Ondas Beats 2025 Revenue Forecasts, Holds $1.5B Cash, to Merge With Mistral
Ondas expects Q4 revenues of $29.1m–$30.1m, exceeding its $27m–$29m guidance, and full-year 2025 revenues of $49.7m–$50.7m, above its prior outlook, with net losses around $20.4m–$20.9m and $52.8m–$53.3m, respectively. It holds over $1.5bn pro-forma cash, reiterated $170m–$180m 2026 revenue guidance, and will merge with Mistral.
1. Preliminary Q4 and Full-Year 2025 Results
Ondas anticipates fourth-quarter revenue between $29.1 million and $30.1 million, surpassing its prior $27 million to $29 million guidance, and full-year 2025 revenue of $49.7 million to $50.7 million versus $47.6 million to $49.6 million previously forecast. Net losses are expected between $20.9 million and $20.4 million for Q4 and $53.3 million to $52.8 million for the full year.
2. Pro-Forma Cash Position and 2026 Guidance
As of December 31, 2025, Ondas held more than $1.5 billion in pro-forma cash and equivalents, including approximately $1 billion raised on January 12, 2026. The company reaffirmed its full-year 2026 revenue guidance of $170 million to $180 million, noting this outlook excludes any 2026 acquisitions.
3. Merger Agreement With Mistral Inc
Ondas entered into a merger agreement under which Mistral Inc. will merge with a newly formed Ondas subsidiary. Mistral will continue administering its existing defense and public safety contracts, positioning Ondas to expand its role as a prime contractor in military and federal programs.