Ondas (ONDS) Q3 2026

Q3 revenue rose to a record $167.5M, but GAAP gross margin fell to 21.8% from 43.1% in Q2.

Ondas · Q3 2026 · Published Nov 12, 2026 · By DeepCell AI · Sources

Ondas (ONDS) Q3 2026

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

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1 · Ondas (ONDS) Q3 2026 earnings review

Q3 revenue rose to a record $167.5M, but GAAP gross margin fell to 21.8% from 43.1% in Q2

  1. 1.Revenue beat the $147.1M Zacks consensus by 13.9%; pro forma organic revenue grew 64%, as stated
  2. 2.Ondas raised its 2026 revenue target to at least $550M and set a 2027 target of at least $1.1B
  3. 3.The adjusted EBITDA loss widened to $59.7M from $46.2M in Q2 2026
  4. 4.A $125.1M non-cash warrant gain cut the net loss to $64.7M
  5. 5.Shares were down 4.2% in pre-market at $5.49 as of 8:59 AM EST, not a close

Note: EBITDA is earnings before interest, taxes, depreciation and amortization. The consensus gap is a DeepCell calculation. Pro forma organic growth assumes the current portfolio was owned in both periods. Pre-market is not a close.Source: Ondas official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Zacks on Yahoo Finance, Nov 6, 2026; CNBC, Nov 12, 2026 8:59 AM EST

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2 · Executive summary

Q3 revenue of $167.5M beat the Zacks consensus of $147.1M

Q3 2026 results vs. Zacks consensus (Yahoo Finance, Nov 6, 2026)

MetricActualConsensusVarianceResult
Q3 revenues, net$167.5M$147.1M+$20.4M / +13.9%Beat

Share price, Nov 11 regular close to Nov 12 pre-market last

Ondas Inc. (Nasdaq)Nov 11 closeNov 12 pre-market, 8:59 AM ESTChange ($)Change (%)
ONDS$5.73$5.49-$0.24-4.2%

Note: Both prices are from CNBC; the Nov 12 figure is the pre-market last at 8:59 AM EST, not a close, and the change is a DeepCell calculation. Zacks expected a loss of $0.09 a share on its own basis; GAAP net loss per share was $0.10, so no EPS verdict is shown.Source: Ondas official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Zacks on Yahoo Finance, Nov 6, 2026; CNBC, Nov 12, 2026 8:59 AM EST

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3 · Q3 results vs. consensus

Ondas raised its 2026 revenue target to at least $550M and set a 2027 target of at least $1.1B

Company targets vs. prior targets, as stated in the Nov 12 and Aug 13, 2026 releases

MetricPrior targetNew targetStatus
Full-year 2026 revenue$525M–$550MAt least $550MRaised
Q4 2026 revenuen.a.More than $250MNew
Q4 2026 pro forma organic growthn.a.At least 75%New
Full-year 2027 revenuen.a.At least $1.1BInitiated
Company-wide adjusted EBITDA profitabilityQ4 2027Q3 2027Pulled forward
Q3 2026 revenue$140M–$155MActual $167.5MAbove range

Note: EBITDA is earnings before interest, taxes, depreciation and amortization. The 2027 target excludes additional acquisitions; the company says it implies 100% growth and more than 40% organic growth. Nine-month revenue plus the Q4 floor is $551.4M, a DeepCell calculation.Source: Ondas official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Q2 2026 results release (Form 8-K, Aug 13, 2026); analysis of company data

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4 · 2026 and 2027 revenue targets

Revenues rose to $167.5M, but the operating loss widened to $189.5M

  1. Revenue grewRevenues rose to $167.5M from $10.1M. Ondas completed 6 acquisitions in the period.
  2. Operating expenses roseTotal operating expenses rose to $226.0M from $18.1M. Non-cash items were $88.1M.
  3. Net loss per share widenedNet loss per share was $0.10, compared with $0.03. Weighted average shares rose to 617.6 million.

Key figures

$M unless notedQ3 2025Q3 2026Change
Revenues, net$10.1M$167.5M16.6x
Gross profit$2.6M$36.5M+$33.9M
Operating loss-$15.5M-$189.5M-$174.0M
Net loss-$7.5M-$64.7M-$57.2M
Adjusted EBITDA-$8.1M-$59.7M-$51.6M
Net loss per share ($)-$0.03-$0.10n.a.

