ONDS

In August 2026, Ondas Inc. reported record second-quarter and six‑month results, with sales rising to US$83.77 million and US$133.89 million respectively, alongside a quarterly net loss of US$88.25 million but a six‑month net income of US$274.7 million. Management also highlighted an expanded backlog of about US$757 million and raised 2026 revenue guidance after integrating recent acquisitions and securing new defense and unmanned systems contracts. We’ll now examine how the record backlog and upgraded 2026 revenue guidance influence Ondas’ existing investment narrative and risk profile. Rare earth metals are an input to most high-tech devices, military and defence systems and electric vehicles. The global race is on to secure supply of these critical minerals. Beat the pack to uncover the 28 best rare earth metal stocks of the very few that mine this essential strategic resource. To own Ondas today, you need to believe its rapidly expanding autonomous and defense platform can convert a US$757 million backlog and upgraded 2026 guidance into sustainable, cash-backed growth. The key near term catalyst remains execution on these new defense and unmanned systems programs, while the biggest current risk is that high operating losses persist if integration costs and program ramps outpace revenue conversion. The latest results materially sharpen both the upside and the execution risk in that equation. Among the recent developments, the proposed US$33 million acquisition of Aran Defense stands out as most connected to this story. Bringing additional Israeli engineering and manufacturing capacity under the Ondas umbrella ties directly into the backlog conversion catalyst, potentially supporting faster delivery of low cost tactical drones and other systems. At the same time, it reinforces the risk that an acquisition heavy model could keep costs elevated if expected program volumes or integration benefits are slower to arrive. Yet against this stronger backlog, the risk that ongoing losses and acquisition spending could still pressure shareholders is something investors should be aware of... Read the full narrative on Ondas (it's free!) Ondas' narrative projects $1.0 billion revenue and $114.4 million earnings by 2029. Uncover how Ondas' forecasts yield a $20.12 fair value, a 140% upside to its current price. Some of the lowest ranked analysts were already cautious, assuming revenue might need to reach about US$1.3 billion with earnings near US$148.7 million by 2029, which contrasts with concerns that aggressive acquisitions and high fixed costs could weigh on Ondas if integration or customer adoption lags; these more pessimistic views sit alongside the new backlog and guidance, and you can use them to stress test your own expectations as updated information comes through. Explore 9 other fair value estimates on Ondas - why the stock might be worth over 3x more than the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your Ondas research is our analysis highlighting 3 key rewards and 4 important warning signs that could impact your investment decision. Our free Ondas research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Ondas' overall financial health at a glance. These stocks are moving-our analysis flagged them today. Act fast before the price catches up: The best AI stocks today may lie beyond giants like Nvidia and Microsoft. Find the next big opportunity with these 17 smaller AI-focused companies with strong growth potential through early-stage innovation in machine learning, automation, and data intelligence that could fund your retirement. We've uncovered the 12 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. Capitalize on the AI infrastructure supercycle with our selection of the 54 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ONDS. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Image source: The Motley Fool. Thursday, August 13, 2026 at 8:30 a.m. ET Chairman and Chief Executive Officer - Eric Brock Chief Financial Officer and Treasurer - Neil Laird Co-Chief Executive Officer of Ondas Autonomous Systems - Oshri Lugassy President of Ondas Autonomous Systems - Meir Kliner Chief Executive Officer of Ondas Sentinel - Ryan Hartman Operator: Welcome to the Ondas Inc. Second Quarter 2026 Earnings and Business Update Conference Call. [Operator Instructions] Before we begin, the company would like to remind you that this call may contain forward-looking statements. While these forward-looking statements reflect Ondas' best current judgment, they are subject to risks and uncertainties that can cause actual results to differ materially from those implied by these forward-looking statements. These risk factors are discussed in Ondas' periodic SEC filings and in earnings release issued today, which are both available on the company's website. Ondas undertakes no obligation to revise or update any forward-looking statements to reflect future events or circumstances, except as required by law. During this call, Ondas will refer to certain non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. A reconciliation of the non-GAAP financial measures to the most direct comparable GAAP measures is shown in our press release issued today, which is available at the Investor Relations section of our website. This non-GAAP information is provided as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP. However, management believes these non-GAAP measures provide investors with valuable information on the underlying trends of our business. Please note, this event is being recorded. I would now like to turn the presentation over to Eric Brock, Chairman and CEO. Please go ahead. Eric Brock: Thank you, operator, and good morning, everyone. We appreciate you joining us today and your continued interest in Ondas. I'm pleased to be joined this morning by key members of our leadership team. Neil Laird, our Chief Financial Officer and Treasurer; Oshri Lugassy, Co-CEO of Ondas Autonomous Systems; Meir Kliner, President of OAS; and Ryan Hartman, CEO of Ondas Sentinel. We have a lot to cover today, so we will dive right in. Let's turn to today's agenda. I'll begin with a high-level review of our second quarter performance, the continued execution of our Core + Strategic Growth plan and the progress we are making toward building One Ondas. Neil will then review our second quarter financial results, balance sheet and the investments supporting the significant growth we expect in the second half of 2026 and beyond. We will then provide a growth and operational update, including commercial momentum, major customer programs, expansion across our 4 strategic market segments and the continued scaling of our global operating platform. We will also discuss the integration of our expanding technology portfolio and our progress toward delivering AI-enabled multi-domain systems of systems solutions. I'll close with our updated financial outlook and management priorities for the next phase of Ondas' growth. We will then open the call for questions. Let me begin with the operating model behind our strategy. Ondas continues to execute its Core + Strategic Growth plan. And to be clear, Ondas is not simply a collection of acquired companies. We are building and operating one integrated global platform, One Ondas. That means assembling mission-ready technologies, world-class engineering talent, experienced leadership teams, customer relationships and operational capabilities and then integrating those assets into a unified growth platform. The value of this model becomes most visible when we combine technologies across domains. We are connecting persistent multi-domain ISR capabilities to the complete detect, identify, track and defeat chain. In Counter-UAS, for example, we are bringing customers a unique layered architecture that can include passive detection, cyber takeover, electronic warfare, interception and fully autonomous kinetic defeat. These integrated capabilities are designed to protect critical locations from hostile drones ranging from small FPV drones to larger, more sophisticated threats. We are integrating these capabilities through software-defined command and control, enabling customers to operate a coordinated system of systems rather than a collection of disconnected products. But technology integration is only part of the equation. We are also integrating engineering resources, sales and marketing teams across more than 60 countries, production and supply chain capabilities, field support, training, sustainment and customer service. As we have said before, exceptional technology that is useful, built to customer requirements and operational in the field is essential. Developing that technology is extremely challenging, and we are proud to have operationalized the incredible portfolio we have at Ondas. With that said, technology by itself is not sufficient to win. Customers in global defense, homeland security, public safety and critical infrastructure markets need partners that can deploy, support and sustain mission-critical systems at scale. That is what One Ondas is all about. It is how we create value for customers, employees, partners and shareholders. It is how we win. And Ondas is playing to win. The execution of our strategy is increasingly reflected in our financial performance with these KPIs demonstrating the strength and momentum of our business. We delivered another quarter of record revenue, generating approximately $83.8 million in the second quarter. That represents more than 13-fold growth versus a year ago. We expect to sustain this momentum and deliver another significant revenue ramp in the second half of 2026. Based on our results, backlog and current visibility, we are also increasing our full year 2026 revenue target to a range of $525 million to $550 million. The growth is broad-based across the portfolio, supported by continued strength in our Core businesses, the conversion of large orders already in backlog and the transition of several emerging platforms from development and qualification into deployment. Our 2-year strategic program pipeline has expanded to more than $11 billion and our pro forma backlog now stands at approximately $757 million, including DZYNE and Cyberhawk, growing more than 11x during 2026 and providing substantial revenue visibility. Meanwhile, order momentum remains strong. We have already captured approximately $105 million of new orders quarter-to-date, further adding to backlog during this Q3. At the same time, we continue investing in the operating platform required to support this growth. Cash operating expenses were elevated in the quarter, reflecting the full quarter impact of businesses added earlier in the year, principally World View and Mistral as well as approximately $29 million of growth investment across corporate development, Ondas Capital, partner initiatives and the broader operating platform. We made these investments ahead of the significant revenue and gross profit ramp we expect in the second half and beyond. We expect the growth in these OpEx investments to moderate from here, providing substantial operating leverage as revenue scales. We also remain very well capitalized. We ended June with approximately $1.4 billion in cash, cash equivalents, restricted cash and short-term investments. Even after deploying $325 million for new acquisitions in Q3, we retained significant financial flexibility to support organic growth, scale our operating platform and execute our strategic growth program. This chart is a simple visual of the transformation underway in our financial performance. Quarterly revenue has grown from approximately $4.2 million in the first quarter of 2025 to $83.8 million in the second quarter of 2026. We believe this is what the early part of the S-curve should look like. Technology adoption curves are generally not linear. They are exponential. Once platforms are validated, customer requirements are established, and programs move from testing into scale deployment, growth can accelerate rapidly. Our strategy is designed around that dynamic. As we execute our Core + Strategic Growth plan, we are not only expanding the technology portfolio, but also building the operating platform required to support an exponential growth curve across production, supply chain, customer deployment, field support and sustainment. Importantly, the underlying Core growth of our businesses remains a major driver of the financial model and the economic value we are creating. On a pro forma basis, assuming our current portfolio companies had been owned throughout both periods, Ondas generated approximately 85% organic revenue growth in the second quarter compared with Q2 2025. That is an important distinction. The growth reflected here is not simply the result of adding acquired revenue, our underlying businesses are also expanding rapidly within the Ondas platform. Core organic growth is a theme we will return to throughout today's discussion. We have strong momentum and are positioned for growth to accelerate further during the second half of 2026 and into 2027. This slide provides additional detail showing the growth model is working. The model begins with strong mission-ready technology platforms in markets with very significant customer demand. That technology and demand are supported by the operating platform Ondas is building, providing working capital, global customer relationships, expanded sales capabilities, production resources, supply chain support and field services. As mentioned, on a pro forma basis, Ondas delivered approximately 85% organic year-over-year revenue growth during the second quarter. Backlog also continued to grow, increasing approximately 33% sequentially from Q1 to Q2 on an organic basis. We continue to see a particularly strong organic ramp across the Ondas Autonomous Systems businesses. Sentrycs continues to see substantial demand for its Cyber-over-RF Counter-UAS systems, with second quarter pro forma revenue up approximately 298% year-over-year. The Sentrycs team is performing extremely well, benefiting from the expanding global sales platform, customer access and operating resources available through Ondas. Our success at the FIFA World Cup and recent win with the Jacksonville Jaguars are early signs that Ondas is winning as the long-term investment cycle kicks into high gear. Airobotics also delivered very strong growth, with revenue up approximately 112% year-over-year. That growth was supported by Iron Drone, continued customer demand for autonomous drone infrastructure and new integrated systems of systems customer engagements. Similarly, 4M delivered approximately 258% year-over-year pro forma revenue growth with the capital, customer access, operating support and international reach of Ondas behind it. 4M is expanding its intelligent demining and land intelligence business into substantially larger programs. Rotron is proving to be another excellent addition to our portfolio. Rotron captured approximately $34.2 million in orders during the second quarter alone compared with approximately $25 million of expected 2026 revenue we underwrote in the acquisition. Rotron's international pipeline outside the U.K. is also expanding under Ondas, and we believe its capabilities in jet propulsion, Precision Strike, UAV development and platform commercialization will be meaningful value creators over the coming years. This