What is Ondas Holdings Inc.'s earnings per share (EPS)?

Ondas Holdings Inc. (ONDS) reported diluted earnings per share of -$0.62 for fiscal year 2025. 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.

Ondas Holdings Inc. (ONDS) Financials

ONDS

Trailing 12 months to June 30, 2026

Revenue $174.1M +979.3% YoY

Net Income $165.9M +470.8% YoY

EPS (Diluted) -$0.62 FY2025 annual

Free Cash Flow -$171.9M -417.4% YoY

Market Cap $4.1B as of Sep 10, 2026

Price / Sales 23.8x on $174.1M revenue, trailing 12 months to June 30, 2026

Price / Earnings 25.0x on $165.9M net income, trailing 12 months to June 30, 2026

Price / Book 2.6x on $1.6B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 13, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ONDS SEC filings page.

Ondas Holdings Inc. (ONDS) reported $174.1M in revenue over the twelve months to Jun 30, 2026, up 979.3% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 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).

Rhea AI ONDS FY2025 2026-08-29

Revenue saw a rapid scale-up, but external financing expanded faster than sales converted into cash.

The gross-margin recovery reached 39.7% in FY2025 from 4.8% in FY2024, yet operating cash flow was -$38.7M while operating loss deepened to -$58.4M. That combination indicates weak operating leverage: better unit economics did not yet absorb the enlarged operating cost base.

The financing-led expansion lifted assets from $109.6M in FY2024 to $1.1B in FY2025. Financing cash flow supplied $862.7M as the share count expanded 4.4x, showing that the larger capital structure was not built from operating cash.

The business appears low in capital intensity: capital expenditures were only $2.0M while free cash flow was -$40.8M in FY2025, so operations—not reinvestment—drove the cash deficit. The earnings-to-cash gap was also unusually wide, with net loss of -$133.4M versus operating cash flow of -$38.7M.

Financial Health Signals

Financial Health Score 55/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Ondas Holdings Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway

Ondas Holdings Inc. held $608.1M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $38.7M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Ondas Holdings Inc. scores 97/100 among other emerging companies.

Dilution

Ondas Holdings Inc. had 467M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Ondas Holdings Inc. scores 7/100 among other emerging companies.

R&D Intensity

Ondas Holdings Inc. spent $20.9M on research and development in fiscal year 2025, which was 19.1% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Ondas Holdings Inc. scores 50/100 among other emerging companies.

Revenue Progress

Ondas Holdings Inc. reported revenue of $50.7M in fiscal year 2025, against $7.2M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Ondas Holdings Inc. scores 83/100 among other emerging companies.

Burn Trend

Ondas Holdings Inc.'s operations used $38.7M of cash in fiscal year 2025, against $33.5M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Ondas Holdings Inc. scores 39/100 among other emerging companies.

Balance Sheet

Ondas Holdings Inc.'s cash, cash equivalents and investments came to $608.1M at the end of fiscal year 2025, against $661.2M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Ondas Holdings Inc. scores 56/100 among other emerging companies.

Altman Z-Score Safe

3.76

Ondas Holdings Inc. scores 3.76, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($4.1B) relative to total liabilities ($661.2M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

4/8

Ondas Holdings Inc. passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality No Cash Backing

N/A

Ondas Holdings Inc. reported a net loss of $133.4M while operations used $38.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Ondas Holdings Inc. reported an operating loss of $58.4M against $6.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$83.8M

YoY+1235.4%

QoQ+67.1%

5Y CAGR+148.3%

10Y CAGR+215.4%

Ondas Holdings Inc. generated $83.8M in revenue in Q2 2026. This represents an increase of 1235.4% from the same quarter a year earlier. Against the prior quarter it is up 67.1%.

EBITDA

-$124.7M

YoY-1804.5%

QoQ-197.0%

Ondas Holdings Inc.'s EBITDA was -$124.7M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1804.5% from the same quarter a year earlier. Against the prior quarter it is down 197.0%.

Net Income

-$88.4M

YoY-722.3%

QoQ-124.4%

Ondas Holdings Inc. reported -$88.4M in net income in Q2 2026. This represents a decrease of 722.3% from the same quarter a year earlier. Against the prior quarter it is down 124.4%.

