Revenue growth has accelerated to $50.1M in 2026Q1, though gross margins remain volatile at 49.2% due to shifting product mix and integration requirements.
| Sales/Revenue | 96.6M | 50.73M | 7.19M | 15.69M | 2.13M | 2.91M | 2.16M | 320.38K | 190.03K | 2.85K | 5.51K | 3.89K | 2.02M |
| Revenue Growth % | 793.18% | 605.31% | -54.16% | 638.14% | -26.87% | 34.34% | 575.35% | 68.6% | 6577.06% | -48.37% | 41.66% | -99.81% | - |
| Cost of Goods Sold | 53.28M | 30.57M | 6.85M | 9.31M | 1.02M | 1.81M | 1.24M | 79.13K | 39.37K | 9.07K | 12.42K | 5.41K | 932.18K |
| COGS % of Revenue | - | 60.27% | 95.2% | 59.33% | 47.82% | 62.3% | 57.13% | 24.7% | 20.72% | 318.8% | 225.36% | 139.01% | 46.26% |
| Gross Profit | 43.33M | 20.16M | 345.18K | 6.38M | 1.11M | 1.1M | 927.67K | 241.26K | 150.66K | -6.23K | -6.91K | -1.52K | 1.08M |
| Gross Margin % | 44.85% | 39.73% | 4.8% | 40.67% | 52.18% | 37.7% | 42.87% | 75.3% | 79.28% | -218.8% | -125.36% | -39.01% | 53.74% |
| Gross Profit Growth % | - | 5739.22% | -94.59% | 475.31% | 1.22% | 18.13% | 284.51% | 60.13% | 2519.53% | 9.88% | -355.2% | -100.14% | - |
| Operating Expenses | 134.07M | 78.54M | 34.95M | 46.11M | 70.54M | 19.07M | 12.45M | 15.61M | 8.59M | 38.44K | 27.67K | 18.26K | 2.5M |
| OpEx % of Revenue | - | 154.82% | 485.97% | 293.86% | 3318.19% | 656.04% | 575.47% | 4873.29% | 4518.36% | 1350.53% | 502% | 469.21% | 124.07% |
| Selling, General & Admin | 103.13M | 57.66M | 22.48M | 27.47M | 27.08M | 13.27M | 8.87M | 10.2M | 5.51M | 38.1K | 27.61K | 18.06K | 1.15M |
| SG&A % of Revenue | - | 113.66% | 312.51% | 175.03% | 1273.63% | 456.48% | 409.71% | 3182.68% | 2899.4% | 1338.72% | 500.83% | 464.1% | 56.9% |
| Research & Development | 30.94M | 20.88M | 12.48M | 17.15M | 24.04M | 5.8M | 3.59M | 5.42M | 3.08M | 1M | 1.38M | 1.11M | 1.35M |
| R&D % of Revenue | - | 41.16% | 173.46% | 109.26% | 1131.05% | 199.55% | 165.76% | 1690.61% | 1618.96% | 35229.27% | 25035.87% | 28575.46% | 67.17% |
| Other Operating Expenses | 0 | 0 | 0 | 1.5M | 19.42M | 0 | 0 | 0 | 4.42K | 336 | 64 | 199 | 0 |
| Operating Income | -90.74M | -58.38M | -34.61M | -39.73M | -69.43M | -17.97M | -11.52M | -15.37M | -8.44M | -44.66K | -34.58K | -19.77K | -1.42M |
| Operating Margin % | -93.93% | -115.09% | -481.17% | -253.19% | -3266.02% | -618.34% | -532.6% | -4797.99% | -4439.08% | -1569.33% | -627.36% | -508.22% | -70.33% |
| Operating Income Growth % | - | -68.69% | 12.89% | 42.78% | -286.29% | -55.97% | 25.03% | -82.23% | -18787.07% | -29.16% | -74.87% | 98.6% | - |
| EBITDA | -77.54M | -50.4M | -28.94M | -33.68M | -64.58M | -16.16M | -11.13M | -15.31M | -8.38M | -31.22K | -15.81K | -474 | -1.4M |
| EBITDA Margin % | -80.27% | -99.34% | -402.42% | -214.62% | -3037.7% | -555.88% | -514.2% | -4778.37% | -4410.06% | -1097.12% | -286.83% | -12.18% | -69.4% |
| EBITDA Growth % | -157.82% | -74.12% | 14.05% | 47.85% | -299.65% | -45.23% | 27.32% | -82.68% | -26739.59% | -97.5% | -3235.44% | 99.97% | - |
| D&A (Non-Cash Add-back) | 13.2M | 7.99M | 5.66M | 6.05M | 4.85M | 1.82M | 397.95K | 62.85K | 55.14K | 13.44K | 18.77K | 19.3K | 18.63K |
| EBIT | -81.91M | -58.38M | -34.39M | -40.69M | -69.48M | -17.37M | -11.54M | -16.46M | -9.43M | -44.66K | -34.58K | -19.64K | -1.42M |
| Net Interest Income | 18M | 2.54M | -3.39M | -4.03M | -3.74M | -564.11K | -1.94M | -2.93M | -2.65M | 0 | 0 | 0 | 0 |
| Interest Income | 21.05M | 9.11M | 234.93K | 123.87K | 25.54K | 11.58K | 251 | 1.86K | 18.15K | 0 | 0 | 0 | 141.46K |
| Interest Expense | 3.05M | 6.58M | 3.62M | 4.15M | 3.76M | 575.68K | 1.94M | 2.93M | 2.66M | 0 | 0 | 0 | 0 |
| Other Income/Expense | 333.48M | -74.51M | -3.4M | -5.12M | -3.81M | 27.79K | -1.95M | -4.02M | -3.66M | 0 | 0 | -140 | -141.46K |
| Pretax Income | 242.74M | -132.89M | -38.01M | -44.84M | -73.24M | -17.95M | -13.48M | -19.39M | -12.1M | -44.66K | -34.58K | -19.77K | -1.56M |
| Pretax Margin % | 251.27% | -261.95% | -528.42% | -285.79% | -3445.35% | -617.38% | -622.9% | -6052.17% | -6365.8% | -1569.33% | -627.36% | -508.22% | -77.35% |
| Income Tax | 733K | 488K | 0 | 0 | 0 | -2.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0.3% | -0.37% | 0% | 0% | 0% | 16.28% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 243.37M | -132.02M | -38.01M | -44.84M | -73.24M | -15.02M | -13.48M | -19.39M | -12.1M | -44.66K | -34.58K | -19.77K | -1.56M |
