ONDS

MKT CAP:$5B

Ondas Holdings Inc.

Market Cap

$5B

Technology·Communication Equipment·🇺🇸 United States·NASDAQ

Technology·Communication·🇺🇸·NASDAQ

Stock Price

$10.39-$0.63 (-5.72%)

Apr 24, 2026

Company Details

Ondas Holdings Inc., through its subsidiaries, provides private wireless, drone, and automated data solutions. The company operates in two segments, Ondas Networks and American Robotics. The company designs, develops, manufactures, sells, a...

CEO

Eric Ashley Brock

IPO Date

Dec 4, 2020

Website

www.ondas.com

Key Metrics TTM

Revenue

$51M

+605.3% YoY

Net Income

-$132M

EPS (Diluted)

-$0.72

Free Cash Flow

-$40M

Revenue / Share

$0.23

Gross Margin

39.7%

Operating Margin

-115.1%

Net Margin

-260.2%

FCF Margin

-77.9%

P/S

100.2x

P/E

—

Earnings Reports

FY 2025

Mar 30, 2026

$51M+605.3%EPS -$0.62

Q4 2025

Mar 30, 2026

$30M+629.3%EPS -$0.46

Q3 2025

Nov 13, 2025

$10M+582.0%EPS -$0.03

Q2 2025

Aug 12, 2025

$6M+554.9%EPS -$0.08

Q1 2025

May 15, 2025

$4M+579.7%EPS -$0.15

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$410.2K	$122.3K	-$10M
Q2 22	$604.2K	$318.6K	-$11M
Q3 22	$632.5K	$399.5K	-$14M
Q4 22	$478.9K	$268.8K	-$35M
Q1 23	$3M	$1M	-$13M
Q2 23	$5M	$3M	-$8M
Q3 23	$3M	$554.9K	-$6M
Q4 23	$5M	$2M	-$13M
Q1 24	$625.0K	-$395.0K	-$9M
Q2 24	$957.9K	-$190.9K	-$8M
Q3 24	$1M	$47.6K	-$9M
Q4 24	$4M	$883.5K	-$9M
Q1 25	$4M	$1M	-$10M
Q2 25	$6M	$3M	-$9M
Q3 25	$10M	$3M	-$16M
Q4 25	$30M	$13M	-$23M

Valuation

Quarter	P/S	P/E
Q1 22	144.2x	—
Q2 22	132.2x	—
Q3 22	72.6x	—
Q4 22	35.0x	—
Q1 23	12.3x	—
Q2 23	5.3x	—
Q3 23	3.1x	—
Q4 23	7.1x	—
Q1 24	6.0x	—
Q2 24	4.4x	—
Q3 24	6.8x	—
Q4 24	31.1x	—
Q1 25	14.9x	—
Q2 25	17.9x	—
Q3 25	47.9x	—
Q4 25	43.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$7M	-$9M
Q2 22	-$8M	-$9M
Q3 22	-$11M	-$12M
Q4 22	-$12M	-$11M
Q1 23	-$13M	-$13M
Q2 23	-$9M	-$9M
Q3 23	-$6M	-$6M
Q4 23	-$6M	-$6M
Q1 24	-$7M	-$9M
Q2 24	-$9M	-$10M
Q3 24	-$9M	-$8M
Q4 24	-$8M	-$8M
Q1 25	-$7M	-$7M
Q2 25	-$8M	-$9M
Q3 25	-$11M	-$11M
Q4 25	-$13M	-$13M