EPS (Diluted)

-$0.19

QoQ-133.9%

Ondas Holdings Inc. earned -$0.19 per diluted share (EPS) in Q2 2026. Against the prior quarter it is down 133.9%.

Cash & Balance Sheet

Free Cash Flow

-$93.8M

YoY-1004.0%

QoQ-78.3%

Ondas Holdings Inc. recorded an outflow of $93.8M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 1004.0% from the same quarter a year earlier. Against the prior quarter it is down 78.3%.

Cash & Debt

$657.9M

YoY+873.7%

QoQ-35.9%

5Y CAGR+62.2%

Ondas Holdings Inc. held $657.9M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

571M

QoQ+15.1%

5Y CAGR+70.4%

10Y CAGR+76.0%

Ondas Holdings Inc. had 571M shares outstanding in Q2 2026. Against the prior quarter it is up 15.1%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

43.1%

YoY-10.0pp

QoQ-6.1pp

5Y CAGR+8.6pp

Ondas Holdings Inc.'s gross margin was 43.1% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 10.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 6.1 percentage points.

Return on Equity

-5.6%

YoY+6.2pp

QoQ-39.4pp

5Y CAGR-0.9pp

Ondas Holdings Inc.'s ROE was -5.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 6.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 39.4 percentage points.

Operating Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Capital Allocation

R&D Spending

$31.0M

YoY+630.5%

QoQ+129.0%

5Y CAGR+110.2%

Ondas Holdings Inc. invested $31.0M in research and development in Q2 2026. This represents an increase of 630.5% from the same quarter a year earlier. Against the prior quarter it is up 129.0%.

Capital Expenditures

$7.8M

YoY+7984.4%

QoQ+482.7%

5Y CAGR+253.1%

Ondas Holdings Inc. invested $7.8M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 7984.4% from the same quarter a year earlier. Against the prior quarter it is up 482.7%.

Share Buybacks

Not reported for Q2 2026.

