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Updated 2026-11-13 00:00 UTCnext update 2026-11-13 12:00 UTC
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Confirmed · 4 Manifests532 words

Smaller Listed Companies Report Strong Third Quarters and Raise Their Sights

Diodes, Ondas, Southland and Wolverine all reported third-quarter numbers that beat the year before, and two of them lifted their full-year targets.

Key facts
  • Diodes reported Q3 2026 revenue of $532.6 million, up 36% year over year from $392.2 million in Q3 2025, and the company says it expects full-year 2026 revenue to increase approximately 30% over 2025. Self-reported m:…1071
  • Ondas reported record Q3 2026 revenue of $167.5 million, raised its full-year 2026 revenue target to at least $550 million, and said its backlog increased 36% sequentially to $835 million. Self-reported m:…5221
  • Southland reported revenue of $233.8 million and net income of $33.7 million for the quarter ended September 30, 2026, with a total backlog of $1.71 billion. Self-reported m:…6747
  • Wolverine reported revenue of $505.4 million and net earnings of $65.8 million for the quarter ended October 3, 2026, against revenue of $470.3 million and net earnings of $25.1 million a year earlier. Self-reported m:…5141

Chips and defence lead the quarter

Diodes reported Q3 2026 revenue of $532.6 million, up 36% year over year from $392.2 million in Q3 2025. The company said sequential revenue growth of 19% was driven by automotive revenue, industrial demand, and AI ecosystem applications, and reported Q3 2026 GAAP gross profit of $192.5 million, or 36.1% of revenue. The company says it expects full-year 2026 revenue to increase approximately 30% over 2025, and expects Q4 2026 non-GAAP gross margin to be 37.0% at the mid-point. m:…1071

Ondas reported record Q3 2026 revenue of $167.5 million and raised its full-year 2026 revenue target to at least $550 million. The company said its backlog increased 36% sequentially to $835 million and that it captured $214 million in new bookings during Q3 2026. Ondas said it completed six strategic acquisitions including DZYNE Technologies and Cyberhawk, established Ondas Sentinel as a core U.S. defense platform, and formed Regna AI to develop sovereign AI applications. m:…5221

Construction and footwear add to the pattern

Southland reported revenue of $233.8 million and net income attributable to stockholders of $33.7 million for the quarter ended September 30, 2026. The company reported a gross profit margin of 8.8% for the quarter and EBITDA of $43.2 million, with a total backlog of $1.71 billion. Southland also reported $28.7 million in other income related to a settlement with Liberty Mutual, which sits inside the quarter's result rather than beside it. m:…6747

Wolverine reported revenue of $505.4 million and net earnings of $65.8 million for the quarter ended October 3, 2026, against revenue of $470.3 million and net earnings of $25.1 million for the quarter ended September 27, 2025. Active Group segment revenue was $387.8 million and Work Group segment revenue was $106.9 million for the quarter ended October 3, 2026. The company maintains a $600 million revolving credit facility maturing on September 24, 2030, and has $550 million in senior notes due August 15, 2029. m:…5141

The cost lines behind the headlines are holding up too. Diodes reported GAAP operating expenses for Q3 2026 of $129.1 million, or 24.2% of revenue, and non-GAAP operating expenses of $122.1 million, or 22.9% of revenue, with a non-GAAP gross profit margin of 36.2% in Q3 2026. Wolverine's filing also records accumulated impairment charges for the Sweaty Betty reporting unit of $48.4 million as of October 3, 2026, a reminder that the earnings recovery sits alongside older write-downs that have not gone away. m:…1071 m:…5141

Guidance is doing the talking

The numbers that matter most in these filings are the ones pointed forward. Diodes says it expects full-year 2026 revenue to increase approximately 30% over 2025, and Ondas raised its full-year 2026 revenue target to at least $550 million. Ondas also says it expects company-wide Adjusted EBITDA break even by Q3 2027 and operating-platform Adjusted EBITDA profitability in Q4 2026, and plans to acquire Stemme to strengthen production capacity. m:…1071 m:…5221

Four companies in different industries reporting the same shape of quarter is a pattern worth noting, not a forecast. Each result is the company's own filing, each backlog is a stock of work already won, and each guidance figure is a target the company set for itself. The test for all four is the same: whether the next quarter's filing shows the backlog turning into revenue at the margins these filings describe. m:…1071 m:…5221 m:…6747

What is still unresolved

  • Whether Diodes' expected 30% full-year revenue growth holds through Q4 2026
  • Whether Ondas converts its $835 million backlog on its stated timetable
  • How much of Southland's quarter depended on the Liberty Mutual settlement income

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Cited Manifest ids (4)
  • 1794521001688921071
  • 1794489989495725221
  • 1794522022671926747
  • 1794500818017775141
for id in 1794521001688921071 1794489989495725221 1794522022671926747 1794500818017775141; do
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Provenance ledger

ManifestTitleSourceClaims usedPublished
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17944899894957252218-K - Current reportsec-company-00016461881794490185525727037, 1794490185528727038, 1794490185529727039, 1794490185538727045, 1794490185532727041, 1794490185535727043, 1794490185533727042, 1794490185531727040, 1794490185539727046, 179449018553672704411-12 00:00
17945220226719267478-K - Current reportsec-company-00018838141794522217413928274, 1794522217417928278, 1794522217427928291, 1794522217419928280, 1794522217429928293, 179452221742592828811-12 00:00
179450081801777514110-Q - Quarterly report [Sections 13 or 15(d)]sec-company-00001104711794501048142777271, 1794501048160777273, 1794501048148777272, 1794501048171777274, 1794501048210777280, 1794501048215777281, 1794501048182777276, 1794501048187777278, 179450104819877727911-12 00:00

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