Ondas (ONDS) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 revenue of $30.1M, at the high end of guidance, and full-year 2025 revenue of $50.7M, up 605% year-over-year.

• Raised 2026 revenue target to at least $375M, with Q1 2026 guidance of $38–$40M, representing 640% and 820% year-over-year growth, respectively.

• Strengthened balance sheet with $594.4M in cash at year-end 2025 and $960M in net proceeds raised in January 2026, totaling $1.55B in pro forma cash.

• Significant expansion in autonomous systems, driven by strategic acquisitions and partnerships, notably with Palantir and World View.

Financial highlights

• Q4 2025 revenue rose 198% sequentially and 629% year-over-year; OAS contributed $29.6M, up 722% year-over-year.

• Full-year 2025 gross profit was $20.1M (40% margin), up from $0.4M (5%) in 2024.

• Operating expenses for 2025 were $78.5M, up from $35M in 2024, mainly due to acquisitions and scaling.

• Net loss for 2025 was $133.4M, including a non-cash $82.2M warrant charge; Adjusted EBITDA loss was $31.3M.

• Cash flow from financing activities was $862.7M, with $260.1M used for acquisitions and $38.7M for operations.

Outlook and guidance

• 2026 revenue target raised to at least $375M, nearly 7x 2025 revenue.

• Q1 2026 revenue expected at $38–$40M, up 820% year-over-year.

• Adjusted EBITDA losses expected to increase in Q1 2026 due to investment in growth, but margins projected to improve through the year.

• Profitability targets: product-level by Q3 2026, OAS-level by Q3 2027, company-wide by Q1 2028.