ONDS Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ONDS quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Revenue	$174.1M	$50.7M+605.3%	$7.2M-54.2%	$15.7M+638.1%	$2.1M-26.9%	$2.9M+34.3%	$2.2M+575.4%	$320K+68.6%	$190K-30.7%	$274K+4878.3%	$6K+41.7%	$4K
Cost of Revenue	$98.0M	$30.6M+346.5%	$6.8M-26.4%	$9.3M+815.8%	$1.0M-43.9%	$1.8M+46.5%	$1.2M+1462.1%	$79K+101.0%	$39K-50.7%	$80K+542.2%	$12K+129.7%	$5K
Gross Profit	$76.1M	$20.2M+5742.3%	$345K-94.6%	$6.4M+475.3%	$1.1M+1.2%	$1.1M+18.1%	$928K+284.5%	$241K+60.1%	$151K-22.6%	$195K+2916.7%	-$7K-355.2%	-$2K
R&D Expenses	$57.7M	$20.9M+67.4%	$12.5M-27.2%	$17.1M-28.7%	$24.0M+314.5%	$5.8M+61.7%	$3.6M-33.8%	$5.4M+76.1%	$3.1M+206.8%	$1.0M	N/A	N/A
SG&A Expenses	$203.8M	$44.5M+159.4%	$17.1M-20.5%	$21.6M-8.7%	$23.6M+100.5%	$11.8M+54.2%	$7.6M+59.4%	$4.8M+83.5%	$2.6M+141.1%	$1.1M	N/A	N/A
Operating Income	-$244.4M	-$58.4M-68.7%	-$34.6M+12.9%	-$39.7M+42.8%	-$69.4M-286.3%	-$18.0M-56.0%	-$11.5M+25.0%	-$15.4M-82.2%	-$8.4M-252.3%	-$2.4M	N/A	-$20K
EBITDA	N/A	-$57.4M-68.9%	-$34.0M+2.1%	-$34.7M+46.9%	-$65.4M-297.4%	-$16.5M-44.3%	-$11.4M+25.1%	-$15.2M-81.7%	-$8.4M-252.0%	-$2.4M	N/A	N/A
Interest Expense	$2.5M	$6.6M+604.7%	$933K-77.5%	$4.2M+10.4%	$3.8M+553.4%	$576K-70.3%	$1.9M-33.9%	$2.9M+10.0%	$2.7M+314.4%	$643K	N/A	N/A
Income Tax	N/A	$488K-99.3%	$69.4M+10.9%	$62.6M	N/A	-$2.9M	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$165.9M	-$133.4M-250.9%	-$38.0M+15.2%	-$44.8M+38.8%	-$73.2M-387.5%	-$15.0M-11.5%	-$13.5M+30.5%	-$19.4M-60.3%	-$12.1M-300.3%	-$3.0M	N/A	-$20K
EPS (Basic)	N/A	-$0.62-1.6%	-$0.61+30.7%	-$0.88+49.1%	-$1.73-293.2%	-$0.44	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	—	-$0.62	-$0.61+30.7%	-$0.88+49.1%	-$1.73-293.2%	-$0.44	N/A	N/A	N/A	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	221,769	69,917-99.9%	53M+24.9%	42M+23.6%	34M	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$83.8M+1235.4%	$50.1M+1079.9%	$30.1M+629.2%	$10.1M+582.0%	$6.3M+554.9%	$4.2M+579.7%	$4.1M-16.8%	$1.5M-44.4%
Cost of Revenue	$47.6M+1519.9%	$25.5M+822.6%	$17.4M+435.4%	$7.5M+422.9%	$2.9M+156.0%	$2.8M+170.6%	$3.2M+0.4%	$1.4M-32.1%
Gross Profit	$36.1M+984.4%	$24.7M+1557.1%	$12.7M+1341.3%	$2.6M+5376.0%	$3.3M+1845.5%	$1.5M+476.7%	$883K-48.9%	$48K-91.4%
R&D Expenses	$31.0M+630.5%	$13.5M+290.8%	$8.7M+176.1%	$4.5M+41.8%	$4.2M+60.5%	$3.5M-1.5%	$3.1M+6.1%	$3.2M+17.8%
SG&A Expenses	$128.0M+2005.7%	$43.3M+633.1%	$21.9M+340.9%	$10.6M+157.5%	$6.1M+46.0%	$5.9M+51.6%	$5.0M-39.5%	$4.1M+60.5%
Operating Income	-$162.9M-1661.6%	-$42.7M-313.9%	-$23.3M-173.8%	-$15.5M-79.0%	-$9.3M-11.4%	-$10.3M-13.0%	-$8.5M+32.6%	-$8.7M-46.0%
EBITDA	-$124.7M-1804.5%	-$42.0M-314.7%	-$26.5M-130.7%	-$14.2M-91.8%	-$6.5M+8.3%	-$10.1M-27.4%	-$11.5M-0.8%	-$7.4M-60.0%
Interest Expense	$1.0M-33.3%	$338K-91.3%	$702K+149.2%	$444K-49.0%	$1.6M+121.9%	$3.9M+394.2%	-$1.4M-254.2%	$871K-2.5%
Income Tax	-$29.1M	$245K	N/A	$307K	$0	N/A	N/A	N/A
Net Income	-$88.4M-722.3%	$362.8M+2666.5%	-$101.0M-877.3%	-$7.5M+21.5%	-$10.8M-30.0%	-$14.1M-43.1%	-$10.3M+26.9%	-$9.5M-30.6%
EPS (Basic)	-$0.18-125.0%	$0.58+486.7%	-$0.41-173.3%	-$0.03+80.0%	-$0.08+42.9%	-$0.15+11.8%	-$0.15+42.3%	-$0.150.0%
EPS (Diluted)	-$0.19	$0.56	-$0.41	-$0.03	-$0.08	-$0.15	-$0.15+42.3%	-$0.150.0%
Diluted Shares (Avg)	504M	461,706	N/A	260M	151M	105,005	N/A	71M+31.3%

