Ondas Holdings Inc.
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.02%.
Did ONDS Beat Earnings? Q3 2025 Results
Ondas Holdings posted a blowout third quarter, with revenue surging 582% year-over-year to $10.10 million, well ahead of the $7.04 million consensus estimate, while its loss per share of $0.03 beat the $0.04 estimate by 18.26%. The standout driver was the Ondas Autonomous Systems business unit, which alone contributed roughly $10.00 million through deliveries of Iron Drone Raider and Optimus System platforms to military and public safety customers, pushing gross margin to 26% from just 3% a year ago. The momentum extends beyond the quarter: a recently announced $8.2 million order from a major European security agency to protect one of Europe's largest airports signals growing international demand for the company's counter-drone technology. With five acquisitions closed or announced since August collectively expected to contribute approximately $50.00 million in 2025 revenue, Ondas raised its full-year revenue target to at least $36.00 million and established a preliminary 2026 target of at least $110.00 million, backed by roughly $840.40 million in pro forma cash following a transformative series of equity raises.
- Strong demand for Iron Drone Raider and Optimus System platforms from military and public safety customers
- Revenue contribution from recently acquired Apeiro Motion
- 582% YoY revenue growth driven by ongoing deliveries under existing contracts
- Gross margin improvement to 26% from 3% YoY as higher volumes absorbed fixed costs
- OAS backlog grew to $22.2 million at Q3 from $20.7 million at Q2
“Ondas delivered a record quarter with $10.1 million in revenue, highlighted by sustained growth momentum at OAS amid a powerful demand cycle for our unmanned platforms. I continue to be pleased with the execution of our core growth plan, led by our Iron Drone Raider and Optimus System platforms, and supported by the expansion of our senior leadership team at OAS which is helping to ensure we have the scalable infrastructure to sustain rapid growth in the years ahead.”
Ondas Holdings CEO, on the earnings call
Forward Guidance & Outlook
Ondas raised its 2025 revenue target to at least $36 million, up from the prior target of at least $25 million, supported by strong OAS performance and recently acquired businesses. The company established a preliminary 2026 revenue target of at least $110 million. Consolidated backlog stood at $23.3 million at Q3 end, with OAS backlog at $22.2 million ($40.4 million including closed/pending Q4 acquisitions). The company expects to exit 2025 with record backlog. Five strategic acquisitions announced since August 2025 are collectively expected to generate approximately $50 million in calendar 2025 revenue and are expected to grow 30-50% or better in 2026. The M&A pipeline includes 40+ advanced activities and $500M+ in potential 2026 revenue from pipeline targets. Ondas Networks revenue expectations remain modest given delayed rail network deployments, though dot16 proof-of-concept pilots with multiple Class 1 railroads are planned for Q4 2025 and early 2026. Bookings and revenue growth are expected to fluctuate quarter-to-quarter. Pro forma cash of approximately $840.4 million provides substantial capital for continued acquisitions and growth initiatives.
ONDS YoY Financials
ONDS Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.