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What were the key takeaways from Ondas's earnings call?

What is the revenue and EPS growth rate for Ondas year over year?

- **Revenue Surge**: Q4 2025 revenue up 629% YoY to $30.1 million, driven by 5 Q1 acquisitions and organic growth in counter-UAS.
- **Strategic Acquisitions**: $550 million invested in Mistral, Rotron, Bird, Indo Earth, and WorldView, targeting $230 million+ 2026 contribution.
- **European Expansion**: Amberg JV with Heidelberg positions Ondas for German and Ukrainian defense contracts with localized manufacturing.
- **Stratospheric ISR**: WorldView acquisition adds stratospheric sensing layer, integrated with Palantir AI for multi-domain ISR as a service.
- **Financial Strength**: $1.5 billion pro forma cash, supporting aggressive M&A pipeline with $1 billion+ program of record opportunities.
- **Profitability Path**: OAS to EBITDA+ in Q3 2026, Ondas Inc. in Q1 2028, with gross margin improving to 40% in 2025 from 5% in 2024.

**【CEO Summary Section】**
- Ondas delivered strong Q4 2025 revenue of $30.1 million, up 629% YoY, driven by acquisitions and organic growth in autonomous systems.
- Launched Amberg, a European joint venture with Heidelberg, to expand into German and Ukrainian defense markets with localized manufacturing and government alignment.
- Acquired WorldView to integrate stratospheric ISR capabilities, enabling multi-domain sensing with Palantir's AI platform.
- Raised 2026 revenue target to $375 million, reflecting contributions from 5 Q1 acquisitions (Mistral, Rotron, Bird, Indo Earth, WorldView) and organic growth in counter-UAS and ISR.
- Highlighted $1 billion+ pipeline for strategic growth program, focusing on multi-domain ISR, loitering munitions, and ground robotics.

**【CFO Financial Commentary】**
- Q4 2025 GAAP net loss of $101 million due to $82.2 million non-cash warrant revaluation, with adjusted EBITDA loss of $9.9 million.
- Full-year 2025 revenue of $50.7 million (605% YoY), with gross margin improving to 40% from 5% in 2024.
- Ended Q4 with $594 million in cash, pro forma $1.5 billion post-January equity raise, supporting $550 million in M&A pipeline.
- Projected OAS segment to reach positive EBITDA in Q3 2026, Ondas Inc. in Q1 2028.

**【Q&A Key Highlights】**
- **Conflict Impact**: CEO Eric Brock noted increased RFP activity and urgency in Middle East, with Meir Kliner emphasizing Ondas' proven ISR and counter-UAS systems as critical in current operational environment.
- **WorldView Growth**: Ryan Hartman (WorldView CEO) shared expectations for 250+ flights/year for U.S. Air Force and 450+ flights/year for Golden Dome program, targeting 50%+ gross margin per flight with sensor payloads.
- **Mistral Integration**: Highlighted $1 billion+ IDIQ for Hero system, with additional ISR and UGV capabilities being integrated into Ondas' multi-domain platform.
- **Manufacturing Capacity**: CFO Neil Laird confirmed no bottlenecks, with investments in scaled manufacturing and supply chain to support 2026+ growth.
- **Amberg Expansion**: CEO indicated potential to replicate joint venture model in other regions, though prioritizing Europe given Heidelberg's government procurement channels.


Ondas Holdings Inc.(ONDS)-20260325-2025 Q4 Earnings call transcript

- **Revenue Surge**: Q3 2025 revenue $10.1 million (+580% YoY), with 2026 target of $110 million.
- **Strategic Acquisitions**: 5 Q3 deals, including Sentrycs (70%+ gross margin), with $500+ million pipeline.
- **Counter-UAS Leadership**: Sentrycs' Cyber-over-RF tech deployed in 25+ countries; Iron Drone kinetic system complements soft-kill solutions.
- **Gross Margin Target**: 50% by 2026, driven by scale and high-margin acquisitions.
- **Capital Strength**: $433 million cash as of Q3, supporting $150 million Ondas Capital program.


