Shares of autonomous drone company Ondas Holdings Inc., which is backed by Palantir, surged significantly on Thursday. This followed the company's announcement of first-quarter revenue that far exceeded market expectations and a substantial upward revision to its full-year performance guidance.

Performance Exceeds Expectations Across the Board Financial reports show that Ondas Holdings Inc.'s first-quarter revenue reached $50.1 million, a staggering 1065% increase from $4.3 million in the same period last year. This figure also significantly surpassed the company's previously projected range of $38 million to $40 million. The company's gross profit margin improved from 35% a year ago to 49%, indicating that operational leverage from economies of scale is becoming evident.

The company's Chairman and CEO, Eric Brock, stated that core operations coupled with strategic growth initiatives continue to drive strong execution and accelerated business growth. The product company segment has already achieved profitability on an adjusted EBITDA basis ahead of schedule.

Backlog Skyrockets As of the end of the first quarter, the company's adjusted pro forma backlog reached $457 million, a 570% increase from $68.3 million in the fourth quarter of 2025. This growth reflects accelerating global demand for autonomous drones, counter-drone systems, and robotic solutions. It also includes contributions from the completed acquisitions of Mistral and World View Enterprises in April.

Full-Year Outlook Significantly Raised Based on the strong performance and substantial backlog, Ondas Holdings Inc. has raised its full-year 2026 revenue target from a previous minimum of $375 million to at least $390 million, representing an approximate 670% growth compared to 2025. The company indicated that its strategic growth plan remains on track, with expectations to complete further acquisitions in 2026.