performance is not isolated to one company or market segment. We are seeing strong organic growth across multiple businesses and the data increasingly validates both our operating platform thesis and our execution. I want to pause on this slide because it illustrates the One Ondas operating model. At the top is Ondas Inc., responsible for capital allocation, corporate strategy, the Ondas brand, investor engagement, governance and overall enterprise direction. Beneath that is our shared operational platform. This layer provides capabilities across supply chain and production, field support and services, global sales and marketing, government affairs, finance and corporate infrastructure. These shared resources accelerate commercialization, improve execution and allow the specialized technology companies within Ondas to scale more efficiently. Those specialized companies bring deep domain expertise, differentiated intellectual property, exceptional engineering talent, established customer relationships and mission-ready products. We are integrating those capabilities across 4 major high-growth market segments: Aerial Security, ISR and Persistent Intelligence, Precision Strike and Autonomous Ground Systems with AI software serving as a common enabling layer across the portfolio. Exceptional technology is merely the starting point in these markets. Customers need complete solutions built to requirements, integrated, reliably delivered and supported across the mission life cycle. Partners need a platform to bring technologies to market and pursue larger global programs. Employees need the resources, infrastructure and capital to scale innovation. And investors need this model, too. Our shared operating layer deploys capital more efficiently, accelerates revenue, reduces duplication and generates increasing P&L leverage as the platform scales, leverage that is fundamental to sustained profitability and attractive long-term returns. Oshri and Ryan will discuss this model in greater depth later, including how we are integrating technologies, pursuing larger programs and scaling execution across the portfolio. As we deploy capital and scale Ondas, one of our most important responsibilities is ensuring we have the strongest, most capable leadership team possible. We have made tremendous progress. Across Ondas, we are assembling a mission-driven leadership team deeply committed to delivering robust operational autonomous capabilities to customers in defense, homeland security, public safety and critical infrastructure markets across the United States, Israel and Allied nations. I am pleased to welcome David Barnea as President and Chairman of Ondas Defense Limited. David joins Ondas following a distinguished career serving the state of Israel, most recently as Director of the Mossad. He brings nearly 3 decades of intelligence, national security and operational leadership experience and intimate knowledge of modern warfare and the current battlefield. David's mandate is to help lead our global expansion, strengthen our relationships with international defense and security customers and advance the integration and adoption of our AI-enabled multi-domain Autonomous Systems platform. He will work closely with me, Oshri and the broader leadership team to maximize the impact of our technologies and services across our global customer base. To summarize, our plan is working, and I am extremely proud of our team's performance. We have had a very strong first half and believe we can accelerate this momentum through the remainder of the year. The revenue ramp we expect in the second half is significant and increasingly visible through our backlog, order book and deployment schedules. Demand remains broad-based and we expect to benefit from major program deliveries and new product adoption cycles across each of our principal market segments. As we convert these orders into revenue, we are expanding production, supply chain, deployment and field-support capacity to meet customer requirements efficiently and reliably. In Aerial Security and Counter-UAS, we continue to see strong global demand across the portfolio. We expect Sentrycs' Cyber-over-RF platform to remain a key growth driver as customers increasingly adopt layered multisite counter drone infrastructure. We also believe IonStrike, which came to Ondas through our recent acquisition of DZYNE, is positioned to begin receiving commercial volume orders and initial deliveries during the second half of the year. We see urgent demand for cost-effective kinetic solutions like IonStrike, capable of defending against increasingly sophisticated Shahed-class drones and coordinated swarms. In Precision Strike, Mistral is positioned to begin deliveries against approximately $240 million of aggregated orders associated with the U.S. Army LUS IDIQ. We also expect continued advancement on Project Brakestop, while Rotron ramps production and deliveries against material orders and a growing international pipeline. Across ISR and persistent intelligence, our backlog and pipeline for both ULTRA and Stratollite deployments continue to grow. We have been expanding production and operational capacity to support the launch of ULTRA programs and the increased adoption of Stratollites for maritime domain awareness and other persistent ISR missions. In autonomous ground systems, INDO Earth is expected to begin deliveries during the fourth quarter on the combat machinery program, which has total program potential of approximately $140 million. These programs represent important customer adoption curves. As initial deployments move into larger-scale production and follow-on requirements, we believe they can support meaningful sustained growth across the platform. Our priorities remain clear: continue driving organic growth, convert backlog efficiently, leverage the investments we have made in our scalable operating platform and demonstrate the strength of the Ondas' financial model. That concludes my introductory comments. I will now hand the call over to Neil, who will review our second quarter financial performance. Neil? Neil Laird: Thank you, Eric. The second quarter showed record revenue and represented another important step forward in demonstrating the scalability of our financial model. Revenue increased to approximately $83.8 million, up 67% sequentially and more than 13x the prior year period. Importantly, this wasn't simply acquisition-driven. On a pro forma organic basis, assuming our current portfolio had been owned in both periods, revenue grew approximately 85% year-over-year, reflecting strong execution across our underlying businesses and proving out the power of our growth platform. With $175 million of new orders during the quarter and continued strength into Q3, we believe that customer demand remains exceptionally strong across our platform. Gross profit increased to approximately $36 million, while adjusted gross margin, a new metric, which excludes the noncash items of stock compensation expense and amortization of acquisition-related intangible assets, was 50.4%, relatively stable from 51.5% in the prior quarter despite normal product mix variability. As we've discussed previously, quarterly margins will fluctuate as deliveries shift between programs. We expect some gross margin pressure in the second half due to mix and recently acquired excess capacity. However, our longer-term target remains to achieve gross margins in excess of 50%. Operating expenses increased to approximately $199 million, but more than half of the total consisted of noncash or acquisition-related items such as stock compensation, contingent consideration, revaluation, amortization of intangible assets as well as $4.4 million in acquisition-related transaction costs. To better understand the business, we encourage investors to look at our underlying adjusted cash operating expenses, which amounted to approximately $93 million during the quarter. This includes normal operating expenses as well as investments to support the integration of recently acquired businesses, continued deployment of Palantir Foundry and Warp Speed, commercialization activities and infrastructure required to support the significant revenue growth we expect over the coming quarters. Second quarter represented a large increase as we invested ahead of and in support of a transformational growth curve. The important distinction is that the growth of our operating expense will normalize in the third quarter and beyond, while revenue and gross profit are expected to rise significantly, resulting in significant leverage in our model. Given these investments, which are occurring ahead of a broader revenue ramp, adjusted EBITDA was a loss of approximately $51 million during the quarter. This result was consistent with our expectation that the second quarter would represent the peak in adjusted EBITDA losses. As revenue accelerates during the second half, we expect those investments to begin producing meaningful operating leverage. Turning to the balance sheet, which remains strong and provides us with significant advantages. We ended the quarter with approximately $1.4 billion in cash, cash equivalents, restricted cash and short-term investments compared to $616 million at the end of 2025. Included in our total assets are investments in unaffiliated public and private companies totaling $70 million. These investments are aligned with our broader platform strategy. They support key partners, enhance access to critical technologies, improve supply chain efficiency and we believe will generate attractive returns over time. During the third quarter, we've already deployed approximately $325 million of cash to complete the DZYNE and Cyberhawk acquisitions, both important elements for our near-term and long-term growth outlook. Our balance sheet allows us to invest aggressively in our operating platform, support larger customer opportunities and continue executing our disciplined acquisition strategy from a position of strength. If there's one message we'd like investors to take away from today's call, it's that our confidence in the trajectory of the business has never been stronger. We believe the first half of 2026 has validated the strategic investments we've made over the past year. We entered the second half with record backlog, accelerating production, strong demand signals across a rapidly expanding product set, an exceptionally strong balance sheet and increasing confidence in our outlook. We believe the foundation is now in place for substantial growth and meaningful operating leverage over the coming quarters. With that, I'll turn it back to Eric. Eric Brock: As Neil noted, adjusted cash operating expense increased significantly in the second quarter to approximately $93 million. There were 2 principal drivers of that increase. First, our strategic M&A program added new businesses to the Ondas platform. These come with operating costs, but also bring meaningful revenue and gross profit, established customer relationships, contracted backlog and expanding pipelines. We believe these additions materially strengthen Ondas' earnings power and long-term growth potential and should be viewed as investments in scale, not incremental overhead. Second, we continue to invest in the growth platform at both Ondas Inc. and across our operating platform. At the Ondas Inc. level, in addition to our underlying finance, accounting and governance expenses, we invested approximately $29 million in growth OpEx related to corporate development, Ondas Capital, ecosystem and partner initiatives and our operating platform, including our work with Palantir. At the operating platform level, growth OpEx in terms of OAS leadership and operating infrastructure totaled approximately $6 million. These are deliberate front-loaded investments to ensure Ondas can integrate acquisitions efficiently, expand its global sales and marketing reach, scale supply chain and production and provide the field support, sustainment and services a much larger business requires. We are not building the operating platform for the Ondas of today, but for the significantly larger company, we expect Ondas to become. We believe we are well on our way, driving substantial growth, generating increasing operating leverage and building a large and profitable global company over the next 12-plus months. Much of our growth OpEx is discretionary, and we expect the rate of growth in these expenses to moderate from here as revenue and gross profit continue to scale. Let's now turn to our growth and operational update. Oshri and Ryan will cover our customer engagement, expanding pipeline and major programs, along with the continued integration of our businesses under the One Ondas operating model. They'll also address the global scale we're building across sales, partnerships, supply chain and field support and the integrated multi-domain systems of systems platforms we're bringing to market where software-enabled integration is delivering broader, more valuable customer solutions. Before I hand over to Oshri, I want to highlight an important addition to our advisory board, and that is General Charlie Flynn, who joined the Ondas Advisory Board earlier this month. General Flynn recently retired from the U.S. Army after 39 years of distinguished service. A 4-Star General, he most recently served as Commanding General of U.S. Army Pacific and previously as the Army's Deputy Chief of Staff for operations, plans and training. General Flynn is well suited to help Ondas navigate the U.S. Department of War and Allied Ministries of Defense, refine our multi-domain ISR and Autonomous Systems road map and position our platforms for broader operational adoption. He brings exceptional experience, judgment and relationships to Ondas, shares our mission and understands the urgency of delivering advanced autonomous capabilities to the United States and its allies. I'm grateful that Charlie has chosen to support Ondas, and we look forward to his contributions as we continue building and scaling the company. With that, I'll hand over to Oshri to discuss our growth and operational progress. Oshri Lugassy: Thank you, Eric. Ondas has built a deep, differentiated solutions portfolio across 4 strategic market segments: Aerial Security, ISR and Persistent Intelligence, Precision Strike and Autonomous Ground Systems. In Aerial Security, we provide technologies to detect, identify, track and defeat threats across the full counter drone kill chain. Our ISR and persistent intelligence portfolio provides multilayer surveillance from the stratosphere through long-endurance airborne platforms and down to the tactical edge. In Precision Strike, we are delivering affordable autonomous launched effects aligned with the growing demand for scalable, mission-ready mass. And in unmanned ground systems, our portfolio includes robotic ground platforms supporting demining, engineering, logistics, border security and operations in contested environments. Supporting all 4 segments is an expanding portfolio of AI-enabled software and command and control capabilities, the unified command core, connecting sensing, decision-making, autonomous operations and mission execution across domains. This is central to our strategy. We are increasingly able to offer customers integrated systems of systems solutions rather than stand-alone products. Our core technology platforms