Key Highlights
- Fourth-quarter revenue reached $30.1M, representing a 629% increase year-over-year
- Company posted a Q4 net loss of $101.0 million
- Order backlog jumped to $68.3M by year-end from $20.3M in the previous quarter
- 2026 full-year revenue projection increased to a minimum of $375 million
- First-quarter 2026 revenue guidance of $38–$40M significantly exceeds analyst consensus of $28.37M
On March 23, Ondas Holdings released its fourth-quarter 2025 financial results, revealing quarterly revenue of $30.1 million for the period ending December 31, 2025. This figure represents a staggering 629% increase versus the comparable quarter from the previous 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 revenue performance substantially exceeded Wall Street projections, primarily fueled by heightened deliveries of OAS platform products, notably Iron Drone and Optimus systems.
Additionally, the company executed multiple strategic acquisitions during the latter half of 2025. These transactions broadened Ondas’s operational scope while contributing positively to both revenue streams and gross profit margins.
However, the impressive revenue performance was offset by a substantial Q4 net loss of $101.0 million. While this represents a significant deficit, the company’s adjusted EBITDA loss of $9.9 million provides a more accurate representation of core operational performance.
To put this in perspective, the adjusted EBITDA loss stood at $8.1 million during Q3 2025 and $7.0 million in Q4 2024 — indicating that losses are expanding even when measured on an adjusted basis.
A particularly notable metric from the earnings release was the company’s backlog figure. Ondas concluded 2025 with $68.3 million in backlog, marking a significant increase from the $20.3 million reported at Q3’s close. This substantial jump points to building commercial momentum.
Management attributed this backlog expansion to increasing worldwide demand for autonomous drone systems, counter-UAS technology, and robotics platforms.
Company Boosts 2026 Revenue Outlook
Ondas elevated its 2026 annual revenue projection to a minimum of $375 million. This guidance more than doubles the company’s previous forecast and would represent approximately 640% year-over-year expansion if the baseline target is achieved.
Looking at the near term, management expects first-quarter 2026 revenue between $38 and $40 million. This stands in stark contrast to the Street consensus estimate of just $28.37 million — representing a variance exceeding $10 million at the guidance midpoint.
The Q1 revenue guidance translates to roughly 820% growth compared to the prior-year period. This projection reflects exceptional anticipated growth.
Management noted that adjusted EBITDA losses are projected to expand in the first quarter, though the company anticipates margin improvement as the year unfolds.
Financial Position
Ondas concluded 2025 with approximately $594.4 million in cash, cash equivalents, and restricted cash holdings. The company subsequently secured roughly $960 million in additional net cash through a January 2026 capital raise.
This positions Ondas with considerable financial resources entering a year marked by projected substantial revenue expansion. Leadership indicated these funds will fuel both internal growth initiatives and potential acquisition opportunities.
Shares traded down 6.42% on the day financial results were announced.
Ondas closed 2025 with $68.3 million in backlog and more than $1.5 billion in combined cash resources including January capital proceeds, while setting Q1 2026 revenue guidance at $38–$40 million versus Street expectations of $28.37 million.
