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Ondas (ONDS) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 13, 2026 · Ondas (ONDS) Q2 2026 earnings results →
Q2 2026 Revenue up 1235% year over year to $83.8M · 107¢ of every $1 of revenue lost · operating margin -194.5%
Ondas made $83.8M in Q2 2026 (13× Y/Y): Product Revenue $43.4M, Service Revenue $23.6M, Development Revenue $16.7M. Operating margin -194.5%, net loss $89.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.
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What changed this quarter
Revenue was $83.8M in Q2 2026, up 1235% year over year and up 67% from the previous quarter. Product Revenue was the largest line at 52% of revenue. Product Revenue added $39.8M year over year (up 1105%), 51% of the total change.
Gross margin was 43.1%, down 10.0 points from Q2 2025. Operating costs exceeded revenue by $162.9M, an operating margin of -194.5%. Operating expenses grew 1482% against revenue growth of 1235%. The fastest-growing cost line was General & admin (+2006%). The quarter ended with a net loss of $89.7M, after a profit of $361.2M the previous quarter. Minority interests bore $1.3M of it: to shareholders the quarter was a loss of $88.4M. Non-operating items added $44.2M, -37% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$86.1M. Non-cash charges added back $934K of depreciation and amortization and $69.1M of share-based compensation. Working capital and other items used $66.4M. Capital expenditures of $7.8M exceeded it, leaving free cash flow of −$93.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 13, 2026 | $83.8M | 13× | -194.5% | −$89.7M | −$86.1M |
| Q1 2026 | 10-Q | May 15, 2026 | $50.1M | 12× | -85.1% | $361M | −$51.3M |
| Q4 2025 | 10-K | Mar 30, 2026 | $30.1M | +629% | -77.4% | −$99.9M | −$12.7M |
| Q3 2025 | 10-Q | Nov 13, 2025 | $10.1M | +582% | -153.5% | −$7.5M | −$11.0M |
| Q2 2025 | 10-Q | Aug 12, 2025 | $6.3M | +555% | -147.5% | −$10.8M | −$8.4M |
| Q1 2025 | 10-Q | May 15, 2025 | $4.2M | +580% | -242.7% | −$14.1M | −$6.7M |
| Q4 2024 | 10-K | Mar 12, 2025 | $4.1M | -17% | -206.3% | −$10.3M | −$8.1M |
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About Ondas
This business description should be read in conjunction with our audited Consolidated Financial Statements and accompanying notes thereto appearing elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2025 (the “Form 10-K”), which are incorporated herein by this reference. The use of the words “we,” “our,” the “Company,” and “Ondas” in this Form 10-K refers to Ondas Inc. and its subsidiaries.
In its own words, from its 10-K, filed Mar 30, 2026.
Ondas against its Radio & Tv Broadcasting & Communications Equipment peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: 13× against the peers' median +12%. Operating margin: -194.5% against the peers' median 7.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ONDS Ondas | Q2 2026 | $83.8M | 13× | -194.5% |
| QCOM Qualcomm | Q4 FY26 | $10.3B | -8% | 13.1% |
| MSI Motorola Solutions | Q3 2026 | $3.4B | +12% | 23.0% |
| UI Ubiquiti | Q1 FY27 | $1.0B | +40% | 38.1% |
| VISN Vistance Networks | Q3 2026 | $320M | -38% | 7.2% |
| HLIT Harmonic | Q3 2026 | $149M | +64% | 17.6% |
| AVNW Aviat Networks | Q4 FY26 | $121M | +5% | 4.8% |
| PL Planet Labs PBC | Q2 FY27 | $116M | +58% | -11.6% |
| CMTL Comtech Telecommunications | Q3 FY26 | $106M | -16% | -2.9% |
Source: Ondas 10-Q on SEC EDGAR · CIK 1646188 · Radio & Tv Broadcasting & Communications Equipment
13F: who owns ONDS and who is buying
More on ONDS
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results