Key Highlights
- Fourth quarter revenue reached $30.1M, representing a 629% year-over-year increase
- Q4 net loss totaled $101.0 million
- Order backlog jumped to $68.3M by year-end from $20.3M in the previous quarter
- 2026 full-year revenue projection increased to a minimum of $375 million
- First quarter 2026 revenue forecast of $38–$40M significantly exceeds the $28.37M analyst estimate
On March 23, Ondas Holdings released its fourth quarter 2025 financial results, reporting $30.1 million in revenue for the period ending December 31, 2025. This represents a remarkable 629% increase from the corresponding quarter in the previous 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 figure substantially exceeded Wall Street projections, fueled primarily by expanded deliveries of OAS platform products, notably Iron Drone and Optimus systems.
Throughout the latter half of 2025, the organization completed multiple strategic acquisitions. These transactions broadened the company’s operational capabilities while contributing positively to both revenue streams and gross profitability.
While top-line performance was impressive, the company recorded a net loss of $101.0 million for the fourth quarter. Although this represents a substantial deficit, the adjusted EBITDA loss of $9.9 million provides a more transparent view of core operational results.
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 closed out 2025 with $68.3 million in backlog, representing a significant increase from the $20.3 million reported at Q3’s conclusion. This substantial rise indicates strengthening deal activity.
Management attributed this expansion to worldwide demand for autonomous drone systems, counter-UAS technology, and robotics platforms.
Updated 2026 Revenue Projections
Ondas increased its 2026 full-year revenue projection to a minimum of $375 million. This represents more than double the company’s previous forecast and would translate to approximately 640% year-over-year growth at the low end of guidance.
Looking at the first quarter of 2026, management projects revenue between $38 and $40 million. This stands in stark contrast to the Street consensus estimate of only $28.37 million — creating a variance exceeding $10 million at the guidance midpoint.
The first quarter forecast suggests approximately 820% year-over-year expansion. That figure bears repeating.
While the company indicated that adjusted EBITDA losses will likely expand in Q1, management expressed confidence that margins will strengthen as the year unfolds.
Financial Position
Ondas closed 2025 with approximately $594.4 million in cash, cash equivalents, and restricted cash balances. The company subsequently secured roughly $960 million in additional net cash proceeds during January 2026.
This positions Ondas with significant financial resources entering a year characterized by projected extraordinary revenue expansion. Leadership stated the capital will fuel both internal growth initiatives and potential strategic acquisitions.
Shares declined 6.42% on the day earnings were announced.
Ondas closed 2025 with $68.3 million in order backlog and more than $1.5 billion in total cash when combining year-end balances and January fundraising, while first quarter 2026 revenue guidance of $38–$40 million stands well above the $28.37 million consensus forecast.
