What does Ondas do and what are its main business segments?

What factors drove the changes in Ondas's revenue and profit?

What were the key takeaways from Ondas’s earnings call?

What is Ondas's gross profit margin?

What is the revenue and EPS growth rate for Ondas year over year?

What is Ondas's latest dividend and current dividend yield?

What were the key takeaways from Ondas's earnings call?

What guidance did Ondas's management provide for the next earnings period?

- **Revenue Surge**: Q3 2025 revenue $10.1 million (+580% YoY), with 2026 target of $110 million.
- **Strategic Acquisitions**: 5 Q3 deals, including Sentrycs (70%+ gross margin), with $500+ million pipeline.
- **Counter-UAS Leadership**: Sentrycs' Cyber-over-RF tech deployed in 25+ countries; Iron Drone kinetic system complements soft-kill solutions.
- **Gross Margin Target**: 50% by 2026, driven by scale and high-margin acquisitions.
- **Capital Strength**: $433 million cash as of Q3, supporting $150 million Ondas Capital program.


**【CEO Summary Section】**
- **Record Q3 Revenue Growth**: $10.1 million, up 580% YoY, driven by OAS and strategic acquisitions. Full-year 2025 revenue target raised to $36 million (Q4: >$15 million), with 2026 outlook of $110 million.
- **Strategic Acquisitions**: Completed 5 deals in Q3, including Sentrycs (Cyber-over-RF counter-UAS tech) and Apeiro Motion (ground robotics). Pipeline includes 20+ targets, with 7 in advanced stages.
- **Ondas Capital Launch**: $150 million program to commercialize battle-tested Ukrainian tech, with forward offices in Kyiv, London, and Frankfurt.
- **Gross Margin Target**: 50% by 2026, driven by high-margin Sentrycs (70%+ gross margin) and scale effects.

**【CFO Financial Commentary】**
- **Revenue & Profit**: Q3 revenue $10.1 million (60% sequential growth); gross profit $2.6 million (26% margin). Adjusted EBITDA loss $8.8 million vs. $7.2 million in Q2.
- **Cash Position**: $433 million as of Q3, up from $30 million in 2024. Raised $855 million in 2025 via equity, supporting M&A and growth.
- **Operating Expenses**: $18.1 million (up 110% YoY), driven by talent acquisition and infrastructure build-out. Cash operating expenses $11.6 million (44% YoY growth).

**【OAS Business Update】**
- **Counter-UAS Leadership**: Sentrycs' Cyber-over-RF tech deployed in 25+ countries, with 24% YoY growth in North America. Iron Drone Raider kinetic system complements soft-kill solutions.
- **Production Scaling**: U.S.-built Optimus and Iron Drone systems expected in Q1 2026, supporting NDAA compliance.
- **Pipeline Expansion**: Backlog $23.3 million (Q3) + $18 million from pending acquisitions, total >$40 million.

**【Ondas Networks Update】**
- **dot16 Adoption**: AAR designates dot16 for 900, 450, and 160 MHz networks. Q4 field trials with Class 1 railroads; ACSES production units shipping Q4.
- **Revenue Outlook**: Limited contribution in 2025, but 2026 deployments expected to drive growth.

**【Q&A Highlights】**
- **M&A Synergies**: 7 advanced-stage deals could add >$500 million in revenue. Integration with OAS platform to accelerate growth and margins.
- **Gross Margin Path**: 50% target achievable in 2026, driven by high-margin Sentrycs and scale.
- **Market Expansion**: Europe counter-UAS demand urgent due to Ukraine war; U.S. DHS/DoD pipeline maturing.
- **Sentrycs Integration**: Combined Sentrycs/Iron Drone system to deliver end-to-end counter-UAS solutions in 2026.


