TLDR
- Ondas Holdings shares climbed over 500% in 2025 following increased 2026 revenue guidance of $170-$180 million
- Fourth-quarter 2025 revenue reached $27-$29 million with full-year results at $47.6-$49.6 million, beating targets
- Backlog grew 180% to $65.3 million while cash reserves topped $1.5 billion following equity raise
- Retail investors and public companies hold 84.99% of outstanding shares with Vanguard owning 3.60%
- Unanimous Buy ratings from eight analysts with Stifel’s $17 price target leading Wall Street
Ondas Holdings delivered a 500% return in 2025. The defense technology company boosted revenue projections while expanding its autonomous systems business.
Management presented updated guidance at a recent investor day event. The company raised 2026 revenue expectations to $170-$180 million, representing a 25% increase over previous estimates of $140 million.
Results for 2025 exceeded internal forecasts. Fourth-quarter revenue came in at $27-$29 million, topping earlier projections by 51%. Annual revenue finished between $47.6-$49.6 million, beating guidance by 23%.
The company transformed from a specialized drone systems provider into a comprehensive autonomy platform. Operations now span multiple domains including aerial and ground-based systems.
Strong Order Book Growth
Ondas reported backlog of $65.3 million at year-end 2025. This figure represents a 180% jump from the $23.3 million recorded in November 2025.
The company completed a $1 billion equity offering during the fourth quarter. Cash on hand now exceeds $1.5 billion on a pro forma basis, providing capital for continued expansion.
Retail and public company investors control the majority of shares at 84.99%. Exchange-traded funds own 8.83% while mutual funds hold 5.28%. Company insiders maintain 0.87% ownership.
Vanguard leads institutional holders with a 3.60% position. Vanguard Index Funds owns 2.94% of outstanding shares. The Vanguard Total Stock Market ETF holds 2.65% while VanEck Defense UCITS ETF owns 1.87%.
Analyst Sentiment Remains Strong
Eight analysts cover Ondas with all maintaining Buy recommendations. The average price target sits at $12 per share.
Stifel Nicolaus recently increased its price target to $17 from $13. This represents the highest target among Wall Street firms and suggests 40% potential upside.
Revenue growth stems from the Ondas Autonomous Systems division. Key products include Iron Drone Raider and Optimus platforms gaining traction with customers.
Recent acquisitions Apeiro Motion and Roboteam contribute new revenue streams. Management expects strong performance from counter-unmanned aerial systems using Iron Drone and Sentrycs technology.
Ground robotics offerings through Roboteam and Apeiro are expanding. The 4M Smart Demining division should add revenue as operations scale.
Competitive Landscape
Red Cat Holdings reported preliminary Q4 2025 revenue of $24-$26.5 million compared to $1.3 million a year prior. Annual 2025 revenue reached $38-$41 million, up 153% from $15.6 million in 2024.
Draganfly posted third-quarter growth driven by defense contracts. The Canadian company benefits from demand for NDAA-compliant drones and military platform orders.
Ondas currently trades at a forward price-to-sales multiple of 31.03. The communication network software industry averages a 2.25 multiple. Shares gained 440.5% over six months versus 8.9% for the sector.
The company ended 2025 with a backlog of $65.3 million and cash reserves exceeding $1.5 billion after completing its equity offering.
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