Ondas Q4 Earnings Call Highlights

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Wed, March 25, 2026 astatine 10:17 AM CDT 8 min read

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Sharp gross and borderline betterment but GAAP nonaccomplishment from warrant accounting: Q4 gross was $30.1 cardinal (up 629% YoY) and full-year 2025 gross was $50.7 cardinal (up 605% YoY) with Q4 gross borderline astatine 42% and full-year borderline 40%, portion Q4 nett nonaccomplishment was $101.0 cardinal (FY nonaccomplishment $133.4M) mostly driven by an astir $82.2 cardinal non-cash warrant mark-to-market charge.
Strong currency and superior basal to money growth: Ondas ended 2025 with $594 cardinal successful currency (pro forma >$1.5 cardinal aft a January equity rise and ~$1.8 cardinal raised since June 2025), providing runway for acquisitions and scaling contempt higher near-term operating spend.
Aggressive M&A and partnerships to broaden ISR capabilities and rise 2026 targets: Five caller acquisitions (including Mistral, Rotron, BIRD and planned World View) positive a Palantir concern and a European JV (ONBERG) grow multi‑domain ISR and stratospheric sensing, and absorption raised 2026 gross guidance to astatine slightest $375 cardinal portion outlining phased profitability milestones done 2028.
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Ondas (NASDAQ:ONDS) utilized its fourth-quarter and fiscal-year 2025 net telephone to stress accelerating momentum into aboriginal 2026, driven by maturation successful its Ondas Autonomous Systems (OAS) segment, an expanded acquisition strategy, and caller initiatives aimed astatine broadening its multi-domain intelligence, surveillance and reconnaissance (ISR) offerings.

Chief Financial Officer Neil Laird said the institution delivered “strong 4th fourth and full-year results,” which absorption characterized arsenic an inflection constituent for integrated maturation and its strategical maturation program.

Q4 revenue: $30.1 million, up 629% year-over-year and astir 200% sequentially.
Organic gross growth: up 63% year-over-year, driven by deliveries of Iron Drone and Optimus systems.
Q4 gross profit: $12.7 cardinal with a 42% gross margin, improving from 21% a twelvemonth earlier and 26% successful Q3.
Q4 operating expenses: $36.1 million, reflecting unit and infrastructure concern arsenic good arsenic acquisition-related activity.
Q4 nett loss: $101.0 million, chiefly driven by an $82.2 cardinal non-cash complaint tied to warrant accounting.
Q4 adjusted EBITDA: a nonaccomplishment of $9.9 million, compared to $7.0 cardinal successful the prior-year period.