Top Page
Ondas Holdings
(NASDAQ:ONDS)
Ondas Holdings (ONDS) vs. SPDR S&P 500 ETF (SPY)
Ondas Holdings Business Overview & Revenue Model
Ondas Holdings Earnings Call Summary
Ondas Holdings Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 24.75M | 7.19M | 15.69M | 2.13M | 2.91M | 2.16M |
| Gross Profit | 8.31M | 345.18K | 6.38M | 1.11M | 1.10M | 927.67K |
| EBITDA | -29.47M | -28.72M | -34.64M | -64.63M | -15.55M | -11.14M |
| Net Income | -42.69M | -38.01M | -44.84M | -73.24M | -15.02M | -13.48M |
Balance Sheet | ||||||
| Total Assets | 550.15M | 109.62M | 92.16M | 97.95M | 117.44M | 28.51M |
| Cash, Cash Equivalents and Short-Term Investments | 451.63M | 29.96M | 14.98M | 29.78M | 40.82M | 26.06M |
| Total Debt | 17.97M | 60.31M | 35.29M | 33.39M | 1.81M | 8.03M |
| Total Liabilities | 39.78M | 73.68M | 47.11M | 39.72M | 5.21M | 13.43M |
| Stockholders Equity | 486.08M | 16.58M | 33.14M | 58.22M | 112.23M | 15.08M |
Cash Flow | ||||||
| Free Cash Flow | -34.70M | -35.20M | -34.30M | -40.89M | -17.92M | -7.57M |
| Operating Cash Flow | -34.13M | -33.47M | -34.02M | -37.96M | -16.90M | -7.53M |
| Investing Cash Flow | -18.82M | -1.73M | 536.27K | -6.93M | -10.21M | -16.14K |
| Financing Cash Flow | 483.46M | 50.18M | 18.73M | 33.86M | 41.86M | 31.46M |
Ondas Holdings Technical Analysis
Ondas Holdings Risk Analysis
Ondas Holdings Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $1.65B | 40.47 | 6.71% | ― | 1.46% | 78.77% | |
74 Outperform | $1.11B | 23.32 | 11.38% | ― | 1.93% | -43.22% | |
71 Outperform | $4.02B | 274.28 | 2.13% | ― | 15.60% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $1.88B | 49.57 | 4.68% | ― | -24.42% | ― | |
59 Neutral | $2.25B | 265.35 | 17.08% | ― | 14.31% | ― | |
54 Neutral | $3.45B | -22.86 | -17.04% | ― | 208.40% | 44.60% |
Ondas Holdings Corporate Events
On December 16, 2025, Ondas’ board appointed Brigadier General Patrick Huston, U.S. Army (ret.), the company’s General Counsel since October 2025, to the newly created role of Chief Operating Officer, while he continues as General Counsel and Secretary. Huston, a 57-year-old former Commanding General, Army Ranger and helicopter pilot with 35 years of military and legal leadership across the Pentagon, 101st Airborne Division, Joint Special Operations Command and U.S. Central Command, joined OAS’s advisory board in September 2025 and is active on AI-focused bodies such as the FBI’s and American Bar Association’s AI task forces. His appointment, announced publicly on December 18, 2025, is intended to strengthen Ondas’ operational execution and acquisition integration across its multi-domain autonomous systems platform and growing subsidiary portfolio, while unifying legal, regulatory, compliance and governance oversight to support deeper engagement with U.S. and allied government defense and security customers. An employment agreement signed in October 2025 provides Huston with a $400,000 base salary, time-based restricted stock units and stock options vesting over three years, and standard severance, non-compete and non-solicitation terms, underscoring the company’s commitment to his long-term role as it scales operations and integrates recent strategic acquisitions in defense and security markets.
On December 16, 2025, Ondas Holdings completed the acquisition of Roboteam, an Israel-based manufacturer of rugged unmanned ground vehicles (UGVs) used globally for military and commercial applications. Roboteam’s platforms are employed in missions such as explosives disposal and reconnaissance and are used by key defense clients, including the U.S. Marine Corps and Israeli Ministry of Defense. This acquisition strengthens Ondas’ presence in the ground robotics domain and expands its autonomous solutions portfolio, integrating Roboteam’s proven technologies into Ondas’ multi-domain offerings to enhance defense and public safety operations worldwide.
On December 17, 2025, Ondas Holdings, through its subsidiary OAS, executed exchange agreements that converted convertible notes and warrants into shares of its stock. As part of the transaction, shares of ONDS common stock were issued to investors, substantially consolidating OAS ownership under Ondas Holdings (99%) with investors holding a minimal stake post-transaction. Additionally, the financial impact includes a one-time non-cash charge of $56.6 million expected for Q4 2025, reflecting the restructuring’s accounting adjustments.
