$Ondas(ONDS.US)

$Ondas(ONDS.US) just revised its Q4 and FY2025 earnings report again... This is the second revision in two weeks 🤔

The title looks outrageous:

Net profit turned from a loss of about $53 million to a profit of about $50 million.

Here's the truth of the matter:

This adjustment has nothing to do with revenue. It's a non-cash warrant liability revaluation, involving an accounting entry of about $102 million, which has been excluded from adjusted EBITDA.

What exactly changed for 2025:

Q4 revenue: $29.1M to $30.1M — exceeded expectations ✅

Fiscal year revenue: $49.7M to $50.7M — exceeded expectations ✅

The performance guidance for 2026 is reiterated at $170M to $180M...

This is the guidance part that people think is unimportant 👀

This expectation does not include revenue from all acquisitions announced in 2026.

Rotron, BIRD, Mistral, and INDO will all make significant contributions to the company's business this year.

The floor is $170 million.

The ceiling remains an open question 🤷‍♂️

The final results will be announced before the market opens on March 25th 👊🏼