Ondas Earnings Call Transcripts
Fiscal Year 2026
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Revised summary: Ondas achieved record revenue and backlog in 2025 by integrating acquisitions into a scalable autonomous systems platform. For 2026, guidance targets $170–$180M revenue and $300M bookings, driven by demand for counter-UAS, UAS, and UGV. The company aims for $1.5B+ revenue and $15B+ market cap by 2030 through strategic growth.
Fiscal Year 2025
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Delivered 605% revenue growth in 2025 and raised 2026 revenue outlook to at least $375 million, driven by five strategic acquisitions and strong demand in defense and ISR markets. Integration of new businesses and partnerships, especially with Palantir, are expected to accelerate growth and profitability.
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Q3 revenue surged over 580% year-over-year to $10.1 million, driven by OAS and strategic acquisitions. Backlog and cash position reached record highs, supporting raised 2025 revenue guidance to at least $36 million and a 2026 target of $110 million. Significant M&A and new technologies position the company for multi-domain defense leadership.
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Record Q2 revenue and backlog growth were driven by strong OAS performance and major defense orders. The company reaffirmed its 2025 revenue target, strengthened its balance sheet, and is executing strategic partnerships and acquisitions to accelerate growth into 2026.
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OAS is executing a high-growth strategy with validated autonomous drone platforms, strong financial momentum, and a robust M&A pipeline. Revenue is set to double in 2026, with a long-term goal of $300 million+ by 2030 and 30% EBITDA margins. The company is positioned as a consolidator in a rapidly expanding global defense and security market.
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Q1 2025 revenue surged over 500% year-over-year to $4.2 million, led by OAS, with a growing $16.8 million backlog and reaffirmed 2025 revenue guidance of at least $25 million. Key wins include new defense customers, major rail industry milestones, and reduced convertible debt.
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Ondas presented its dual business units, highlighting rapid adoption and strong demand for its proprietary drone and wireless platforms. Major military contracts, a partnership with Palantir, and regulatory tailwinds are driving multi-year growth, with record revenues expected in 2025.
Fiscal Year 2024
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2024 saw major defense wins, a $10M backlog, and a $35M capital raise, setting up 2025 for record revenue growth. OAS leads with new contracts and product launches, while Ondas Networks advances key rail projects. 2025 guidance is $25M revenue, with improving margins and strong liquidity.
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Record $14.4M in military orders drove the largest bookings quarter, expanding the addressable market for autonomous systems. Revenue and gross margin declined year-over-year, but strong order backlog and new rail and defense contracts position both business units for significant growth in Q4 and 2025.
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Dual-use autonomous drone platforms are driving rapid growth in defense and critical infrastructure markets, with $9M in recent military orders and a $365M pipeline. Conservative financial guidance targets $35M+ revenue in 2026 and $125M by 2029, supported by proven deployments and unique regulatory approvals.
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Q2 2024 saw sharply lower revenue due to deployment delays and supply chain disruptions, but key technical milestones were achieved, including initial military orders for Iron Drone and a U.S. Coast Guard contract. A strong revenue recovery is expected in H2 2024, driven by defense and public safety demand.