Capital Expenditures

Quarter	CapEx
Q1 22	$2M
Q2 22	$1M
Q3 22	$917.3K
Q4 22	$644.8K
Q1 23	$144.0K
Q2 23	$70.1K
Q3 23	$29.8K
Q4 23	$123.9K
Q1 24	$1M
Q2 24	$1M
Q3 24	$675.9K
Q4 24	$72.3K
Q1 25	$195.0K
Q2 25	$110.8K
Q3 25	$191.9K
Q4 25	$281.7K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-64.8%	+157.1%
Q2 22	-31.9%	+197.5%
Q3 22	+123.2%	+172.9%
Q4 22	-16.2%	+359.7%
Q1 23	+532.9%	+46.6%
Q2 23	+805.1%	+16.6%
Q3 23	+321.4%	-39.4%
Q4 23	+935.9%	-49.7%
Q1 24	-75.9%	-36.0%
Q2 24	-82.5%	-33.7%
Q3 24	-44.4%	+17.9%
Q4 24	-16.8%	-28.2%
Q1 25	+579.7%	+49.3%
Q2 25	+554.9%	+67.6%
Q3 25	+582.0%	+152.4%
Q4 25	+629.3%	+322.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	323.8%
Q2 22	$0	0.0%
Q3 22	$1M	234.5%
Q4 22	$0	0.0%
Q1 23	$1M	48.7%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$411.0K	8.3%
Q1 24	$269.6K	43.1%
Q2 24	$0	0.0%
Q3 24	$311.1K	21.0%
Q4 24	$276.5K	6.7%
Q1 25	$2M	37.0%
Q2 25	$2M	34.7%
Q3 25	$5M	54.1%
Q4 25	$7M	22.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$4M	$6M	$681.7K
Q2 22	$5M	$6M	$731.2K
Q3 22	$6M	$7M	$792.6K
Q4 22	$9M	$5M	$1M
Q1 23	$7M	$5M	$1M
Q2 23	$5M	$5M	$2M
Q3 23	$3M	$3M	$1M
Q4 23	$3M	$8M	$2M
Q1 24	$4M	$4M	$1M
Q2 24	$3M	$4M	$1M
Q3 24	$3M	$4M	$1M
Q4 24	$3M	$5M	$1M
Q1 25	$3M	$6M	$2M
Q2 25	$4M	$6M	$2M
Q3 25	$5M	$11M	$3M
Q4 25	$9M	$22M	$5M

Revenue Segments

Quarter	Development Revenue Member	Product Revenue Member	Service Revenue Member
Q1 22	$200.8K	$149.3K	$60.1K

Revenue by Geography

Quarter	Israel	United Arab Emirates	United States	India	Europe
Q1 23	$67.1K	$1M	$1M	—	—
Q2 23	$112.1K	$4M	$2M	—	—
Q3 23	$149.0K	$85.3K	$2M	—	—
Q3 24	$521.2K	$346.4K	$567.8K	$10.0K	—
Q1 25	$2M	$2M	$216.4K	$10.7K	—
Q2 25	$1M	$2M	$139.1K	$40.4K	$3M
Q3 25	$9M	$551.5K	$172.6K	$13.1K	$2.8K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$32M	$0	$32M
Q2 22	$28M	$0	$28M
Q3 22	$15M	$0	$15M
Q4 22	$30M	$0	$30M
Q1 23	$14M	$0	$14M
Q2 23	$3M	$0	$3M
Q3 23	$21M	$0	$21M
Q4 23	$15M	$0	$15M
Q1 24	$15M	$0	$15M
Q2 24	$5M	$0	$5M
Q3 24	$3M	$0	$3M
Q4 24	$30M	$0	$30M
Q1 25	$25M	$0	$25M
Q2 25	$68M	$0	$68M
Q3 25	$433M	$19M	$452M
Q4 25	$594M	$22M	$616M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	41M	+41.9%	+53.7%
Q2 22	42M	+2.9%	+46.0%
Q3 22	43M	+1.2%	+9.8%
Q4 22	44M	+3.4%	+52.7%
Q1 23	48M	+8.1%	+16.4%
Q2 23	51M	+7.2%	+21.2%
Q3 23	54M	+5.4%	+26.3%
Q4 23	57M	+5.7%	+29.2%
Q1 24	63M	+10.6%	+32.2%
Q2 24	66M	+5.3%	+29.9%
Q3 24	71M	+6.6%	+31.3%
Q4 24	80M	+13.3%	+40.7%
Q1 25	105M	+31.0%	+66.6%
Q2 25	151M	+43.5%	+127.0%
Q3 25	260M	+72.5%	+267.4%
Q4 25	222M	-14.7%	+176.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$5.5K	74
Q2 22	$8.2K	74
Q3 22	$8.5K	74
Q4 22	$4.1K	116
Q1 23	$22.4K	116
Q2 23	$47.1K	116
Q3 23	$23.0K	116
Q4 23	$45.9K	108
Q1 24	$5.8K	108
Q2 24	$8.9K	108
Q3 24	$13.7K	108
Q4 24	$33.3K	124
Q1 25	$34.3K	124
Q2 25	$50.6K	124
Q3 25	$81.4K	124
Q4 25	$65.6K	459

Revenue / Employee