NASDAQ : ONDS
Ondas Inc. — Financial statements
Technology · Communication Equipment · United States
Last price 6.2 USD (Oct 30, 2026, 2:48 PM EDT) · Market cap 3.54B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Ondas Inc. (ONDS) reported revenue of 174.10M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 174.10M | 50.73M | 7.19M | 15.69M | 2.13M | 2.91M |
| Cost of Revenue | 97.98M | 30.57M | 6.85M | 9.31M | 1.02M | 1.81M |
| Gross Profit | 76.12M | 20.16M | 345.00K | 6.38M | 1.11M | 1.10M |
| Selling, General & Admin | 229.17M | 53.35M | 22.48M | 27.47M | 27.08M | 13.27M |
| Research & Development | 57.66M | 20.88M | 12.48M | 17.15M | 24.04M | 5.80M |
| Operating Expenses | 286.82M | 74.23M | 34.95M | 44.61M | 51.12M | 19.07M |
| Operating Income | -210.70M | -54.07M | -34.61M | -38.23M | -50.01M | -17.97M |
| Interest Expense | -2.52M | -6.58M | -3.62M | -4.15M | -3.76M | -575.68K |
| Interest & Investment Income | 33.29M | 9.11M | 235.00K | 123.87K | 25.54K | 11.58K |
| Currency Exchange Gain (Loss) | 948.00K | -27.00K | -88.00K | -425.06K | ||
| Other Non Operating Income (Expenses) | 323.27M | -82.42M | 77.00K | -607.03K | -76.13K | -74.19K |
| EBT Excluding Unusual Items | 144.29M | -133.98M | -38.01M | -43.29M | -53.82M | -18.61M |
| Merger & Restructuring Charges | -14.51M | -4.31M | ||||
| Impairment of Goodwill | -19.42M | |||||
| Gain (Loss) on Sale of Investments | 15.64M | 5.40M | -1.50M | |||
| Gain (Loss) on Sale of Assets | 48.83M | -2.00K | -52.59K | |||
| Other Unusual Items | -59.51M | 666.09K | ||||
| Pretax Income | 134.74M | -132.89M | -38.01M | -44.84M | -73.24M | -17.95M |
| Income Tax Expense | -28.32M | 488.00K | -2.92M | |||
| Earnings From Continuing Operations | 163.06M | -133.38M | -38.01M | -44.84M | -73.24M | -15.02M |
| Minority Interest in Earnings | 4.51M | 1.36M | ||||
| Net Income | 167.57M | -132.02M | -38.01M | -44.84M | -73.24M | -15.02M |
| Preferred Dividends & Other Adjustments | 81.82M | 5.15M | 4.41M | 1.51M | ||
| Net Income to Common | 85.75M | -137.17M | -42.42M | -46.36M | -73.24M | -15.02M |
| Shares Outstanding (Basic) | 394.32M | 221.77M | 69.92M | 52.74M | 42.24M | 34.18M |
| Shares Outstanding (Diluted) | 403.45M | 221.77M | 69.92M | 52.74M | 42.24M | 34.18M |
| EPS (Basic) | 0.22 | -0.62 | -0.61 | -0.88 | -1.73 | -0.44 |
| EPS (Diluted) | 0.19 | -0.62 | -0.61 | -0.88 | -1.73 | -0.44 |
| Free Cash Flow | -171.92M | -40.78M | -35.10M | -34.23M | -40.84M | -17.82M |
| Free Cash Flow Per Share | -0.43 | -0.18 | -0.50 | -0.65 | -0.97 | -0.52 |
| Gross Margin | 43.72% | 39.73% | 4.80% | 40.67% | 52.18% | 37.70% |
| Operating Margin | -121.02% | -106.59% | -481.15% | -243.63% | -2,352.50% | -618.34% |
| Profit Margin | 49.25% | -270.39% | -589.73% | -295.44% | -3,445.35% | -516.86% |
| Free Cash Flow Margin | -98.75% | -80.38% | -488.04% | -218.15% | -1,921.33% | -613.02% |
| EBITDA | -180.56M | -47.32M | -29.79M | -33.24M | -45.99M | -16.46M |
