Key Takeaways
- Fourth quarter revenue reached $30.1M, reflecting a 629% increase from the prior year
- Company recorded 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 full-year revenue projection increased to a minimum of $375 million
- First quarter 2026 revenue projected at $38–$40M, significantly 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 three-month period ending December 31, 2025. This represents a substantial 629% increase compared to the corresponding quarter in the previous year.
The figure significantly surpassed Wall Street projections and was primarily fueled by higher shipment volumes of OAS platform products, particularly Iron Drone and Optimus systems.
The organization also completed multiple strategic acquisitions during the latter half of 2025. These transactions broadened its operational capabilities and contributed positively to both revenue figures and gross margin performance.
However, despite the impressive revenue expansion, the company reported 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 accurate reflection of core operational performance.
For comparison purposes, 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 using adjusted metrics.
One particularly notable metric from the earnings report was the backlog figure. Ondas closed out 2025 with $68.3 million in backlog, representing a significant increase from the $20.3 million reported at the conclusion of Q3. This substantial rise indicates strengthening deal momentum.
Management attributed this backlog expansion to worldwide demand for autonomous drone systems, counter-UAS technology, and robotics solutions.
Company Increases 2026 Revenue Forecast
Ondas elevated its 2026 annual revenue forecast to a minimum of $375 million. This projection more than doubles the company’s previous guidance and suggests approximately 640% year-over-year growth if the baseline target is achieved.
Looking specifically at the first quarter of 2026, management expects revenue between $38–$40 million. This forecast significantly exceeds the Wall Street consensus estimate of $28.37 million — creating a differential of over $10 million at the midpoint.
The Q1 projection implies roughly 820% year-over-year growth. The magnitude of this guidance is remarkable.
Management noted that adjusted EBITDA losses are anticipated to grow during Q1, though the company expects margin improvement as the year advances.
Financial Position
Ondas concluded 2025 holding approximately $594.4 million in cash, cash equivalents, and restricted cash. Subsequently, the company secured roughly $960 million in additional net cash proceeds during January 2026.
This positions the company with considerable financial resources as it enters a year projected to deliver explosive revenue expansion. Leadership indicated these funds will fuel both organic expansion initiatives and strategic acquisition opportunities.
Shares traded down 6.42% on the day financial results were announced.
Ondas closed 2025 with $68.3 million in order backlog and over $1.5 billion in combined cash resources including January proceeds, while setting Q1 2026 revenue guidance at $38–$40 million compared to analyst consensus of $28.37 million.
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