Ondas Inc. Reports Revised Preliminary Q4 and FY 2025 Financial Results, Raises Key Guidance

Key Highlights for Investors

• Q4 2025 and FY 2025 revenues exceed prior guidance – Preliminary Q4 revenue is expected between \$29.1 million and \$30.1 million, above the previous guidance of \$27–\$29 million. Full year 2025 revenue is now projected between \$49.7 million and \$50.7 million, also above the earlier range of \$47.6–\$49.6 million.
• Significant Net Gain Drives Positive Earnings – The company expects a net gain of approximately \$102 million for Q4 and full year 2025, primarily due to a net change in the fair value of warrant liabilities.
• Positive Net Income Despite Negative Adjusted EBITDA – Q4 net income is expected between \$82.9 million and \$83.4 million, and FY 2025 net income between \$50.4 million and \$50.9 million. Adjusted EBITDA remains negative, at \$(9.9) to \$(9.4) million for Q4 and \$(31.5) to \$(31) million for FY 2025, indicating ongoing underlying operating losses.
• Cash Position Strengthened After Major Capital Raise – As of December 31, 2025, Ondas held \$551 million in cash and equivalents. On January 12, 2026, the company raised an additional \$1 billion, further bolstering its liquidity position.
• Reiteration of Robust FY 2026 Revenue Outlook – Ondas affirms its 2026 revenue guidance of \$170–\$180 million, not including any contributions from potential new acquisitions in 2026.
• Upcoming Earnings Event – Final Q4 and FY 2025 results will be released on March 25, 2026, prior to an investor conference call scheduled for 8:30 a.m. ET on the same day.

Detailed Financial Overview

Ondas Inc. (Nasdaq: ONDS), a leader in autonomous drone and ground robotics, as well as private wireless solutions, has released revised preliminary financial results for the fourth quarter and fiscal year ended December 31, 2025. These results indicate performance above previous management guidance and highlight several key developments with potential impact on the company’s share value.

Q4 2025 Results

• Revenue: Expected between \$29.1 million and \$30.1 million (previous guidance: \$27–\$29 million).
• Net Income: Projected at \$82.9 million to \$83.4 million, a dramatic turnaround from a net loss of \$(10.3) million in Q4 2024.
• Adjusted EBITDA (non-GAAP): Between \$(9.9) million and \$(9.4) million, compared to \$(7.0) million in Q4 2024.
• Major Non-Operating Gain: The improved net income is primarily attributed to an approximately \$102 million net gain from the change in fair value of warrant liabilities—a non-cash, non-operating item.

Full Year 2025 Results

• Revenue: Estimated at \$49.7 million to \$50.7 million (previous guidance: \$47.6–\$49.6 million).
• Net Income: Expected between \$50.4 million and \$50.9 million, reversing a net loss of \$(38.0) million in 2024.
• Adjusted EBITDA (non-GAAP): Projected loss of \$(31.5) million to \$(31) million, compared to a loss of \$(28.5) million in 2024. The continued negative Adjusted EBITDA highlights ongoing operating challenges despite the positive net income driven by the warrant liability adjustment.
• Key Adjustments:
  • Depreciation: \$0.9 million (2024: \$0.6 million)
  • Amortization: \$5.8 million (2024: \$4.2 million)
  • Acquisition-related expenses: \$4.3 million (2024: \$0 million)
  • Stock-based compensation: \$16.0 million (2024: \$1.3 million)
  • Provision for income taxes: \$1.0 million (2024: \$0 million)
  • Other income (net, includes warrant liability gain): \$(109.9) million (2024: \$3.4 million)

Liquidity and Capital Position

• Ondas ended 2025 with a robust cash and equivalents balance of \$551 million.
• On January 12, 2026, Ondas raised approximately \$1 billion in new capital, dramatically enhancing its financial flexibility and capacity for potential acquisitions or expansion.

2026 Outlook

• The company reiterated its prior full-year 2026 revenue guidance of \$170–\$180 million. This outlook does not include the impact of any new acquisitions that may be announced during 2026, leaving room for potential upside if additional deals are completed.

Upcoming Catalysts

• Final FY 2025 Results and Conference Call: Investors should closely watch Ondas’ final full-year results announcement and the investor conference call scheduled for March 25, 2026, at 8:30 a.m. ET. These events could provide additional details about operational trends, acquisition strategies, and guidance updates.

About Ondas Inc.

Ondas Inc. is a global provider of autonomous systems, robotics, and secure wireless connectivity for defense, security, and industrial sectors. Its business units include Ondas Autonomous Systems (OAS), Ondas Capital, and Ondas Networks. OAS delivers AI-enabled drone and ground robotic platforms, counter-UAS, and advanced sensing systems for defense and critical infrastructure protection. Ondas Capital drives strategic investments and partnerships, while Ondas Networks provides mission-critical wireless connectivity through its FullMAX platform for industrial IoT applications.

Investor Considerations

• Positive Surprises: Revenue beats for both the quarter and year, along with a dramatic swing to net income, may drive positive sentiment and share price appreciation.
• Non-Operating Nature of Income: The primary driver of net income is a non-operating accounting gain, not improved operating performance, which could temper investor enthusiasm.
• Continued Operating Losses: Negative Adjusted EBITDA underscores the need for improvement in core operations.
• Strong Cash and Capital Position: The substantial liquidity following the \$1 billion capital raise could facilitate growth initiatives, M&A, or enhance balance sheet strength.
• Guidance and Acquisitions: The reiteration of strong 2026 revenue guidance, excluding potential acquisitions, signals management confidence in underlying growth. Any acquisition news could further impact shares.
• Forthcoming Results and Call: The final audited results and management commentary on March 25, 2026, are key upcoming catalysts.

Disclaimer

The information provided above is based on preliminary and unaudited financial results as released by Ondas Inc. Final results may differ and investors are encouraged to review the company’s official filings and attend the upcoming investor call for the most accurate and up-to-date information. This article does not constitute investment advice. Forward-looking statements are subject to risks and uncertainties and actual results may differ materially. Please refer to Ondas’ most recent filings with the SEC for a full discussion of risk factors.

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