Two days before the March 25, 2026 earnings call, onds stock sits at the center of a tension investors often struggle to price: revised preliminary figures point to positive net income, while adjusted EBITDA remains negative even after revenue came in ahead of guidance.
What changed ahead of the March 25, 2026 (ET) final release?
Ondas Inc. said it completed additional financial close procedures after issuing preliminary results on March 9, 2026, refining preliminary accounting estimates. The key refinement: the net change in the fair value of its warrant liability, expected to result in a net gain of approximately $102 million for the fourth quarter and full year 2025.
it will report final results on March 25, 2026 at 8: 30 a. m. ET, with a press release planned prior to the conference call.
Onds Stock and the numbers investors can verify before the call
In its revised preliminary update, Ondas said fourth-quarter 2025 revenue is expected between $29. 1 million and $30. 1 million, above prior guidance of $27 million to $29 million. For the same quarter, the company expects net income between $82. 9 million and $83. 4 million and adjusted EBITDA between $(9. 9) million and $(9. 4) million.
For full-year 2025, Ondas expects revenue between $49. 7 million and $50. 7 million, above prior guidance of $47. 6 million to $49. 6 million. It expects net income between $50. 4 million and $50. 9 million and adjusted EBITDA between $(31. 5) million and $ million.
Ondas also reiterated a full-year 2026 revenue outlook of $170 million to $180 million, stated as before the impact of any new acquisitions announced in 2026.
On liquidity, it had cash and cash equivalents of approximately $551 million as of December 31, 2025, and that it raised approximately $1 billion on January 12, 2026.
Separately, one market snapshot described Ondas Holdings (ONDS) as trading at $10. 75 in U. S. pre-market action on March 23, 2026, ahead of earnings in two days, with results scheduled for March 25, 2026 at 8: 30 ET.
What is the contradiction the market must parse before March 25 (ET)?
Verified fact: The revised preliminary update explicitly links a large portion of the period’s net income to a non-operating accounting line: the net change in the fair value of the warrant liability, expected to produce a net gain of approximately $102 million for the fourth quarter and full year 2025.
Verified fact: At the same time, adjusted EBITDA is expected to be negative for both the quarter and the year, even with revenue running above prior guidance ranges.
Informed analysis (clearly labeled): This combination can create a headline mismatch for onds stock watchers: net income appears strong, but the operational profitability proxy highlighted in the same release remains below zero. That does not determine valuation on its own, but it does raise a narrow, testable question for the March 25, 2026 call: whether management’s discussion centers on the accounting-driven gain, the operating loss, or a bridge that convinces investors the revenue trajectory can narrow the gap.
Who benefits, who is implicated, and what has been said?
Ondas management: The company’s management prepared the revised preliminary financial data and stated it is responsible for the figures. It also cautioned that the revised preliminary operating results are not a comprehensive statement and should not be viewed as a substitute for full consolidated financial statements prepared in accordance with U. S. GAAP.
Investors and traders: The timing is precise and market-relevant: final results are due March 25, 2026 at 8: 30 a. m. ET, and a press release will come prior to the call. For onds stock holders, the near-term decision point is whether the final numbers and management commentary reduce uncertainty created by revisions made after March 9, 2026.
Prospective stakeholders in 2026 growth plans: Ondas reiterated full-year 2026 revenue guidance of $170 million to $180 million, explicitly excluding the impact of any new acquisitions announced in 2026. That framing places investor focus on the “base case” revenue trajectory versus any acquisition-driven upside not embedded in the outlook.
What to watch on March 25, 2026 at 8: 30 a. m. ET
Verified fact: Ondas said the final results will be reported in a press release prior to the conference call, which begins at 8: 30 a. m. ET on March 25, 2026.
Informed analysis (clearly labeled): The market’s most immediate test is consistency: whether the final release aligns with the revised preliminary ranges and whether management can explain the sequence from March 9 to March 20, 2026—specifically, how additional close procedures changed the fair-value estimate tied to the warrant liability. A second test is clarity around the operational picture: the same preliminary update that highlights net income also highlights negative adjusted EBITDA, and investors will likely look for a narrative that reconciles revenue growth, cash position, and operating losses without relying on one-time accounting effects.
Whatever the market decides in the hours following the call, the core issue remains straightforward: onds stock is being asked to price a company projecting sharply higher 2026 revenue while simultaneously showing negative adjusted EBITDA in the latest preliminary period—and showing net income that management tied to a sizable fair-value gain on warrant liability.