**【CEO Summary Section】**
- **Record Q3 Revenue Growth**: $10.1 million, up 580% YoY, driven by OAS and strategic acquisitions. Full-year 2025 revenue target raised to $36 million (Q4: >$15 million), with 2026 outlook of $110 million.
- **Strategic Acquisitions**: Completed 5 deals in Q3, including Sentrycs (Cyber-over-RF counter-UAS tech) and Apeiro Motion (ground robotics). Pipeline includes 20+ targets, with 7 in advanced stages.
- **Ondas Capital Launch**: $150 million program to commercialize battle-tested Ukrainian tech, with forward offices in Kyiv, London, and Frankfurt.
- **Gross Margin Target**: 50% by 2026, driven by high-margin Sentrycs (70%+ gross margin) and scale effects.

**【CFO Financial Commentary】**
- **Revenue & Profit**: Q3 revenue $10.1 million (60% sequential growth); gross profit $2.6 million (26% margin). Adjusted EBITDA loss $8.8 million vs. $7.2 million in Q2.
- **Cash Position**: $433 million as of Q3, up from $30 million in 2024. Raised $855 million in 2025 via equity, supporting M&A and growth.
- **Operating Expenses**: $18.1 million (up 110% YoY), driven by talent acquisition and infrastructure build-out. Cash operating expenses $11.6 million (44% YoY growth).

**【OAS Business Update】**
- **Counter-UAS Leadership**: Sentrycs' Cyber-over-RF tech deployed in 25+ countries, with 24% YoY growth in North America. Iron Drone Raider kinetic system complements soft-kill solutions.
- **Production Scaling**: U.S.-built Optimus and Iron Drone systems expected in Q1 2026, supporting NDAA compliance.
- **Pipeline Expansion**: Backlog $23.3 million (Q3) + $18 million from pending acquisitions, total >$40 million.

**【Ondas Networks Update】**
- **dot16 Adoption**: AAR designates dot16 for 900, 450, and 160 MHz networks. Q4 field trials with Class 1 railroads; ACSES production units shipping Q4.
- **Revenue Outlook**: Limited contribution in 2025, but 2026 deployments expected to drive growth.

**【Q&A Highlights】**
- **M&A Synergies**: 7 advanced-stage deals could add >$500 million in revenue. Integration with OAS platform to accelerate growth and margins.
- **Gross Margin Path**: 50% target achievable in 2026, driven by high-margin Sentrycs and scale.
- **Market Expansion**: Europe counter-UAS demand urgent due to Ukraine war; U.S. DHS/DoD pipeline maturing.
- **Sentrycs Integration**: Combined Sentrycs/Iron Drone system to deliver end-to-end counter-UAS solutions in 2026.


Ondas Holdings Inc. (ONDS) Q3 2025 Earnings Call Transcript

- **Record Growth**: Q2 2025 revenue of $6.3M (610% YoY), with $22M backlog and $25M+ full-year target
- **Strategic Investments**: $1.5M Rift Dynamics partnership for low-cost drones, Zickel Engineering acquisition for defense R&D
- **Financial Strength**: $68.6M cash, 53% gross margin, and improving EBITDA
- **Market Expansion**: 2025 defense orders >$20M, U.S. DoD pipeline, and global rail network rollouts
- **Operational Scale**: Detroit Manufacturing Systems for U.S. production, 50%+ gross margin target


**【CEO Opening Remarks】**
- Q2 2025 revenue reached $6.3 million, a 6x year-over-year increase, driven by OAS defense and homeland security contracts.
- Full-year 2025 revenue target reaffirmed at $25 million+ (OAS contributing >$20M), with $22M backlog and $39M+ trailing 12-month orders.
- Strategic investments include $1.5M partnership with Rift Dynamics for low-cost attributable drones and Zickel Engineering acquisition for defense system development.
- Strong balance sheet with $68.6M cash post-debt conversion, enabling M&A and growth execution.

**【CFO Financial Commentary】**
- Q2 2025: 
  - Revenue: $6.3M (610% YoY growth)
  - Gross Profit: $3.3M (53% margin)
  - Operating Expenses: $12.6M (56% YoY increase)
  - Cash Operating Expenses: $9.4M (42% YoY growth)
  - Adjusted EBITDA: -$5.8M (improving from -$6.7M YoY)
- Cash position: $68.6M (vs. $30M at year-end 2024), with no debt outstanding.