| Net Margin % | 251.92% | -260.23% | -528.42% | -285.79% | -3445.35% | -516.86% | -622.9% | -6052.17% | -6365.8% | -1569.33% | -627.36% | -508.22% | -77.35% |
| Net Income Growth % | 675.77% | -247.35% | 15.25% | 38.77% | -387.5% | -11.47% | 30.49% | -60.29% | -26984.75% | -29.16% | -74.87% | 98.73% | - |
| Net Income (Continuing) | 242.01M | -133.38M | -38.01M | -44.84M | -73.24M | -15.02M | -13.48M | -19.39M | -12.1M | -44.66K | -34.58K | -19.77K | -1.56M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2.45M | 37.34M | 19.36M | 11.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.55 | -0.62 | -0.61 | -0.88 | -1.73 | -0.44 | -0.66 | -1.27 | -0.72 | -0.00 | -0.00 | -0.00 | -1.02 |
| EPS Growth % | 166.59% | -1.64% | 30.68% | 49.13% | -293.18% | 33.33% | 48.03% | -76.39% | - | - | - | 99.9% | - |
| EPS (Basic) | - | -0.62 | -0.61 | -0.88 | -1.73 | -0.44 | -0.66 | -1.27 | -0.72 | -0.00 | -0.00 | -0.00 | -1.02 |
| Diluted Shares Outstanding | 445.09M | 221.77M | 69.92M | 52.74M | 42.24M | 34.18M | 20.43M | 17.57M | 16.82M | 19.2M | 19.2M | 19.2M | 1.53M |
| Basic Shares Outstanding | 445.09M | 221.77M | 69.92M | 52.74M | 42.24M | 34.18M | 20.43M | 17.57M | 16.82M | 19.2M | 19.2M | 19.2M | 1.53M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
High Operating Burn Rate
As reported in recent financial statements, ONDS achieved a significant revenue surge to $50.1M in 2026Q1, representing a substantial acceleration from the $4.1M recorded in 2024Q4, which suggests the company is successfully transitioning from early-stage proof-of-concept trials into broader, large-scale industrial infrastructure deployments.
The dramatic revenue trajectory indicates that the company's FullMAX platform is gaining traction within its target rail markets. Investors should monitor whether this growth is sustainable or if it reflects a lumpy, project-based revenue recognition cycle that may face volatility in subsequent quarters.
Based on the company's reported figures, gross margins have fluctuated significantly, reaching 49.2% in 2026Q1 compared to a low of 3.2% in 2024Q3, which implies that the underlying product mix remains highly sensitive to the specific hardware and integration components delivered in each period.
The inconsistency in gross margins suggests that ONDS has not yet achieved the economies of scale necessary for stable profitability. Future margin expansion appears contingent on the company's ability to shift toward higher-margin software and data-as-a-service offerings within its drone and wireless segments.
According to the income statement data, SG&A expenses reached $53.8M in 2026Q1, outpacing gross profit and resulting in a persistent operating loss, which indicates that the company has yet to demonstrate meaningful operating leverage as it continues to aggressively fund its dual-track growth strategy.
The current cost structure suggests that ONDS is prioritizing market share and technological development over immediate bottom-line performance. The lack of scaling efficiency in operating expenses warrants further investigation into whether management can control overhead as revenue growth eventually moderates.
As indicated by the 2026Q1 net income of $361.2M, which contrasts sharply with the $42.7M operating loss, the company's bottom-line results appear heavily influenced by non-operating items, suggesting that reported net income may not be a reliable indicator of core operational health.
The presence of such large non-operating gains necessitates a cautious approach to evaluating the company's profitability. Investors should look past these accounting anomalies to focus on the underlying operating losses, which remain the primary concern for the firm's long-term financial viability.
Quick answers to the most common questions about buying ONDS stock.
For fiscal year 2025, Ondas Holdings Inc. (ONDS) reported total revenue of $50.7M. This represents a 2417.6% increase compared to $2.0M in 2014.
Ondas Holdings Inc. (ONDS) reported a net loss of $132.0M for the fiscal year ending 2025.
Ondas Holdings Inc. (ONDS) reported an operating income of $-58.4M, resulting in an operating profit margin of -115.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Ondas Holdings Inc. (ONDS) generated $20.2M in gross profit for the year, representing a gross profit margin of 39.7%. This demonstrates the company's core pricing power and production efficiency.