| EBITDA Margin | -103.71% | -93.28% | -211.82% | |||
| D&A For EBITDA | 30.13M | 6.75M | 4.82M | 4.99M | 4.02M | 1.51M |
| EBIT | -210.70M | -54.07M | -34.61M | -38.23M | -50.01M | -17.97M |
| EBIT Margin | -121.02% | -106.59% | -243.63% | |||
| Advertising Expenses | 359.00K | 76.00K | 182.07K | 80.93K | 28.14K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 657.91M | 550.74M | 29.96M | 14.98M | 29.78M | 40.82M |
| Short-Term Investments | 726.59M | 21.75M | ||||
| Cash & Short-Term Investments | 1.38B | 572.49M | 29.96M | 14.98M | 29.78M | 40.82M |
| Accounts Receivable | 117.40M | 25.53M | 5.43M | 4.25M | 104.28K | 1.21M |
| Other Receivables | 5.94M | 2.96M | 40.12K | |||
| Receivables | 123.34M | 28.49M | 5.43M | 4.29M | 2.10M | 1.21M |
| Inventory | 52.03M | 21.96M | 9.82M | 2.19M | 2.17M | 1.18M |
| Prepaid Expenses | 6.51M | 2.96M | 1.22M | 1.43M | 1.28M | 1.45M |
| Restricted Cash | 8.47M | 43.62M | 41.00K | 42.56K | ||
| Other Current Assets | 30.73M | 16.38M | 1.05M | 674.77K | 468.99K | |
| Total Current Assets | 1.61B | 685.90M | 47.52M | 23.61M | 35.80M | 44.66M |
| Property, Plant & Equipment | 54.70M | 20.58M | 6.51M | 8.88M | 5.95M | 1.87M |
| Long-Term Investments | 76.08M | 35.59M | 1.50M | 500.00K | ||
| Goodwill | 661.36M | 251.81M | 27.75M | 27.75M | 25.61M | 45.03M |
| Other Intangible Assets | 583.27M | 136.89M | 27.18M | 31.33M | 28.86M | 25.17M |
| Other Long-Term Assets | 12.51M | 2.07M | 663.00K | 599.52K | 218.21K | 218.21K |
| Total Assets | 2.99B | 1.13B | 109.62M | 92.16M | 97.95M | 117.44M |
| Accounts Payable | 31.50M | 13.87M | 5.66M | 5.18M | 2.97M | 2.41M |
| Accrued Expenses | 88.93M | 26.59M | 4.33M | 3.59M | 2.61M | 430.59K |
| Short-Term Debt | 5.70M | 6.41M | 516.62K | 719.31K | ||
| Current Portion of Long-Term Debt | 2.28M | 2.95M | 31.95M | 25.69M | 15.85M | |
| Current Portion of Leases | 7.01M | 3.08M | 1.12M | 685.10K | 580.59K | 550.52K |
| Current Income Taxes Payable | 4.70M | 4.30M | 385.00K | |||
| Current Unearned Revenue | 28.68M | 10.32M | 718.00K | 797.60K | 61.51K | 512.40K |
| Other Current Liabilities | 75.00M | 145.83K | ||||
| Total Current Liabilities | 163.08M | 141.82M | 50.58M | 35.94M | 22.73M | 4.62M |
| Long-Term Debt | 4.13M | 3.83M | 15.87M | 3.11M | 14.50M | 300.00K |
| Long-Term Leases | 27.68M | 9.64M | 4.96M | 5.80M | 2.46M | 241.68K |
| Long-Term Unearned Revenue | 1.80M | 1.36M | 2.17M | 2.23M | ||
| Long-Term Deferred Tax Liabilities | 53.78M | 14.53M | ||||
| Other Long-Term Liabilities | 1.17B | 490.03M | 103.00K | 11.95M | 40.97K | 40.15K |
| Total Liabilities | 1.42B | 661.23M | 73.68M | 59.03M | 39.72M | 5.21M |
| Common Stock | 52.00K | 38.00K | 9.00K | 6.19K | 4.41K | 4.10K |
| Additional Paid-In Capital | 1.66B | 805.83M | 252.94M | 231.49M | 211.73M | 192.50M |
| Retained Earnings | -93.68M | -368.39M | -236.37M | -198.36M | -153.52M | -80.27M |
| Comprehensive Income & Other | 1.41M | 329.00K | ||||
