ONDS: Record growth and backlog lift revenue targets as profitability milestones move forward

What happened

Ondas reported third-quarter revenue of $167.5 million, bookings of $214 million, and a backlog—orders awaiting completion—of $835 million. It raised revenue targets to at least $550 million for fiscal 2026 and $1.1 billion for fiscal 2027, and moved its adjusted EBITDA profitability targets earlier.

Confirmed

Global impact / market context

Higher bookings and backlog suggest more work is lined up, which could support revenue as orders are completed. Reaching the revised targets would also require Ondas to turn that activity into sales while controlling costs, since its adjusted EBITDA milestones concern profitability, not revenue alone.

Analyst inference

The update combines stronger reported sales and orders with future targets, so investors must distinguish delivered results from plans. Backlog can take time to convert into revenue, while earlier adjusted EBITDA goals point to a faster expected path toward covering operating costs.

Analyst inference

What to watch

1. Check later reports for revenue against the fiscal 2026 target of at least $550 million, and whether the reported backlog is converted into completed sales. Analyst inference
2. Watch for progress toward adjusted EBITDA profitability in Q4 2026 for the operating platform; adjusted EBITDA is a measure of earnings before certain costs. Analyst inference
3. Track whether the company reaches its fiscal 2027 revenue target of at least $1.1 billion and its company-wide adjusted EBITDA target in Q3 2027. Analyst inference

Evidence

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