Slide 1: Fourth Quarter & Full Year 2025
Fourth Quarter & Full Year 2025 EARNINGS RELEASE NASDAQ: ONDS | March 2026 Copyright 2026. All rights reserved.
Slide 2: Disclaimers
NASDAQ: ONDS Disclaimers This presentation may contain "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "projects," "will,""may," "anticipates," "believes," "should,
Slide 3: Ondas is Delivering on the Plan
NASDAQ: ONDS Ondas is Delivering on the Plan Our business, operating and financial model positioned to drive shareholder value creation BUSINESS STRATEGY • Momentum building across Core + Strategic programs • Revenue growth / market adoption validate strategy OPERATING PLATFORM • Acquisitions adding
Slide 4: Agenda
NASDAQ: ONDS Agenda • Introduction • Onberg Autonomous Systems • World View / Palantir • Financial Review • Ondas Networks • Ondas Autonomous Systems • Strategic Growth Program • Outlook & Closing Remarks • Q&A 4
Slide 5: Leadership Team
NASDAQ: ONDS Leadership Team Eric Brock Neil Laird Oshri Lugassy Meir Kliner Founder, Chairman & CEO CFO & Treasurer CO -CEO, OAS President, OAS Entrepreneur and investor with Senior finance leader with 25+ Defense and technology leader with Entrepreneur with over 20 years of 30+ years experience. y
Slide 6: Sustaining Momentum
NASDAQ: ONDS Sustaining Momentum Momentum and strategic progress accelerate in 2026 • Reported $50.7 million in 2025 revenue, well ahead of earlier targets • Ended the year with $68.3 million in backlog up from $23.3 million in 3Q:25 Rapid Growth; • Raising 2026 revenue target to at least $375 milli
Slide 7: ONBERG: European Defense Platform for Sovereign Scale
NASDAQ: ONDS ONBERG: European Defense Platform for Sovereign Scale Localized platform to capture and deliver EU defense & security programs at scale • Mission - ready ISR, CUAS, multi - domain systems • German industrial base for sovereign production • Proven deployment across defense/security custo
Slide 8: Building a Software-Defined, Multi-Layered ISR Platform
NASDAQ: ONDS Building a Software -Defined, Multi -Layered ISR Platform Combining persistent sensing with AI -driven command and control Definitive Agreement to Acquire World View Transaction valued at $150 million • AIP enables real - time ISR data fusion and decisioning • Adds persistent stratosphe
Slide 9: Introducing Ryan Hartman, World View
NASDAQ: ONDS Introducing Ryan Hartman, World View • Advancing scalable stratospheric ISR and data solutions at World View • Proven track record scaling advanced aerospace platforms into operational deployment • Former executive at Raytheon and Insitu (Boeing), with deep defense and UAS experience •
Slide 10: The Stratollite
NASDAQ: ONDS The Stratollite THE STRATOLLITE FLEET Multi -use stratospheric solutions Intelligence services for defense and commercial customers via a configurable, multi - payload architecture Gryphon Aether Argus Phoenix Tycho SENSOR PAYLOADS DESIGNED FOR A VARIETY OF POTENTIAL USE CASES Electro -
Slide 11: SkyWeaver Mission Layer
NASDAQ: ONDS SPACE Low - Earth Orbit (LEO) Satellites Multi -Domain Intelligence on a STRATOSPHERE Single Pane of Glass SkyWeaver MISSION LAYER STRATOLLITES® AIR Fixed - Wing UAVs Maven + Multi - Rotor UAVs SURFACE | LAND Unmanned Ground Vehicles (UGVs) OPERATIONS LAYER Warp Speed 11
Slide 12: Financial Review
NASDAQ: ONDS FINANCIAL REVIEW Fourth Quarter 2025 Earnings Release NASDAQ: ONDS | March 2026 12
Slide 13: Income Statement Q4 2025
NASDAQ: ONDS Income Statement Q4 2025 (USD in 000s) SELECT P&L DATA Three Months Ended December 31, Key Financial Insights: (Unaudited) 2025 2024 • Revenue grew 629% YoY, including organic Revenues, net $ 30,111 $ 4,129 revenue growth of 63% YoY Cost of goods sold 17,380 3,246 Gross profit 12,731 88
Slide 14: Income Statement FY 2025
NASDAQ: ONDS Income Statement FY 2025 (USD in 000s) SELECT P&L DATA Twelve Months Ended December 31, Key Financial Insights: (Unaudited) 2025 2024 • Revenue grew 605% YoY Revenues, net $ 50,731 $ 7,193 Cost of goods sold 30,575 6,848 • Backlog grew to $68.3 million Gross profit 20,156 345 Total oper