are mission-ready and operational, and we are building increasingly mature customer relationships as we demonstrate both our technology road map and our ability to manufacture, deploy, sustain and support these systems in the field with excellence and at scale. That operational credibility is reflected in the representative customer base on this slide. Across the United States, Ondas supports customers, including the U.S. Air Force, Army, Navy, Special Operations Command, Department of Homeland Security and NASA. Internationally, our customers include the Israel Defense Forces and MAFAT, the Australian Defense Forces, the Japan Self-Defense Forces, the Royal Thai Army and the Dubai Police, among others. We also serve major critical infrastructure and industrial customers, including PG&E, Southern California Edison, Shell, Chevron, National Grid and Reliance. We have worked hard to earn these organizations' trust, and we are extremely proud of these relationships. That trust is built through technology performance, operational reliability, successful delivery and support in demanding real-world environments. Our strategy is focused on increasing Ondas' relevance and mind share within these customers, expanding from individual technologies and initial deployments into broader, integrated long-duration programs. We believe that will support an exceptional market position for Ondas as a trusted global solutions provider and lay the foundation for the large, durable business we intend to build. Our expanding technology portfolio, broader customer access and increasing operational maturity are translating into a rapidly growing pipeline. Our 2-year strategic program pipeline now exceeds $11 billion, up more than 2.5x since our last update in May. This pipeline includes many dozens of program submissions globally and is robust across the major geographic markets in which we operate. Recent acquisitions, particularly DZYNE, contributed important new platforms, customer relationships and program opportunities to this pipeline. Equally important, the pipeline is also expanding organically on a same portfolio basis. That organic growth reflects the scaling of Ondas' direct sales and marketing organization, deeper engagement with existing customers and the growing number of distribution and strategic partners extending our reach. Ryan will discuss that commercial infrastructure shortly. The size, breadth and geographic diversity demonstrate the expanding relevance of our portfolio and the scale of opportunity now available to Ondas. More important than pipeline size is our ability to convert opportunities into programs, which we are increasingly demonstrating. The programs highlighted on this slide span border security and smart demining, military engineering vehicles, Lethal Unmanned Systems, Autonomous UAV swarms, long-range precision strike, stratospheric maritime surveillance and contested logistics. These are meaningful programs, some of which have potential values of upwards of $1 billion in size. Looking forward, we see a strong near-term capture pipeline and expect additional strategically important awards during the second half of 2026. Those opportunities include ISRT programs led by our ultra-long endurance aircraft, kinetic counter-UAS programs involving IonStrike, persistent stratospheric ISR programs and additional opportunities across our unmanned ground vehicle portfolio. Another important example was the Digital Bat program we announced this week, whereby Ondas is providing the Israeli MOD with a next-generation one-way attack system. As we deliver against our existing backlog and pursue these new programs, we are deepening critical relationships across the U.S. combatant commands, NATO and allied militaries and the Israel Defense Forces. These relationships are increasingly focused on broader mission requirements and integrated solutions, not simply an individual platform purchase. That shift positions Ondas to participate in larger, longer-duration programs and deliver more value across the customer mission. To reinforce our ability to convert pipeline into orders, this slide highlights selected commercial activity since April 1. As demonstrated, we are seeing a strong order cadence with an increasing number of large deals, which have continued into Q3. This order activity is diversified across all 4 target market segments: Aerial Security, ISR and Persistent Intelligence, Precision Strike and Autonomous Ground Systems. It also reflects a growing, increasingly diverse set of customers, geographies and mission requirements. This demonstrates the leverage we are beginning to realize from our expanded sales organization, customer access, partner network and commercial infrastructure. We are pleased with our progress and remain focused on achieving even greater results. Our focus is sustaining and accelerating this order capture through the remainder of 2026 and beyond. Lastly, before I hand over to Ryan, I want to provide more detail on our backlog. Our pro forma backlog at June 30 was $757 million. That represents an increase of approximately 66% sequentially from the $457 million of pro forma backlog at the end of the first quarter. The increase reflects both the newly acquired businesses and strong organic order capture across the existing Ondas portfolio. As Eric mentioned earlier, with over $100 million in orders Q3 to date, our backlog is continuing to grow as well. Our backlog is diversified across our 4 market segments and geographically, providing meaningful revenue visibility and shows demand is not dependent on a single product, customer program or region. Our immediate priority is execution, delivering against this backlog, supporting customers and converting a meaningful portion of these orders into revenue during the second half of 2026. At the same time, we remain focused on replenishing and expanding the backlog organically through continued pipeline conversion. With that, I will hand over to Ryan. Ryan Hartman: Thank you, Oshri. Ondas has made tremendous progress building the global operating platform required to support our rapidly expanding business. As we scale, it is critical that we do so under a One Ondas strategy. We are not a collection of independent companies. We are integrating our talent, technologies, customer relationships, infrastructure and operating capabilities to leverage the considerable resources we have assembled across the organization. The benefits extend across every major aspect of our business: sales and marketing, supply chain and production, field support, sustainment and services, engineering and product development, technology integration and finance and accounting. Today, Ondas operates in more than 60 countries through 25 physical locations with approximately 1,700 employees around the world. This footprint provides the local market knowledge and customer proximity to compete globally while letting our businesses draw on shared expertise and capabilities across the broader Ondas platform. This scale strengthens our ability to pursue and deliver larger programs, expand production, deploy systems more rapidly and provide customers the reliable field support and service they require. Our footprint continues to grow, but scale itself is not the objective. The goal is to make every Ondas business more capable, more efficient and more valuable as part of an integrated global platform. We believe this One Ondas operating model will support faster growth, stronger customer outcomes and increasing operating leverage as the business scales. Having significantly expanded our global footprint through both organic growth and strategic acquisitions, our focus is now on scaling the operating platform. We're building the infrastructure required to support a much larger enterprise. Across manufacturing, commercial operations, partner networks and global facilities, we've substantially increased capacity and reach over the past year. We're deliberately building an organization that can support growth at scale. We are creating the operational foundation needed to serve more customers, execute more programs and deliver across a broader set of mission requirements than ever before. That's where our Palantir partnership becomes especially important. Foundry is helping us establish a common operating framework that connects data, workflows and decision-making across the enterprise. It gives leadership real-time visibility into operations and lets teams coordinate across manufacturing, supply chain, flight operations and finance. As we integrate acquired businesses and expand our capabilities, this infrastructure becomes a powerful force multiplier, helping us scale efficiently while improving execution across the enterprise. As we've been building the foundation, we're also accelerating integration and quickly realizing value. One of the biggest challenges in any acquisition strategy is integration. Historically, bringing together systems, processes, operational data, supply chains and business functions can take years. Our integration strategy, coupled with our Palantir partnership, fundamentally changes that dynamic. Foundry dramatically accelerates integration, allowing us to bring newly acquired organizations into the Ondas ecosystem in a fraction of the traditional time line. The impact extends beyond software deployment. Faster integration means faster visibility into operations, faster standardization of processes, faster collaboration between teams and ultimately, faster realization of the value from our acquisitions. We believe this capability represents a meaningful competitive advantage, allowing us to rapidly transform acquired technologies, talent and operations into a unified enterprise platform capable of operating at significantly greater scale. Ultimately, Foundry is becoming the operating system that enables Ondas to move with speed while maintaining the agility to innovate and grow. We have made significant progress, translating capabilities and next-generation solutions as we operationalize our system of systems strategy. First, our Iron Wave product line is not only operational, but being fielded by a customer with very strong performance. Iron Wave provides forward-deployed aerial and ground-based ISR capabilities through an integrated platform architecture designed to support mission execution at the tactical edge. This is another important step in expanding our ability to deliver multi-domain solutions to customers. Second, we're beginning to see the real benefits of combining the technologies acquired across the Ondas portfolio. A strong example is the effort combining DZYNE's Sawtooth counter-UAS technology with Sentrycs' Cyber-over-RF capabilities. This unified solution will soon enable a more complete detect, identify and defeat capability, bringing multiple layers of sensing, electronic effects and command and control into one platform. We believe this integration can create a highly differentiated counter-UAS capability that addresses a rapidly growing market requirement and demonstrates the value of our systems of systems approach. Finally, I'd like to update you on SkyWeaver, our Edge AI platform being developed with Palantir. Last week, we successfully conducted both ground and aerial testing of the SkyWeaver platform, validating key aspects of the architecture and providing a clear path toward final development and broader operational integration. SkyWeaver is designed to serve as a unifying intelligence layer across the Ondas portfolio, enabling operators to ingest, process and act on information from multiple domains in real time. As it matures, we believe it will become a foundational capability supporting true system of systems operations across air, ground and future mission environments. Taken together, these developments reflect our broader strategy, integrating advanced technologies, accelerating innovation through software and delivering multi-domain operational capabilities that help customers make better decisions when every second counts. With that, I'll turn the call back over to Eric. Eric Brock: Thank you, Ryan. The work Ryan just described, embedding AI-enabled command and control across our platforms is central to how we differentiate our systems of systems offerings as we scale. Let's now turn to our outlook for the second half of 2026 and the priorities guiding the next chapter of Ondas' growth. As highlighted throughout today's presentation, Ondas has transformed its business and built meaningful scale. At the same time, we're scaling the operating platform to commercialize and deliver these technologies globally, improving capital efficiency, strengthening unit economics, accelerating delivery and supporting the much larger programs we're now pursuing. The opportunity ahead requires us to keep scaling, and management is focused on 4 priorities. First, commercial scale. Converting our backlog and pipeline, expanding our global reach and turning initial deployments into recurring long-duration programs. Second, operational scale. Strengthening shared capabilities across the platform, expanding global manufacturing capacity and driving consistent execution as volumes increase. Third, AI and innovation. Embedding agentic AI, autonomy and advanced software more deeply across the portfolio to deliver integrated, software-defined multi-domain solutions rather than stand-alone products. Fourth, corporate development. Disciplined portfolio expansion through strategic acquisitions, technology partnerships, including our work with Palantir and further expansion into key global markets. These priorities reinforce one another, converting the demand we're seeing into sustained revenue growth, stronger operating leverage and long-term value for our customers and shareholders. Against that backdrop, we are increasing our full year 2026 revenue target to between $525 million and $550 million. At the midpoint, this would represent more than 10x Ondas' 2025 revenue and greater than 30% organic growth on a year-over-year pro forma basis. For the third quarter, we expect revenue of between $140 million and $155 million. At the midpoint, that represents approximately 73% sequential growth and greater than 30% organic growth year-over-year on a pro forma basis. Clearly, our outlook implies another significant sequential ramp in both the third and fourth quarters. We believe we have meaningful visibility into that ramp through our backlog and rapidly expanding pipeline. Importantly, we expect growth to remain broad-based across market segments as depicted in this pie chart. Several major programs already in backlog are also expected to contribute meaningfully during the second half. We are beginning volume shipments against more than $240 million of orders captured under the U.S. Army's $982 million lethal unmanned strike IDIQ. We also expect growing contributions from ULTRA and IonStrike as those platforms begin their adoption curves and volume deliveries during the third and fourth quarters. Similarly, INDO Earth is expected to begin delivering against the $140 million combat engineering vehicles program announced earlier this year. As Neil discussed, our first half cost structure reflected substantial front-loaded investment in the operating platform required to support this growth. As revenue and gross profit scale, we expect adjusted EBITDA losses to