| Total Common Equity | 1.57B | 437.81M | 16.58M | 33.14M | 58.22M | 112.23M |
| Minority Interest | 5.58M | 33.81M | 19.36M | |||
| Shareholders' Equity | 1.58B | 471.62M | 35.94M | 33.14M | 58.22M | 112.23M |
| Total Liabilities & Equity | 2.99B | 1.13B | 109.62M | 92.16M | 97.95M | 117.44M |
| Total Debt | 41.10M | 25.21M | 60.31M | 35.29M | 33.90M | 1.81M |
| Net Cash (Debt) | 1.34B | 547.28M | -30.35M | -20.31M | -4.13M | 39.00M |
| Net Cash Per Share | 3.33 | 2.47 | -0.43 | -0.39 | -0.10 | 1.14 |
| Filing Date Shares Outstanding | 570.55M | 467.13M | 105.73M | 65.56M | 49.06M | 40.99M |
| Total Common Shares Outstanding | 529.84M | 380.76M | 93.17M | 61.94M | 44.11M | 40.99M |
| Working Capital | 1.44B | 544.08M | -3.06M | -12.33M | 13.08M | 40.03M |
| Book Value Per Share | 2.96 | 1.15 | 0.18 | 0.53 | 1.32 | 2.74 |
| Tangible Book Value | 325.36M | 49.11M | -38.35M | -25.95M | 3.75M | 42.04M |
| Tangible Book Value Per Share | 0.61 | 0.13 | -0.41 | -0.42 | 0.09 | 1.03 |
| Machinery | 9.17M | 2.49M | 5.13M | 1.30M | 703.93K | |
| Construction In Progress | 117.00K | 395.34K | 330.54K | 627.04K | ||
| Leasehold Improvements | 5.58M | 3.61M | 2.53M | 2.09M | 37.40K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 167.57M | -132.02M | -38.01M | -44.84M | -73.24M | -15.02M |
| Depreciation & Amortization | 31.11M | 7.99M | 5.66M | 6.05M | 4.85M | 1.82M |
| Other Amortization | 370.00K | 4.87M | 2.53M | 3.14M | 3.55M | 120.71K |
| Loss (Gain) From Sale of Assets | -48.91M | 2.00K | ||||
| Asset Writedown & Restructuring Costs | 16.00K | 28.00K | 2.58M | 19.81M | 97.79K | |
| Loss (Gain) From Sale of Investments | -15.64M | -5.40M | 1.50M | |||
| Stock-Based Compensation | 101.02M | 16.02M | 1.26M | 1.05M | 5.86M | 3.25M |
| Provision & Write-off of Bad Debts | 993.00K | 1.05M | ||||
| Other Operating Activities | -294.71M | 82.17M | -106.00K | 427.21K | -3.49M | |
| Change in Accounts Receivable | -47.31M | -13.60M | -2.89M | -4.26M | 1.11M | -1.15M |
| Change in Inventory | -17.52M | -4.84M | -5.47M | 1.48M | -994.67K | -126.49K |
| Change in Accounts Payable | 6.93M | 4.46M | 1.16M | 1.24M | 554.74K | -86.66K |
| Change in Unearned Revenue | -9.48M | 176.00K | 157.00K | -1.39M | -450.89K | 314.37K |
| Change in Other Net Operating Assets | -34.29M | 1.44M | 1.21M | -2.04M | 989.86K | -2.62M |
| Operating Cash Flow | -161.06M | -38.75M | -33.47M | -34.02M | -37.96M | -16.90M |
| Capital Expenditures | -10.86M | -2.03M | -1.64M | -211.03K | -2.88M | -923.72K |
| Sale of Property, Plant & Equipment | 1.00K | 48.77K | ||||
| Cash Acquisitions | -252.21M | -206.98M | 768.62K | -1.00M | -6.52M | |
| Sale (Purchase) of Intangibles | -105.00K | -105.00K | -98.00K | -70.08K | -49.50K | -104.11K |
| Investment in Securities | -750.84M | -51.02M | -1.00M | -500.00K | ||
| Other Investing Activities | -1.86M | -2.00M | -2.17M | |||
| Investing Cash Flow | -1.02B | -260.13M | -1.73M | 536.27K | -6.93M | -10.21M |