Slide 15: Cash Flow Statement
NASDAQ: ONDS Cash Flow Statement FY 2025 (USD in 000s) Twelve Months Ended December 31, SELECT CASH FLOW DATA Key Financial Insights: (Unaudited) 2025 2024 • Operating cash burn includes increase in accounts receivable of $10.7 million Net cash used in operating activities $ (38,746) $ (33,469) • $2
Slide 16: Balance Sheet
NASDAQ: ONDS Balance Sheet FY 2025 (USD in 000s) SELECT BALANCE SHEET DATA Dec. 31, 2025 Dec. 31, 2024 Key Financial Insights: (Unaudited) • Ended 2025 with $594 million in cash, cash ASSETS equivalents and restricted cash Cash, cash equivalents and restricted cash $ 594,359 $ 29,999 • Raised an add
Slide 17: Growing Institutional Support
NASDAQ: ONDS Growing Institutional Support Ondas is a growth platform for Institutional investors to leverage the long -term tailwinds of the defense technology investment cycle BENEFITTING FROM STRONG INVESTOR SUPPORT • Raised ~ $1. 8 billion since June 2025 • Pre -funded warrants from the $1.0 bil
Slide 18: Ondas Networks
NASDAQ: ONDS: ONDAS N E T W O R K S ONDAS +) 18
Slide 19: Ondas Networks Update
NASDAQ: ONDS Ondas Networks Update Current Status Key Milestones Ahead Engaging with Class I customers on specific Progressing towards wide - area network deployments; applications and network roadmaps target visibility by 2H 2026 • Now engaging directly with every Class 1 on 160 MHz and • Execute t
Slide 20: Ondas Autonomous Systems
NASDAQ: ONDS: ONDAS AUTONOMOUS SYTEMS ONDAS +) 20
Slide 21: Building Our Systems of Systems Portfolio
NASDAQ: ONDS Building Our Systems of Systems Portfolio Creating global scaled technology and service delivery leader in defense & security markets Accelerating Ondas’ operating scale drives financial model upside • Mission -ready technology platforms • Significant increase to revenue / gross profit
Slide 22: Multiple Systems. Across Unmanned Verticals
NASDAQ: ONDS Multiple Systems. Across Unmanned Verticals Portfolio addresses 4 major defense technology market segments C -UAS ISR LMS UGV Counter - UAS Air Defense Intelligence, Surveillance & Unmanned One - Way Attack Multi- Mission Unmanned Sensors & Effectors Reconnaissance Systems Loitering Mun
Slide 23: Systems of Systems
NASDAQ: ONDS Systems of Systems Integrated sensors, effectors, and platforms under a unified C2 layer • Transition to a scaled multi - domain autonomy platform well underway • Demonstrating cross platform integration across systems and software • Unified OAS platform layer enabling rapid expansion a
Slide 24: Strategic Program
NASDAQ: ONDS STRATEGIC PROGRAM Fourth Quarter 2025 Earnings Release NASDAQ: ONDS | March 2026 24
Slide 25: Mistral Inc. – Accelerating Defense Market Access
NASDAQ: ONDS Mistral Inc. – Accelerating Defense Market Access Accelerates U.S. operating platform expansion and market access as experienced prime contractor • Expands U.S. operating and manufacturing platform • Enables access to U.S. defense programs as Prime • Over $1B IDIQ and contract vehicle e
Slide 26: Rotron Aerospace – Expands Capabilities with Long-Range Platforms
NASDAQ: ONDS Rotron Aerospace – Expands Capabilities with Long -Range Platforms U.K. -Based developer adds long -range UAVs, autonomous strike platforms, advanced propulsion and engineering • Enables attritable mass - scale autonomous systems Defendor • Expands our autonomous ISR, strike and effecto
Slide 27: BIRD Aerosystems – Autonomous Protection for Manned and Unmanned Platforms
NASDAQ: ONDS BIRD Aerosystems – Autonomous Protection for Manned and Unmanned Platforms Expanding airborne missile protection, ISR, and counter -UAS defense capabilities • Access to long - cycle, program - of- record budgets • Adds airborne protection layer to mission stack • Adds high - margin, mis
Slide 28: IndoEarth – Heavy Engineering. Autonomous Future.