ONDS Balance Sheet

ONDS quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Total Assets	$1.1B+933.4%	$109.6M+18.9%	$92.2M-5.9%	$97.9M-16.6%	$117.4M+311.9%	$28.5M+568.7%	$4.3M+60.2%	$2.7M+270.9%	$718K+12578.9%	$6K-29.6%	$8K
Current Assets	$685.9M+1343.4%	$47.5M+101.3%	$23.6M-34.1%	$35.8M-19.8%	$44.7M+60.1%	$27.9M+744.8%	$3.3M+61.7%	$2.0M+189.7%	$705K+12351.8%	$6K	N/A
Cash & Equivalents	$550.7M+1738.4%	$30.0M+99.4%	$15.0M-49.5%	$29.8M-27.0%	$40.8M+56.6%	$26.1M+1110.4%	$2.2M+90.6%	$1.1M+147.8%	$456K	N/A	$5K
Short-Term Investments	$21.8M	$0	$0	$0	$0	$0	$0	$0	$0	N/A	$0
Inventory	$22.0M+123.6%	$9.8M+349.2%	$2.2M+0.6%	$2.2M+84.4%	$1.2M+2.3%	$1.2M+169.5%	$428K+22.9%	$348K+100.8%	$173K+11771.2%	$1K-49.1%	$3K
Accounts Receivable	$22.4M+328.0%	$5.2M+52.3%	$3.4M+3189.3%	$104K-91.4%	$1.2M+2446.3%	$48K+135.7%	$20K-33.6%	$30K-4.4%	$32K+1652.2%	$2K	N/A
Long-Term Investments	$35.6M	$0	$0-100.0%	$50.0M0.0%	$50.0M	$0	$0	$0	$0	N/A	$0
Goodwill	$251.8M+807.4%	$27.8M0.0%	$27.8M+8.4%	$25.6M-43.1%	$45.0M	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$661.2M+797.5%	$73.7M+56.4%	$47.1M+18.6%	$39.7M+663.0%	$5.2M-61.2%	$13.4M-19.6%	$16.7M-4.9%	$17.5M+103.1%	$8.6M+75.8%	$4.9M+17259.1%	$28K
Current Liabilities	$141.8M+180.4%	$50.6M+40.7%	$35.9M+58.1%	$22.7M+391.5%	$4.6M-63.0%	$12.5M-22.3%	$16.1M-6.9%	$17.2M+194.2%	$5.9M	N/A	N/A
Non-Current Liabilities	$519.4M+2148.4%	$23.1M+106.8%	$11.2M-34.3%	$17.0M+2821.1%	$582K-38.3%	$943K+48.8%	$634K+111.2%	$300K-89.2%	$2.8M	N/A	N/A
Long-Term Debt	N/A	$300K	N/A	N/A	$300K-66.9%	$907K+81.4%	$500K	N/A	N/A	N/A	N/A
Total Equity	$437.8M+2540.1%	$16.6M-50.0%	$33.1M-43.1%	$58.2M-48.1%	$112.2M+644.1%	$15.1M+221.3%	-$12.4M+16.5%	-$14.9M-87.9%	-$7.9M-61.4%	-$4.9M-24119.0%	-$20K
Retained Earnings	-$368.4M-55.9%	-$236.4M-19.2%	-$198.4M-29.2%	-$153.5M-91.2%	-$80.3M-23.0%	-$65.2M-26.0%	-$51.8M-59.9%	-$32.4M-59.6%	-$20.3M-36685.6%	-$55K-168.2%	-$21K