**【OAS Business Update】**
- Q2 2025 OAS revenue: $6.1M (20x YoY growth)
- Major wins: 
  - $14.3M defense order for Optimus systems
  - $3.8M UAE public safety fleet expansion
  - $3.4M European government Iron Drone Radar deployment
- Pipeline expansion: 
  - 2+ new defense customers in Q2
  - Multiyear homeland security pilot in Asia
  - U.S. DoD opportunities via Mistral partnership

**【Ondas Networks Update】**
- IEEE ratifies 802.16t standard, validating Ondas' dot16 technology
- AAR selects dot16 for 450MHz NGHE network
- Field trials progressing for 900MHz, 220MHz, and 160MHz rail applications
- 220MHz PTC radios delivered to Amtrak, with Northeast corridor rollouts

**【Q&A Highlights】**
- Booking confidence: Diverse pipeline with >$23M H2 2025 target, driven by defense infrastructure programs
- Acquisitions: 2+ control transactions expected H2 2025, accretive to 2026 outlook
- Gross margin: 50%+ achievable with scale, targeting 53%+ in 2026
- U.S. market: Counter-UAS demand from DoD, NYPD, and critical infrastructure
- Supply chain: Detroit Manufacturing Systems for Made-in-USA production


Ondas Holdings Inc. (ONDS) Q2 2025 Earnings Call Transcript

- **OAS Breakout Growth**: Q1 2025 revenue up 600% YoY to $4.0 million, with $9 million new orders and $16.8 million backlog.
- **Iron Drone Wins**: 2 new military customers (NATO & border security) and $3.4 million order, positioning as low-kinetic CUAS leader.
- **Financial Strength**: 35% gross margin, $25.4 million cash, and $20.6 million convertible debt reduction.
- **2025 Targets**: $25 million+ total revenue, $20 million+ from OAS, with 4+ new military customers.
- **Strategic Moves**: U.S. manufacturing expansion, $225M shelf registration, and Q2 Investor Day to detail growth plan.

**【CEO Opening Remarks】**
- Q1 2025 revenue reached $4.2 million, driven by $9 million in new orders, increasing backlog to $16.8 million.
- OAS achieved $4.0 million in revenue, up 600% YoY, with Iron Drone securing 2 new military customers (NATO & border security) and a $3.2 million UAE Optimus deployment.
- OAS reaffirms 2025 target of $20 million+ revenue, with pipeline expansion across Europe, Middle East, and U.S.
- Ondas Networks secured AAR's dot16 as NGHE protocol, with IEEE ratifying 802.16t standard, positioning for 900MHz rail deployments.

**【CFO Financial Update】**
- Q1 2025 GAAP revenue: $4.2 million (+667% YoY), OAS contributing 95%.
- Gross margin improved to 35% (vs. -6% YoY), driven by higher-margin product sales.
- Operating expenses: $11.8 million (+36% YoY), with $9.0 million in cash expenses.
- Cash balance: $25.4 million, with $2.3 million from warrant exercises and debt conversions reducing outstanding notes to $20.6 million.

**【Business Unit Updates】**
- **OAS**: 
  - Iron Drone: $3.4 million NATO order, $1.7 million border security order, and $3.2 million UAE Optimus deployment.
  - Partnerships with Palantir (AI integration) and Volatus Aerospace (border surveillance).
- **Ondas Networks**: 
  - AAR adopts dot16 for NGHE, IEEE ratifies 802.16t, and 900MHz deployments with Siemens and MxV Rail.
  - UAE Metro expands 900MHz network, with Q3 2025 completion.

**【Outlook & Strategy】**
- 2025 revenue target: $25 million+ (OAS: $20M+), with 4+ new military customers.
- Expand U.S. manufacturing to support defense procurement.
- Shelf registration for $225M to capitalize on defense tech growth.
- Q2 2025 Investor Day to detail multiyear growth plan.

**【Q&A Highlights】**
- **Order Growth**: Follow-on orders from initial military customer expected to expand significantly.
- **U.S. Market**: Optimus targeting public safety and critical infrastructure, with federal and state funding opportunities.
- **Profitability**: Iron Drone margins >50%, OAS targeting $20M+ 2025 revenue.
- **Supply Chain**: Moving production to U.S. to mitigate Israel tariff risks.
- **Capacity**: Sufficient Israeli capacity for 2025, U.S. expansion planned for 2026.