NASDAQ: ONDS IndoEarth – Heavy Engineering. Autonomous Future. Extending Ondas’ ground systems strategy with a military engineering vehicles and services platform • Entry into large - scale defense procurement programs • Immediate revenue contribution in Q2 on growth curve • Foundation for autonomou
Slide 29: 2026 – Executed Acquisitions
NASDAQ: ONDS 2026 – Executed Acquisitions Strengthens systems of systems capabilities Transaction Initial Closing Earn Out Full Year 2026 $ in millions Value Payment Date / Vesting Revenue (1) # of Acquisitions (2,3) $39.9 $39.9 Q1 Y $25.0 5 $150.0 $150.0 Q2 N $32.0 Aggregate Transaction Value (3) $
Slide 30: Strategic Program – Value Creation
NASDAQ: ONDS Strategic Program – Value Creation Model drives sustained, compounding value accretion Day One Value Creation Beyond: Compounding Returns • Adding customer validated technology platform / • Multiple growth levers (the growth “double dip”) services to Ondas’ platform • Target platform ta
Slide 31: Outlook
NASDAQ: ONDS OUTLOOK Fourth Quarter 2025 Earnings Release NASDAQ: ONDS | March 2026 31
Slide 32: Key Operating Priorities
NASDAQ: ONDS Key Operating Priorities Continue to scale, localized go -to -market operating platform • Capture new customers in new markets; leverage the Leverage New Strategic Growth Platforms systems of systems roadmap • Accelerate the World View / Palantir layered ISR • Mature production , delive
Slide 33: Strategic Growth Program
NASDAQ: ONDS Strategic Growth Program Repeatable M&A capability is a competitive strength M&A Pipeline • Continue to build the programmatic M&A team which also includes post - merger integration resources +25 • Inbound interest accelerates as Ondas demonstrates attractive M&A model and ability to ex
Slide 34: Updated Outlook: At Least $375 Million
NASDAQ: ONDS Updated Outlook Continue to demonstrate upside to our financial model Updated Outlook Details: • Expect 1Q:26 revenue of $38 – $40 million, a >600% YoY increase Updated 2026 Revenue Target • Expect 2026 Revenue of at least $375 million a 7- fold YoY increase, with strong organic as At L
Slide 35: Q&A
NASDAQ: ONDS Q&A NASDAQ: ONDS | March 2026 35
Slide 36: Appendix: Adjusted EBITDA Reconciliation
NASDAQ: ONDS Appendix 4Q 2025 & FY 2025 (USD in 000s) ADJUSTED EBITDA RECONCILIATION Three Months Ended December 31, Twelve Months Ended December 31, (Unaudited) 2025 2024 2025 2024 Net Loss $ (101,013) $ (10,335) $ (133,380) $ (38,007) Depreciation 380 176 946 602 Amortization of intangible assets
Slide 37: Non-GAAP Financial Measures
NASDAQ: ONDS Non -GAAP Financial Measures As required by the rules of the Securities and Exchange Commission (“SEC”), we provide a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP measures . These reconciliations are set forth in the tables below. We believe tha
Slide 38: Thank You
THANK YOU ir@ondas.com NASDAQ: ONDS | March 2026 Copyright 2026. All rights reserved.