narrow in the second half, beginning in the third quarter, while we continue investing in the opportunities ahead. We see upside to our previously announced adjusted EBITDA profitability objectives and are pulling forward the time line by one quarter. We now expect our operating platform, consisting of Ondas' Autonomous Systems and Ondas Sentinel to reach profitability in the fourth quarter of 2026. And for Ondas Inc. to reach company-wide adjusted EBITDA profitability in the fourth quarter of 2027. Finally, if we execute against the planned fourth quarter ramp, we expect to exit 2026 at $1 billion in annualized run rate revenue. Indeed, we are tracking well ahead of our 2030 target of $1.5 billion in revenue by perhaps a couple of years. We have significant work ahead, but the strength of our backlog, the breadth of our pipeline and the increasing scale of the operating platform give us confidence we can sustain momentum through the balance of 2026 and into 2027. Let me wrap up our prepared remarks before we open the call for questions. We believe Ondas is positioned to win in large and expanding defense and security markets. We have built a differentiated portfolio across 4 strategic market segments, supported by growing backlog and commercial momentum, a global customer base, strategic partnerships and an increasingly integrated technology and operating platform. Most importantly, we believe we have a clear path to profitable, scalable growth. And we plan to demonstrate that operating leverage as we move through 2026 into 2027. Our focus now is execution, converting backlog, delivering on major programs, integrating our capabilities across the platform and realizing the operating leverage inherent in the model. We believe these assets, technologies and execution capabilities position Ondas to build the global leader in autonomous defense and security technologies and create substantial long-term value. Thank you again for joining us today. Operator, we will now open the call for questions. Operator: [Operator Instructions] Our first question comes from Austin Bohlig with Needham. Austin Bohlig: Congrats on the great results and solid execution. I guess I just wanted to dig into the big uptick in kind of the pipeline opportunity, you're going from about $4 billion to $11 billion. I was curious on if you could maybe elaborate on like what is included in the DZYNE acquisition, but then also what was new incremental organically? It looks like APAC saw a really big uptick in this pipeline. Eric Brock: Yes. Austin, thank you. So the uptick in our strategic pipeline is really broad-based across the 4 market segments we're active in. And as you can see, it is also broad-based regionally. DZYNE has certainly brought quite a bit on the ISR and counter drone systems in particular. In Europe, we're seeing strength across segments as well. I highlight what we're seeing with -- on Precision Strike with Rotron. And we think these are also very relevant, and we're seeing demand in Asia Pac as well. I do want to highlight -- I'll come back to General Flynn has joined us. He is -- part of his mandate is to help us penetrate and serve the Asia Pacific region. So we think that's going to be supportive in us pulling through this pipeline. Austin Bohlig: Awesome. Well, and then maybe just one quick follow-up. So I appreciate the color on kind of the pro forma organic revenue in the quarter, 85%. And I believe for the full year, you said it will imply around 30% organic growth. I'm just kind of curious if you can maybe -- is that an apples-to-apples comparison between the 2? Or does that 30% number imply something else? Eric Brock: Well, clearly, as we're moving through the year into 2027, the base we're comparing to is growing. So what I'm seeing from here is a 30% to 40% growth level across the portfolio. Of course, some of the systems and markets we're in will grow faster than others. But I think it's fair to say that we're seeing underlying demand and adoption curves across the board. And that's the context I can share. So if you're thinking about the 2027, those are the metrics I'd be focused on. Austin Bohlig: Okay. Yes. And I guess as my quick follow-up was, so as we think about 2027, like is this kind of 30% revenue CAGR something that's sustainable? Or how should we be thinking about growth as we enter next year? Eric Brock: I think it is sustainable. And I'd also add that we have some very significant platforms that are really just beginning their adoption curves. One thing you've seen in Ondas over the course of 2026 is that the frequency and size of the orders we're capturing has been growing. And I think that's going to be the case as we're moving over the next 3, 6 to 12 months. So the growth rates we're talking about, I think we're trying to achieve higher growth rates, but 30% to 40% would be very attractive and strong performance, all the same. Operator: Next question comes from Jon Siegmann with Stifel. Jonathan Siegmann: Congratulations on the backlog and revenue. Just maybe one question on the corporate investments. I know, Eric, you mentioned these are onetime in nature. Just -- and you're confident you're pulling forward the EBITDA targets next year. But are these -- it was unclear to us if these costs will scale down on a dollar basis or a percentage basis? Just maybe you can expand a little bit more on what you're actually investing, given it diverges from your confidence next year? Eric Brock: Yes, yes, sure Thanks, Jon. So I think the level of spending on the corp dev and Ondas Capital and partner programs is probably a steady state, at least for the next 6 to 12 months. We may see that moderate -- or we're certainly going to see it moderate and we potentially could see a decline into 2027. At the same time, we do believe we're going to grow -- we're growing a substantial business. And those investments are really designed to make -- ensure that we're capturing market position in a market we think has a very strong growth curve over the next 5 to 10 years. So I think you're going to see the operating leverage from Ondas on strong revenue growth and gross profit generation. Operator: And the next question comes from Scott Searle with ROTH Capital. Scott Searle: Congrats on the momentum that you continue to build with the M&A opportunities. Eric, this was sort of answered in the opening remarks. But I want to dive in a little bit more in terms of continuing to build the systems of systems and multidomain approach. Now that's been unified with the SkyWeaver platform. How is it really changing the level of engagement with government agencies and potential customers out there? What's built into the pipeline when you look at that huge $11 billion ramping up from $4 billion, I think, prior quarter? And when do we start to see some of the conversion of these, I'll call them larger multi-diverse multi-domain sort of opportunities? When does that start to transition into the P&L? And then just a real quick one, follow-up on the financials and OpEx. Given the time lines for the closure of DZYNE and Cyberhawk, how should we be thinking about normalized OpEx as we're exiting the fourth quarter of this year? Eric Brock: Sure. So let me take the last one first. So clearly, adding DZYNE in the Q3 P&L will present a step-up in operating expenses. At the same time, that's coming with higher revenues and gross profit and that's -- when we talk about our outlook for both the top line and the operating leverage, that's reflected -- the expectations around DZYNE and the contribution to the P&L over the next 6-plus months is reflected in that outlook. So we do expect operating leverage and DZYNE to provide operating leverage on top of that. In terms of customer engagement and pulling through pipeline, we certainly see a lot of receptivity to the systems of systems, but of course, it's not just that. It's Ondas and companies like Ondas becoming platform companies, where we can deliver the technologies and the road maps and start to add more and more autonomy to the unmanned operations. So when we're seeing customers, they really like our technology road map and capabilities. They're also very excited about the financial strength, the ability to energize supply chains and ability to deliver in the field and support and sustain systems in the field. So what I'm seeing is that we're bringing the talent together, we're bringing the technologies together and that the customers are very receptive to that because you're seeing a company like Ondas step up and be able to be a long-term partner in critical technologies that are really essential to securing our country. Ryan, could you add -- would you add anything to the systems of systems, SkyWeaver, in particular and how that's impacting conversations in terms of us growing? Ryan Hartman: Yes. Thanks, Eric, and thanks, Scott, for the question. I'd add 2 things. As it relates to the pipeline, how you view SkyWeaver in that pipeline. There's 2 things that I would add. First is through the addition of SkyWeaver into our platforms, we're increasing the probability of win for programs that need to be connected into the customer C2 systems and through the ability to do mission autonomy. And then the second thing I would add is that it enables an increase in cross-selling. So when you have a stratospheric balloon with SkyWeaver, that can be connected to an ULTRA in the Group 5 UAS space and they can be collaborating on a mission. It just increases the ability to sell Stratollites where there are ULTRA customers or vice versa. And in our customer engagements, those are exactly the kinds of things that they're looking for is the ability to autonomously connect our platforms and provide a greater level of mission autonomy. Operator? Operator: Timothy, your line may be muted. Timothy Horan: Sorry, I didn't hear the question. I apologize for that. Eric, you've put together an incredible world-class set of physical AI assets and software, Board and management. The $11 billion pipeline is kind of scary to execute on. And I know you're very focused on it. Ryan, you did touch on this, but on Slide 9, you talked about the operational platform. Can you give us -- and I know you're saying you're integrating these companies quicker than basically, most kind of roll-ups work. Can you elaborate on how you've built that operational platform? I know you said Palantir is partnering there. What cloud are you using? How much is AI involved? How quickly can you kind of integrate these companies together? Any more color there would be very helpful. Eric Brock: Yes, sure. So just first, Tim, we're very deliberate in building out a scalable operating platform, and I do bristle a bit at the term roll-up because what we're doing is combining exceptional technologies, adding value across domains. And then we're doing that. We're investing in the operating platform which is, first and foremost, a people process, right? So we've added incredible leadership. You've seen over the past 12 months with Oshri Lugassy coming on in his critical role, partnered with Meir and many, many leaders inside of Ondas. More recently, Ryan Hartman and Matt McCue have joined, and they both have experienced leading large organizations. And of course, we've also added David Barnea to help us globalize the business. So leadership is really, really essential. On the technology side, I will ask Ryan to expand upon what we're doing with Palantir. Maybe he can be more specific on some of the technical aspects of it as well. So Ryan? Ryan Hartman: Yes. Thanks for the question. So there's a couple of things we're doing. So a lot of the integration is built on Foundry and Warp Speed. And so we have worked with Palantir to design AI agents, have read/write capability into ERPs, into MRPs and material planning systems into inventory systems and financial systems. And ultimately, what that enables us to do is have a unified picture of the businesses and create efficiencies through supply chain and manufacturing processes and then even doing things like building AI agents to merge policies. So we can merge a policy in a couple of minutes versus days and weeks for teams to write new policies or adopt policies. All of this is built on GovCloud and Microsoft Azure. So we're staying compliant with our security requirements and legislation related to having our facility clearance licenses and CMMC Level 2s, et cetera. So yes, it's largely based on AI and the ability to use AI to create a common operating picture. And over time, we'll start to gracefully degrade or sunset some of the legacy systems in the background, but we won't have to have merged them because we've created a common operating picture built on Palantir Foundry. Timothy Horan: I mean, Ryan, how mature is this? And how much better can it get? Like when did it really become operational? Ryan Hartman: So some of the first tools became operational about a week after World View was acquired by Ondas. So we started there. We built the infrastructure. The first thing we built was an inventory management tool, then a supply chain tool and then started to build out some of the other tools. So all of the tools that I've mentioned are operational today. We're actively using them to integrate DZYNE and World View to start with. And then we'll be adding additional tools. But everything I've mentioned is already operational and has been for months. Timothy Horan: So Eric, lastly, do you have a sense of how much you've improved revenue growth or margins for the portfolio companies? Eric Brock: We've got underlying growth rates that are extremely high adoption -- multiyear adoption curves that are really just launching now. So I don't necessarily see us improving them as much as unlocking them, right? We're putting the infrastructure that can drive the adoption, support the adoption. Again, it is a multiyear cycle on everything we have in our portfolio. So that's the context I would share. Operator: And the next question comes from Clarke Jeffries with Piper Sandler. Clarke Jeffries: One thing that stands out is these comments around momentum accelerating in the second half of '26 as deliveries are ramping on counter drone, ISR and Precision Strike. I wanted to ask what the expectations are on Precision Strike versus ISR in the second half and maybe specifically a little bit of color on what's organic in the sequential ramp in Q4. You called out some Lethal Unmanned Systems deliveries in the second half and INDO Earth starting in Q4, but wondering if you could put a little bit more color on maybe the shape of the curve for that Lethal Unmanned Systems segment and if that's a big portion of the ramp to Q4? And then one follow-up. Eric Brock: Sure. So the LUS program was first captured by Mistral late last year, it was in the fourth quarter, I believe. And since that time, they've been preparing and energizing the supply chain and moving forward on production and the things they need to do to turn orders into deliveries. And we feel like we've made quite a bit of progress on that. I'll point to just in the last week or so, a couple of weeks, I think it was, we saw an additional order on that IDIQ. So clearly, the systems are in demand, and we're working through now, as I said, scaling production so we can begin commercial deliveries in Q3 and Q4. And I think we're going to see that program continue -- deliveries on that