Ondas Inc. (NASDAQ:ONDS), an autonomous defense technology company, reported first-quarter revenue of $50.122 million on Thursday, up more than 10-fold from $4.248 million a year earlier and above the analyst estimate of $39.358 million.
Revenue also exceeded the high end of company guidance by 25%. Shares traded higher following the results.
Net income totaled $361.2 million, compared with a net loss of $14.1 million a year earlier, primarily driven by non-cash gains tied to warrant liability revaluation and the deconsolidation of Ondas Networks.
Adjusted EBITDA loss widened to $10.9 million from $7.5 million a year earlier.
Backlog Jumps On Strong Orders
Pro forma backlog climbed to $457 million from $68.3 million at the end of 2025, supported by strong order activity and recent acquisitions.
Ondas said its product companies achieved adjusted EBITDA profitability during the quarter, six months ahead of target.
CEO Eric Brock said, “We delivered record results in …