Ondas Holdings Inc. (ONDS) shares soared 5.17% during intraday trading on Friday, extending gains following a significant rally in the previous session.

The sharp upward movement is driven by the company's stellar first-quarter 2026 financial results, which far exceeded Wall Street estimates. Ondas reported revenue of $50.1 million, representing a staggering 1,065% increase year-over-year and surpassing the high end of its own guidance. The company also raised its full-year 2026 revenue outlook to more than $390 million, implying roughly 670% year-over-year growth.

Fundamental strength underpins the rally, with the company's total backlog rising to approximately $457 million following strategic acquisitions. Strong demand was reported across its business segments, including Aerobotics, Centrix, and 4M Defense. Furthermore, the company's partnership with Palantir Technologies and recent acquisitions are seen as strengthening its multi-domain intelligence, surveillance, reconnaissance (ISR), and artificial intelligence capabilities for autonomous systems.