Note: EBITDA is earnings before interest, taxes, depreciation and amortization. The revenue multiple and all changes are DeepCell calculations. The company describes revenue growth as more than 16-fold.Source: Ondas official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

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5 · Q3 key financials

Q3 revenues rose more than 16-fold to $167.5M; pro forma organic revenue grew 64%

Revenues, net

$M, Q3 2025, Q2 2026 and Q3 2026

v · Q3 2025: $10.1Mv · Q2 2026: $83.8Mv · Q3 2026: $167.5MQ3 2025Q2 2026Q3 2026$0M$50M$100M$150M$200M$10.1M$83.8M$167.5M
Revenues rose about 100% from $83.8M in Q2 2026. Six acquisitions, led by DZYNE, added to reported growth.“This quarter demonstrates the growing benefits of Ondas’ integrated operating platform.” Eric Brock, Chairman and CEO

Note: Reported growth includes acquired businesses. Pro forma organic growth assumes the businesses owned in Q3 2026 were also owned in Q3 2025. Growth rates are as stated by the company.Source: Ondas official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

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6 · Reported vs. organic revenue growth

GAAP gross margin fell to 21.8% from 43.1% in Q2 2026

GAAP gross margin

Q3 2025, Q2 2026 and Q3 2026

v · Q3 2025: 25.8%v · Q2 2026: 43.1%v · Q3 2026: 21.8%Q3 2025Q2 2026Q3 20260%10%20%30%40%50%25.8%43.1%21.8%
Adjusted gross margin fell to 34.8% from 50.4%. The company cites intangible amortization, inventory step-up and early program ramp costs. It expects similar Q4 levels.

Note: Gross margin is gross profit divided by revenue. Adjusted gross margin excludes acquisition amortization, inventory step-up, stock-based compensation and acquisition employee costs in cost of goods sold. Q3 2025 gross margin was 25.8%.Source: Ondas official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

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7 · Gross margin compression

The adjusted EBITDA loss widened to $59.7M from $46.2M in Q2 2026

Adjusted EBITDA

$M, Q3 2025, Q2 2026 and Q3 2026

v · Q3 2025: -$8.1Mv · Q2 2026: -$46.2Mv · Q3 2026: -$59.7MQ3 2025Q2 2026Q3 2026-$70M-$60M-$40M-$20M$0M-$8.1M-$46.2M-$59.7M
Adjusted cash operating expenses rose to $118.7M from $88.8M in Q2. The company still expects operating-platform adjusted EBITDA profitability in Q4 2026.

Note: EBITDA is earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA excludes interest, taxes, depreciation, amortization, stock-based compensation, acquisition costs, fair value changes, inventory step-up and other income, as reconciled in the release. The definition was revised in Q2 and Q3 2026.Source: Ondas official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

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8 · Adjusted EBITDA loss

A $125.1M warrant gain narrowed the Q3 net loss to $64.7M from an operating loss of $189.5M

  1. Operating loss widenedThe operating loss was $189.5M. Stock-based compensation in operating expenses was $57.8M.
  2. Other income roseTotal other income, net was $133.1M. Warrant fair value gains made up most of it.
  3. Net loss narrowed vs Q2The Q3 net loss was $64.7M, compared with $89.7M in Q2 2026.

Operating loss to net loss

$M unless notedQ3 2025Q3 2026
Operating loss-$15.5M-$189.5M
Total other income, net$8.3M$133.1M
Loss before income taxes-$7.2M-$56.4M
Provision for income taxes$0.3M$8.2M
Net loss-$7.5M-$64.7M
Net loss to Ondas stockholders-$8.8M-$62.6M

Note: The warrant gains relate to warrants issued in the October 2025 and January 2026 equity raises. The warrants are remeasured at fair value each period, so the gains are non-cash.Source: Ondas official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

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9 · Warrant gain and net loss

Backlog rose 36% in the quarter to $835M on $214M of new orders

Backlog

$M, Jun 30, 2026 vs Sep 30, 2026

v · Jun 30, 2026: $613Mv · Sep 30, 2026: $835MJun 30, 2026Sep 30, 2026$0M$250M$500M$750M$1,000M$613M$835M
Ondas Sentinel booked $100M in Q3. ULTRA follow-on orders were $53.7M.

Note: Backlog growth is as stated. The Jun 30, 2026 backlog of approximately $613 million is from the Q2 2026 release.Source: Ondas official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Q2 2026 results release (Form 8-K, Aug 13, 2026); analysis of company data

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10 · Backlog and new orders

Cash, restricted cash and short-term investments were $820.3M at Sep 30, 2026

  1. Investments roseShort-term investments rose to $526.1M. Cash and cash equivalents fell to $262.8M.
  2. Acquisitions grew the balance sheetGoodwill rose to $1,501.0M from $251.8M.
  3. Warrant liability roseThe warrant liability was $918.6M, up from $489.4M.

