Slide 1: First Quarter 2026 Earnings Release
First Quarter 2026 EARNINGS RELEASE NASDAQ: ONDS | May 14, 2026 Copyright 2026. All rights reserved.
Slide 2: Disclaimers
NASDAQ: ONDS Disclaimers This presentation may contain "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "projects," "will," "may," "anticipates," "believes," "should
Slide 3: Our Plan is Working
NASDAQ: ONDS Our Plan is Working SPACE Ondas continues to execute its CORE + STRATEGIC growth plan • Building World Class Systems of Systems Portfolio STRATOSPHERE • Unlocking Growth Synergies Across Newly Acquired Companies • Expanding Global Market Opportunities • Validating the Financial Model •
Slide 4: Agenda
NASDAQ: ONDS Agenda • Introduction • Financial Review • Operational Update • Multi-domain ISR Roadmap • Outlook & Closing Remarks • Q&A 4
Slide 5: Leadership Team
NASDAQ: ONDS Leadership Team Eric Brock Neil Laird Oshri Lugassy Meir Kliner Ryan Hartman Founder, Chairman & CEO CFO & Treasurer CO-CEO, OAS President, OAS President & CEO, World View Entrepreneur and investor with Senior finance leader with 25+ years Defense and technology leader with Entrepreneur
Slide 6: Delivering Tangible Results
NASDAQ: ONDS Delivering Tangible Results Sustaining momentum on important financial KPIs 50.1M +1,000% +25% Q1 2026 Revenue YoY Growth Upside Versus Prior Targets $390M $457M(1) $1.4B Raise 2026 Revenue Target Backlog Drives Visibility Cash & ST Investments (1) Backlog includes World View and Mistra
Slide 7: Expanding Global Footprint
NASDAQ: ONDS Expanding Global Footprint Ondas operates globally with active deployments across key international markets Customers Dubai • Expanding global footprint with active deployments across Israel USA more than 45 countries. Germany Singapore Canada • Over 1,000 employees supporting operation
Slide 8: Scaling Global Go-To-Market
NASDAQ: ONDS Scaling Global Go-To-Market Maturing our global operating platform to support much higher levels of revenue Co-Developing a Multi-domain Accelerating Opening ISR Platform and Strategic US Expansion EU & NATO Markets Roadmap 8
Slide 9: Multiple Systems. Across Unmanned Verticals
NASDAQ: ONDS Multiple Systems. Across Unmanned Verticals Portfolio addresses 4 major defense technology market segments C-UAS ISR LMS UGV Counter-UAS Air Defense Intelligence, Surveillance & Unmanned One-Way Attack Multi-Mission Unmanned Sensors & Effectors Reconnaissance Systems Loitering Munition
Slide 10: IRON-WAVE: Frontline Autonomous Operations
NASDAQ: ONDS IRON-WAVE: Frontline Autonomous Operations Multi-layered robotic solution for maneuvering forces • Multi-layered autonomous sensing, robotics, and effects. • Mobile, rapidly deployable frontline mission systems. • AI-driven Command & Control and autonomous response. • Integrated kinetic
Slide 11: Financial Review
NASDAQ: ONDS FINANCIAL REVIEW First Q uarter 2026 Earning s Release NASDAQ: ONDS | May, 14 2026 11
Slide 12: Income Statement
NASDAQ: ONDS Income Statement Q1 2026 (USD in 000s) Key Financial Insights: SELECT P&L DATA Three Months Ended March 31, (Unaudited) 2026 2025 • Revenue grew > 10x YoY, driven by core growth and strategic acquisition program. Revenues, net $ 50,122 $ 4,248 Cost of goods sold 25,464 2,760 • Gross mar
Slide 13: Cash Flow Statement
NASDAQ: ONDS Cash Flow Statement Q1 2026 (USD in 000s) Key Financial Insights: • Operating cash burn includes $47 million increase in working capital to support growth initiatives. SELECT CASH FLOW DATA Three Months Ended March 31, (Unaudited) 2026 2025 • $474.2 million in cash used in investing was
Slide 14: Balance Sheet
NASDAQ: ONDS Balance Sheet Q1 2026 (USD in 000s) Key Financial Insights: • Cash and short-term investments > $1.4 billion. SELECT BALANCE SHEET DATA March 31, 2026 Dec. 31, 2025 • Cash balance increase reflects $959 million in net (Unaudited) proceeds raised in January 2026. • Total Assets includes
Slide 15: Analysis of Cash OPEX
NASDAQ: ONDS Analysis of Cash OPEX(1) Q1 2026 (USD in 000s) Key Financial Insights: • Corporate level Cash OPEX high due to: Ondas Inc. $3,695 [Finance, Accounting, Governance] • Corporate development Growth OPEX 9,571 [CorpDev, Ondas Capital, Partner Initiatives] • Ondas Capital • Ecosystem engagem
Slide 16: Operational Update
NASDAQ: ONDS OPERATIONAL UPDATE First Q uarter 2026 Earning s Release NASDAQ: ONDS | May, 14 2026 16
Slide 17: Scaling the Global Marketing Infrastructure
NASDAQ: ONDS Scaling the Global Marketing Infrastructure Building presence with offices, agents, and partners in over 45 countries. • Expanding localized sales and marketing infrastructure • Building scalable supply chain and production capabilities • Growing field service and sustainment operations
Slide 18: Ondas Operating Platform Delivers
