revenue $50.7M, net income -$132.2M. Ondas explores defense pivot via Ukraine-sourced tech, adds loitering munitions

Filed March 30, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 12, 2025 · ~2 min read

Key Changes

• high

  Company raised $1.8B across 2025 ($830M) and Jan 2026 ($959M) equity offerings, eliminating going-concern risk and funding six acquisitions (Sentrycs, Robo-Team, 4M Defense, Apeiro Motion, others) that added $224M goodwill, $110M intangibles, and 306% headcount growth to 459 employees.

  MD&A: Capital Raises & Acquisitions verify on EDGAR →
• high

  Strategic pivot announced alongside workforce expansion (86→410 OAS employees), removed Siemens partnership disclosure, and new Ukraine-to-US tech-sourcing strategy, suggesting aspirational rather than executed positioning in defense markets.

  Business: Strategic Restructuring verify on EDGAR →
• high

  Revenue surged 605% to $50.7M (from $7.2M) driven by acquisitions, but net loss ballooned to $133.4M (from $38M) primarily due to $82.2M non-cash warrant liability fair-value loss; operating cash burn increased to $39M despite revenue growth.

  MD&A: Financial Performance verify on EDGAR →