This page shows Ondas Holdings Inc. (ONDS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Ondas Holdings Inc. has an operating margin of -481.2%, meaning the company retains $-481 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -253.2% the prior year.
Ondas Holdings Inc.'s revenue declined 54.2% year-over-year, from $15.7M to $7.2M. This contraction results in a growth score of 0/100.
Ondas Holdings Inc. carries a low D/E ratio of 0.02, meaning only $0.02 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Ondas Holdings Inc.'s current ratio of 0.94 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 18/100, which could limit financial flexibility.
While Ondas Holdings Inc. generated -$33.5M in operating cash flow, capex of $1.6M consumed most of it, leaving -$35.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Ondas Holdings Inc. passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Ondas Holdings Inc. generates $0.88 in operating cash flow (-$33.5M OCF vs -$38.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Ondas Holdings Inc. earns $-9.6 in operating income for every $1 of interest expense (-$34.6M vs $3.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Ondas Holdings Inc. generated $7.2M in revenue in fiscal year 2024. This represents a decrease of 54.2% from the prior year.
Ondas Holdings Inc.'s EBITDA was -$29.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 14.3% from the prior year.
Ondas Holdings Inc. generated -$35.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 2.6% from the prior year.
Ondas Holdings Inc. reported -$38.0M in net income in fiscal year 2024. This represents an increase of 15.2% from the prior year.
Ondas Holdings Inc. earned $-0.61 per diluted share (EPS) in fiscal year 2024. This represents an increase of 30.7% from the prior year.
Ondas Holdings Inc. held $30.0M in cash against $300K in long-term debt as of fiscal year 2024.
Ondas Holdings Inc. had 93M shares outstanding in fiscal year 2024. This represents an increase of 50.4% from the prior year.
Ondas Holdings Inc.'s gross margin was 4.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 35.9 percentage points from the prior year.
Ondas Holdings Inc.'s operating margin was -481.2% in fiscal year 2024, reflecting core business profitability. This is down 228.0 percentage points from the prior year.
Ondas Holdings Inc.'s net profit margin was -528.4% in fiscal year 2024, showing the share of revenue converted to profit. This is down 242.6 percentage points from the prior year.
Ondas Holdings Inc. invested $12.5M in research and development in fiscal year 2024. This represents a decrease of 27.2% from the prior year.
Ondas Holdings Inc. invested $1.6M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 675.4% from the prior year.
ONDS Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $10.1M+61.0% | $6.3M+47.7% | $4.2M+2.9% | $4.1M+331.1% | $958K+53.3% | $625K-87.4% | $5.0M+86.2% | $2.7M |
| Cost of Revenue | $7.5M+154.8% | $2.9M+6.6% | $2.8M-15.0% | $3.2M+182.5% | $1.1M+12.6% | $1.0M-68.5% | $3.2M+53.2% | $2.1M |
| Gross Profit | $2.6M-21.8% | $3.3M+123.8% | $1.5M+68.5% | $884K+562.8% | -$191K+51.7% | -$395K-122.9% | $1.7M+211.4% | $555K |
| R&D Expenses | $4.5M+6.5% | $4.2M+22.5% | $3.5M+10.1% | $3.1M+19.0% | $2.6M-24.8% | $3.5M+18.6% | $3.0M+9.6% | $2.7M |
| SG&A Expenses | $10.6M+74.3% | $6.1M+2.9% | $5.9M+19.0% | $5.0M+19.2% | $4.2M+6.8% | $3.9M-52.5% | $8.2M+220.3% | $2.6M |
| Operating Income | -$15.5M-67.6% | -$9.2M+10.3% | -$10.3M-21.0% | -$8.5M-2.6% | -$8.3M+9.0% | -$9.1M+27.8% | -$12.6M-113.1% | -$5.9M |
| Interest Expense | $444K-71.5% | $1.6M-59.7% | $3.9M+206.3% | $1.3M+79.5% | $704K-10.1% | $783K-15.3% | $924K+3.4% | $894K |
