Ondas (ONDS) Q4 2025 earnings summary

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.