Ondas Holdings (NASDAQ: ONDS) is reporting second-quarter 2026 earnings today with defense orders surging, as the company has secured over $70 million in new autonomous systems contracts in recent weeks and expects Q2 revenue to reach nearly $68 million, representing a 978% year-over-year increase.
The company announced the $70 million in new defense orders on July 22, spanning unmanned ground systems, counter-drone, intelligence surveillance and reconnaissance, and precision-strike capabilities. This order momentum comes as Ondas has expanded its portfolio through multiple acquisitions in 2026, transforming itself from a niche drone software provider into a sprawling defense-technology firm.
Ondas entered Q2 with a pro forma backlog exceeding $457 million, according to Seeking Alpha, providing substantial visibility into future revenue. The company also recently secured a $50 million U.S. Army order for lethal unmanned systems announced on August 5, which management highlighted as adding to its growing U.S. defense pipeline.
The explosive revenue growth reflects broader demand for autonomous defense systems. The autonomous defense platforms market is projected to grow from $69.77 billion in 2026 to $198.87 billion by 2034, according to Fortune Business Insights, creating a substantial addressable market for companies like Ondas that specialize in counter-unmanned aircraft systems and ground robotics.
Ondas’ performance in Q1 2026 set a strong baseline for the year. The company reported $50.1 million in revenue, up 1,065% year-over-year, and raised its full-year 2026 revenue guidance to at least $525 million. Wall Street analysts have taken notice: Roth Capital rates the stock a Buy, citing the company’s growth potential in the $100 billion defense market and its expanding product portfolio.
The Q2 earnings call today will likely focus on order conversion rates, integration progress from recent acquisitions, and management’s updated guidance for the remainder of 2026. Investors will also be watching for profitability timelines, as the company has reported losses while investing heavily in growth and integration.
Sources
- Seeking Alpha — Q2 earnings expectations, backlog figures, and Q1 2026 revenue performance
- Yahoo Finance — Q2 revenue forecast of $67.97 million and 978% year-over-year growth expectation
- Ondas Investor Relations — $70 million in new orders announcement (July 22, 2026) and $50 million U.S. Army order (August 5, 2026)
- Fortune Business Insights — Autonomous defense platforms market size and growth projections
- Investing.com — Details on $70 million order announcement and stock reaction