Balance sheet items

$MDec 31, 2025Sep 30, 2026
Cash and cash equivalents$550.7M$262.8M
Restricted cash$43.6M$31.5M
Short-term investments$21.8M$526.1M
Total cash and investments$616.1M$820.3M
Intangible assets, net$136.9M$1,025.4M
Total stockholders’ equity$441.8M$2,370.7M

Note: Total cash and investments is a DeepCell sum of the three balance sheet lines. The release gives no cash flow statement, so cash flow is not shown.Source: Ondas official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

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11 · Liquidity and balance sheet

The Q4 revenue ramp, gross margin and cash use are the main watch items

Indicator
What to watch
Implication
Latest reading
Q4 2026 revenue
The target needs a large sequential rise
Target above Q3 revenue
Q4 floor 49.3% above Q3
Gross margin
The company expects similar Q4 levels
Mix and ramp costs weigh
GAAP 21.8%
Adjusted EBITDA
Losses widened in Q3
Profitability target Q3 2027
Nine-month $116.8M loss
Warrant remeasurement
Fair value changes swing net income
Gains were non-cash
Liability $918.6M

Note: EBITDA is earnings before interest, taxes, depreciation and amortization. The Q4 floor gap is a DeepCell calculation: the Q4 revenue target floor divided by Q3 revenue, less one.Source: Ondas official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

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12 · Key risks to the outlook

Appendix: operating expense items

ClaimEvidenceCalculation
G&A expense$10.6M to $124.6MLargest expense line
S&M expense$3.0M to $36.7MIncludes acquired businesses
R&D expense$4.5M to $61.6MUp $30 million sequentially, as stated
Acquisition-related expenses$14.1MCash costs, as stated
Adjusted cash operating expenses$10.9M to $118.7MNon-GAAP, as reconciled

G&A is general and administrative; R&D is research and development; S&M is sales and marketing. Source: Ondas official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

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13 · Appendix: Operating expenses

Appendix: net loss to adjusted EBITDA

ClaimEvidenceCalculation
Net loss-$64.7MIncome statement
Add: depreciation and amortization$2.6M and $33.1MAdded back
Add: stock-based compensation$59.8MAdded back
Add: acquisition items$14.1M expenses; $9.6M inventory step-upAlso employee, integration and earn-out items
Less: total other income, net$133.1MRemoved; tax of $8.2M added back
Adjusted EBITDA-$59.7MNon-GAAP, as reconciled

EBITDA is earnings before interest, taxes, depreciation and amortization. Source: Ondas official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

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14 · Appendix: Adjusted EBITDA bridge

15 · Appendix: Adjusted gross profit

16 · Appendix: Balance sheet

Appendix: income statement detail

Revenue and costs

$M unless notedQ3 2025Q3 2026YoY
Revenues, net$10.1M$167.5M1558.6%
Cost of goods sold$7.5M$131.0M1647.9%
Total operating expenses$18.1M$226.0M1148.1%
Revenues, nine months$20.6M$301.4M1361.6%

Earnings

$M unless notedQ3 2025Q3 2026Change
Operating loss-$15.5M-$189.5M-$174.0M
Net loss-$7.5M-$64.7M-$57.2M
Adjusted EBITDA-$8.1M-$59.7M-$51.6M
Adjusted EBITDA, nine months-$21.4M-$116.8Mn.a.

Note: EBITDA is earnings before interest, taxes, depreciation and amortization. YoY rates and changes in this appendix are DeepCell calculations from the statements. YoY rates are not shown for loss lines.Source: Ondas official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

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17 · Appendix: Income statement

Appendix: sources

  • Results release, Q3 2026 (Form 8-K Exhibit 99.1, Nov 12, 2026) — https://www.sec.gov/Archives/edgar/data/1646188/000119312526457088/onds-ex99_1.htm
  • SEC filing index, Form 8-K, accession 0001193125-26-457088 — https://www.sec.gov/Archives/edgar/data/1646188/000119312526457088/
  • Prior targets: Q2 2026 results release (Form 8-K Exhibit 99.1, Aug 13, 2026, accession 0001193125-26-347973) — https://www.sec.gov/Archives/edgar/data/1646188/000119312526347973/onds-ex99_1.htm
  • Consensus: Zacks Consensus Estimate, “Ondas to Report Q3 Earnings: Can Orders and Acquisitions Fuel Growth?”, Yahoo Finance, Nov 6, 2026 9:56 AM EST — https://finance.yahoo.com/markets/stocks/articles/ondas-report-q3-earnings-orders-145600138.html
  • Share price: CNBC ONDS quote, Nov 11, 2026 regular close $5.73 and Nov 12 pre-market last $5.49 at 8:59 AM EST — https://www.cnbc.com/quotes/ONDS
  • Company figures are in U.S. dollars. Statement amounts in thousands were converted to millions. Non-GAAP figures follow the company’s reconciliation tables; their definitions were revised in the June 30 and September 30, 2026 periods. The release reports no segment results. No Form 10-Q for Q3 2026 had been filed when this deck was built.

Built with DeepCell / deepcell.net

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18 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Ondas Inc.’s Q3 2026 press release, filed as Exhibit 99.1 to a Form 8-K on November 12, 2026. Consensus estimates (Zacks, via Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are U.S. GAAP unless labelled adjusted or non-GAAP, in U.S. dollars, for the three months ended September 30, 2026 and September 30, 2025.

Forward-looking statements. Company targets, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original release.

Date of analysis. Share prices are the CNBC regular-session close on November 11, 2026, and the pre-market last at 8:59 AM EST on November 12, 2026. The pre-market last is not a close.

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19 · Disclosures

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