Key Highlights
- Fourth quarter revenue reached $30.1M, representing 629% growth year-over-year
- Company reported a $101.0 million net loss for the quarter
- Order backlog jumped to $68.3M at year-end from $20.3M in the previous quarter
- Company elevated its full-year 2026 revenue projection to a minimum of $375 million
- First quarter 2026 revenue guidance established at $38–$40M, exceeding the $28.37M analyst forecast
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 629% increase from the corresponding quarter in the previous year.
The figure exceeded analyst projections and stemmed primarily from higher product deliveries within the OAS platform, featuring Iron Drone and Optimus systems.
Throughout the latter half of 2025, the company completed multiple strategic acquisitions. These transactions broadened its operational scope and contributed positively to both revenue streams and gross profit margins.
While the top line showed impressive expansion, the company recorded a net loss of $101.0 million for the fourth quarter. This represents a substantial deficit, although the adjusted EBITDA loss of $9.9 million offers a more refined view of operational results.
For comparison, the adjusted EBITDA loss stood at $8.1 million in Q3 2025 and $7.0 million in Q4 2024, indicating that losses have expanded even when using adjusted metrics.
The backlog figure stood out as particularly notable in this earnings release. Ondas closed 2025 with $68.3 million in backlog, climbing significantly from $20.3 million at the conclusion of Q3. This substantial increase points to strengthening deal activity.
Management attributed this expansion to worldwide appetite for autonomous drone systems, counter-UAS technology, and robotics platforms.
Company Elevates 2026 Revenue Projections
Ondas upgraded its full-year 2026 revenue forecast to a minimum of $375 million. This represents more than double its previous projection and suggests approximately 640% year-over-year expansion at the lower end of that range.
Looking at the first quarter of 2026, management established a revenue target of $38–$40 million. This stands well above the Street consensus of $28.37 million, creating a variance exceeding $10 million at the guidance midpoint.
The Q1 outlook translates to roughly 820% year-over-year growth based on the guidance parameters.
Management noted that adjusted EBITDA losses will likely expand during Q1, while anticipating margin enhancement as the year unfolds.
Financial Position
Ondas closed 2025 with approximately $594.4 million in cash, cash equivalents, and restricted cash holdings. The company then secured roughly $960 million in additional net proceeds through a January 2026 capital raise.
This provides the company with considerable financial resources entering a year marked by projected rapid revenue expansion. Leadership indicated these funds will fuel both internal growth initiatives and acquisition opportunities.
Shares declined 6.42% on the day earnings were announced.
Ondas wrapped up 2025 with a $68.3 million backlog and more than $1.5 billion in total liquidity when combining year-end cash and January capital raise proceeds, while setting Q1 2026 revenue expectations at $38–$40 million compared to analyst estimates of $28.37 million.