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$3.0B+1870.0%	$2.4B+2232.1%	$1.1B+933.4%	$550.2M+586.3%	$152.0M+84.1%	$104.6M+14.2%	$109.6M+18.9%	$80.2M-20.4%
Current Assets	$1.6B+1660.3%	$1.6B+3654.2%	$685.9M+1343.4%	$478.9M+2689.2%	$91.2M+505.1%	$43.4M+84.6%	$47.5M+101.3%	$17.2M-43.3%
Cash & Equivalents	$657.9M+873.7%	$1.0B+3937.8%	$550.7M+1738.4%	$432.8M+14963.5%	$67.6M+1258.0%	$25.4M+74.2%	$30.0M+99.4%	$2.9M-86.3%
Short-Term Investments	$726.6M	$447.8M	$21.8M	$0	$0	$0	$0	$0
Inventory	$52.0M+365.0%	$34.3M+225.0%	$22.0M+123.6%	$12.5M+41.0%	$11.2M+125.8%	$10.5M+180.6%	$9.8M+349.2%	$8.9M+244.1%
Accounts Receivable	N/A	N/A	$22.4M+328.0%	$5.2M+81.6%	$5.4M+134.9%	$1.9M-10.0%	$5.2M+52.3%	$2.9M-41.2%
Long-Term Investments	$49.3M	$42.3M	$35.6M	$587K	$0	$0	$0	$0-100.0%
Goodwill	$661.4M+2283.1%	$381.8M+1275.9%	$251.8M+807.4%	$34.8M+25.3%	$27.8M0.0%	$27.8M0.0%	$27.8M0.0%	$27.8M+0.3%
Total Liabilities	$1.4B+3508.6%	$1.4B+2245.2%	$661.2M+797.5%	$39.8M-39.0%	$39.3M-37.8%	$58.0M+20.9%	$73.7M+56.4%	$65.2M+46.9%
Current Liabilities	$163.1M+417.9%	$149.3M+196.2%	$141.8M+180.4%	$31.3M-20.8%	$31.5M-16.9%	$50.4M+32.9%	$50.6M+40.7%	$39.5M+11.1%
Non-Current Liabilities	$1.3B+15980.9%	$1.2B+15957.7%	$519.4M+2148.4%	$8.5M+12.1%	$7.8M-5.1%	$7.5M-24.6%	$23.1M+106.8%	$7.6M-14.8%
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	$300K	N/A
Total Equity	$1.6B+1628.7%	$1.1B+4017.9%	$437.8M+2540.1%	$486.1M+3158.2%	$90.8M+368.3%	$26.1M-6.1%	$16.6M-50.0%	$14.9M-67.0%
Retained Earnings	-$93.7M+64.1%	-$5.4M+97.8%	-$368.4M-55.9%	-$268.7M-18.9%	-$261.3M-20.7%	-$250.5M-20.3%	-$236.4M-19.2%	-$226.0M-22.7%

ONDS Cash Flow Statement

ONDS quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Operating Cash Flow	-$161.1M	-$38.7M-15.8%	-$33.5M+1.6%	-$34.0M+10.4%	-$38.0M-124.7%	-$16.9M-124.2%	-$7.5M+48.6%	-$14.7M-72.2%	-$8.5M-223.8%	-$2.6M	N/A	-$21K
Depreciation & Amortization	N/A	$946K+57.1%	$602K-87.9%	$5.0M+24.2%	$4.0M+165.7%	$1.5M+1186.2%	$118K-18.6%	$145K+162.1%	$55K+310.3%	$13K	N/A	N/A
Stock-Based Compensation	N/A	$16.0M+1166.1%	$1.3M+20.8%	$1.0M-82.1%	$5.9M+80.0%	$3.3M-30.4%	$4.7M+398.5%	$938K	N/A	$1K	N/A	N/A
Capital Expenditures	$10.9M	$2.0M+24.3%	$1.6M+675.2%	$211K-92.7%	$2.9M+211.9%	$924K+10643.4%	$9K-89.0%	$78K-85.7%	$544K	N/A	N/A	N/A
Free Cash Flow	-$171.9M	-$40.8M-16.2%	-$35.1M-2.6%	-$34.2M+16.2%	-$40.8M-129.2%	-$17.8M-136.2%	-$7.5M+48.8%	-$14.7M-62.7%	-$9.1M	N/A	N/A	N/A
Investing Cash Flow	-$1.0B	-$260.1M-14910.5%	-$1.7M-423.2%	$536K+107.7%	-$6.9M+32.1%	-$10.2M-63162.9%	-$16K+95.5%	-$355K+43.7%	-$630K	N/A	N/A	N/A
Financing Cash Flow	$1.8B	$862.7M+1619.2%	$50.2M+167.9%	$18.7M-44.7%	$33.9M-19.1%	$41.9M+33.1%	$31.5M+96.1%	$16.0M+63.4%	$9.8M+222.9%	$3.0M+11507.8%	$26K	N/A
Dividends Paid	N/A	N/A	$1.5M+192.9%	$512K	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$86.1M-924.3%	-$51.3M-670.4%	-$12.7M-57.0%	-$11.0M-20.6%	-$8.4M+4.7%	-$6.7M+10.7%	-$8.1M-37.2%	-$9.1M-45.5%
Depreciation & Amortization	$38.2M+1314.8%	$669K+269.6%	$380K+114.5%	$1.3M+2.9%	$2.7M+131.8%	$181K-84.6%	$177K-85.7%	$1.2M-4.2%
Stock-Based Compensation	N/A	$19.7M+1149.7%	N/A	$0-100.0%	$40K-37.0%	$1.6M+483.6%	N/A	$106K+104.7%
Capital Expenditures	$7.8M+7984.4%	$1.3M+678.9%	$1.6M+5286.6%	$170K-74.8%	$96K-91.2%	$171K-85.6%	$30K-74.5%	-$676K+2167.9%
Free Cash Flow	-$93.8M-1004.0%	-$52.6M-670.6%	-$14.3M-76.0%	-$11.1M-14.0%	-$8.5M+14.3%	-$6.8M+21.0%	-$8.1M-35.0%	-$9.8M-55.6%
Investing Cash Flow	-$288.9M-260159.5%	-$474.2M-243062.6%	-$241.4M-327721.9%	-$18.4M-2912.7%	-$111K+89.9%	-$195K+83.9%	-$74K+32.2%	$656K+1396.8%
Financing Cash Flow	$2.9M-94.3%	$968.5M+42657.8%	$414.5M+1074.0%	$394.2M+6129.7%	$51.7M+16763.2%	$2.3M-72.5%	$35.3M+119396.7%	$6.3M-73.9%
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	$386K+28.6%	$390K