into 2027 as well. I don't want to put a number on it, and I also don't want to shape the quarters around it because as we're doing this, it's putting a stick in the ground as to when will the deliveries come and what quarter they're in is hard to say at the moment. At the same time, the demand here in our growth is broad. So we feel good about what we're talking about in the second half. But the LUS program will be a material part of it, of course. Clarke Jeffries: Yes, certainly. It seems like the market is accelerating in some of these Core programs and we're sort of gauging the ramp that's coming over the next 12 months. Just on... Eric Brock: I'll add to that. So clearly, on the counter drone and Precision Strike, the demand is significant. And I think this is going to be over really the foreseeable future. We came into -- or as you've seen with Epic Fury and the conflict in the Middle East and certainly in Ukraine, the strike and counter drone, they go hand in hand. And we just have not built enough inventories here. In fact, on a sustainable basis, we're going to have to have much larger inventories of these technologies. So we're getting ready, not just in the second half here, but into 2027 and beyond. These are important categories for Ondas. Clarke Jeffries: Yes, certainly. And that was my follow-up question. Just on the $105 million of orders quarter-to-date, there's even a mention of $90 million of proposals on the long-endurance ISR segment. It's just appreciable to me that you have $300 million tied to Precision Strike, $258 million tied to ISR, over 70% of the backlog to these 2 categories. Is the order pipeline pretty similar to that? Is it consistent? Or are there any other segments that are disproportionately adding to the kind of the quarter-to-date volume of orders? Eric Brock: Yes. Clarke, it really is broad. So it's -- I think, for our platform technologies, the underlying growth is just very strong. And it's not any single platform that's going to drive our success. Operator: And the next question comes from Michael Latimore with Northland Capital Markets. Mike Latimore: So on the -- just on the supply chain, how is the health of the supply chain? Are there any constraints you're seeing in any categories? And then second, with Cyberhawk buying into the kind of critical infrastructure space, commercial relative to defense, is that something that you might expand on going forward, doing more acquisitions in the kind of the commercial space? Eric Brock: So supply chain and the industrial, let's start with industrial. Yes, we do see Cyberhawk as a platform company that we can build around, and we're seeing -- and they came with quite a bit of a pipeline in terms of strategic options or opportunities. And of course, Ondas has been active in these markets as well. So I do see the industrial segment for us has been important to build and I see the opportunity is here. On the supply chain, we were doing all the hard work to energize supply chains, particularly in the new programs that we're going to see adoption. So I highlight what we're seeing with long-endurance ISR as well as Counter-Strike, with DZYNE. We talked a bit about Mistral in their supply chain work and the production ramp they're preparing for. So we've got challenges. There's no question. They're not unique to Ondas, but we do think we've got -- we put the strategies and capacity to fulfill what we're trying to do over the course of the year into 2027. And Mike, I think we're going to have a regular conversation around this each quarter because the industry is growing a lot, Ondas is growing a lot. And we have to, as an industry, build ecosystems around this and build scale. And we think that comes back to the thesis and the philosophy around how Ondas is building a scaled platform. We think we need more of this. And we also think we need that on the vendor side as well. Mike Latimore: Congrats on the strong results here. Operator: And the next question comes from Amit Dayal with H.C. Wainwright. Amit Dayal: The main question, I guess, I have right now, Eric, is just around what's driving the M&A strategy from this point forward? Are you still looking to fill maybe gaps in the portfolio? Or is it more revenue-oriented? Just any color on that would be helpful. Eric Brock: Sure. So firstly, I don't see gaps on our portfolio, but I do see quite a bit of opportunity to deepen each segment we're in. And the opportunity set for strategic acquisitions remains strong, disciplined. It's really important to drive our strategic program along with our financial model. These deals have to be accretive and they have to strengthen the operating platform in parallel and advance our objectives around profitability and growth and market position. So I think we're disciplined in financial accretion. Strategic accretion is really going to be the emphasis. Amit Dayal: Understood. And then just a follow-up with respect to the backlog. As that number grows, how should we think about the backlog being filled within 1 or 2 quarters or maybe slightly longer, I guess, maybe 12-month time frame? Just any color on that. Eric Brock: Sure. So the pipeline is large and growing as we articulated. It's also maturing. I mentioned earlier, what we're seeing is opportunities to move our order size up and the cadence as well in terms of the velocity of order capture. Now we have this global platform, right? We've got footprints in many markets, and they're maturing. So I do believe that we have the wherewithal to continue to grow backlog as we're scaling the P&L, the revenue. Operator: And the next question comes from Max Michaelis with Lake Street Capital Markets. Maxwell Michaelis: Congrats on the quarter. I just want to go back to sort of the organic revenue growth of 85%. Thanks for the data as well around Sentrycs, Airobotics as well as 4M. Those segments seem to be kind of rolling hot here. Just curious to know, I know we're talking big growth rates of 85%. But is there any other segments of the business now that may not be performing to what you guys originally had expected and sort of what the game plan around that is to kind of get those segments of the business up and moving? Eric Brock: I can't highlight a segment that we're disappointed in. What I would say is that from a resource and capital allocation standpoint, where we're going to spend our time, we make decisions. So if we're seeing -- so we're seeing -- having particular success with one platform, a specific customer, we'll spend more time and attention to drive that. And sometimes that could be at the expense of attention on another platform. So -- but I wouldn't say that, that's a weakness in the platform we're not focused on. It's just what we're trying to do is get the highest returns for our time and capital we're deploying on the OpEx side. Maxwell Michaelis: And then last follow-up for me. Can you touch on -- give a little bit more detail on sort of the Digital Bat program that you guys announced the other day with Israel? Eric Brock: Yes, sure. That's a great program. We're really excited to support it. And Meir, I'll ask you to expand on it. Meir Kliner: Sure. As we wrote in the announcement, we're going to manufacture and mass production of FPV drones. Next generation is going to be in the battlefield. As Eric said, we are very happy about that, and we're going to have a big manufacturing site to have the ability to build a mass production in the short term. And we are very excited about that, and we will take it to the next phase also more and more territories, not only in Israel. Operator: And the next question comes from Matthew Galinko with Maxim Group. Matthew Galinko: Congrats on the results. With respect to the, I guess, pull forward on EBITDA positive for the -- on the corporate level, I'm just curious looking a year out, whether you can say, as you think about capital deployment at that point when you hit that milestone, do you expect to be more selective in how you might deploy towards acquisitions or how you'll make allocation decisions to maintain that positive EBITDA going forward? Or is it going to be just situational on kind of where the market and opportunities are? Eric Brock: Well, it's a great question, Matt, and I believe we're very selective. But today, we're going to continue to be -- I'll come back to the discipline around the financial model and accretion. Of course, that does also means that we're very focused on demonstrating EBITDA leverage. In the near term, I'd say over the next 6 to 12 months, we want to demonstrate that EBITDA and operating leverage. At the same time, we'll be investing to ensure we're capturing as much market position as we can because as we've outlined in the past, we think this market is going to grow significantly. We're going to penetrate these unmanned and autonomous sectors. And it's going to also -- the value is going to accrue to platform companies, and there's going to be fewer and fewer of them. As such, what we're trying to really do is capture market capitalization for our investors. So -- but when thinking about those investments, that's on OpEx, ensuring we have the right operating infrastructure to win and support and drive bigger and faster growth. That's not OpEx. So -- that's not OpEx related to the M&A program. The M&A program comes in with companies that we've modeled. We see significant revenue opportunity, gross profit and we expect them all to be very highly accretive as we're spreading that gross profit and operating income across Ondas Inc. and the growth platform we have at the holding company. Matthew Galinko: Got it. And just as a follow-up. Iron Wave, I think you mentioned you had a successful deployment there. I'm just wondering if it moves the needle for other potential customers. Eric Brock: Absolutely. We're seeing tremendous feedback. And in fact, as we're thinking -- if you look at our pipeline and how we're expecting the cadence of orders in the coming months and quarters, we do think Iron Wave will be very material. But we think we can expand firstly with our current customer and the success there should open other markets for us. So there is interest globally in Iron Wave all day long. Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Eric Brock for any closing remarks. Eric Brock: Okay. Thank you, operator. So as we wrap the call, I want to thank you again for spending time with us this morning. As we outlined, we are very pleased with where the business is, and we do expect a strong second half of 2026. We're focused on execution and on sustaining this momentum into 2027. We look forward to providing more updates in the coming weeks and months. So we'll go back now to do the important work of building the company, and we hope you have a great day. Thank you. Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect. 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Download the Complete Report Here Key Takeaways: Revenue accelerated sharply from 1Q26, with SkyKnight license delivery and cash collection providing a better indication of underlying commercial progress than reported revenue alone. SWMR reported 2Q26 revenue of $216,413, up 56.6% y/y from $138,206 and more than 10x the $20,325 reported in 1Q26. The company invoiced approximately $1.5 million under the SkyKnight program and collected $1.4 million following license delivery, while only approximately $0.2 million was recognized as revenue, $0.1 million was deferred and the remaining amount was recorded as an advance. Certain deployment, integration and market-development payments associated with the program also reduced recognized revenue under the combined arrangement, creating a meaningful gap between commercial activity and revenue in the quarter. SkyKnight remains the clearest validation of SWMR’s licensing model, with contracted value expanding approximately 34% only weeks after the initial award without consuming the original upgrade optionality. The program’s contracted license value increased from approximately $2.9 million to $3.9 million after Meta Bureau increased projected production of its fixed-wing platform, while existing operating-system-to-full-autonomy upgrade options remain intact and could still lift the combined arrangement to approximately $14.2 million. Importantly, the approximately $1.0 million incremental award was outside the scope of the initial option structure rather than an exercise of previously disclosed upgrades. The original arrangement covered full-autonomy licenses across SkyKnight’s quadcopter and fixed-wing platforms together with operating-system licenses on planned production that can subsequently be upgraded to SWMR’s full platform. This structure gives SWMR two potential monetization layers as partner volumes grow: additional autonomy licenses as manufacturers increase production and higher-value software attach when OS-only units are upgraded over time. Oak Grove extends SWMR’s commercialization funnel beyond OEM integration into operator training and U.S. defense-channel exposure. SWMR’s relationship with Oak Grove Technologies integrates its autonomy software with the Chimera UAV platform, making Oak Grove the first U.S.