| Short-Term Debt Issued | 235.00K | 1.42M | ||||
| Long-Term Debt Issued | 923.00K | 37.00M | 9.31M | 27.70M | ||
| Total Debt Issued | 1.09M | 1.16M | 38.42M | 9.31M | 27.70M | |
| Short-Term Debt Repaid | -29.00K | |||||
| Long-Term Debt Repaid | -5.50M | -7.12M | ||||
| Total Debt Repaid | -375.00K | -29.00K | -5.50M | -7.12M | ||
| Net Debt Issued (Repaid) | 715.00K | 1.13M | 38.42M | 3.81M | 27.70M | -7.12M |
| Issuance of Common Stock | 1.78B | 861.51M | 7.36M | 40.34K | 6.16M | 52.98M |
| Other Financing Activities | -771.00K | 12.00K | 23.00K | 183.18K | -4.00M | |
| Financing Cash Flow | 1.78B | 862.65M | 50.18M | 18.73M | 33.86M | 41.86M |
| Foreign Exchange Rate Adjustments | 1.64M | 585.00K | ||||
| Net Cash Flow | 597.83M | 564.36M | 14.98M | -14.75M | -11.04M | 14.75M |
| Free Cash Flow | -171.92M | -40.78M | -35.10M | -34.23M | -40.84M | -17.82M |
| Free Cash Flow Margin | -98.75% | -80.38% | -488.04% | -218.15% | -1,921.33% | -613.02% |
| Free Cash Flow Per Share | -0.43 | -0.18 | -0.50 | -0.65 | -0.97 | -0.52 |
| Levered Free Cash Flow | -69.11M | 11.97M | -23.57M | -15.35M | -22.04M | -11.46M |
| Unlevered Free Cash Flow | -67.90M | 11.22M | -23.84M | -15.89M | -23.24M | -11.22M |
| Cash Interest Paid | 43.00K | 41.00K | 22.00K | 176.54K | 14.19K | 1.04M |
| Cash Income Tax Paid | 10.00K | 10.00K | ||||
| Change in Working Capital | -101.68M | -12.38M | -5.83M | -4.97M | 1.21M | -3.67M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.61B | 3.65B | 233.68M | 89.22M | 68.19M | 273.69M |
| Enterprise Value | 2.26B | 3.24B | 267.38M | 101.79M | 56.47M | 227.47M |
| Last Close Price | 6.32 | 9.76 | 2.56 | 1.53 | 1.59 | 6.71 |
| PS Ratio | 20.71 | 72.02 | 32.49 | 5.69 | 32.08 | 94.16 |
| PB Ratio | 2.13 | 7.75 | 6.50 | 2.69 | 1.17 | 2.44 |
| P/TBV Ratio | 11.08 | 74.40 | 18.17 | 6.51 | ||
| EV/Sales Ratio | 13.00 | 63.95 | 37.17 | 6.49 | 26.57 | 78.25 |
| Debt / Equity Ratio | 0.03 | 0.05 | 1.68 | 1.06 | 0.58 | 0.02 |
| Net Debt / Equity Ratio | -0.85 | -1.16 | 0.84 | 0.61 | 0.07 | -0.35 |
| Net Debt / EBITDA Ratio | 7.44 | 11.57 | -1.02 | -0.61 | -0.09 | 2.37 |
| Net Debt / FCF Ratio | 7.81 | 13.42 | -0.86 | -0.59 | -0.10 | 2.19 |
| Asset Turnover | 0.11 | 0.08 | 0.07 | 0.17 | 0.02 | 0.04 |
| Inventory Turnover | 3.10 | 1.92 | 1.14 | 4.27 | 0.61 | 1.55 |
| Quick Ratio | 9.25 | 4.24 | 0.70 | 0.54 | 1.31 | 9.09 |
| Current Ratio | 9.85 | 4.84 | 0.94 | 0.66 | 1.57 | 9.66 |
| Return on Equity (ROE) | 19.32% | -52.56% | -110.04% | -98.17% | -85.94% | -23.60% |
| Return on Assets (ROA) | -8.37% | -5.44% | -21.44% | -25.14% | -29.02% | -15.39% |
| Return on Capital Employed (ROCE) | -7.40% | -5.50% | -58.60% | -68.00% | -66.50% | -15.90% |
| Earnings Yield | 3.05% | -3.61% | -16.26% | -50.27% | -107.41% | -5.49% |
| FCF Yield | -4.77% | -1.12% | -15.02% | -38.37% | -59.90% | -6.51% |
| Buyback Yield / Dilution | -297.32% | -217.19% | -32.57% | -24.85% | -23.59% | -67.32% |