Filing Flows › Ondas (ONDS) › Q1 2026
Ondas (ONDS) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 15, 2026
Ondas (ONDS) reported revenue of $50.1M for the first quarter 2026 (Q1 2026), up 12-fold from a year earlier and +66% from the quarter before. Operating margin was -85.1%, net earnings $361M (720.7% of revenue).
Ondas, Q1 2026: revenue $50.1M (12× year over year), operating margin -85.1%, net earnings $361M, operating cash flow −$51.3M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $50.1M | +66% | 12× |
| Operating profit | −$42.7M | — | — |
| Net earnings | $361M | — | — |
| Operating cash flow | −$51.3M | — | — |
What changed
Revenue was $50.1M in Q1 2026, up 1080% year over year and up 66% from the previous quarter. Product Revenue was the largest line at 77% of revenue. Product Revenue added $35.1M year over year (up 1090%), 77% of the total change.
Gross margin was 49.2%, up 14.2 points from Q1 2025. Operating costs exceeded revenue by $42.7M, an operating margin of -85.1%. Operating expenses grew 471% against revenue growth of 1080%. The fastest-growing cost line was General & admin (+633%). Net earnings were $362.8M ($361.2M including minority interests, which bore $1.5M of losses). The effective tax rate was 0.1%. Non-operating items added $404.2M, 112% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$51.3M. Non-cash charges added back $6.3M of depreciation and amortization and $19.7M of share-based compensation. Working capital and other items used $438.5M. Capital expenditures of $1.3M exceeded it, leaving free cash flow of −$52.6M.
Questions
What was Ondas' revenue in the first quarter 2026?
Ondas (ONDS) reported revenue of $50.1M for the first quarter 2026 (Q1 2026), up 12-fold from a year earlier and +66% from the quarter before.
Was Ondas profitable in the first quarter 2026?
Operating loss was $42.7M (-85.1% of revenue) and net earnings $361M.
Source: Ondas 10-Q on SEC EDGAR.