-based company to integrate Swarmer’s autonomous software into its platform. Integration, testing and operational fielding were completed in late 2025 in Eastern Europe across ~100 test flights spanning varied weather and mission profiles, providing additional validation of the technology on a U.S. platform. Following the initial integration effort, the integrated Chimera systems remained overseas through early 2026 to support continued testing, operator evaluation and training before returning to Oak Grove’s U.S. headquarters for incorporation of operational feedback into future mission and training requirements. The partnership also benefits from Oak Grove’s established training and operational support activities with the U.S. special operations community, giving operators hands-on exposure to autonomous systems under realistic conditions and broadening SWMR’s customer-acquisition channel beyond direct OEM engagement. Combined with SWMR’s 100,000+ combat missions in Ukraine, the relationship provides a potential bridge between battlefield-proven autonomy and U.S. operator adoption, with the key commercial proof point remaining conversion of testing and training activity into funded defense programs. Lantronix creates a potentially scalable distribution wedge by embedding SWMR’s operating system at the compute layer rather than requiring software adoption after a drone is already designed. The collaboration is developing an NDAA-compliant compute platform for Group 1 unmanned systems with more than 400% greater onboard processing capability, targeting what SWMR sees as an underserved performance gap between lower-end Raspberry Pi systems and higher-end NVIDIA Jetson solutions commonly used for autonomy. With more than seven million drones projected to be manufactured this year, an embedded compute-layer position could provide SWMR with a scalable route into a substantially larger installed base. Strategically, the opportunity is larger than hardware integration alone: SWMR intends for its operating system to be embedded on the compute platform, allowing customers to upgrade to full autonomy through software rather than completing a separate integration. If adopted broadly, that architecture could shift customer acquisition earlier in the OEM design cycle, increase the installed base of upgradeable SWMR-enabled platforms, and create a lower-friction OS-to-full-stack monetization path. It also preserves the software-led business model because SWMR’s primary economics would remain tied to software penetration and upgrades rather than manufacturing the unmanned system itself. Brightline and Molfar expand the combat-data flywheel beyond platforms already running SWMR software, potentially accelerating AI development without waiting for every OEM integration to scale. SWMR continues to cite more than 100,000 real-world combat missions as a core source of telemetry, sensor information and operational feedback, but the new relationships broaden the available training dataset. Brightline provides access to operational data across unmanned platforms already used within the U.S. special operations community, including platforms whose manufacturers have not yet integrated SWMR, while Molfar contributes verified open-source and battlefield intelligence datasets to the AI training pipeline. The strategic implication is that model development can increasingly benefit from third-party operating data rather than only the installed SWMR fleet. This could broaden the range of mission profiles and operating conditions available for model training, strengthening the feedback loop between data capture, model improvement and subsequent deployment as the platform scales. Powerus illustrates both the scalability of SWMR’s integration model and why revenue can remain a lagging indicator even after technical work is complete. Integration work under the Powerus MOU has begun across several air and maritime platforms, with integration on familiar hardware configurations potentially requiring only 2-4 weeks including field testing, while substantially different platforms can require several months. More importantly, software integration does not itself trigger meaningful revenue. Once integration is completed, the manufacturer must still secure buyers for the finished platform, which are typically government customers operating through longer acquisition cycles. This creates a multi-stage funnel from MOU to integration, field testing, OEM production, government procurement and finally software revenue recognition. The relatively short 2-4 week integration period for familiar platforms indicates the technical layer can scale efficiently, but end-customer procurement remains the principal gating factor between integration progress and recognized revenue. The partnership strategy is broadening beyond defense deployments into dual-use autonomy applications, expanding SWMR’s addressable market without changing the core software architecture. In addition to Oak Grove, Lantronix, Brightline, Molfar and Powerus, SWMR is working with Tekmara and Florida International University to evaluate autonomous drone swarms for environmental monitoring and coastal restoration applications. These initiatives broaden the addressable use case beyond kinetic operations while leveraging the same multi-vehicle coordination architecture developed through more than 100,000 combat missions. The Tekmara/FIU initiative will evaluate coordinated autonomous operations across air, surface and underwater domains, using FIU’s Aquarius Reef Base as a real-world testing environment for persistent environmental monitoring and restoration. This supports SWMR’s broader dual-use strategy, with potential applications across environmental restoration, disaster relief, wildfire detection, search and rescue and other public-sector missions. Commercially, however, the initiatives remain at different stages of maturity, and the quarter did not disclose material revenue from these newer programs. We therefore view these programs as incremental extensions of the platform and customer funnel, with greater strategic relevance as they progress toward funded deployments and repeat licensing. Post-quarter leadership changes consolidate executive responsibility under Alex Fink while strengthening SWMR’s communications and market-development capabilities. Effective July 2026, Serhii Kupriienko resigned as Global CEO while remaining on SWMR’s Board, and President and U.S. CEO Alex Fink assumed the role of principal executive officer reporting directly to the Board. SWMR does not intend to appoint a successor Global CEO, streamlining the prior dual-CEO structure as the company scales commercialization and strategic execution. Separately, Swarmer promoted Garrett Kasper to Chief Communications Officer, bringing 30 years of experience across defense, aerospace, intelligence and cybersecurity, including prior work at L3Harris Technologies on the VAMPIRE counter-UAS program. In the expanded role, he will oversee global marketing, branding and corporate communications, supporting customer awareness and market development across U.S. and allied defense channels. SWMR expects gross margins to remain attractive as revenue scales, although they may moderate as engineering services are incorporated into customer contracts. 2Q26 gross margin increased to 84.8% from 59.4% y/y, providing early evidence of the high-margin economics embedded in the licensing model. Currently, cost of sales primarily consists of web-based data services, resulting in relatively low direct costs. As the company scales, engineering support is expected to increase COGS as a percentage of revenue, with management currently targeting approximately 80% gross margins, although the methodology remains under development and may vary by deal. While the current revenue base remains small, sustaining margins near this level as licensing scales would be an important driver of the operating leverage embedded in the 2027E profitability outlook. Operating expenses increased sharply as SWMR scaled its operations and transitioned to a public-company cost structure. 2Q operating expenses rose to $7.5 million from $0.9 million y/y, driven primarily by higher personnel, engineering and product-development costs, as well as increased legal, consulting and professional expenses. SG&A increased to $5.7 million from $0.3 million y/y, while R&D rose to $1.8 million from $0.6 million, reflecting investment ahead of the expected licensing ramp. The quarter also included one-time equipment purchases and $1.2 million of non-cash stock compensation, meaning reported expenses were partly elevated by non-recurring and non-cash items. The key forward consideration is whether software revenue can begin scaling across this expanded cost base, rather than requiring a meaningful reduction in investment to reach profitability. Capital formation is providing SWMR with greater flexibility to fund growth and pursue strategic opportunities as it expands beyond its core autonomy software offering. Cash and equivalents increased to $25.3 million at June 30 from $9.3 million at December 31, supported by IPO proceeds and equity financing, with a further $17.9 million raised through August 10, taking cumulative ELOC proceeds above $26 million. The stronger liquidity supports continued investment in engineering and platform integration while giving SWMR capacity to invest in or acquire complementary defense technologies and potentially broaden its value capture beyond software licensing. This aligns with the broader strategic vision recently articulated by Chairman Erik Prince around identifying and scaling battlefield-proven defense technologies that may lack capital, commercial infrastructure or international distribution. However, the strategy remains subject to acquisition execution risk and shareholder dilution from equity-funded capital deployment. Street estimates embed a hockey-stick revenue ramp as SWMR moves toward scaled license activation. Street estimates sourced from TIKR suggest revenue of $4.24 million in 2026E before rising to $25.0 million in 2027E and $40.0 million in 2028E, with EBITDA margin inflecting to 17.8% in 2027E and 28.3% by 2028E. With 2Q26 revenue of $0.2 million despite $1.4 million received from SkyKnight, the key focus now shifts to whether deferred/advance amounts and the broader partnership pipeline convert into recognized revenue in 2H26 and beyond, with SkyKnight recognition, OS-to-full-autonomy upgrades and additional OEM production providing the clearest paths to the expected 2027E step-up. Disclaimer: Exec Edge does not publish proprietary estimates, ratings, price targets, or investment recommendations. The valuation discussion below is illustrative only and is based on company filings, management commentary, and third-party data and estimates. It does not constitute a recommendation, price target, rating, or prediction of future pricing. SWMR trades at a clear premium to broader public-market peers, but we believe that premium is defensible given its combat-validated software model, hardware-agnostic architecture and higher-margin licensing potential. SWMR currently trades at approximately 22x 2027E sales, reflecting its early commercialization stage and significant operating investment. However, the valuation also reflects SWMR’s positioning as a combat-validated, platform-agnostic autonomy software provider rather than a traditional defense hardware or drone manufacturer, with the company increasingly expanding its ecosystem through OEM integrations, compute partnerships, operational data relationships and potential strategic acquisitions. The multiple declines to 14x based on 2028E sales (source: TIKR), highlighting the meaningful forward valuation compression as the expected software-license ramp scales. In our view, further support for the current premium will depend on converting SkyKnight, Powerus, Lantronix and other integrations into scaled deployments, recurring software revenue and improving profitability. SWMR’s premium to public drone peers is notable, but defensible given its hardware-agnostic software model, combat validation and stronger margin potential. Relative to the broader listed comp set, SWMR’s higher multiple reflects a business model with less hardware intensity, greater software attach potential and a path toward materially higher gross margins as licensing scales, while sustained relative outperformance will depend on converting integrations and license deployments into recurring revenue and positive EBITDA. Street positioning also remains constructive, with a consensus price reference of approximately $60 providing an additional external valuation benchmark. Private-market defense-autonomy valuations also support premium forward revenue multiples for differentiated platforms. A recent Financial Times report indicates Helsing was valued at approximately 32x forecast 2026 revenue, Shield AI at approximately 21x revenue, and Anduril at approximately 13x forward revenue. Against this range, SWMR’s approximately 22x 2027E sales multiple sits within the premium private-market autonomy range. While differences in scale, maturity, valuation period and hardware exposure limit direct comparability, SWMR’s hardware-agnostic architecture, 100,000+ combat missions and high-margin licensing model provide a defensible basis for premium positioning as commercial adoption scales. Read Exec Edge’s Initiation on Swarmer Inc. Here Subscribe to our Weekly Newsletter to Receive All Research Contact: Executives-Edge.com [email protected] The post Swarmer’s SkyKnight & Platform Expansion Builds Commercial Momentum – Quarterly Update Report appeared first on ExecEdge.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Delivered record Q2 revenue of $83.8 million, representing 13-fold year-over-year growth driven by both strategic acquisitions and 85% pro forma organic growth. Transitioning from a collection of independent companies to 'One Ondas,' a unified global operating platform that integrates engineering, sales, and supply chain across 60 countries. Shifting strategy toward 'systems of systems' solutions, connecting multi-domain ISR capabilities with a complete detect-identify-track-defeat chain for counter-UAS and defense missions. Attributed strong organic performance to the scaling of direct sales, deeper engagement with existing government customers, and the conversion of emerging platforms from development to deployment. Invested $29 million in growth OpEx ahead of a projected second-half revenue ramp to ensure the operating platform can support exponential adoption curves. Strengthened leadership and advisory boards with high-level defense and intelligence expertise to navigate U.S. and Allied defense requirements and accelerate global expansion. Leveraging a partnership with Palantir to utilize Foundry as a common operating framework, accelerating the integration of acquired businesses and standardizing global workflows. Increased full-year 2026 revenue guidance to $525 million–$550 million, supported by a $757 million pro forma backlog and an $11 billion strategic program pipeline. Expects to exit 2026 at a $1 billion annualized revenue run rate, potentially reaching the company's 2030 revenue target of $1.5 billion several years ahead of schedule. Pulled forward the profitability timeline, targeting adjusted EBITDA profitability for the operating platform in Q4 2026 and company-wide profitability by Q4 2027. Anticipates significant operating leverage in the second half of 2026 as revenue scales against a moderating growth rate for operating expenses. Guidance assumes volume shipments for major programs, including the U.S. Army LUS IDIQ, ULTRA ISR platforms, and the INDO Earth combat engineering vehicle program. Deployed $325 million in Q3 for the acquisitions of DZYNE and Cyberhawk to expand kinetic counter-UAS and critical infrastructure monitoring capabilities. Identified potential near-term gross margin pressure due to product mix variability and recently acquired excess capacity, though long-term targets remain above 50%. Successfully validated the SkyWeaver Edge AI platform in ground and aerial testing, establishing a path for integrated mission autonomy across air and ground domains. Secured the 'Digital Bat' program with the Israeli MOD for mass production of next-generation one-way attack systems, signaling a shift toward high-volume manufacturing. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management noted the pipeline grew 2.5x since May due to both the DZYNE acquisition and organic expansion in ISR and Precision Strike segments. The appointment of General Charlie Flynn is specifically intended to help penetrate and serve the expanding Asia Pacific defense market. Management believes this growth level is sustainable as several major platforms are only at the beginning of their adoption curves. The frequency and size of orders are increasing as customers move from testing into scale deployment phases. Foundry allows Ondas to integrate new businesses in a fraction of the traditional time by creating a common operating picture across disparate ERP and inventory systems. AI agents are being used to merge corporate policies and supply chain data within days of an acquisition closing. Management is actively 'energizing' supply chains for new programs like IonStrike and long-endurance ISR to meet urgent global demand for defense inventories. The 'One Ondas' platform approach is intended to provide the scale necessary to manage vendor ecosystems more effectively than standalone smaller entities.

