Ondas’ pro forma backlog reached approximately $757 million at the end of the second quarter of 2026, representing an 11-fold increase from the $68 million reported at the end of 2025 as the autonomous systems and defense technology company continues to expand through organic order growth and acquisitions.
The $757 million pro forma backlog includes DZYNE Technologies and Cyberhawk, which closed on July 2 and August 10, respectively. The figure was also 65% higher than the $457 million of pro forma backlog at the end of the first quarter. Ondas attributed the increase to the addition of acquired businesses as well as strong order capture and pipeline conversion across autonomous drones, counter-UAS systems and robotics.
On a reported basis, Ondas ended June with approximately $613 million of backlog. The company captured approximately $175 million of new orders during the second quarter, and commercial momentum continued after quarter-end with an additional $105 million of orders secured through August 10.
The expanding backlog comes as Ondas rapidly scales revenue. Second-quarter revenue reached a record $83.8 million, compared with $50.1 million in the first quarter and $6.3 million in the prior-year quarter. That represented approximately 67% sequential growth and more than a 13-fold increase year-over-year. On a pro forma organic basis that assumes the current portfolio was owned in both periods, revenue increased 85% year-over-year.
Ondas has raised its full-year 2026 revenue target to between $525 million and $550 million as it expects another significant ramp during the second half of the year. The company expects third-quarter revenue of $140 million to $155 million, which would represent approximately 76% sequential growth at the midpoint.
Several major programs are expected to contribute to the second-half acceleration. Ondas plans to begin volume shipments connected with Mistral orders under the $982 million U.S. Army Lethal Unmanned Strike IDIQ award. It also expects increasing demand for the ULTRA and IonStrike platforms and plans to begin volume deliveries during the fourth quarter under a previously announced $140 million combat engineering vehicles program.
The company’s acquisition strategy has also broadened its addressable markets. Since the end of March, Ondas has added World View, Mistral, Omnisys, DZYNE and Cyberhawk. These businesses expand the platform across stratospheric intelligence, surveillance and reconnaissance, systems integration, AI-powered battlefield management, counter-UAS technology, precision strike systems and autonomous infrastructure inspection.
DZYNE brings platforms including ULTRA and IonStrike while expanding Ondas’ presence with U.S. defense customers. Cyberhawk adds autonomous aerial inspection capabilities for critical infrastructure. Management said the two companies also bring relationships with customers including the U.S. Air Force, U.S. Army, PG&E and Shell.
Ondas is supporting its larger platform with substantial manufacturing capacity. The company has six major U.S. facilities totaling approximately 230,000 square feet of underutilized capacity and plans upgrades that will add another approximately 50,000 square feet of manufacturing space. It has also added 560 U.S. employees, including 155 engineers.
Liquidity provides further capacity to pursue the expansion strategy. Ondas ended Q2 with approximately $1.4 billion of cash, cash equivalents, restricted cash and short-term investments. During the third quarter, approximately $325 million of cash was used to complete the DZYNE and Cyberhawk acquisitions.
The improving revenue outlook is also allowing Ondas to pull forward its profitability timeline. The company now expects adjusted EBITDA profitability at the operating-platform level, which includes OAS and Ondas Sentinel, by the fourth quarter of 2026 and companywide adjusted EBITDA profitability by the fourth quarter of 2027.
KEY QUOTES:
“Our team at Ondas is performing at a high level, as evidenced by our record second-quarter results, headlined by strong revenue growth and continued bookings momentum across our business. We expect to sustain this momentum and deliver another significant revenue ramp during the second half of 2026, increasing our full-year 2026 revenue target to a range of $525 million to $550 million.”
“The strength of our Core + Strategic Growth plan is increasingly becoming evident, and I am particularly pleased with the recent addition of new businesses, headlined by DZYNE Technologies and Cyberhawk, which have closed during Q3. DZYNE meaningfully broadens our solutions portfolio globally, highlighted by the ULTRA and IonStrike platforms, while also accelerating the maturation of our U.S. operating platform and deepening our relevance with the U.S. Department of War. Meanwhile, Cyberhawk’s excellence in delivering aerial solutions supporting critical-infrastructure inspection and intelligence further advances our dual-use technology, services and AI capabilities.”
Eric Brock, Chairman and CEO of Ondas
