Ondas reported Q1 revenue of $50.1 million, up 1,079% year-over-year, matching its entire FY2025 revenue base. Pro forma backlog surged to $457 million, while Q2-to-date orders exceeded $110 million, supporting revenue visibility. Gross margin expanded to 49% from 35% a year ago as software-driven revenue increasingly complements hardware sales.
Ondas May Be Just Getting Started
Source: Seeking Alpha