Ondas Inc. ONDS used its second-quarter 2026 earnings call to emphasize backlog conversion, a steep second-half revenue ramp and an earlier path to adjusted EBITDA profitability. Management stressed that growth reflects acquisitions and organic expansion. The company raised its 2026 revenue target to $525-$550 million and guided third-quarter revenues to $140-$155 million. The key task is converting a $757 million pro-forma backlog while integrating recent acquisitions and absorbing elevated costs. Chairman, CEO and President Eric Brock said that the higher target reflects broad demand and programs moving into delivery. He cited the U.S. Army Lethal Unmanned Strike program, ULTRA, IonStrike and INDO Earth's combat engineering vehicles. Brock said that the 2026 target includes Cyberhawk's expected second-half contribution. Management expects adjusted EBITDA losses to narrow sequentially beginning in the third quarter as revenue and gross profit scale. Revenues of $83.8 million topped the Zacks Consensus Estimate of $66.9 million. The company reported a loss of 3 cents per share, which was narrower than the consensus estimate of a 7-cent loss. Ondas Holdings Inc. price-consensus-eps-surprise-chart | Ondas Holdings Inc. Quote Brock said that Ondas entered the second half with $757 million in pro forma backlog, including DZYNE and Cyberhawk. Its two-year strategic program pipeline exceeded $11 billion, while third-quarter orders reached about $105 million through Aug. 10. Oshri Lugassy, co-CEO of Ondas Autonomous Systems, said that backlog spans four target market segments and multiple geographies. His near-term priority is converting orders into revenues while continuing to replenish backlog organically. Lugassy highlighted opportunities across long-endurance ISR, kinetic counter-UAS, persistent stratospheric ISR and unmanned ground systems. The focus is moving larger opportunities from pipeline to funded programs. CFO and Treasurer Neil Laird said that adjusted cash operating expenses reached about $93 million as Ondas invested ahead of growth. Adjusted EBITDA was a loss of about $51 million, which he called the expected peak loss quarter. Laird said that operating-expense growth should normalize from the third quarter onward. Adjusted gross margin was 50.4% compared with 51.5% in the prior quarter, with management expecting some second-half pressure from mix and acquired excess capacity. Brock said that the operating platform should reach adjusted EBITDA profitability in the fourth quarter of 2026, with company-wide profitability targeted for the fourth quarter of 2027. He told a Stifel analyst that selected corporate spending should moderate. Ryan Hartman, CEO of Ondas Sentinel, said Palantir Foundry and Warp Speed are central to the One Ondas integration model, connecting workflows across inventory, supply chain, manufacturing and finance. Hartman told an Oppenheimer analyst that the first integration tools became operational about a week after the World View acquisition. He said those tools had been operating for months and were being used with DZYNE and World View. Hartman also said that SkyWeaver, developed with Palantir, completed ground and aerial testing. The platform is intended to connect Ondas systems with customer command-and-control environments and support cross-selling. A Needham analyst asked whether roughly 30% growth could persist into 2027. Brock viewed 30%-40% growth across the portfolio as sustainable, while individual systems and markets will grow at different rates. A Northland Capital Markets analyst asked about supply-chain readiness. Brock acknowledged challenges around newer programs but said Ondas has strategies and capacity to support planned fulfillment through 2026 and into 2027. A Maxim Group analyst asked how M&A fits with profitability targets. Brock said that acquisitions must remain financially and strategically accretive, while the next six to 12 months will emphasize demonstrating EBITDA and operating leverage. Brock summarized management's priorities as commercial scale, operational scale, AI and innovation and disciplined corporate development. The operating agenda centers on backlog conversion, manufacturing and support capacity and technology integration. In closing, Brock focused on execution through the second half and sustaining momentum into 2027. Management tied that outlook to delivering existing programs and translating higher revenues into operating leverage. ONDS carries a Zacks Rank #3 (Hold). Its Value Score, Growth Score, Momentum Score and VGM Score are all F, the weakest grade in the Zacks Style Score hierarchy and not the favorable A or B combination emphasized for stronger-ranked stocks. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. The Zacks Rank and Style Scores are complementary indicators. As the Zacks Rank is tied to earnings estimate revisions, it can change as estimates are revised following the just-reported results. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ondas Holdings Inc. (ONDS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Ondas (ONDS) shares are slipping this morning as the defense-tech company’s widening EBITDA losses overshadowed its blockbuster Q2 revenue growth. For its second financial quarter, ONDS posted a whopping 13x year-over-year increase in revenue to nearly $84 million, blowing past the consensus set at $68 million. Still, the company reported a loss of $0.19 per share, which led to an 8% decline in Ondas stock early on Thursday. A $20 Billion Reason Why Intel Stock Is in Focus Marvell Technology (MRVL) Stock Might Offer a Quick Bounce Before Earnings Most Analysts Still Aren’t Bullish on Tesla Stock, Even After Recent Selloff. Here's Why. Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! Options pricing suggests the post-earnings dip in ONDS shares may be a buying opportunity for long-term investors willing to look past the near-term noise. The put-to-call ratio on contracts expiring mid-September sits at 0.09x currently, indicating a very strong bullish skew. And the upper price on those contracts, according to Barchart, sits at $10.72 at the time of writing, signaling potential for a 17.6% rally over the next four weeks. Crucially, despite the post-earnings dip, Ondas Holdings remains firmly above its 20-day and 50-day moving averages (MAs), reinforcing that its uptrend remains intact for the near term. Behind the positive options market sentiment is Ondas Holdings’ explosive operational trajectory and aggressive growth outlook. The autonomous defense and wireless technology provider lifted its full-year guidance for revenue on Aug. 13 to at least $525 million, which represents over 10x growth on a year-over-year basis. Moreover, ONDS revealed a record project backlog of $613 million as of June 30, expanding to $757 million on a pro forma basis following acquisitions of DZYNE Technologies and Cyberhawk. All in all, with $175 million in new orders and Q3 sales estimated up to $155 million, options traders are looking past short-term margin friction toward sustained defense and commercial momentum. Investors could also take heart in the fact that Wall Street analysts remain bullish as ever on ONDS stock for the next 12 months. According to Barchart, the consensus rating on Ondas remains at “Strong Buy,” with the mean price target set at $18.15, indicating potential for a nearly 100% rally from current levels. On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com

Interested in Ondas Holdings Inc.? Here are five stocks we like better. Record growth and raised outlook: Ondas reported second-quarter revenue of approximately $83.8 million, up 67% sequentially and more than 13 times year over year. It raised its 2026 revenue target to $525 million–$550 million and expects third-quarter revenue of $140 million–$155 million. Backlog and pipeline expanded sharply: Pro forma backlog reached approximately $757 million, while the two-year strategic pipeline exceeded $11 billion. Management expects second-half contributions from U.S. Army lethal unmanned systems, ULTRA aircraft, IonStrike counter-UAS and combat engineering vehicle programs. Heavy investment supports an earlier profitability timeline: Ondas posted a roughly $51 million adjusted EBITDA loss as it integrated acquisitions and expanded operations, but expects its operating platform to become profitable in the fourth quarter of 2026 and company-wide adjusted EBITDA profitability in the fourth quarter of 2027. Is This Pre-IPO AI Robotics Company the Next Big Defense Play? Ondas (NASDAQ:ONDS) reported record second-quarter revenue of approximately $83.8 million, up 67% sequentially and more than 13 times the level reported a year earlier, as the company expanded deliveries across its autonomous defense and security portfolio. Chairman and CEO Eric Brock said the company’s pro forma organic revenue growth was approximately 85% year over year, assuming its current portfolio companies were owned in both comparison periods. Ondas raised its full-year 2026 revenue target to $525 million to $550 million and forecast third-quarter revenue of $140 million to $155 million. → AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be Three Stocks Under $20 With Massive Upside Potential The company is pursuing a “One Ondas” strategy that integrates acquired technologies, personnel, customer relationships, production capabilities and field-support operations into a common platform. Brock said Ondas is focused on providing integrated systems rather than standalone products across aerial security, intelligence, surveillance and reconnaissance, precision strike, and autonomous ground systems. Ondas reported pro forma backlog of approximately $757 million as of June 30, up from $457 million at the end of the first quarter. The backlog includes DZYNE and Cyberhawk, which were acquired during the third quarter. The company also said it had captured approximately $105 million in orders quarter to date in the third quarter. → Nebius’ Q2 Beat Shows the AI Bottleneck Is Capacity, Not Demand Ondas Inc. Flywheel Gains Momentum, Vertical Liftoff Imminent Its two-year strategic program pipeline exceeded $11 billion, more than 2.5 times the level reported in May. Brock said the pipeline expansion was broad-based across the company’s four target segments and regions, with DZYNE adding opportunities particularly in ISR and counter-drone systems. Oshri Lugassy, co-CEO of Ondas Autonomous Systems, said the pipeline includes opportunities involving border security, smart demining, military engineering vehicles, lethal unmanned systems, autonomous UAV swarms, precision strike, stratospheric maritime surveillance and contested logistics. Some potential programs have values of more than $1 billion, he said. → On Holding's Price Stumble May Be an Opening for a Company Built to Run Management said it expects several programs to contribute to second-half growth, including volume shipments against more than $240 million of aggregated orders under the U.S. Army’s Lethal Unmanned Systems indefinite-delivery, indefinite-quantity contract. Ondas also expects contributions from its ULTRA long-endurance aircraft and IonStrike counter-UAS platform, as well as fourth-quarter deliveries under INDO Earth Moving’s combat engineering vehicle program, which has total potential value of approximately $140 million. Chief Financial Officer and Treasurer Neil Laird said gross profit rose to approximately $36 million in the second quarter. Adjusted gross margin, which excludes stock-based compensation expense and amortization of acquisition-related intangible assets, was 50.4%, compared with 51.5% in the prior quarter. Laird said gross margins could face some pressure in the second half because of product mix and recently acquired excess capacity, though the company’s longer-term target remains gross margin above 50%. Operating expenses totaled approximately $199 million. More than half of that amount consisted of non-cash or acquisition-related items, including stock compensation, contingent-consideration revaluation, intangible-asset amortization and $4.4 million in transaction costs, according to Laird. Adjusted cash operating expenses were approximately $93 million, reflecting the incorporation of acquired businesses and spending on commercialization, infrastructure, Palantir Foundry and Warp Speed deployment, and other growth initiatives. Brock said Ondas invested approximately $29 million at the corporate level for corporate development, Ondas Capital, partner initiatives and the operating platform, along with approximately $6 million for leadership and infrastructure at Ondas Autonomous Systems. Adjusted EBITDA was a loss of approximately $51 million. Management said it expects the second quarter to represent the peak quarterly adjusted EBITDA loss, with revenue growth expected to generate operating leverage during the second half. Ondas ended June with approximately $1.4 billion in cash equivalents, restricted cash and short-term investments, compared with $616 million at the end of 2025. The company subsequently deployed approximately $325 million during the third quarter to acquire DZYNE and Cyberhawk. Laird said the balance sheet gives Ondas flexibility to invest in its operating platform, pursue larger customer opportunities and continue its acquisition strategy. Brock said future acquisitions will be evaluated for strategic fit, financial accretion and their ability to strengthen the company’s operating platform. The company also disclosed investments in unaffiliated public and private companies totaling $70 million. Laird said those investments support key partners, technology access and supply-chain efficiency. Ryan Hartman, CEO of Ondas Sentinel, said the company operates in more than 60 countries through 25 physical locations and has approximately 1,700 employees. Ondas is using Palantir’s Foundry and Warp Speed platforms to connect data and workflows across operations, including manufacturing, supply chain, inventory and financial systems. Hartman said the company is using AI agents with read-write capabilities in enterprise resource planning, material planning, inventory and financial systems. The infrastructure is built on Microsoft Azure GovCloud, he said. Ondas is also developing SkyWeaver, an edge AI platform intended to connect data and mission operations across its air and ground systems. The company said it recently completed ground and aerial testing of SkyWeaver. Among other integration efforts, Ondas is combining DZYNE’s Sawtooth counter-UAS technology with Sentrycs’ cyber-over-radio-frequency capabilities. Hartman said the combined system is intended to provide detection, identification and defeat capabilities in a single platform. Management also highlighted Iron Wave, an integrated aerial and ground ISR product line that it said is being fielded with a customer. Brock said the company sees potential to expand Iron Wave with its current customer and in additional international markets. Ondas said it now expects its operating platform, consisting of Ondas Autonomous Systems and Ondas Sentinel, to reach profitability in the fourth quarter of 2026. The company expects company-wide adjusted EBITDA profitability in the fourth quarter of 2027, one quarter earlier than its prior timeline. At the midpoint of its full-year revenue forecast, Ondas said 2026 revenue would exceed 10 times its 2025 revenue and represent more than 30% pro forma organic growth. If the company executes its planned fourth-quarter ramp, Brock said Ondas expects to exit 2026 at a $1 billion annualized revenue run rate. Ondas Holdings, Inc (NASDAQ: ONDS) develops secure private wireless networking solutions and unmanned aircraft systems tailored to mission-critical industrial applications. Its Ondas Networks division offers the proprietary FullMAX platform, a long-range, high-bandwidth broadband network designed to support real-time data transmission, remote monitoring and IoT deployments across rail, maritime and infrastructure environments. The broadband platform integrates edge-to-cloud architecture to ensure operational resilience and regulatory compliance for transportation and utility operators. The company's Ondas Autonomous Systems segment builds heavy-lift cargo drones and uncrewed aircraft platforms for logistics, pipeline and infrastructure inspection, emergency response and other government and commercial use cases. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Ondas Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

ONDS dropped 8% post-earnings despite raising its FY2026 revenue outlook, burdened by a forward P/E of 64 and heavy share dilution. RCAT and AVAV fell less than 4% today, confirming the selloff is company-specific and not spreading across the drone sector. Eight analysts rate ONDS a Buy with a $19 target, but defending the 50-day moving average near $9 is the immediate test. It sounds nuts, but SoFi1 is giving new Active Invest users up to $3,000 in stock for a limited time, and all it takes is a $50 deposit to get started.2 See for yourself (Sponsor) Shares of Ondas Holdings (NASDAQ:ONDS) are down 8% at midday Thursday after the drone and counter-UAS company reported second quarter results before the open. The stock opened at $10 and has traded as low as $9 intraday. The move breaks a stretch of momentum that had carried ONDS up 40% over the past month. The unusual part of today's reaction is that Ondas actually lifted its outlook. The Stocktwits headline from August 13, 2026 asks "Why Is ONDS Stock Falling Even After Ondas Raised Its 2026 Revenue Outlook?" That framing matters. The disappointment lies elsewhere. Coming into earnings, Ondas had already raised its FY2026 revenue target to at least $390M in May, and the Q2 8-K filed this morning did not derail that trajectory. What appears to be weighing on the stock is the setup around it. ONDS carries an EV/Revenue of 40. Even looking forward to 2027, Ondas still traded for a forward P/S that was above 10 headed into earnings. Layer on the acquisition complexity. Our prior reporting flagged that Ondas had acquired six companies during 2026, which raises legitimate questions on integration, organic versus acquired revenue mix, and share issuance. And the stock came into earnings trading richly. History supports the sensitivity: across the last seven prints, ONDS averaged a 1-week post-earnings change of -8%. Today's drop fits that pattern more than it breaks it. SoFi Active Invest is offering a limited-time promotion. Open an account, fund it with $50 or more, and you could receive up to $3,000 in complimentary stock for Active Invest accounts. See for yourself by clicking here now. (Sponsor) Ondas' guidance calls for revenue between $525 million and $550 million. At the midpoint, that's comfortably above Wall Street's expectations of $525.6 million. So, once again, this points to losses after the stock had run up recently and expectations drifted above current sell-side expectations. Scaling is expected to continue next year, with Wall Street forecasting $990 million in 2027 revenue. Data from Capital IQ points to Wall Street expectations for 2030 currently sitting at $.55 in normalized EPS and revenues of $2 billion. After today's sell-off, Ondas trades for about 16X that 2030 figure. Short answer: not really. The peer tape is soft, but nothing like ONDS. It appears Ondas may be having an impact across the borader drones space, with other stocks all ranging from slightly down to down 3.5%. Larger defense companies in the industrial sector are also under pressure as investors rotate to AI stocks. Red Cat (NASDAQ:RCAT): Reported Q2 FY2026 on August 6, 2026, with revenue of $20.19 million missing consensus by 10.6% and a GAAP EPS of -$0.26. Management reaffirmed the $150M-$180M FY revenue target. It's holding up today. AeroVironment (NASDAQ:AVAV): Q4 FY2026 filed June 29, 2026, with revenue of $641.62 million beating estimates by 14.76% and adjusted EPS of $1.84 beating by 25%. FY2027 guide is $2.13B-$2.23B. Analyst target: $226. Redwire (NYSE:RDW): Q2 FY2026 filed August 5, 2026, revenue $117.07 million beat by 8.74%, record backlog of $542.13 million, book-to-bill 1.42. Unusual Machines (NYSE:UMAC): Q2 FY2026 filed August 6, 2026, revenue $16.72 million up 687% year over year, beating estimates by 81.87%, though Q3 growth will pause for capacity build. Analyst target on ONDS sits at $19 with 8 Buy or Strong Buy ratings and zero Holds or Sells, so sell-side reaction into tomorrow will matter. I'd keep an eye on whether ONDS defends the 50-day moving average near $9 into the close. Looking to grow your money but unsure where to begin? SoFi Active Invest is offering a limited-time promotion—open a new Active Invest account, fund it with $50 or more, and you could receive up to $3,000 in complimentary stock. From $0 commission trading3 to fractional shares4 and automated investing, this app is designed to simplify investing for everyone, whether you’re just starting or already experienced. Its easy to sign up and secure your bonus.(Sponsor) Contact [email protected] for any questions or corrections.

