Earnings
Earnings
Quarterly earnings, revenue, and financial results.
About Earnings
Ondas reported second-quarter revenue of $83.8 million, against $6.3 million a year earlier, and lost $89.7 million in the same quarter. Much of the jump came from companies it bought: by its own pro-forma count, organic growth was 85%. It ended June with about $1.4 billion in cash and investments.
Red Cat's first-quarter revenue rose 849% to $15.5 million, and its gross margin turned positive at 12.7%. The company's target is $150 million to $180 million a year.
Some filings carry warnings. Matternet's auditor added a going-concern paragraph to its report. In August XTI Aerospace told the SEC that its late quarterly report was expected to disclose substantial doubt about its future, on the day its chief executive resigned.
In France, Exail reported a €87 million first-half loss on 9 October after restating its accounts, while revenue rose 25% to €275 million. Thales has agreed to buy the Gorgé family's 35.51% stake at €134 a share.
Coverage
Bell Now Expects an MV-75 Charge of Up to $150 Million
The Army's first MV-75 production order now waits on a 2027 budget Congress has not passed; in July, Textron put the charge at $60M to $110M.
Exail Books €87m Loss After Thales Deal Prompts Restatement
Sales and EBITDA grew. The loss comes from obligations to investor ICG and to staff, signed in 2022, that the old accounts left out or understated.
Matternet Warns on Going Concern With Revenue Under $400,000
Matternet's SEC filings show $392,739 of revenue in the year to 30 September 2025, a $145.7M accumulated deficit and an auditor going-concern opinion.
XTI Aerospace Warns of Going-Concern Doubt After CEO Resigns
XTI Aerospace told the SEC its late second-quarter 10-Q is expected to disclose going-concern doubt, days after chairman and CEO Scott Pomeroy resigned.
Ondas Books $83.8M Quarter, Raises Guidance to $550M
Ondas grew Q2 2026 revenue more than 13-fold to $83.8 million and lifted full-year guidance, while adjusted EBITDA losses widened to $50.6 million.
Ondas Q1 Revenue Jumps 1,065% on Counter-Drone Demand
Ondas reported Q1 revenue of $50.1 million, up 1,065% year on year, and raised full-year guidance to $390 million on a $457 million backlog.
Red Cat Q1 2026: Revenue Up 849% to $15.5M on NATO Orders
Red Cat Holdings posted $15.5M in Q1 2026 revenue, up 849% year-over-year, with new Black Widow orders from a NATO ally and a second Asia-Pacific customer.
ZenaTech Revenue Rises 558% to $12.9M on Drone-as-a-Service
ZenaTech posted $12.9M in 2025 revenue, up 558%, driven by 20 acquisitions and a new Drone as a Service segment that generated $10.1M in its first year.
Companies
AeroVironment
US manufacturer of small tactical UAS, loitering munitions and counter-UAS systems, transformed in scale by its 2025 acquisition of BlueHalo.
United States
Anzu Robotics
US drone company that built the Raptor series under licence from DJI, now owned by XTI Aerospace and developing a replacement after ending production.
United States
Bell Textron
US rotorcraft manufacturer and advanced air mobility developer, making military helicopters, tiltrotors, and autonomous cargo drone platforms.
United States
Drone Nerds
US drone distributor and enterprise solutions provider, bought by XTI Aerospace in November 2025 and now the source of almost all its revenue.
United States
DroneUp
US company that left drone delivery in 2025 after Walmart ended its contract, now selling airspace management and autonomy software to operators.
United States
DZYNE Technologies
US developer of long-endurance ISR aircraft, expendable drones and counter-UAS systems, acquired by Ondas in July 2026 into its Sentinel division.
United States
Exail
French maker of naval drones for mine clearance (uncrewed boats and underwater vehicles, not aircraft) and inertial navigation; Thales agreed to buy it.
France
Matternet
US drone delivery company whose M2 holds FAA type and production certificates, now SEC-reporting with minimal revenue and a going-concern warning.
United States
Funding
Undisclosed
Fidelity Management & Research Company, Baillie Gifford, Valor Equity Partners, Tiger Global
ZiplineContracts
Powerus
Unusual Machines
Purchase order from Powerus Corporation for US-made drone components (motors, batteries, cameras and…
U.S. Air Force
DZYNE Technologies
Modification P00005 to the same Long-Endurance Tactical Reconnaissance Aircraft assessment contract…
U.S. Air Force
DZYNE Technologies
Modification P00003 to FA8691-26-C-B007 for operational assessment of uncrewed Long-Endurance…
U.S. Army
AeroVironment
Production of LOCUST X3 30 kW laser weapon systems under the Enduring-High Energy Laser programme…
Federal Aviation Administration
General Atomics Aeronautical Systems, Lighthouse Avionics, ResilienX, NAVMAR Applied Sciences, Devorto Corporation, ANRA Technologies, SPS Aerial Remote Sensing, DroneUp, OneRadio, Frequentis USA, Censys Technologies, Aerial Vantage, Skydweller US, Oklahoma State University
19 UAS Broad Agency Announcement research contracts for detect-and-avoid and airspace-integration…