Ondas Q2 FY26 earnings call ONDS

Ondas is building an integrated global platform, moving beyond a collection of acquired companies. This 'One Ondas' strategy focuses on assembling mission-ready technologies, world-class engineering talent, experienced leadership, customer relationships, and operational capabilities. The goal is to integrate these assets into a unified growth platform, creating value for customers, employees, partners, and shareholders by deploying, supporting, and sustaining mission-critical systems at scale.

The value of Ondas' model is evident in its ability to combine technologies across domains, connecting persistent multi-domain ISR capabilities to the complete detect, identify, track, and defeat chain. For Counter-UAS, this includes layered architectures with passive detection, cyber takeover, electronic warfare, interception, and autonomous kinetic defeat. These integrated capabilities are managed through software-defined command and control, enabling coordinated system-of-systems operations rather than disconnected products.

Ondas made deliberate, front-loaded investments in its operating platform, with approximately $29 million in growth OpEx at the Ondas Inc. level and $6 million at the operating platform level in Q2 FY26. These investments, occurring ahead of a significant revenue ramp, are designed to ensure efficient acquisition integration, expand global sales and marketing, scale supply chain and production, and provide field support for a much larger enterprise. Management expects the growth rate of these expenses to moderate as revenue and gross profit scale.

The company's 2-year strategic program pipeline has expanded to over $11 billion, a 2.5x increase since May, encompassing dozens of global program submissions across major geographic markets. This growth stems from recent acquisitions, particularly DZYNE, and organic expansion driven by Ondas' direct sales and marketing organization, deeper engagement with existing customers, and a growing network of distribution and strategic partners. The pipeline includes significant programs in border security, smart mining, military engineering vehicles, and autonomous UAV swarms.

Ondas has significantly strengthened its leadership team, including the appointment of David Barnea, former Director of the Mossad, as President and Chairman of Ondas Defense Limited. His mandate is to lead global expansion and integrate AI-enabled multi-domain autonomous systems. Additionally, General Charlie Flynn, former Commanding General of U.S. Army Pacific, joined the Advisory Board to help navigate U.S. and Allied defense departments, refine the multi-domain ISR and autonomous systems roadmap, and position platforms for broader operational adoption.

The partnership with Palantir, leveraging Foundry and Warp Speed, is crucial for accelerating the integration of acquired businesses and establishing a common operating framework. This infrastructure provides real-time visibility and coordination across manufacturing, supply chain, and finance. SkyWeaver, an Edge AI platform developed with Palantir, recently completed successful ground and aerial testing, aiming to serve as a unifying intelligence layer across the Ondas portfolio for real-time multi-domain operations.