Ondas Inc. is set to report first-quarter 2026 results on May 14, and the setup for Onds stock is straightforward: revenue is expected to jump sharply, but losses are likely to stay wide. The company has guided quarterly sales to $38 million to $40 million, while the Zacks Consensus Estimate points to $39.6 million and a loss of 3 cents a share.
That revenue estimate would mark an 831.1% increase from the year-ago period, underscoring how quickly Ondas is scaling. Management said the growth is being driven by strong business momentum in its Ondas Autonomous Systems division, after the company executed five acquisitions in the first quarter and said they could add $230 million to 2026 revenue. Full-year revenue is expected to be at least $375 million.
The numbers give investors a reason to watch the release closely. Ondas ended March with backlog and orders in hand of $177 million, up from $68.3 million at year-end 2025, and it also cited a pro forma backlog of $457 million. One of the bigger moves behind that pipeline was the merger involving Mistral, which Ondas valued at $175 million and said helped bring in programs topping $1 billion in value.
But the momentum comes with baggage. ONDS missed the Zacks Consensus Estimate in the last quarter, and it has fallen short in three of the four trailing quarters, with one beat. Over that stretch, the average negative surprise was 144.77%, a reminder that revenue growth has not yet translated into reliable earnings execution.
That tension is why the next report matters beyond the headline sales figure. The company expects adjusted EBITDA losses to widen in the first quarter, and the market will be looking for signs that the acquisition spree is building a cleaner earnings base rather than adding complexity. With a Zacks Rank of 5 and an Earnings ESP of 0.00%, the bar for a near-term earnings upside surprise remains low.
For now, Ondas is asking investors to focus on the size of the opportunity rather than the cost of getting there. The pipeline is larger, the backlog is bigger, and the revenue guide is moving higher. The question on May 14 is whether the company can show that the expansion is becoming durable enough to support the valuation story behind Onds stock.
