Q4 25 EPS
$-0.62
MISS 1,966.67%
Est. $-0.03
Q4 25 Revenue
$30.1M
BEAT +8.39%
Est. $27.8M
vs S&P Since Q4 25
-22.6%
TRAILING MARKET
ONDS -20.5% vs S&P +2.1%
Full Year 2025 Results
FY 25 EPS
$-0.62
MISS 226.32%
Est. $-0.19
FY 25 Revenue
$50.7M
BEAT +4.88%
Est. $48.4M
Market Reaction
Did ONDS Beat Earnings? Q4 2025 Results
Ondas Inc. Delivered a transformational first quarter for fiscal 2026, posting revenue of $50.12 million, a +1,079.8% year-over-year surge that cleared the high end of the company's own guidance by 25% and reflected the rapid reshaping of the busines… Read more Ondas Inc. Delivered a transformational first quarter for fiscal 2026, posting revenue of $50.12 million, a +1,079.8% year-over-year surge that cleared the high end of the company's own guidance by 25% and reflected the rapid reshaping of the business through its Core and Strategic Growth Program. The single most material driver was an aggressive acquisition campaign, adding five businesses spanning loitering munitions, airborne missile defense, stratospheric ISR platforms, and military earthmoving equipment, which helped push pro forma backlog to $457.00 million from just $68.30 million at year-end 2025. GAAP net income of $361.25 million was heavily influenced by non-cash items, including a $389.55 million fair value gain on warrant liabilities, while consolidated adjusted EBITDA remained a loss of $10.88 million. Execution and backlog conversion remain key concerns heading into the year, with adjusted EBITDA losses expected to peak in Q2 2026 before improving as the H2 revenue ramp builds; nonetheless, Ondas raised its full-year 2026 revenue target to at least $390.00 million, implying approximately 670% growth over 2025.
Key Takeaways
- • Strong performance across C-UAS systems portfolio including Sentrycs and Iron Drone
- • Contributions from ground systems and sensor systems provided by Bird Aerosystems and Insight Sense
- • Accretive acquisitions expanding technology platform into loitering munitions, counter-missile defense, and ISR
- • Favorable product mix and fixed cost absorption driving gross margin expansion to 49.2%
- • Global demand tailwinds for counter-UAS and defense robotics
ONDS Forward Guidance & Outlook
Ondas raised its full-year 2026 revenue target to at least $390 million, representing approximately 670% year-over-year growth from 2025. Growth is expected to be broad-based across the product portfolio, supported by $457 million in pro forma backlog. The company expects adjusted EBITDA losses to remain elevated in Q2 2026, which is expected to represent the likely peak, with improvement throughout the year driven by increased revenues, gross profits, and operational scale. Elevated losses in the first half represent front-loaded expenses ahead of a significant revenue ramp expected in H2 2026 and beyond. OAS adjusted EBITDA profitability expectations have been pulled forward to Q1 2027 from Q3 2027 previously, while company-wide adjusted EBITDA profitability is still expected by Q1 2028. The company's strategic growth program remains active with expectations for additional acquisitions in 2026 that would generate incremental revenue. Target revenue by segment: Aerial Security 38%, LMS 28%, UGV 19%, ISR 15%. A two-year strategic program pipeline of $4.3 billion across more than 45 program submissions globally is under pursuit.
ONDS YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
ONDS Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered record results in the first quarter of 2026, with revenue of $50.1 million representing a ten-fold increase year-over-year, as our Core + Strategic Growth Program continues to drive strong execution and accelerating momentum across the business. Our system-of-systems platform is scaling effectively, and we are beginning to realize the benefits of a global operating platform designed to support higher levels of business activity and revenue. Importantly, our financial model is also demonstrating operating leverage as our product companies were adjusted EBITDA positive during the first quarter, 6 months ahead of our targets. With backlog surging to $457 million, including contributions from recently closed acquisitions, we believe we have strong visibility into our 2026 targets and are increasing our full-year revenue outlook to at least $390 million.”
— Eric Brock, Q4 2025 Earnings Press Release
ONDS Earnings Trends
ONDS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ONDS EPS Trend
Earnings per share: estimate vs actual
ONDS Revenue Trend
Quarterly revenue: estimate vs actual
ONDS Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | — | — | $50.1M | — |
| Q4 25 MISS FY | $-0.03 | $-0.62 | -1,966.67% | $30.1M | +8.39% |
| FY Full Year | $-0.19 | $-0.62 | -226.32% | $50.7M | +4.88% |
| Q3 25 BEAT | $-0.04 | $-0.03 | +18.26% | $10.1M | +43.47% |
| Q2 25 MISS | $-0.06 | $-0.08 | -33.33% | $6.3M | +8.99% |
| Q1 25 MISS | $-0.09 | $-0.15 | -66.67% | $4.2M | -13.96% |
| Q4 24 MISS FY | $-0.09 | $-0.61 | -577.78% | — | — |
| FY Full Year | — | $-0.61 | — | $7.2M | — |