIR)