$Ondas(ONDS.US)Ondas Holdings (ONDS) reported explosive revenue growth in 2025, remained unprofitable, saw a massive surge in order backlog, and maintained strong cash flow. The following are the latest preliminary data (as of 2026-03-09, final financial report to be released on March 25):

📊 Core Financials (Preliminary)

- Full-year Revenue: $497–507 million, up over 200% YoY, exceeding previous guidance ($476–496 million)

- Q4 Revenue: $291–301 million, up over 600% YoY, exceeding guidance ($270–290 million)

- Full-year Net Loss: $528–533 million (still unprofitable)

- Full-year Adjusted EBITDA: -$324 to -$329 million

- Gross Margin: Reached 26% in Q3 (only 3% in Q3 2024), showing significant improvement

🚀 Business & Orders

- Order Backlog: $653 million at the end of 2025, up 180% from November ($233 million)

- Key Drivers: OAS (drone/autonomous systems), military/border security orders (e.g., $20 million border system, $6 million counter-drone)

- M&A: Completed acquisitions including Apeiro Motion within the year, expanding business footprint

💰 Capital & Cash Flow

- Cumulative financing of approximately $855 million in 2025, with $432.8 million in cash at the end of September, supporting high growth

- 2026 Revenue Guidance: $1.7–1.8 billion (up 249% YoY, mid-point)

In a nutshell: Record revenue, narrowing losses, booming orders, ample cash, strong certainty for high growth.