On December 12, 2025, Ron Stern resigned from his position as a director of Ondas Holdings Inc., effective immediately. His resignation was not due to any disagreements with the company’s operations, policies, or practices. The resignation also led to the termination of the Directorship Agreement between Mr. Stern and the company, which was initially dated January 6, 2025.
Ondas Holdings Inc. announced that it has offered holders of convertible promissory notes and warrants the opportunity to convert their holdings into shares of Ondas Autonomous Systems Inc. (OAS) common stock and subsequently exchange them for Ondas Holdings common stock. As of December 12, 2025, ten out of eleven holders have elected to participate in the exchange, which could result in Ondas Holdings owning up to 100% of OAS. The company anticipates a one-time, non-cash charge of approximately $56.6 million to $60.5 million in its financial statements for the year ending December 31, 2025, depending on the final participation in the exchange.
On December 8, 2025, Ondas Holdings Inc. announced its intent to invest up to $11 million in Drone Fight Group, a Ukrainian developer of advanced unmanned aerial systems. This strategic investment, executed through Ondas Capital, aims to strengthen U.S. and allied defense modernization priorities by integrating combat-proven Ukrainian technologies. The partnership is expected to support the localization of these technologies through U.S.-based manufacturing and provide strategic support for DFG’s global expansion, enhancing the availability of agile, scalable unmanned systems for defense and homeland security missions.
On November 23, 2025, Ondas Holdings Inc. announced a definitive agreement to acquire Robo-Team Holdings Ltd, an Israeli company specializing in tactical unmanned ground vehicles (UGVs). The acquisition, valued at $80 million, is expected to enhance Ondas’ capabilities in providing integrated air and ground robotic solutions, thereby strengthening its position in defense and public safety markets. This strategic move aligns with defense modernization efforts globally, as it aims to meet the growing demand for unmanned systems in complex and hazardous environments.
At the Special Meeting of Stockholders held on November 20, 2025, Ondas Holdings Inc. received approval from its stockholders to amend its 2021 Stock Incentive Plan, increasing the authorized shares for issuance from 26 million to 61 million. Additionally, the stockholders approved an amendment to the company’s Articles of Incorporation to double the authorized common stock shares from 400 million to 800 million, reflecting a strategic move to enhance the company’s capital structure and support its growth initiatives.
On November 19, 2025, Ondas Holdings Inc. made a strategic investment of $35 million in Performance Drone Works (PDW), a defense-technology company specializing in advanced robotics for national security missions. This investment aims to scale PDW’s production capabilities and strengthen Ondas’ position in the defense sector. PDW, known for its combat robotics used by the U.S. military, will use the funds to expand manufacturing, increase engineering staff, and secure a domestic supply chain. This move is expected to accelerate PDW’s growth as a leader in combat robotics and enhance Ondas’ offerings in AI-enabled autonomous defense platforms.
Ondas Holdings Inc. has scheduled a Special Meeting of Stockholders on November 20, 2025, to discuss and vote on a charter amendment proposal and an incentive plan amendment proposal. This meeting, crucial for the company’s governance and strategic planning, will be held in Boston, and only stockholders of record as of October 8, 2025, are eligible to vote, either in person or by proxy.
Ondas Holdings Inc. has postponed its Special Meeting of Stockholders originally scheduled for November 18, 2025, to November 25, 2025, to gather additional votes on matters outlined in the meeting notice and proxy statement. The meeting will still take place at One Marina Park Drive, Boston, and shareholders of record as of October 8, 2025, are eligible to vote. Previously submitted proxies will remain valid unless revoked, and no further action is required from shareholders who have already voted.
On November 17, 2025, Ondas Holdings Inc. announced securing an $8.2 million purchase order from a major European security agency to deploy Iron Drone Raider™ counter-UAS systems at a large international airport in Europe. This order highlights the growing demand for Ondas’ autonomous defense solutions, following recent drone intrusion incidents in Europe that disrupted flights. The deployment will enhance airspace protection and reinforce infrastructure resilience, marking another milestone in a record year for Ondas with significant bookings and strategic acquisitions.
On November 17, 2025, Ondas Holdings Inc. completed the acquisition of Sentry CS Ltd, an Israeli company, for $225 million. This strategic acquisition, involving a combination of cash and stock, is expected to enhance Ondas’ market position by expanding its technological capabilities and market reach.
On November 10, 2025, Ondas Holdings Inc. announced the appointment of Maj. Gen. (Ret.) Yoav Har-Even, former President & CEO of Rafael Advanced Defense Systems Ltd., to the Advisory Board of Ondas Autonomous Systems. Har-Even’s extensive experience in defense leadership and technology integration is expected to strengthen OAS’s strategic depth and support its global defense-technology strategy. This appointment is part of OAS’s efforts to expand its advisory network and guide its next phase of growth, focusing on product integration, strategic partnerships, and international expansion. In 2025, OAS achieved record international orders for its systems and launched a strategic acquisition program to broaden its solutions portfolio.
