Key Highlights
- Fourth quarter revenue reached $30.1M, representing a 629% increase year-over-year
- Fourth quarter net loss totaled $101.0 million
- Order backlog jumped to $68.3M by year-end from $20.3M in the previous quarter
- 2026 full-year revenue outlook increased to a minimum of $375 million
- First quarter 2026 revenue projected at $38–$40M, significantly exceeding the $28.37M analyst estimate
Ondas Holdings delivered its fourth quarter 2025 financial results on March 23, reporting revenue of $30.1 million for the quarter ending December 31, 2025. This represents a massive 629% increase versus the comparable period in 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 figure significantly exceeded Wall Street projections and was primarily fueled by higher shipment volumes of OAS platform products, such as Iron Drone and Optimus systems.
Throughout the latter half of 2025, the company executed multiple strategic acquisitions. These transactions broadened its technical capabilities while contributing positively to both revenue streams and gross profit margins.
However, despite impressive revenue expansion, the fourth quarter net loss reached $101.0 million. While this represents a substantial deficit, the company’s adjusted EBITDA loss of $9.9 million provides a more refined view of core operational performance.
To put this in perspective, adjusted EBITDA losses stood at $8.1 million during Q3 2025 and $7.0 million in Q4 2024 — indicating losses are expanding even when using adjusted metrics.
Among the most notable figures in the earnings release was the backlog expansion. Ondas closed out 2025 with $68.3 million in backlog, marking a substantial increase from the $20.3 million reported at Q3’s conclusion. Such a significant jump points to building sales momentum.
Management attributed this growth to worldwide demand for autonomous drone systems, counter-UAS technology, and robotics platforms.
Company Elevates 2026 Revenue Forecast
Ondas increased its 2026 full-year revenue projection to a minimum of $375 million. This represents more than double its previous forecast and suggests roughly 640% year-over-year expansion if the company achieves the low end of that target.
Looking at the first quarter of 2026 alone, management is projecting $38–$40 million in revenue. This compares to the Street consensus estimate of merely $28.37 million — creating a variance exceeding $10 million at the guidance midpoint.
The first quarter outlook represents approximately 820% growth compared to the year-ago period. That figure bears repeating.
While Ondas indicated that adjusted EBITDA losses are anticipated to grow during Q1, leadership expressed confidence that profit margins will strengthen as 2026 unfolds.
Financial Position
Ondas concluded 2025 holding approximately $594.4 million in cash, cash equivalents, and restricted cash. The company subsequently secured roughly $960 million in additional net cash during January 2026.
This positions Ondas with significant financial resources entering a fiscal year where management is forecasting extraordinary revenue acceleration. Leadership indicated these funds will fuel both internal growth initiatives and potential acquisition opportunities.
Shares closed down 6.42% on the day the earnings report was released.
Ondas wrapped up 2025 with $68.3 million in backlog and more than $1.5 billion in total cash resources including January capital raises, while setting Q1 2026 revenue expectations at $38–$40 million compared to analyst projections of $28.37 million.
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