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ONDS

Ondas Holdings Inc.

ONDS

Ondas Holdings Inc. • NASDAQ
$7.88 ▼ -4.37% (-0.36)
Market Cap $2.90 B
52w High $11.70
52w Low $0.57
Dividend Yield 0%
P/E -21.89
Volume 32.71M
Outstanding Shares 368.46M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $10.098M ▲ $18.108M ▲ $-7.468M ▲ -73.955% ▲ $-0.03 ▲ $-5.161M ▲
Q2-2025 $6.273M ▲ $12.581M ▲ $-10.75M ▲ -171.361% ▲ $-0.08 ▲ $-7.608M ▲
Q1-2025 $4.248M ▲ $11.799M ▲ $-14.136M ▼ -332.762% ▼ $-0.15 ▼ $-8.804M ▼
Q4-2024 $4.129M ▲ $9.401M ▲ $-10.336M ▼ -250.316% ▲ $-0.14 ▲ $-7.897M ▼
Q3-2024 $1.481M $8.708M $-9.526M -643.322% $-0.15 $-6.972M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $451.628M ▲ $550.151M ▲ $39.776M ▲ $486.078M ▲
Q2-2025 $67.568M ▲ $151.951M ▲ $39.293M ▼ $90.821M ▲
Q1-2025 $25.364M ▼ $104.601M ▼ $57.951M ▼ $26.081M ▲
Q4-2024 $29.958M ▲ $109.622M ▲ $73.678M ▲ $16.583M ▲
Q3-2024 $2.833M $80.159M $47.063M $14.919M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-7.481M ▲ $-10.955M ▼ $-18.438M ▼ $394.235M ▲ $364.842M ▲ $-11.147M ▼
Q2-2025 $-10.75M ▲ $-8.404M ▼ $-110.8K ▲ $51.656M ▲ $43.141M ▲ $-8.514M ▼
Q1-2025 $-14.136M ▼ $-6.659M ▲ $-195.019K ▼ $2.265M ▼ $-4.589M ▼ $-6.854M ▲
Q4-2024 $-10.336M ▼ $-8.109M ▲ $-72.31K ▼ $35.307M ▲ $27.126M ▲ $-8.181M ▲
Q3-2024 $-9.526M $-9.086M $655.507K $6.328M $-2.102M $-8.41M

Revenue by Products

Product Q3-2021Q4-2021Q1-2022Q2-2022
DevelopmentRevenueMember
DevelopmentRevenueMember
 $0 ▲$0 ▲$0 ▲$0 ▲
ProductRevenueMember
ProductRevenueMember
 $0 ▲$0 ▲$0 ▲$0 ▲
ServiceRevenueMember
ServiceRevenueMember
 $0 ▲$0 ▲$0 ▲$0 ▲
OtherRevenueMember
OtherRevenueMember
 $0 ▲$0 ▲$0 ▲$0 ▲
RevenueRecognizedOverTimeMember
RevenueRecognizedOverTimeMember
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Ondas is still in a very early commercial stage. Revenue has been minimal for several years, while expenses to build and integrate the business have been much higher, leading to consistent operating and net losses. The size of the loss has narrowed a bit recently, but the company is still far from break-even and remains in an investment and build‑out phase rather than a mature, revenue‑driven phase. Profitability will depend on successfully turning its technology and contracts into steady, scaled sales.

Balance Sheet

Balance Sheet The balance sheet is small and fairly thin. Total assets and cash are modest, equity has trended down, and debt has climbed from very low levels to a more meaningful share of the capital structure. This combination suggests a limited financial cushion and a growing reliance on borrowing or new capital. The company does not have a fortress balance sheet, so execution missteps or delays in winning and delivering contracts could create funding pressures over time.

Cash Flow

Cash Flow Ondas has been consistently burning cash from its operations, with free cash flow negative every year. There is almost no traditional capital spending, so the cash burn mainly reflects operating costs, integration of acquisitions, and ongoing development. This profile is typical of a young, R&D‑heavy tech company but means the business depends on outside financing to sustain its growth plan until cash inflows from customers become large and predictable enough to cover its cost base.

Competitive Edge

Competitive Edge Ondas is trying to position itself as a specialist in mission‑critical autonomy and communications for defense and critical infrastructure, rather than as a general‑purpose drone or hardware vendor. It has some clear competitive strengths: regulatory approvals for fully autonomous drone operations, a proprietary industrial wireless platform, and a strong focus on high‑barrier, security‑sensitive markets like rail, borders, and military applications. At the same time, it is a very small player operating against large, well‑funded defense, communications, and drone incumbents. Its advantage hinges on being more integrated, more agile, and more specialized, but customer adoption, contract timing, and long sales cycles remain key uncertainties.

Innovation and R&D

Innovation and R&D Innovation is the core of Ondas’ story. The company is assembling a wide portfolio of technologies: autonomous “drone‑in‑a‑box” systems, counter‑drone tools, AI‑driven inspection and sensing, ground robotics, and secure industrial wireless networks. Many of these assets come from recent acquisitions, including several with real‑world defense validation. This creates meaningful technical depth and potential for a strong product ecosystem, but also raises integration risk: different platforms, cultures, and engineering teams must be knitted into a single, coherent offering. The company is clearly prioritizing technology leadership over near‑term profits, which can build a moat if it successfully turns these innovations into standardized, scalable products and services.

Summary

Ondas is a high‑risk, high‑potential, early‑stage technology and defense platform. Financially, it is still pre‑scale: low revenue, steady losses, negative cash flow, and a relatively thin balance sheet, implying ongoing dependence on external capital. Strategically, it is aiming to become an integrated autonomy and communications provider for critical, regulated markets, supported by differentiated technology, unique regulatory approvals, and a series of acquisitions in drones, counter‑UAS, sensors, and robotics. The key questions are execution and timing: integrating many acquired pieces, winning and ramping meaningful defense and infrastructure contracts, and managing cash while doing so. If the company can turn its technology and regulatory advantages into recurring, service‑based revenue at scale, its profile could change substantially; until then, it remains an ambitious but financially constrained growth story with considerable uncertainty.

NEWS

November 25, 2025 · 8:30 AM UTC

Ondas to Acquire Roboteam, Expanding Market Footprint and Multi-Domain Autonomy with Field-Proven Tactical Ground Robotics

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November 20, 2025 · 8:30 AM UTC

Ondas Announces $35 Million Strategic Investment in Performance Drone Works ("PDW") to Expand Production of Next Generation of Combat Robotics

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November 18, 2025 · 8:30 AM UTC

Ondas Completes Acquisition of Sentrycs, a Global Leader in Counter-UAS Cyber Technology

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November 17, 2025 · 8:30 AM UTC

Ondas Secures $8.2 Million Order from Major European Security Agency to Protect One of Europe's Largest Airports with Multiple Iron Drone Raider Systems

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November 13, 2025 · 8:00 AM UTC

Ondas Holdings Reports Record Third Quarter 2025 Financial Results - Robust Growth Outlook Supported by Execution at OAS, Strategic Growth Program and Strong Global Demand for Autonomous Drone Systems

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