Filing Flows › Ondas (ONDS) › Q3 2025
Ondas (ONDS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 13, 2025
Ondas (ONDS) reported revenue of $10.1M for the third quarter 2025 (Q3 2025), +582% from a year earlier and +61% from the quarter before. Operating margin was -153.5%, net loss $7.5M (74.1% of revenue).
Ondas, Q3 2025: revenue $10.1M (+582% year over year), operating margin -153.5%, net loss $7.5M, operating cash flow −$11.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $10.1M | +61% | +582% |
| Operating profit | −$15.5M | — | — |
| Net earnings | −$7.5M | — | — |
| Operating cash flow | −$11.0M | — | — |
What changed
Revenue was $10.1M in Q3 2025, up 582% year over year and up 61% from the previous quarter. Product Revenue was the largest line at 54% of revenue. Product Revenue added $5.3M year over year (up 3514%), 61% of the total change. Development Revenue declined 86%.
Gross margin was 25.8%, up 22.6 points from a year earlier. Operating costs exceeded revenue by $15.5M, an operating margin of -153.5%. Operating expenses grew 108% against revenue growth of 582%. The fastest-growing cost line was General & admin (+157%). The quarter ended with a net loss of $7.5M, narrower than the previous quarter's $10.8M loss. Non-operating items added $8.3M, -116% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$11.0M. Non-cash charges added back $196K of depreciation and amortization and $5.5M of share-based compensation. Working capital and other items used $9.1M. Capital expenditures of $170K exceeded it, leaving free cash flow of −$11.1M.
Questions
What was Ondas' revenue in the third quarter 2025?
Ondas (ONDS) reported revenue of $10.1M for the third quarter 2025 (Q3 2025), +582% from a year earlier and +61% from the quarter before.
Was Ondas profitable in the third quarter 2025?
Operating loss was $15.5M (-153.5% of revenue) and net loss $7.5M.
Source: Ondas 10-Q on SEC EDGAR.