Ondas (ONDS)-15 May 25-2025 Q1 Earnings call transcript

- **Revenue Outlook**: 2025 target of $25M (OAS: $20M+, Ondas Networks: $5M), up from $15-18M prior guidance. 
- **Backlog Strength**: $10M entering 2025, with $20M+ visible from military and public safety. 
- **Gross Margin Recovery**: 40-50% in 2025, driven by OAS scale. 
- **Strategic Wins**: Palantir partnership for AI efficiency, Dubai public safety contract, and U.S. Coast Guard federal agency engagement. 
- **Rail Momentum**: 900MHz rollouts with Metra and Class 1s, PTC radios for Amtrak shipping Q2 2025. 
- **Liquidity**: $30M cash on hand, no immediate capital needs. 


**【CEO Summary Section】**
- **2024 Key Achievements**: Secured $14.4M in military contracts for OAS, launched Iron Drone demo team, and raised $35M in Q4 to strengthen liquidity. 2025 revenue outlook revised to $25M (OAS: $20M, Ondas Networks: $5M). 
- **2025 Growth Drivers**: Defense contracts expansion, Palantir partnership for AI-driven operational efficiency, and 900MHz rail network rollouts. 
- **Backlog Visibility**: $10M entering 2025, with $20M+ expected from military and public safety customers. 

**【CFO Financial Commentary】**
- **Q4 2024 Results**: 
  - Revenue: $4.1M (173% QoQ growth, 10% YoY increase for OAS). 
  - Gross Profit: $0.9M (22% margin, up from 3% in Q3 2024). 
  - Operating Expenses: $9.4M (down 14% YoY due to cost savings). 
  - Cash Position: $30M as of Dec 31, 2024. 
- **2025 Outlook**: Gross margins expected to recover to 40-50% with scale, cash utilization improvement from OAS revenue growth. 

**【Business Unit Updates】**
- **OAS**: 
  - Optimus deployed in Dubai and Israel, with BVLOS waivers enabling autonomous missions. 
  - Iron Drone Radar demo team engaged globally, targeting military and homeland security customers. 
  - $10M backlog includes military and public safety orders. 
- **Ondas Networks**: 
  - 900MHz network rollouts with Metra and Class 1 railroads, exploring redundancy with 220MHz networks. 
  - PTC radios for Amtrak expected to ship Q2 2025, NGHE technology commercialization by end-2025. 

**【Q&A Highlights】**
- **Order Timing**: $10M backlog to be recognized in Q1-Q2 2025, with new military and public safety contracts expected. 
- **Gross Margin Recovery**: 40%+ in H1 2025, 50%+ in H2 with scale. 
- **Palantir Partnership**: Foundry AI for operational efficiency, potential AI-enabled product enhancements. 
- **Rail Network Risks**: AAR reaffirms commitment to 900MHz deadlines, no immediate FCC enforcement expected. 
- **Competitive Position**: Optimus differentiated by battery swapping and industrial-grade docking, leading U.S. DFR market share. 
- **Cash Burn**: Sequential improvement expected with revenue growth, no immediate capital needs beyond existing runway. 


Actual	-0.245	-0.11	-0.1	-0.13	-0.145	-0.24	-0.27	-0.32	-0.9	-0.3	-0.18	-0.15	-0.25	-0.17	-0.14	-0.15	-0.15	-0.15	-0.08	-0.03	-0.27
Forecast	-0.1	-0.105	-0.085	-0.08	-0.14	-0.165	-0.205	-0.23	-0.41	-0.2767	-0.19	-0.1633	-0.14	-0.1575	-0.145	-0.1225	-0.09	-0.098	-0.08	-0.0388	-0.0497
Surprise	-145.00%	-4.76%	-17.65%	-62.50%	-3.57%	-45.45%	-31.71%	-39.13%	-119.51%	-8.42%	+5.26%	+8.14%	-78.57%	-7.94%	+3.45%	-22.45%	-66.67%	-53.06%	0.00%	+22.68%	-443.26%

ONDS

ONDS fundamentals

ONDS Q4 2025 Earnings

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ONDS

ONDS fundamentals

ONDS Q4 2025 Earnings

Earnings Call

ONDS Earnings Call Summary for Q4/20258:30 AM on Mar 25, 2026

ONDS Earnings Call Summary for Q3/20258:30 AM on Nov 13, 2025

ONDS Earnings Call Summary for Q2/20258:30 AM on Aug 12, 2025

ONDS Earnings Call Summary for Q1/20258:30 AM on May 15, 2025

ONDS Earnings Call Summary for Q4/20248:30 AM on Mar 12, 2025

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