Ondas Holdings Inc. (ONDS) Q3 2025 Earnings Call Transcript

- **Record Growth**: Q2 2025 revenue of $6.3M (610% YoY), with $22M backlog and $25M+ full-year target
- **Strategic Investments**: $1.5M Rift Dynamics partnership for low-cost drones, Zickel Engineering acquisition for defense R&D
- **Financial Strength**: $68.6M cash, 53% gross margin, and improving EBITDA
- **Market Expansion**: 2025 defense orders >$20M, U.S. DoD pipeline, and global rail network rollouts
- **Operational Scale**: Detroit Manufacturing Systems for U.S. production, 50%+ gross margin target


**【CEO Opening Remarks】**
- Q2 2025 revenue reached $6.3 million, a 6x year-over-year increase, driven by OAS defense and homeland security contracts.
- Full-year 2025 revenue target reaffirmed at $25 million+ (OAS contributing >$20M), with $22M backlog and $39M+ trailing 12-month orders.
- Strategic investments include $1.5M partnership with Rift Dynamics for low-cost attributable drones and Zickel Engineering acquisition for defense system development.
- Strong balance sheet with $68.6M cash post-debt conversion, enabling M&A and growth execution.

**【CFO Financial Commentary】**
- Q2 2025: 
  - Revenue: $6.3M (610% YoY growth)
  - Gross Profit: $3.3M (53% margin)
  - Operating Expenses: $12.6M (56% YoY increase)
  - Cash Operating Expenses: $9.4M (42% YoY growth)
  - Adjusted EBITDA: -$5.8M (improving from -$6.7M YoY)
- Cash position: $68.6M (vs. $30M at year-end 2024), with no debt outstanding.

**【OAS Business Update】**
- Q2 2025 OAS revenue: $6.1M (20x YoY growth)
- Major wins: 
  - $14.3M defense order for Optimus systems
  - $3.8M UAE public safety fleet expansion
  - $3.4M European government Iron Drone Radar deployment
- Pipeline expansion: 
  - 2+ new defense customers in Q2
  - Multiyear homeland security pilot in Asia
  - U.S. DoD opportunities via Mistral partnership

**【Ondas Networks Update】**
- IEEE ratifies 802.16t standard, validating Ondas' dot16 technology
- AAR selects dot16 for 450MHz NGHE network
- Field trials progressing for 900MHz, 220MHz, and 160MHz rail applications
- 220MHz PTC radios delivered to Amtrak, with Northeast corridor rollouts

**【Q&A Highlights】**
- Booking confidence: Diverse pipeline with >$23M H2 2025 target, driven by defense infrastructure programs
- Acquisitions: 2+ control transactions expected H2 2025, accretive to 2026 outlook
- Gross margin: 50%+ achievable with scale, targeting 53%+ in 2026
- U.S. market: Counter-UAS demand from DoD, NYPD, and critical infrastructure
- Supply chain: Detroit Manufacturing Systems for Made-in-USA production


Ondas Holdings Inc. (ONDS) Q2 2025 Earnings Call Transcript

- **OAS Breakout Growth**: Q1 2025 revenue up 600% YoY to $4.0 million, with $9 million new orders and $16.8 million backlog.
- **Iron Drone Wins**: 2 new military customers (NATO & border security) and $3.4 million order, positioning as low-kinetic CUAS leader.
- **Financial Strength**: 35% gross margin, $25.4 million cash, and $20.6 million convertible debt reduction.
- **2025 Targets**: $25 million+ total revenue, $20 million+ from OAS, with 4+ new military customers.
- **Strategic Moves**: U.S. manufacturing expansion, $225M shelf registration, and Q2 Investor Day to detail growth plan.

**【CEO Opening Remarks】**
- Q1 2025 revenue reached $4.2 million, driven by $9 million in new orders, increasing backlog to $16.8 million.
- OAS achieved $4.0 million in revenue, up 600% YoY, with Iron Drone securing 2 new military customers (NATO & border security) and a $3.2 million UAE Optimus deployment.
- OAS reaffirms 2025 target of $20 million+ revenue, with pipeline expansion across Europe, Middle East, and U.S.
- Ondas Networks secured AAR's dot16 as NGHE protocol, with IEEE ratifying 802.16t standard, positioning for 900MHz rail deployments.

**【CFO Financial Update】**
- Q1 2025 GAAP revenue: $4.2 million (+667% YoY), OAS contributing 95%.
- Gross margin improved to 35% (vs. -6% YoY), driven by higher-margin product sales.
- Operating expenses: $11.8 million (+36% YoY), with $9.0 million in cash expenses.
- Cash balance: $25.4 million, with $2.3 million from warrant exercises and debt conversions reducing outstanding notes to $20.6 million.

