Ondas reported preliminary Q4 revenue between $29.1 million and $30.1 million, surpassing its $27 million to $29 million guidance, and full-year 2025 revenue of $49.7 million to $50.7 million versus prior guidance of $47.6 million to $49.6 million. Pro-forma cash rose above $1.5 billion following a $1 billion capital raise, and adjusted EBITDA losses narrowed in line with expectations.

The merger with Mistral grants Ondas direct prime-contractor status on more than $1 billion of Department of Defense IDIQ contracts, including unmanned aerial systems, counter-drone solutions, and sustainment services. The transaction provides U.S.-based manufacturing facilities and federal contracting infrastructure, enabling Ondas to bid directly for multi-year program-of-record awards and capture larger margins.

Management reaffirmed a 2026 revenue target of $170 million to $180 million before any Mistral contributions, while the newly acquired contract vehicles could accelerate platform deployments across defense and federal agencies. Investors will watch integration challenges, margin expansion potential, and the company’s execution in converting its strengthened cash position into sustained contract wins.