NASDAQ: ONDS Ondas Operating Platform Delivers Acquired companies seeing acceleration; the “growth double dip” +260% +36M +25.8M YTD PURCHASE ORDERS(1) Q1 REVENUE YoY Q1 PURCHASE ORDERS Exceeds 2025 revenue Ondas’ operating platform supports growth acceleration (1) Sentrycs YTD orders through April
Slide 19: Backlog Expansion = Growth Visibility
NASDAQ: ONDS Backlog Expansion = Growth Visibility Driven by demand across key technology segments in strategic regions BACKLOG BY PLATFORM ($M) BACKLOG BY REGION ($M) 82 90 AERIAL SECURITY US & Canada ISR Middle East 229 $457M $457M UGV 75 116 Europe & Asia 292 LMS 30 AERIAL SECURITY USA HI GHLIGHT
Slide 20: Key Programs Captured
NASDAQ: ONDS Key Programs Captured Ondas demonstrating ability to capture large programs HIGHLIGHTED PROGRAMS PROGRAMS TECH POTENTIAL Program wins Border Security Barrier UGV – Smart Demining $80M $1.6B+ Programs Won Military Vehicles UGV – Engineering Vehicles $140M US LUS LMS – Lethal Unmanned Sys
Slide 21: Two-Year Strategic Program Pipeline
NASDAQ: ONDS Two-Year Strategic Program Pipeline Pipeline of programs under current pursuit TEN DE R P URSUIT $4.3B > 45 program submissions globally UNITED STATES $1,782M EUROPE $2,053M ISRAEL $360M OTHERS $230M 21
Slide 22: Scaling the Multi-Domain Vision
NASDAQ: ONDS SCALING THE MULTI-DOMAIN VISION First Q uarter 2026 Earning s Release NASDAQ: ONDS | May, 14 2026 22
Slide 23: Stratosphere is Open for Business
NASDAQ: ONDS Stratosphere is Open for Business Global demand for stratospheric ISR is rapidly expanding, acting as the force multiplier of integrated, multi-domain intelligence Recent mission successes leading to marked influx of active RFPs and pending contract awards. 23
Slide 24: Transforming Global ISR
NASDAQ: ONDS Transforming Global ISR Traditional ISR: Next-Gen Multi-Domain ISR: Platform Autonomy Mission Autonomy • Fragmented ISR operations • Unified, multi-domain TCPED operations • Data locked to the platform • Data lives in software, runs across every platform • Data format challenges • Singl
Slide 25: Agentic AI for Multi-Domain Intelligence
NASDAQ: ONDS SPACE Low-Earth Orbi t (LEO) Satell ites Agentic AI for Multi- Domain Intelligence STRATOSPHERE Customers benefit from synchronized Tasking, Collecting, Processing, Exploitation, and STRATOLLITES® Dissemination (TCPED) of real-time insights on a cohesive, singular platform MISSION LAYER
Slide 26: Palantir Partnership
NASDAQ: ONDS Palantir Partnership Engaged at senior-most levels on scaled, multi-domain ISR Partner Support Workstreams Palantir Development Workstreams • Full Suite of AIP Applications Foundry – Company Operating System • Joint Customer and Program Capture • Strategic and M&A Roadmap Collaboration
Slide 27: Outlook
NASDAQ: ONDS OUTLOOK First Q uarter 2026 Earning s Release NASDAQ: ONDS | May, 14 2026 27
Slide 28: Strategic Growth Program
NASDAQ: ONDS Strategic Growth Program Repeatable M&A capability is a competitive strength M&A Pipeline • Corporate development program accelerates execution against strategic vision, supports long-term upside +25 • Integration and scale increasingly an area of focus and value creation • Focused on d
Slide 29: Putting Our Cash to Work
NASDAQ: ONDS Putting Our Cash to Work Having a large liquidity provides significant advantages; financial model leverage Our Plans for the Cash POSSIBLE DEPLOYMENT FRAMEWORK(1) • Scale Ondas’ operating platform o Invest in infrastructure to support much higher revenue levels • Over $4.2 billion in M
Slide 30: Updated Outlook: At Least $390 Million
NASDAQ: ONDS Updated Outlook Target Revenue by Segment Continue to demonstrate upside to our financial model 15% 38% Updated 2026 Revenue Target 19% At Least $390 Million 28% Aerial Security LMS UGV ISR Adjusted EBITDA + Timeline: Updated Outlook Details: • Leverage $457 million adjusted backlog; ex
Slide 31: Q&A
NASDAQ: ONDS Q&A First Q uarter 2026 Earning s Release NASDAQ: ONDS | May, 14 2026 31
Slide 32: Appendix
NASDAQ: ONDS Appendix 1Q 2026 & 1Q 2025 (USD in 000s) ADJUSTED EBITDA RECONCILIATION Three Months Ended March 31, (Unaudited) 2026 2025 Net Income (Loss) $ 361,250 $ (14,136) Depreciation 669 181 Amortization of intangible assets 5,622 1,062 Acquisition related expenses (1) 5,844 - Stock-based compe
Slide 33: Non-GAAP Financial Measures
NASDAQ: ONDS Non-GAAP Financial Measures As required by the rules of the Securities and Exchange Commission (“SEC”), we provide a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP measures. These reconciliations are set forth in the tables below. We believe that
Slide 34: Thank You
THANK YOU ir@ondas.com See you at: SOF Week, Tampa, week of May 18 th Eurosatory, Paris, week of June 15th NASDAQ: ONDS | May 14, 2026 Copyright 2026. All rights reserved.