Ondas Reports Record FY2025: Revenue $50.7M, Q4 Revenue $30.1M, Raises 2026 Target to $375M

Ondas reported record fourth-quarter and full-year 2025 results, with Q4 revenue of $30.1 million and full-year revenue of $50.7 million. The company posted a net loss of $133.4 million for 2025 (including a non-cash $82.2 million warrant-related charge) and closed the year with $594.4 million in cash, cash equivalents and restricted cash. Management raised its 2026 revenue target to at least $375 million and set Q1 2026 revenue guidance of $38–$40 million.

Financial Highlights

• Revenue: $50.7 million for the year ended December 31, 2025; Q4 revenue $30.1 million (Q4 up from $4.1M year-ago).
• Gross profit: $20.2 million for 2025; gross margin 40% for 2025 (Q4 gross profit $12.7M; Q4 gross margin 42%).
• Operating loss: $(58.4) million for the year ended December 31, 2025; operating loss $(23.3) million in Q4 2025.
• Net loss: $(133.4) million for the year ended December 31, 2025; Q4 net loss $(101.0) million (includes $82.2M non-cash warrant charge).
• Adjusted EBITDA (non-GAAP): $(31.3) million for full-year 2025; Adjusted EBITDA $(9.9) million for Q4 2025.
• Liquidity: Cash, cash equivalents and restricted cash of $594.4 million at December 31, 2025; raised approximately $960 million net proceeds in January 2026 bringing pro forma cash to ~$1.55 billion.

Business Highlights

• Rapid OAS expansion: Ondas Autonomous Systems (OAS) drove the revenue step-change in 2025 with broad adoption of autonomous drone, counter-UAS and robotics solutions and year-over-year segment growth reflected in Q4 revenue of $29.6 million.
• Backlog and demand: Ended 2025 with $68.3 million in backlog, up from $20.3 million the prior quarter, attributed to accelerating global demand and new customer wins.
• Strategic acquisitions and platform buildout: Executed multiple acquisitions in H2 2025 and early 2026 expanding capabilities across aerial ISR, counter-UAS, ground robotics, sensors, propulsion, and high-altitude sensing to form an integrated system-of-systems platform.
• Global manufacturing and partnerships: Formed ONBERG joint venture with Heidelberg for a Germany-based manufacturing and go-to-market platform; engaged U.S. manufacturing partners (Detroit Manufacturing Systems, Kitron) to scale NDAA-compliant production.
• Technology and partnerships: Announced partnership with Palantir for integration of AI-driven operational platforms and World View collaboration for high-altitude sensing; Ondas Networks advanced IEEE 802.16t adoption with AAR engagement and field POCs on rail networks.

Original SEC Filing: Ondas Inc. [ ONDS ] - 8-K - Mar. 23, 2026