**【Business Unit Updates】**
- **OAS**: 
  - Iron Drone: $3.4 million NATO order, $1.7 million border security order, and $3.2 million UAE Optimus deployment.
  - Partnerships with Palantir (AI integration) and Volatus Aerospace (border surveillance).
- **Ondas Networks**: 
  - AAR adopts dot16 for NGHE, IEEE ratifies 802.16t, and 900MHz deployments with Siemens and MxV Rail.
  - UAE Metro expands 900MHz network, with Q3 2025 completion.

**【Outlook & Strategy】**
- 2025 revenue target: $25 million+ (OAS: $20M+), with 4+ new military customers.
- Expand U.S. manufacturing to support defense procurement.
- Shelf registration for $225M to capitalize on defense tech growth.
- Q2 2025 Investor Day to detail multiyear growth plan.

**【Q&A Highlights】**
- **Order Growth**: Follow-on orders from initial military customer expected to expand significantly.
- **U.S. Market**: Optimus targeting public safety and critical infrastructure, with federal and state funding opportunities.
- **Profitability**: Iron Drone margins >50%, OAS targeting $20M+ 2025 revenue.
- **Supply Chain**: Moving production to U.S. to mitigate Israel tariff risks.
- **Capacity**: Sufficient Israeli capacity for 2025, U.S. expansion planned for 2026.


Ondas (ONDS)-15 May 25-2025 Q1 Earnings call transcript

- **Revenue Outlook**: 2025 target of $25M (OAS: $20M+, Ondas Networks: $5M), up from $15-18M prior guidance. 
- **Backlog Strength**: $10M entering 2025, with $20M+ visible from military and public safety. 
- **Gross Margin Recovery**: 40-50% in 2025, driven by OAS scale. 
- **Strategic Wins**: Palantir partnership for AI efficiency, Dubai public safety contract, and U.S. Coast Guard federal agency engagement. 
- **Rail Momentum**: 900MHz rollouts with Metra and Class 1s, PTC radios for Amtrak shipping Q2 2025. 
- **Liquidity**: $30M cash on hand, no immediate capital needs. 


**【CEO Summary Section】**
- **2024 Key Achievements**: Secured $14.4M in military contracts for OAS, launched Iron Drone demo team, and raised $35M in Q4 to strengthen liquidity. 2025 revenue outlook revised to $25M (OAS: $20M, Ondas Networks: $5M). 
- **2025 Growth Drivers**: Defense contracts expansion, Palantir partnership for AI-driven operational efficiency, and 900MHz rail network rollouts. 
- **Backlog Visibility**: $10M entering 2025, with $20M+ expected from military and public safety customers. 

**【CFO Financial Commentary】**
- **Q4 2024 Results**: 
  - Revenue: $4.1M (173% QoQ growth, 10% YoY increase for OAS). 
  - Gross Profit: $0.9M (22% margin, up from 3% in Q3 2024). 
  - Operating Expenses: $9.4M (down 14% YoY due to cost savings). 
  - Cash Position: $30M as of Dec 31, 2024. 
- **2025 Outlook**: Gross margins expected to recover to 40-50% with scale, cash utilization improvement from OAS revenue growth. 

**【Business Unit Updates】**
- **OAS**: 
  - Optimus deployed in Dubai and Israel, with BVLOS waivers enabling autonomous missions. 
  - Iron Drone Radar demo team engaged globally, targeting military and homeland security customers. 
  - $10M backlog includes military and public safety orders. 
- **Ondas Networks**: 
  - 900MHz network rollouts with Metra and Class 1 railroads, exploring redundancy with 220MHz networks. 
  - PTC radios for Amtrak expected to ship Q2 2025, NGHE technology commercialization by end-2025. 

**【Q&A Highlights】**
- **Order Timing**: $10M backlog to be recognized in Q1-Q2 2025, with new military and public safety contracts expected. 
- **Gross Margin Recovery**: 40%+ in H1 2025, 50%+ in H2 with scale. 
- **Palantir Partnership**: Foundry AI for operational efficiency, potential AI-enabled product enhancements. 
- **Rail Network Risks**: AAR reaffirms commitment to 900MHz deadlines, no immediate FCC enforcement expected. 
- **Competitive Position**: Optimus differentiated by battery swapping and industrial-grade docking, leading U.S. DFR market share. 
- **Cash Burn**: Sequential improvement expected with revenue growth, no immediate capital needs beyond existing runway. 


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