Key Highlights
- Fourth quarter revenue reached $30.1M, representing a 629% increase year-over-year
- Quarterly net loss totaled $101.0 million
- Order backlog jumped to $68.3M at year-end from $20.3M in the previous quarter
- Company increased full-year 2026 revenue projection to a minimum of $375 million
- First quarter 2026 revenue forecast of $38–$40M significantly exceeds $28.37M analyst estimate
Ondas Holdings released its fourth quarter 2025 financial results on March 23, revealing revenue of $30.1 million for the period ending December 31, 2025. This figure represents a remarkable 629% increase versus the comparable quarter last year.
Ondas reported Q4 and full year 2025 financial results, demonstrating strong momentum, raising its 2026 revenue target by more than 2x to at least $375M, and continuing strong execution of its Core + Strategic Growth Program. With approximately $1.5B in cash, Ondas is positioned…
— Ondas Inc. (@OndasHoldings) March 23, 2026
The results significantly exceeded Wall Street projections, primarily fueled by higher shipment volumes of OAS platform products, particularly Iron Drone and Optimus systems.
Additionally, the firm completed multiple strategic acquisitions during the latter half of 2025. These transactions broadened the company’s operational scope while contributing positively to both revenue generation and gross profit margins.
However, despite impressive revenue expansion, Ondas recorded a net loss of $101.0 million for the fourth quarter. While this represents a substantial loss figure, the company’s adjusted EBITDA loss of $9.9 million offers a more transparent view of core operational performance.
To provide perspective, the adjusted EBITDA loss stood at $8.1 million in Q3 2025 and $7.0 million in Q4 2024 — indicating that losses continue to expand even when measured on an adjusted basis.
Among the most notable metrics in the earnings release was the backlog figure. Ondas closed out 2025 with $68.3 million in backlog, marking a significant increase from the $20.3 million reported at the end of the third quarter. Such a dramatic rise points to strengthening deal activity.
Management attributed this backlog expansion to worldwide appetite for autonomous drone technologies, counter-UAS systems, and robotics platforms.
Updated 2026 Revenue Outlook
Ondas lifted its 2026 full-year revenue forecast to a minimum of $375 million. This represents more than double the company’s previous projection and would translate to approximately 640% year-over-year growth if the company achieves the lower end of that range.
For the first quarter of 2026 alone, management is projecting revenue between $38 million and $40 million. This compares favorably to the Street consensus of only $28.37 million — creating a gap exceeding $10 million at the midpoint.
The first quarter guidance reflects approximately 820% year-over-year growth. These figures are accurate.
The company noted that adjusted EBITDA losses are anticipated to grow during Q1, though management expects margin expansion as the year unfolds.
Financial Position
Ondas closed 2025 with roughly $594.4 million in cash, cash equivalents, and restricted cash on hand. The company subsequently secured approximately $960 million in net cash proceeds through a January 2026 capital raise.
This positions the company with considerable financial resources as it enters a year characterized by projected extraordinary revenue expansion. Leadership indicated these funds will support both internal growth initiatives and potential acquisition opportunities.
Shares traded down 6.42% following the earnings announcement.
Ondas concluded 2025 with a $68.3 million backlog and more than $1.5 billion in combined cash resources including January capital raises, while setting Q1 2026 revenue guidance at $38–$40 million compared to analyst expectations of $28.37 million.
