Ondas’ expanding order book is putting greater focus on how quickly the company can convert backlog into revenue while scaling manufacturing and integrating recently acquired businesses.
- Ondas reported more than $165 million in new orders since its last update.
- The company ended June with roughly $613 million in backlog.
- Ondas management targets 2026 revenue of $525 million to $550 million.
Ondas Inc. (ONDS) said Wednesday it has secured more than $165 million in new orders since its last update, adding to a rapidly growing order book across defense and autonomous systems.
The fresh orders come after Ondas reported approximately $613 million in backlog at the end of June, an over 800% jump from $68 million at the end of 2025. According to Ondas, backlog would have been about $757 million including DZYNE and Cyberhawk.
The new orders span multiple regions and product categories, the company said. It also reported progress on defense programs including ULTRA and IonStrike, which are being evaluated for potential use by U.S. military customers.
At the time of this writing, ONDS stock dropped as much as 4.7% after market open, hitting lows last seen in mid-September.
Order Momentum Keeps Building
Ondas booked approximately $175 million in new orders during the second quarter, followed by another $105 million through Aug. 10. Its order activity has included counter-unmanned aircraft systems, intelligence, surveillance and reconnaissance, precision strike and unmanned ground systems.
Earlier this week, the company announced a $56 million order for electronic safe and arm devices supporting a European loitering-munition program. It was the first disclosed order of that type since the company acquired GATE Technologies and Bron Technologies in September.
Ondas’ Revenue Conversion In Focus
Ondas’ growing backlog raises the question of how quickly those orders translate into recognized revenue.
Ondas generated second-quarter (Q2) revenue of $83.8 million, up from $6.3 million a year earlier and $50.1 million in the first quarter. In August, the company raised its full-year 2026 revenue target to between $525 million and $550 million.
Management also forecast third-quarter (Q3) revenue of between $140 million and $155 million, with programs already in backlog expected to support second-half deliveries.
That makes execution worth eyeing for ONDS traders as the company scales manufacturing, works through its order pipeline and integrates businesses added through recent acquisitions.
What Retail Thinks About ONDS Stock
On Stocktwits, retail investors’ sentiment around ONDS stock remained in the ‘neutral’ territory amid high message volume.
So far this year, ONDS stock has fallen over 32%. In comparison, the State Street SPDR S&P Telecom ETF (XTL), which holds the stock, has risen around 38% over the same period.
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