Overview

• US autonomous systems provider's Q1 revenue rose yr/yr, beating analyst expectations

• Adjusted EBITDA loss for Q1 narrowed and beat analyst expectations

• Company raised full-year 2026 revenue target to at least $390 mln, citing strong backlog and demand

Outlook

• Ondas raises 2026 revenue target to at least $390 mln, up 670% year-over-year

• Company expects adjusted EBITDA losses to peak in Q2 2026, with improvement in H2 2026

• Ondas now expects OAS adjusted EBITDA profitability by Q1 2027, earlier than prior forecast

Result Drivers

• DEFENSE AND SECURITY DEMAND - Co said strong global demand for counter-UAS and defense robotics, especially in response to evolving security threats, drove revenue growth

• ACQUISITIONS - Recent acquisitions, including Mistral and World View, contributed to backlog growth and expanded capabilities, supporting higher revenue

• PRODUCT MIX AND SCALE - Gross profit margin improved due to increased revenue, favorable product mix, and contributions from acquired companies

Company press release: ID:nACSWzcTDa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$50.10 mln	$39.36 mln (8 Analysts)
Q1 Net Income		$361.20 mln
Q1 Adjusted EBITDA	Beat	-$10.90 mln	-$18.13 mln (8 Analysts)
Q1 Gross Profit		$24.70 mln
Q1 Operating Expenses		$67.30 mln
Q1 Operating Income		-$42.70 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the communications & networking peer group is "buy"

• Wall Street's median 12-month price target for Ondas Inc is $19.50, about 120.1% above its May 13 closing price of $8.86

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