Ondas Holdings Inc. reported significant financial growth for the fiscal year ending December 31, 2025, with total revenues reaching $50.7 million, a substantial increase from $7.2 million in 2024. This growth was primarily driven by the performance of its Ondas Autonomous Systems (OAS) segment, which generated $49.8 million in revenue, up from $5.3 million the previous year. The increase in OAS revenue was attributed to $26.9 million from newly acquired companies and $17.6 million from Airobotics, which includes product sales and service revenue from its Optimus System™ and Iron Drone Raider™. In contrast, Ondas Networks experienced a decline in revenue, dropping to $980,000 from $1.9 million, mainly due to decreased development revenue.
The company's cost of goods sold also rose significantly, totaling $30.6 million compared to $6.9 million in 2024, reflecting the increased activity from acquisitions and higher labor and material costs. Despite this, the gross margin improved to 40%, up from 5% in the prior year, largely due to a favorable revenue mix with increased product sales. General and administrative expenses surged by 159% to $44.5 million, driven by higher stock-based compensation, human resource costs, and professional fees related to acquisitions. Research and development expenses increased by 67% to $20.9 million, reflecting ongoing investments in technology and product development.
Ondas Holdings also reported a net loss of $133.4 million for 2025, a 251% increase from the previous year's loss of $38 million. This loss was primarily influenced by a significant change in the fair value of the company's warrant liability, which accounted for a net loss of $82.2 million. The company’s accumulated deficit as of December 31, 2025, stood at approximately $368.4 million, up from $236.4 million in 2024. The net loss per share was $(0.62), slightly higher than $(0.61) in the prior year.
Strategically, Ondas has expanded its operations through several acquisitions, including Sentrycs Ltd., Robo-Team Holdings Ltd., and Apeiro Motion Ltd., which collectively contributed to the growth in revenue and capabilities. The company aims to leverage these acquisitions to enhance its product offerings in the defense and critical infrastructure sectors. As of December 31, 2025, Ondas had approximately 459 full-time employees, reflecting its growth strategy and increased operational capacity.
Looking ahead, Ondas Holdings anticipates continued growth driven by its strategic initiatives and market demand for its autonomous systems and private wireless networking solutions. The company plans to utilize its cash reserves, which totaled approximately $594.4 million at year-end, along with proceeds from recent equity offerings, to fund operations and support its growth strategy. However, the company acknowledges the inherent risks and uncertainties in achieving profitability, particularly given its history of operating losses and reliance on a limited number of customers for a significant portion of its revenue.
About Ondas Holdings Inc.
Ondas Holdings Inc. provides private wireless connectivity solutions and autonomous drone systems for critical infrastructure, government, and industrial markets. Its segments include Ondas Networks, offering secure, mission-critical wireless networks, and OAS, developing autonomous drone platforms for security, inspection, and data collection. The company serves rail, energy, public safety, defense, and smart city sectors worldwide, leveraging proprietary technology, industry standards, and regulatory approvals to deliver reliable, high-capacity data and aerial security solutions.
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