Not reported in any period shown, so not listed: Share Buybacks.

ONDS Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ONDS quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Gross Margin	39.7%+34.9pp	4.8%-35.9pp	40.7%-11.5pp	52.2%+14.5pp	37.7%-5.2pp	42.9%-32.4pp	75.3%-4.0pp	79.3%+8.3pp	70.9%	-125.4%	-39.0%
Operating Margin	-115.1%	-481.1%	-253.2%	-3266.0%	-618.3%	-532.6%	-4798.0%	-4439.1%	-872.6%	N/A	-508.2%
Net Margin	-262.9%	-528.4%	-285.8%	-3445.3%	-516.9%	-622.9%	-6052.2%	-6365.8%	-1101.4%	N/A	-508.2%
Return on Equity	-30.5%+198.7pp	-229.2%-93.9pp	-135.3%-9.5pp	-125.8%-112.4pp	-13.4%+76.0pp	-89.3%	N/A	N/A	N/A	N/A	N/A
Return on Assets	-11.8%+22.9pp	-34.7%+14.0pp	-48.7%+26.1pp	-74.8%-62.0pp	-12.8%+34.5pp	-47.3%+407.5pp	-454.8%-0.3pp	-454.5%-33.4pp	-421.1%	N/A	-246.0%
Current Ratio	4.84+3.9x	0.94+0.3x	0.66-0.9x	1.58-8.1x	9.66+7.4x	2.23+2.0x	0.21+0.1x	0.120.0x	0.12	N/A	N/A
Debt-to-Equity	1.51+1.5x	0.02-1.4x	1.42+0.7x	0.68+0.7x	0.00-0.1x	0.06	N/A	N/A	N/A	N/A	N/A
Asset Turnover	0.040.0x	0.07-0.1x	0.17+0.1x	0.020.0x	0.02-0.1x	0.080.0x	0.080.0x	0.07-0.3x	0.38-0.6x	0.97+0.5x	0.48
FCF Margin	-80.4%	-488.0%	-218.2%	-1921.3%	-613.0%	-348.6%	-4601.5%	-4768.5%	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	43.1%-10.0pp	49.2%+14.2pp	42.3%+20.9pp	25.8%+22.6pp	53.1%+73.0pp	35.0%+98.2pp	21.4%-13.4pp	3.2%-17.6pp
Operating Margin	-194.5%	-85.1%	-77.5%	-153.5%	-147.5%	-242.7%	-206.3%	-584.9%
Net Margin	-105.5%	723.8%	-335.5%	-74.1%	-171.4%	-332.8%	-250.3%	-643.3%
Return on Equity	-5.6%+6.2pp	33.8%+88.0pp	-23.1%+39.3pp	-1.5%+62.3pp	-11.8%+30.8pp	-54.2%-18.6pp	-62.3%-19.7pp	-63.8%-47.7pp
Return on Assets	-2.9%+4.1pp	14.9%+28.4pp	-8.9%+0.5pp	-1.4%+10.5pp	-7.1%+2.9pp	-13.5%-2.7pp	-9.4%+5.9pp	-11.9%-4.6pp
Current Ratio	9.85+6.9x	10.91+10.1x	4.84+3.9x	15.30+14.9x	2.90+2.5x	0.86+0.2x	0.94+0.3x	0.43-0.4x
Debt-to-Equity	0.90+0.5x	1.27-1.0x	1.51+1.5x	0.08-4.3x	0.43-2.8x	2.22+0.5x	0.02-1.4x	4.37+3.4x
Asset Turnover	0.030.0x	0.020.0x	0.030.0x	0.020.0x	0.040.0x	0.040.0x	0.040.0x	0.020.0x
FCF Margin	-112.0%	-105.0%	-47.6%	-110.2%	-135.5%	-160.8%	-197.1%	-659.2%

