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 outlook to at least $375 million, reflecting confidence in scaling and integration of new businesses, with Q1 2026 guidance of $38–$40 million.

• Significant capital raised, with a pro forma cash balance over $1.5 billion after a $1.0 billion equity offering in January 2026, supporting ongoing growth and M&A.

• Completed five major acquisitions in early 2026, accelerating transition to a multi-domain autonomy and ISR platform, including partnerships with Palantir and World View.

• ONBERG joint venture with Heidelberg positions the company for European defense market expansion.

Financial highlights

• Q4 2025 revenue was $30.1 million, up 629% year-over-year and nearly 200% sequentially; full-year gross margin rose to 40% from 5% in 2024.

• 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; debt reduced by $41.7 million.

• Cash operating expenses were $23.6 million in Q4 and $53 million for the year.

• Cash flow from financing activities was $862.7 million in 2025, with $260 million used for acquisitions.

Outlook and guidance

• 2026 revenue target increased to at least $375 million, nearly 7x 2025 revenue, with Q1 2026 revenue expected at $38–$40 million.

• Product companies expected to reach positive EBITDA in Q3 2026, OAS in Q3 2027, and company-wide in 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, such as ONBERG and layered ISR with Palantir.

• Backlog expected to grow significantly in Q1 2026.