This article first appeared on GuruFocus. Release Date: August 13, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record Q2 2026 revenue of $83.8 million, up 13-fold year-over-year and 67% sequentially. Pro forma organic revenue growth of 85% year-over-year, indicating strong underlying business momentum. Pro forma backlog reached $757 million, up 66% sequentially, with $105 million in new orders in Q3 to date. Two-year strategic program pipeline expanded to over $11 billion, up 2.5x since May. Raised full-year 2026 revenue guidance to $525-$550 million, implying over 30% organic growth. Strong balance sheet with $1.4 billion in cash and investments, supporting further M&A and growth investments. Pulled forward adjusted EBITDA profitability for the operating platform to Q4 2026 and company-wide to Q4 2027. Key programs ramping: US Army LUS IDIQ, Iron Strike, Ultra, and IndoEarth, providing visibility into H2 2026 growth. Successful integration of acquisitions, accelerated by Palantir Foundry, enabling faster value realization. Expanding global footprint with 25 locations and 1,700 employees, enhancing customer reach and operational scale. Adjusted EBITDA loss of $51 million in Q2, reflecting elevated cash operating expenses of $93 million. Cash operating expenses increased significantly due to full-quarter impact of acquisitions and $29 million in growth investments. Gross margin pressure expected in H2 2026 due to product mix and recently acquired excess capacity. Supply chain challenges persist, particularly for new programs like LUS and counter-strike, requiring ongoing management. Integration of acquisitions like Design and CyberHawk adds complexity and near-term OpEx step-up. Dependence on large program deliveries (e.g., LUS, IndoEarth) for H2 revenue ramp, with potential timing risks. Pipeline conversion and order cadence may be lumpy, as seen with quarterly fluctuations in backlog growth. M&A strategy requires disciplined execution to avoid dilution and ensure accretion, with no guarantee of future deals. Warning! GuruFocus has detected 7 Warning Signs with ONDS. Is ONDS fairly valued? Test your thesis with our free DCF calculator. Q: Can you elaborate on the significant uptick in the strategic program pipeline from $4 billion to $11 billion, specifically what is included from the Design acquisition versus what is new and incremental organically? A: Eric Brock (Chairman and CEO): The uptick is broad-based across our four market segments and is also broad-based regionally. The Design acquisition has contributed significantly to our ISR and Counterdrone systems pipeline, particularly in Europe. We are also seeing strength in Precision Strike with Rotron and growing demand in the Asia-Pacific region. The recent addition of General Charlie Flynn to our Advisory Board will be supportive of our efforts to penetrate and serve the Asia-Pacific market and pull through this pipeline. Q: Given the strong 85% pro forma organic revenue growth in Q2, is the implied ~30% organic growth for the full year an apples-to-apples comparison, and is this growth rate sustainable into 2027?A: Eric Brock (Chairman and CEO): As we move through the year, the comparison base grows, so we are seeing a sustainable 30% to 40% growth level across the portfolio. While some systems and markets will grow faster than others, the underlying demand and adoption curves are strong across the board. We are trying to achieve higher growth rates, but 30% to 40% would be very attractive and strong performance. The frequency and size of orders we are capturing has been growing, which supports this outlook. Q: Regarding the corporate investments and the pull-forward of the EBITDA profitability targets, will these costs scale down on a dollar basis or a percentage basis?A: Eric Brock (Chairman and CEO): The level of spending on corporate development, Ondas Capital, and partner programs is likely at a steady state for the next six to 12 months. We may see it moderate or potentially decline into 2027. However, we are growing a substantial business, and these investments are designed to ensure we capture market position in a market with a strong growth curve over the next five to 10 years. The operating leverage will come from strong revenue growth and gross profit generation. Q: How is the systems-of-systems approach, unified by the Skyweaver platform, changing engagement with government agencies, and when will these larger multi-domain opportunities start to convert into the P&L? Also, how should we think about normalized OpEx exiting Q4 given the Design and CyberHawk closures?A: Eric Brock (Chairman and CEO) and Ryan Hartman (CEO, Ondas Sentinel): Adding Design to the Q3 P&L will present a step-up in operating expenses, but this comes with higher revenues and gross profit, which is reflected in our outlook. Customers are very receptive to our systems-of-systems approach and our ability to deliver, support, and sustain systems in the field. Ryan Hartman added that Skyweaver increases the probability of winning programs that need to connect to customer C2 systems and enables cross-selling, such as connecting a stratospheric balloon with an Ultra UAS for collaborative missions. This is exactly what customers are looking for in terms of autonomous mission connectivity. Q: Can you elaborate on how you built the operational platform with Palantir, including the cloud used, the role of AI, and how quickly you can integrate acquired companies?A: Ryan Hartman (CEO, Ondas Sentinel): The integration is built on Palantir Foundry and WarpSpeed. We have designed AI agents with read/write capabilities into ERPs, MRPs, material planning, inventory, and financial systems. This provides a unified picture of the businesses and creates efficiencies in supply chain and manufacturing. We even use AI agents to merge policies in minutes versus days. The platform is built on GovCloud and Microsoft Azure to maintain compliance with security requirements and CMMC level two certifications. The first tools became operational about a week after the Worldview acquisition, and all the tools mentioned are operational today, actively being used to integrate Design and Worldview. Q: What are the expectations for Precision Strike versus ISR in the second half, and can you provide more color on the shape of the ramp for the Lethal Unmanned Systems (LUS) segment?A: Eric Brock (Chairman and CEO): The LUS program, first captured by Mistral late last year, is in high demand. We have made significant progress in scaling production to begin commercial deliveries in Q3 and Q4, and we expect deliveries to continue into 2027. While I don't want to put a specific number on it or shake out the quarters, the LUS program will be a material part of the second-half growth. The demand for counter-drone and precision strike capabilities is significant and will be a major focus for the foreseeable future, as the industry needs to build much larger inventories of these technologies. Q: How is the health of the supply chain, and are there any constraints? Also, with the CyberHawk acquisition, will you expand more into the commercial/critical infrastructure space?A: Eric Brock (Chairman and CEO): We see CyberHawk as a platform company to build around, and they came with a significant pipeline of strategic opportunities. The industrial segment is important for us to build, and we see the opportunity there. On the supply chain, we are doing the hard work to energize supply chains, particularly for new programs like long-endurance ISR and counter-strike with Design. We have challenges, but they are not unique to Ondas. We have the strategies and capacity to fulfill our goals for 2026 and 2027. As an industry, we need to build ecosystems and scale, which reinforces our thesis of building a scaled platform. Q: What is driving the M&A strategy from this point forward? Are you looking to fill portfolio gaps or is it more revenue-oriented?A: Eric Brock (Chairman and CEO): I don't see gaps in our portfolio, but I do see significant opportunity to deepen each segment we are in. The opportunity set for strategic acquisitions remains strong. It is critical that these deals are accretive, strengthen the operating platform, and advance our objectives around profitability, growth, and market position. Disciplined financial and strategic creation will be the emphasis going forward. Q: Can you provide more detail on the Digital BAT program announced with the Israeli Ministry of Defense?A: Oshri Lugassi (Co-CEO, Ondas Autonomous Systems): We are very excited to support this program. We will manufacture and mass-produce the next-generation one-way attack system for the battlefield. We are establishing a large manufacturing site with the ability to achieve mass production For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Ondas 40% short interest is far above its peers, including Red Cat and AeroVironment, raising squeeze potential. With the stock above $10 and up over 3% overnight, strong earnings could force short sellers to cover. Analysts expect a 978% jump in Q2 revenue to $67.97 million. Ondas Inc. (ONDS) stock has reclaimed the $10 mark for the first time in more than two months, putting the defense technology stock back in the spotlight ahead of its second-quarter earnings report on Thursday. With short interest approaching 40% of the public float, bullish retail traders are watching closely for a potential short squeeze if results or guidance beat expectations. Ondas is among the most heavily shorted stocks in the defense and autonomous technology space, with short interest at roughly 40% of its tradable shares, according to Koyfin data. Bears remain concerned about the company’s spending, cash use, and possible share dilution from acquisitions. With more than 220 million shares short, rising borrowing costs could increase pressure on short sellers if the stock moves higher. See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox Short interest in Ondas’ peers, including Red Cat Holdings (RCAT), Kratos Defense (KTOS) and AeroVironment (AVAV), hovers between 5% and 21%. With Ondas shares moving above the key $10 level before Q2 earnings, retail traders are watching for a possible short squeeze. High short interest means strong revenue, better backlog growth, or raised guidance could push short sellers to buy shares to cover their positions. Ondas stock traded over 3% higher overnight, on track for its fifth straight day of gains. The company has raised its 2026 revenue outlook to more than $525 million, representing a 25% increase from its earlier target. The company also entered Q2 with a pro forma backlog above $457 million. According to Fiscal AI data, analysts expect Q2 revenue of approximately $67.97 million, compared with $6.3 million last year. The sharp 978% increase reflects Ondas' rapid expansion in autonomous defense technology through contracts and acquisitions, although investors will also watch out for profit as the company scales. On Stocktwits, retail sentiment around the stock remained in ‘extremely bullish’ territory. The stock saw a 101% increase in message volume over the past week, with a 2.8% gain in watchers. A user said, “This will put GameStop squeeze to shame!!! ONDS is very heavily shorted right now.” Another user said, “The Perfect Storm is when elements of a short squeeze, meet elements of a delta squeeze, that meet elements of a gamma squeeze. When these three squeezes meet, you get a Weezie. With a little luck, we might get one.” A third user said, “This is literally the worst possible scenario for shorts. A. if it explodes they are f*****. its simply not going back to 7 or 8. B. if it goes down on a good ER which I see frequently….. there are enough people in the markets that realize that ONDS is about to become a monster company. They will simply buy the shares for a discount to DCA or just add more.” ONDS stock has gained 0.1% year-to-date. Also See: Why Did PANW, SNOW, EAT Stocks Surge To 52-Week Highs Today? For updates and corrections, email newsroom[at]stocktwits[dot]com. Shivani Kumaresan has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy. This article was originally published on StockTwits. Related: DDS Q2 2026 Earnings Summary AMS Q2 2026 Earnings Summary Cowboy Space Founder Baiju Bhatt Talks About Building AI Data Centers In Space – ‘We Want To Forge Our Own Path’