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Ondas Holdings Inc. ONDS	FY2025	$50.7M	-$133.4M	N/A	$4.1B	55/100
Extreme Networks Inc EXTR	FY2026	$1.3B	$42.1M	3.3%	$2.8B	50/100
Viavi Solutions Inc VIAV	FY2026	$1.5B	-$30.4M	-2.0%	$9.7B	57/100
Commscope Hldg Co Inc COMM	FY2025	$1.9B	$2.3B	N/A	$4.3B	42/100
Belden Inc BDC	FY2025	$2.7B	$237.5M	8.8%	$4.6B	58/100
Viasat Inc VSAT	FY2026	$4.6B	-$34.1M	-0.7%	$10.0B	33/100

Where Ondas Holdings Inc. Ranks

Frequently Asked Questions

What is Ondas Holdings Inc.'s annual revenue?

Ondas Holdings Inc. (ONDS) reported $50.7M in total revenue for fiscal year 2025. This represents a 605.3% 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 grew by 605.3% year-over-year, from $7.2M to $50.7M in fiscal year 2025.

Is Ondas Holdings Inc. profitable?

No, Ondas Holdings Inc. (ONDS) reported a net income of -$133.4M in fiscal year 2025.

What is Ondas Holdings Inc.'s EBITDA?

Ondas Holdings Inc. (ONDS) had EBITDA of -$57.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Ondas Holdings Inc.'s gross margin?

Ondas Holdings Inc. (ONDS) had a gross margin of 39.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Ondas Holdings Inc.'s return on equity (ROE)?

Ondas Holdings Inc. (ONDS) has a return on equity of -30.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Ondas Holdings Inc.'s free cash flow?

Ondas Holdings Inc. (ONDS) recorded an outflow of $40.8M in free cash flow during fiscal year 2025. This represents a -16.2% 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) recorded an outflow of $38.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Ondas Holdings Inc.'s total assets?

Ondas Holdings Inc. (ONDS) had $1.1B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Ondas Holdings Inc.'s capital expenditures?

Ondas Holdings Inc. (ONDS) invested $2.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Ondas Holdings Inc. spend on research and development?

Ondas Holdings Inc. (ONDS) invested $20.9M in research and development during fiscal year 2025.

How many shares does Ondas Holdings Inc. have outstanding?

Ondas Holdings Inc. (ONDS) had 467M shares outstanding as of fiscal year 2025.

What is Ondas Holdings Inc.'s current ratio?

Ondas Holdings Inc. (ONDS) had a current ratio of 4.84 as of fiscal year 2025, which is generally considered healthy.

What is Ondas Holdings Inc.'s debt-to-equity ratio?

Ondas Holdings Inc. (ONDS) had a debt-to-equity ratio of 1.51 as of fiscal year 2025, 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 -11.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Ondas Holdings Inc.'s P/E ratio?

Ondas Holdings Inc. (ONDS) trades at 25.0x earnings, its market capitalization divided by net income of $165.9M net income, trailing 12 months to June 30, 2026. The market capitalization is $4.1B as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Ondas Holdings Inc.'s price-to-sales ratio?

Ondas Holdings Inc. (ONDS) trades at 23.8x sales, its market capitalization divided by revenue of $174.1M revenue, trailing 12 months to June 30, 2026. The market capitalization is $4.1B as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Ondas Holdings Inc.'s Altman Z-Score?

Ondas Holdings Inc. (ONDS) has an Altman Z-Score of 3.76, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Ondas Holdings Inc.'s Piotroski F-Score?

Ondas Holdings Inc. (ONDS) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $133.4M while operations used $38.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $58.4M against $6.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 55 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.