Ondas (ONDS) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 revenue of $10.1 million, up 582% year-over-year, driven by strong OAS performance, autonomous and unmanned platforms, and strategic acquisitions including Sentrycs, Apeiro Motion, and others.

• Consolidated backlog reached $23.3 million at Q3 2025, with OAS backlog at $22.2 million, expanding to over $40 million including pending acquisitions.

• Raised approximately $855 million in 2025 through equity offerings and warrant exercises, significantly strengthening the balance sheet and supporting strategic growth.

• Strategic M&A program accelerated, adding five companies and expanding into air, ground, cyber, and sensing domains, with acquisitions expected to add $50 million in 2025 revenue.

• Launched Ondas Capital to deploy up to $150 million in scaling dual-use technologies from Ukraine and allied nations.

Financial highlights

• Q3 2025 revenue was $10.1 million (up from $1.5 million in Q3 2024), with OAS contributing $10 million.

• Gross profit reached $2.6 million (26% margin), up from $0.05 million (3% margin) in Q3 2024, driven by higher-margin product revenue.

• Operating expenses rose to $18.1 million, including $5 million in non-cash items; cash operating expenses were $11.6 million.

• Operating loss was $15.5 million; net loss was $7.5 million, improved from $9.5 million loss YoY; adjusted EBITDA loss was $8.8 million.

• Cash balance as of September 30, 2025, was $433.4 million, with pro forma cash post-October equity raise at $840.4 million; shareholders' equity increased to $487.2 million.

Outlook and guidance

• Raised 2025 revenue target to at least $36 million, with Q4 expected to exceed $15 million; 2026 revenue target set at $110 million.

• Expect operating businesses to be EBITDA positive by the second half of 2026; gross margin target for 2026 is 50%.

• Management believes current cash resources and recent capital raises are sufficient to fund operations for at least the next twelve months.

• Bookings and revenue growth expected to fluctuate quarterly due to timing of orders and network buildouts.

• Anticipate continued strong growth in OAS, with modest contributions from Ondas Networks until railroad orders materialize.