Key Highlights
- Fourth quarter revenue reached $30.1M, representing a 629% year-over-year increase
- Company reported a net loss of $101.0 million in Q4
- Order backlog jumped to $68.3M by year-end from $20.3M in the previous quarter
- 2026 annual revenue projection increased to a minimum of $375 million
- First quarter 2026 revenue forecast of $38–$40M significantly exceeds analyst estimates of $28.37M
On March 23, Ondas Holdings released fourth quarter 2025 financial results, revealing revenues of $30.1 million for the period ending December 31, 2025. This figure represents an impressive 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 substantial revenue figure exceeded Wall Street projections, primarily fueled by higher shipment volumes of OAS platform products, notably Iron Drone and Optimus systems.
Additionally, Ondas completed multiple strategic acquisitions during the latter half of 2025. These transactions enhanced the company’s operational capabilities while contributing positively to both revenue generation and gross profit margins.
However, alongside the impressive revenue performance, the company recorded a net loss of $101.0 million for the fourth quarter. While this represents a significant loss, the adjusted EBITDA loss of $9.9 million provides a more meaningful view 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 backlog figure. The company concluded 2025 with $68.3 million in backlog, representing a substantial increase from the $20.3 million reported at Q3’s close. Such a dramatic increase indicates building sales momentum.
Management attributed this backlog expansion to increasing worldwide demand for autonomous drone systems, counter-UAS technology, and robotics platforms.
Management Increases 2026 Revenue Projections
Ondas elevated its 2026 full-year revenue forecast to a minimum of $375 million. This represents more than double the company’s previous guidance and would translate to approximately 640% year-over-year growth if the lower end of the range is achieved.
Looking at the first quarter of 2026, management projects revenue between $38–$40 million. This stands in stark contrast to the analyst consensus estimate of merely $28.37 million — creating a variance exceeding $10 million at the guidance midpoint.
The first quarter outlook implies approximately 820% year-over-year revenue expansion. The magnitude of this growth projection is extraordinary.
While Ondas expects adjusted EBITDA losses to expand in the first quarter, management anticipates margin improvement as the year unfolds.
Financial Position
At the conclusion of 2025, the company maintained approximately $594.4 million in cash, cash equivalents, and restricted cash. Subsequently, Ondas secured roughly $960 million in additional net proceeds during January 2026.
This positions Ondas with significant financial resources as it enters a year featuring projected exponential revenue expansion. Leadership indicated these funds will finance both internal growth initiatives and potential acquisition opportunities.
Shares declined 6.42% on the trading day following the earnings announcement.
Ondas closed 2025 holding $68.3 million in backlog and more than $1.5 billion in total cash including January financing, with first quarter 2026 revenue guidance established at $38–$40 million versus analyst consensus of $28.37 million.