On November 3, 2025, Ondas Holdings Inc. announced a definitive agreement to acquire Sentry CS Ltd., an Israeli leader in Cyber-over-RF and Protocol-Manipulation counter-UAS technology. This acquisition, expected to close in November 2025, will enhance Ondas’ capabilities in intelligent drone defense by integrating Sentry’s proprietary technology, which offers precise, regulation-compliant drone neutralization without disrupting surrounding communications. The strategic move aims to strengthen Ondas’ position in the global Counter-UAS market, projected to exceed $10.6 billion by 2030, and expand its reach to Tier-1 defense, public safety, and security agencies worldwide.
On October 29, 2025, Ondas Holdings Inc. completed the acquisition of a controlling interest in 4M Defense Ltd., an Israeli company, by purchasing 70% of the share capital of Chirokka Holding Ltd. for $2.4 million in cash and 801,068 shares of Ondas’ common stock. This strategic acquisition, finalized through a Share Purchase Agreement dated October 24, 2025, is expected to enhance Ondas Holdings’ market position and operational capabilities. The agreement includes a lock-up period for a portion of the shares and a Registration Rights Agreement to facilitate the resale of shares, indicating a structured approach to integrating 4M Defense Ltd. into Ondas Holdings’ portfolio.
On October 29, 2025, Ondas Holdings Inc. announced the acquisition of a controlling interest in Insight Intelligent Sensors, an Israeli company specializing in AI-driven electro-optical sensing systems. This strategic move is expected to enhance Ondas Holdings’ capabilities in advanced sensing technologies, potentially strengthening its market position and offering new opportunities for growth.
On October 24, 2025, Ondas Holdings Inc. announced a Share Purchase Agreement to acquire 70% of the share capital of Chirokka Holding Ltd., which owns 4M Defense Ltd., a leader in smart demining technologies. This acquisition is expected to enhance Ondas’ market position by integrating 4M’s AI-driven terrestrial intelligence platform with Ondas’ existing aerial systems, expanding its addressable market to include the $30 billion subsurface intelligence and landmine clearance sector. The acquisition is anticipated to close in the fourth quarter of 2025, subject to customary closing conditions.
On October 20, 2025, Ondas Holdings Inc. announced a $14 million strategic investment in Safe Pro Group Inc., a leader in AI-powered defense and security solutions. This investment aims to accelerate the development and integration of Safe Pro’s AI-powered threat detection systems for defense and humanitarian markets globally. The collaboration is expected to enhance soldier safety and humanitarian missions, with Safe Pro’s technology already proving effective in detecting explosive threats and creating high-resolution maps for battlefield intelligence.
On October 6, 2025, Ondas Holdings Inc. entered into an underwriting agreement with Oppenheimer & Co. Inc. for an underwritten offering of shares and warrants, expected to close on October 7, 2025. The offering, priced above market, aims to raise $425 million, with potential additional proceeds of $1.5 billion if warrants are fully exercised. The net proceeds are intended for corporate development and strategic growth, including acquisitions and investments. The offering reflects Ondas’ strategic positioning to enhance its market presence and operational capabilities.
On October 1, 2025, Ondas Holdings Inc. completed its acquisition of Smart Precision Optics S.P.O LTD., securing 51% of its share capital and capital notes for approximately US$5,946,805 and US$0.30, respectively. Additionally, Ondas Autonomous Systems Inc., a subsidiary of Ondas Holdings, amended the maturity date of its secured convertible promissory notes, initially issued in 2024, to January 1, 2026, indicating strategic financial adjustments to support its operations.
Ondas Holdings Inc., a company developing autonomous aerial and ground robotics platforms for defense and security markets, has made a strategic investment in Kopin Corporation. On September 29, 2025, Kopin announced a $41 million private placement with investors including Ondas Holdings, Theon International, and Unusual Machines. This investment aims to advance Kopin’s development of color MicroLED and Neuraldisplay™ AI technologies, as well as commercialization of microdisplays and optical solutions for drones. The investment reflects confidence in Kopin’s technology and growth potential, particularly in the defense sector, and aligns with Ondas’ strategic roadmap to co-develop integrated solutions.
On September 23, 2025, Ondas Holdings Inc. announced that Brigadier General Patrick Huston, U.S. Army (ret.), has joined its Ondas Autonomous Systems Inc. Advisory Board. General Huston’s extensive military and technology experience will provide strategic insights into defense procurement, regulatory frameworks, and the integration of autonomous technologies, enhancing Ondas’ capabilities in delivering autonomous solutions to defense and security markets globally.