Ondas (ONDS) Stock Falls 6% After Q4 Net Loss of $101M Despite Revenue Beat

TLDR

• Q4 revenue came in at $30.1M, up 629% year-over-year
• Net loss for Q4 was $101.0 million
• Backlog surged to $68.3M at year-end, up from $20.3M the prior quarter
• Full-year 2026 revenue target raised to at least $375 million
• Q1 2026 revenue target set at $38–$40M, well above the $28.37M analyst consensus

Ondas Holdings posted Q4 2025 results on March 23, showing revenue of $30.1 million for the three months ended December 31, 2025. That’s a 629% jump compared to the same period a year ago.

The number blew past analyst expectations and was driven largely by increased shipments of products on the OAS platform, including Iron Drone and Optimus.

The company also made a series of strategic acquisitions in the second half of 2025. Those deals expanded its capabilities and added to both revenue and gross margin.

Ondas Holdings Inc., ONDS

Despite the strong top-line growth, the net loss for Q4 came in at $101.0 million. That’s a wide loss, though the company’s adjusted EBITDA loss of $9.9 million gives a cleaner picture of operating performance.

For context, the adjusted EBITDA loss was $8.1 million in Q3 2025 and $7.0 million in Q4 2024 — so losses are widening, even on the adjusted basis.

One of the more eye-catching numbers in the report was backlog. Ondas ended 2025 with $68.3 million in backlog, up sharply from $20.3 million at the end of Q3. That kind of jump suggests deal momentum is accelerating.

The company cited global demand for autonomous drone, counter-UAS, and robotics solutions as the driver behind that growth.

2026 Revenue Guidance Raised

Ondas raised its full-year 2026 revenue target to at least $375 million. That more than doubles its prior outlook and implies roughly 640% year-over-year growth if it hits the floor of that range.

For Q1 2026 specifically, the company is targeting $38–$40 million in revenue. That compares to a Wall Street consensus of just $28.37 million — a gap of more than $10 million at the midpoint.

The Q1 guidance represents approximately 820% year-over-year growth. That’s not a typo.

Ondas acknowledged that adjusted EBITDA losses are expected to increase in Q1, but said it sees margins improving as 2026 progresses.

Balance Sheet

The company ended 2025 with approximately $594.4 million in cash, cash equivalents, and restricted cash. It then raised roughly $960 million in additional net cash proceeds in January 2026.

That gives Ondas a substantial war chest heading into a year where it’s projecting explosive top-line growth. Management said the cash will support both organic growth and strategic M&A.

The stock was trading down 6.42% on the day of the report.

Ondas ended 2025 with $68.3 million in backlog and over $1.5 billion in combined cash and January proceeds, with Q1 2026 revenue guidance set at $38–$40 million against a consensus of $28.37 million.

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