| Income Tax | $307K | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$7.5M+30.4% | -$10.8M+24.0% | -$14.1M-36.8% | -$10.3M-25.0% | -$8.3M+16.3% | -$9.9M+30.1% | -$14.1M-93.9% | -$7.3M |
| EPS (Diluted) | $-0.03+62.5% | $-0.08+46.7% | $-0.150.0% | $-0.15-7.1% | $-0.14+17.6% | $-0.17+32.0% | $-0.25-66.7% | $-0.15 |
ONDS Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $550.2M+262.1% | $152.0M+45.3% | $104.6M-4.6% | $109.6M+32.8% | $82.5M-9.9% | $91.6M-0.6% | $92.2M-8.4% | $100.6M |
| Current Assets | $478.9M+425.0% | $91.2M+110.2% | $43.4M-8.7% | $47.5M+215.2% | $15.1M-35.9% | $23.5M-0.4% | $23.6M-22.0% | $30.3M |
| Cash & Equivalents | $432.8M+540.6% | $67.6M+165.9% | $25.4M-15.2% | $30.0M+502.1% | $5.0M-65.9% | $14.6M-2.9% | $15.0M-28.4% | $21.0M |
| Inventory | $12.5M+11.9% | $11.2M+6.1% | $10.5M+7.4% | $9.8M+98.2% | $5.0M+31.8% | $3.8M+71.9% | $2.2M-15.3% | $2.6M |
| Accounts Receivable | $5.2M-3.0% | $5.4M+181.3% | $1.9M-63.4% | $5.2M+128.0% | $2.3M+7.8% | $2.1M-38.0% | $3.4M-29.9% | $4.9M |
| Goodwill | $34.8M+25.3% | $27.8M0.0% | $27.8M0.0% | $27.8M0.0% | $27.8M0.0% | $27.8M0.0% | $27.8M+0.3% | $27.7M |
| Total Liabilities | $39.8M+1.2% | $39.3M-32.2% | $58.0M-21.3% | $73.7M+16.7% | $63.1M+31.7% | $47.9M+1.7% | $47.1M+6.1% | $44.4M |
| Current Liabilities | $31.3M-0.6% | $31.5M-37.5% | $50.4M-0.3% | $50.6M+33.5% | $37.9M-0.2% | $37.9M+5.6% | $35.9M+1.1% | $35.6M |
| Long-Term Debt | N/A | N/A | N/A | $300K | N/A | N/A | N/A | N/A |
| Total Equity | $486.1M+435.2% | $90.8M+248.2% | $26.1M+57.3% | $16.6M-14.5% | $19.4M-30.2% | $27.8M-16.2% | $33.1M-26.7% | $45.2M |
| Retained Earnings | -$268.7M-2.9% | -$261.3M-4.3% | -$250.5M-6.0% | -$236.4M-9.2% | -$216.5M-4.0% | -$208.2M-5.0% | -$198.4M-7.7% | -$184.2M |
ONDS Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$11.0M-30.4% | -$8.4M-26.2% | -$6.7M+17.9% | -$8.1M+8.1% | -$8.8M-18.3% | -$7.5M-26.1% | -$5.9M+5.3% | -$6.2M |
| Capital Expenditures | $171K+78.0% | $96K-43.9% | $171K+468.9% | $30K-97.3% | $1.1M-7.9% | $1.2M+923.7% | $116K+289.4% | $30K |
| Free Cash Flow | -$11.1M-30.9% | -$8.5M-24.4% | -$6.8M+16.1% | -$8.1M+17.9% | -$9.9M-14.7% | -$8.6M-43.4% | -$6.0M+3.9% | -$6.3M |
| Investing Cash Flow | -$18.4M-16540.6% | -$111K+43.2% | -$195K-169.7% | -$72K+93.4% | -$1.1M+9.1% | -$1.2M-1015.8% | -$109K-115.0% | -$51K |
| Financing Cash Flow | $394.2M+663.2% | $51.7M+2180.7% | $2.3M-93.6% | $35.3M+11426.2% | $306K-96.3% | $8.2M+27776.4% | $30K-99.9% | $24.2M |
| Dividends Paid | N/A | N/A | N/A | $390K0.0% | $390K+16.7% | $334K+11.4% | $300K | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ONDS Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.8%-27.3pp | 53.1%+18.1pp | 35.0%+13.6pp | 21.4%+41.3pp | -19.9%+43.3pp | -63.2%-98.0pp | 34.8%+14.0pp | 20.8% |
| Operating Margin | -153.5%-6.1pp | -147.4%+95.3pp | -242.7%-36.4pp | -206.3%+660.6pp | -866.9%+593.4pp | -1460.3%-1205.4pp | -254.9%-32.2pp | -222.7% |
| Net Margin | -74.1%+97.3pp | -171.4%+161.4pp | -332.8%-82.4pp | -250.3%+613.0pp | -863.4%+716.8pp | -1580.2%-1295.2pp | -285.0%-11.4pp | -273.6% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -1.4%+5.7pp | -7.1%+6.4pp | -13.5%-4.1pp | -9.4%+0.6pp | -10.0%+0.8pp | -10.8%+4.6pp | -15.3%-8.1pp | -7.2% |
| Current Ratio | 15.30+12.4 | 2.90+2.0 | 0.86-0.1 | 0.94+0.5 | 0.40-0.2 | 0.62-0.0 | 0.66-0.2 | 0.85 |
| Debt-to-Equity | 0.08-0.4 | 0.43-1.8 | 2.22+2.2 | 0.02-3.2 | 3.26+1.5 | 1.73+0.3 | 1.42+0.4 | 0.98 |
| FCF Margin | -110.2%+25.3pp | -135.5%+25.3pp | -160.8%+36.3pp | -197.1%+837.8pp | -1035.0%+348.0pp | -1383.0%-1261.5pp | -121.5%+113.9pp | -235.4% |
Note: The current ratio is below 1.0 (0.94), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Ondas Holdings Inc.'s annual revenue?
