West Palm Beach, Florida, March 23, 2026, 08:49 EDT
Ondas Inc. flipped its 2025 outlook on Monday, posting final results that reversed course from what it had signaled just days before. The drone and private wireless player booked an $82.2 million non-cash warrant charge, dragging its fourth-quarter bottom line to a $101 million net loss and putting the full-year deficit at $133.4 million. Revenue still finished up at the top end of the company’s own guidance.
The shift stands out after Ondas told investors back on March 20 to expect a roughly $102 million net gain for the quarter and year, tied to new estimates for the same warrant liability. Those figures were management’s own, not a replacement for proper GAAP numbers, the company had warned. The final results landed the opposite way on Monday, highlighting just how much accounting for warrants — options to buy shares down the road — can swing reported results without touching the actual business itself.
The West Palm Beach, Florida-based company hiked its 2026 revenue target sharply, now aiming for at least $375 million—well above the $170 million to $180 million range it reaffirmed just three days back. For the first quarter, the company is pointing to revenue of $38 million to $40 million. Ondas attributed the upgrade to its Ondas Autonomous Systems unit, which currently boasts a $68.3 million backlog and has gotten a lift from several recently disclosed acquisitions.
Revenue in the fourth quarter soared 629% year-over-year, reaching $30.1 million. For all of 2024, the top line climbed to $50.7 million from just $7.2 million. Ondas Autonomous Systems was responsible for $29.6 million of the quarter’s revenue, according to the release, as demand picked up for Iron Drone and Optimus shipments and recent acquisitions in the second half contributed more sales.
Despite higher revenue, operating profits stayed out of reach. The operating loss deepened to $23.3 million this quarter, up from $8.5 million a year ago. Adjusted EBITDA, which strips out interest, taxes, depreciation, amortization and other factors, stayed in the red — negative $9.9 million for the quarter, $31.3 million for the full year.
Eric Brock, the chief executive, described 2025 as a “defining year” for Ondas. Over at Ondas Autonomous Systems, co-chief executive Oshri Lugassy pointed to “record revenue growth” for the unit. Markus Nottelmann, who heads Ondas Networks, highlighted strong “industry engagement” in the rail communications segment. Ondas Inc.
Ondas is making a bigger play in the defense-drone space—a field drawing more rivals and buyers. Last week, AeroVironment said it’s paying roughly $200 million to acquire aerospace firm ESAero. Red Cat, for its part, just posted record revenue growth for the fourth quarter. Earlier this month, Kratos announced it landed a production order for a counter-UAS system, targeting drone threats.
The expansion strategy hinges on the balance sheet. Ondas wrapped up 2025 holding $594.4 million across cash, equivalents, and restricted cash. After bringing in approximately $960 million in net proceeds on Jan. 9, that cash pile swelled to about $1.55 billion. The fresh funds backed a string of acquisitions—Mistral, Rotron Aerospace, Bird Aerospace, and Indo Earth all joined the fold.
But execution remains a risk here. Ondas noted that revenue projections for its Ondas Networks division are still on the low side—firm rail buildout deals haven’t materialized yet. The company also sees adjusted EBITDA losses increasing in the first quarter, with expenses outpacing revenue.
Market data showed shares trading at $10.06 ahead of Monday’s open. Investors will get another look on Wednesday: Ondas hosts its earnings call at 8:30 a.m. Eastern. The company’s last update on March 20 had set March 25 as the release date.
