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Edge20 Mar 2026
Tetra Pak: The Shape of Innovation
The story of Tetra Pak, the Rausing family, and how a paper tetrahedron gave rise to a company that now delivers almost 180 billion packages a year.
Ondas
Ondas (ONDS) investor relations material
Ondas Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Mar, 2026
Executive summary
Achieved $50.7 million in 2025 revenue, a 605% year-over-year increase, with strong organic and acquisition-driven growth and backlog rising to $68.3 million at year-end.
Raised 2026 revenue target to at least $375 million, more than doubling prior guidance, with Q1 2026 guidance of $38–$40 million.
Completed five major acquisitions in early 2026, accelerating transition to a multi-domain autonomy platform and expanding capabilities across ISR, defense, and autonomous systems.
Established ONBERG joint venture in Europe and formed strategic partnerships with Palantir and World View to build scalable, multi-domain ISR platforms.
Strengthened balance sheet with pro forma cash exceeding $1.5 billion after a $1 billion equity offering in January 2026.
Financial highlights
Q4 2025 revenue was $30.1 million, up 629% year-over-year and nearly 200% sequentially; OAS contributed $29.6 million, up 722% year-over-year.
Full-year 2025 gross margin improved to 40% from 5% in 2024, with Q4 gross margin at 42% (up from 21%).
Net loss for 2025 was $133.4 million, including an $82.2 million non-cash warrant charge; adjusted EBITDA loss was $31.3 million.
Cash and equivalents at year-end 2025 were $594 million, up from $30 million in 2024; cash provided by financing activities was $862.7 million.
Operating expenses for 2025 were $78.5 million, up from $35 million in 2024, mainly due to acquisitions and scaling.
Outlook and guidance
2026 revenue target increased to at least $375 million, nearly 7x 2025 revenue.
Q1 2026 revenue expected between $38 million and $40 million, with acquisition contributions ramping from Q2.
Profitability targets: product-level by Q3 2026, OAS-level by Q3 2027, company-wide by Q1 2028.
Higher losses anticipated in 1H 2026 as investments are frontloaded to support major revenue ramp in 2H 2026 and beyond.
Multiple avenues for upside not yet included in guidance, including ONBERG and layered ISR with Palantir.
Strategic value of the Palantir AIP integration
Status of the 160 MHz rail network POC testing
Manufacturing scale-up via the ONBERG JV
Revenue split: core vs. Q1 2026 acquisitions
Commercial structure of Palantir ISR partnership
Status of the Shahed killer interceptor program
Partial view of Summaries dataset, powered by Quartr API
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Latest events from Ondas
- Defense and government contracts drive expected H2 2024 revenue rebound after sharp Q2 drop.ONDS
Q2 20241 Feb 2026 - Autonomous drone platforms secure $9M in military orders, targeting $129M revenue by 2029.ONDSInvestor Day 202420 Jan 2026
- 2026 revenue target raised to $170–$180M, driven by platform scale and global defense growth.ONDSInvestor Day 202616 Jan 2026
- Record $14.4M military orders boost bookings, but revenue lags; growth expected in 2025.ONDSQ3 202415 Jan 2026
- 2025 revenue set to reach $25M, fueled by OAS backlog, military wins, and strong cash.ONDSQ4 20246 Jan 2026
- Record growth expected as proprietary drone and wireless platforms gain rapid adoption.ONDSSidoti Small-Cap Virtual Conference26 Dec 2025
- Up to $225M in securities to fund expansion in wireless and drone tech for critical infrastructure.ONDSRegistration Filing16 Dec 2025
- Shareholders will vote on director elections, auditor ratification, and key charter and incentive plan amendments.ONDSProxy Filing1 Dec 2025
- Shareholders will vote on director elections, auditor ratification, compensation, and key charter amendments.ONDSProxy Filing1 Dec 2025
Next Ondas earnings date
Q1 202614 May, 2026
Ondas
Next Ondas earnings date
Q1 202614 May, 2026
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