Ondas Holdings Inc. (ONDS) reported $7.2M in total revenue for fiscal year 2024. This represents a -54.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ondas Holdings Inc.'s revenue growing?
Ondas Holdings Inc. (ONDS) revenue declined by 54.2% year-over-year, from $15.7M to $7.2M in fiscal year 2024.
Is Ondas Holdings Inc. profitable?
No, Ondas Holdings Inc. (ONDS) reported a net income of -$38.0M in fiscal year 2024, with a net profit margin of -528.4%.
What is Ondas Holdings Inc.'s earnings per share (EPS)?
Ondas Holdings Inc. (ONDS) reported diluted earnings per share of $-0.61 for fiscal year 2024. This represents a 30.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Ondas Holdings Inc.'s EBITDA?
Ondas Holdings Inc. (ONDS) had EBITDA of -$29.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Ondas Holdings Inc. have?
As of fiscal year 2024, Ondas Holdings Inc. (ONDS) had $30.0M in cash and equivalents against $300K in long-term debt.
What is Ondas Holdings Inc.'s gross margin?
Ondas Holdings Inc. (ONDS) had a gross margin of 4.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Ondas Holdings Inc.'s operating margin?
Ondas Holdings Inc. (ONDS) had an operating margin of -481.2% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Ondas Holdings Inc.'s net profit margin?
Ondas Holdings Inc. (ONDS) had a net profit margin of -528.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Ondas Holdings Inc.'s free cash flow?
Ondas Holdings Inc. (ONDS) generated -$35.1M in free cash flow during fiscal year 2024. This represents a -2.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ondas Holdings Inc.'s operating cash flow?
Ondas Holdings Inc. (ONDS) generated -$33.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Ondas Holdings Inc.'s total assets?
Ondas Holdings Inc. (ONDS) had $109.6M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Ondas Holdings Inc.'s capital expenditures?
Ondas Holdings Inc. (ONDS) invested $1.6M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Ondas Holdings Inc. spend on research and development?
Ondas Holdings Inc. (ONDS) invested $12.5M in research and development during fiscal year 2024.
How many shares does Ondas Holdings Inc. have outstanding?
Ondas Holdings Inc. (ONDS) had 93M shares outstanding as of fiscal year 2024.
What is Ondas Holdings Inc.'s current ratio?
Ondas Holdings Inc. (ONDS) had a current ratio of 0.94 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Ondas Holdings Inc.'s debt-to-equity ratio?
Ondas Holdings Inc. (ONDS) had a debt-to-equity ratio of 0.02 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Ondas Holdings Inc.'s return on assets (ROA)?
Ondas Holdings Inc. (ONDS) had a return on assets of -34.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Ondas Holdings Inc.'s cash runway?
Based on fiscal year 2024 data, Ondas Holdings Inc. (ONDS) had $30.0M in cash against an annual operating cash burn of $33.5M. This gives an estimated cash runway of approximately 11 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Ondas Holdings Inc.'s Piotroski F-Score?
Ondas Holdings Inc. (ONDS) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ondas Holdings Inc.'s earnings high quality?
Ondas Holdings Inc. (ONDS) has an earnings quality ratio of 0.88x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Ondas Holdings Inc. cover its interest payments?
Ondas Holdings Inc. (ONDS) has an interest coverage ratio of -9.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Ondas Holdings Inc.?
Ondas Holdings Inc. (ONDS) scores 24 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.