Ondas Inc. ONDS reported a fourth-quarter 2025 net loss of $101 million compared with a loss of $10.3 million in the prior-year quarter. A major factor behind the year-over-year wider loss was an $82.2 million non-cash warrant valuation charge, which does not reflect core business performance.
Quarterly revenue was $30.1 million, up 198% sequentially and 629% year over year. The company proved that its long-term strategy, focused on autonomous systems and private wireless networks, can generate real revenue, customer adoption and scalable operations.
Ondas Holdings Inc. Price, Consensus and EPS Surprise
Ondas Holdings Inc. price-consensus-eps-surprise-chart | Ondas Holdings Inc. Quote
At the core of this transformation is Ondas Autonomous Systems (OAS), which has quickly become a comprehensive “system-of-systems” platform. Instead of offering standalone products, Ondas now provides integrated solutions that cover aerial ISR (Intelligence, Surveillance and Reconnaissance), counter-drone (counter-UAS) systems, ground robotics, advanced sensors and AI-powered command-and-control platforms. This integrated approach resonates strongly with customers who prefer unified, mission-ready systems over fragmented technologies.
To meet increasing demand, Ondas is rapidly expanding its operational infrastructure. A key breakthrough is the creation of ONBERG Autonomous Systems, a joint venture with Heidelberger Druckmaschinen AG. This project establishes a local European manufacturing and engineering hub, strengthens its presence in a key defense market, ensures compliance with regional regulations, and, together with U.S.-based partnerships and global supply chain investments, helps Ondas transition from a tech innovator to an industrial-scale solutions provider.
In response to the results, Ondas’ shares rallied 8.2% in trading and closed the session at $10.9 on March 23, 2026. Shares of ONDS have gained 1130.6% in the past year against the Zacks Wireless-National industry’s decline of 5.2%.
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Segmental Details
Ondas Networks remained relatively flat year over year at $0.5 million, due to delayed customer deployments, but it still represents a long-term opportunity tied to private wireless infrastructure.
OAS generated $29.6 million in revenues, growing 196% sequentially and 722% year over year, driven by the delivery of flagship platforms, such as Iron Drone and Optimus, contributions from newly acquired companies, and an increasing order flow and backlog.
Other Details
Gross profit was $12.7 million for the fourth quarter compared with $0.9 million in the prior-year quarter. Gross margin improved to 42% from 21%. This improvement reflects higher revenue volumes absorbing fixed manufacturing costs, a favorable product mix and contributions from higher-margin acquired businesses.
Total operating expenses expanded 284% year over year to $36.1 million. Rising operating expenses signal that Ondas is investing aggressively, including expanding leadership teams, scaling manufacturing and supply chains, increasing global go-to-market capabilities and supporting acquisitions and integration.
Adjusted EBITDA loss totaled $9.9 million, up from $7 million in the previous-year quarter.
Liquidity
As of Dec. 31, 2025, cash, cash equivalents and restricted cash totaled $594.4 million compared with $30 million as of Dec. 31, 2024. The increase was mainly driven by $862.7 million raised through financing, largely from the sale of common stock and warrants, as well as stock option and warrant exercises.
The company had no long-term debt as of Dec. 31, 2025.
Cash flow used in operating activities totaled $38.7 million at the end of 2025 compared with $33.5 million used in 2024.
2026 Outlook: Hypergrowth Ahead
Ondas expects strong momentum to continue in 2026 and has raised its full-year revenue target to at least $375 million, nearly seven times 2025 revenue and more than double the outlook provided in January 2026.
For the first quarter of 2026, the company expects revenue of $38–$40 million, indicating 820% year-over-year growth. Growth will be driven mainly by the OAS business unit, supported by $68.3 million in backlog and contributions from recently acquired businesses.
The company also expects backlog to rise significantly in the first quarter due to strong order activity and the impact of acquisitions, reinforcing its strong revenue outlook. However, revenue from Ondas Networks is expected to remain modest due to uncertain rail network buildout timelines.
Adjusted EBITDA losses are expected to widen in the first quarter due to higher operating expenses, including increased leadership hiring and marketing investments to support rapid growth. Despite this, Ondas expects EBITDA margins to improve over the year and maintains its timeline for profitability — product-level profitability by third-quarter 2026, OAS profitability by third-quarter 2027 and company-wide profitability by first-quarter 2028. The company views current spending as necessary to support future growth.
Recent Performance of Other Companies
NETGEAR, Inc. NTGR reported fourth-quarter 2025 non-GAAP EPS of 26 cents, topping the Zacks Consensus Estimate of 5 cents. The company reported a non-GAAP loss of 6 cents per share in the year-ago quarter. NETGEAR generated net revenues of $182.5 million, beating the consensus estimate by 2.9% and coming at the high end of its guidance of $170-$185 million. Revenues were flat year over year and down 1.1% sequentially. The higher-margin enterprise segment buoyed the performance, benefiting from ASP and unit growth in ProAV-managed switch products.
Lumentum LITE reported second-quarter fiscal 2026 non-GAAP earnings of $1.67 per share, which beat the Zacks Consensus Estimate by 18.68%. The company reported non-GAAP earnings of 42 cents per share in the year-ago quarter. Lumentum’s non-GAAP revenues of $665.5 million, which beat the consensus mark by 1.85%, increased 24.7% on a sequential basis and 65.5% on a year-over-year basis. The growth showcases the strength of the company’s plans for both optical components and systems.
Ciena Corporation CIEN reported first-quarter fiscal 2026 EPS of $1.35, which surpassed the Zacks Consensus Estimate of $1.14. The bottom line skyrocketed 111% year over year. Quarterly revenues increased 33% year over year to $1.43 billion, exceeding the Zacks Consensus Estimate of $1.40 billion. The top line aligned with the upper end of guidance ($1.35-$1.43 billion), indicating growing demand for high-capacity networking infrastructure. The growth was driven by expanding AI data center connectivity, rising bandwidth needs from hyperscalers, ongoing investments by telecom operators upgrading network capacity and strong demand for optical transport and routing solutions.
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