Ondas Holdings Inc. Financials
This page shows Ondas Holdings Inc. (ONDS) financial statements, including the 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).
FY2025 was a financing-led expansion that rebuilt liquidity far faster than the core business improved.
FY2025's cash balance reached$550.7M after financing inflows of$862.7M , not from operations. That matters because operating cash flow was still-$38.7M while capital spending was only$2.0M , so the business is still consuming cash mainly through operations, not through a capital-heavy maintenance cycle.
The rebound to
With total assets at
Financial Health Signals
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.
Ondas Holdings Inc. scores 4.03, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($4.4B) 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.
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.
For every $1 of reported earnings, Ondas Holdings Inc. generates $0.29 in operating cash flow (-$38.7M OCF vs -$133.4M 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 $-8.9 in operating income for every $1 of interest expense (-$58.4M vs $6.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Ondas Holdings Inc. generated $50.7M in revenue in fiscal year 2025. This represents an increase of 605.3% from the prior year.
Ondas Holdings Inc.'s EBITDA was -$57.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 68.9% from the prior year.
Ondas Holdings Inc. reported -$133.4M in net income in fiscal year 2025. This represents a decrease of 250.9% from the prior year.
Ondas Holdings Inc. earned $-0.62 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 1.6% from the prior year.
Cash & Balance Sheet
Ondas Holdings Inc. generated -$40.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 16.2% from the prior year.
Ondas Holdings Inc. held $550.7M in cash against $0 in long-term debt as of fiscal year 2025.
Ondas Holdings Inc. had 381M shares outstanding in fiscal year 2025. This represents an increase of 308.7% from the prior year.
Margins & Returns
Ondas Holdings Inc.'s gross margin was 39.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 34.9 percentage points from the prior year.
Ondas Holdings Inc.'s operating margin was -115.1% in fiscal year 2025, reflecting core business profitability. This is up 366.1 percentage points from the prior year.
Ondas Holdings Inc.'s net profit margin was -262.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 265.5 percentage points from the prior year.
Ondas Holdings Inc.'s ROE was -30.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 198.7 percentage points from the prior year.
Capital Allocation
Ondas Holdings Inc. invested $20.9M in research and development in fiscal year 2025. This represents an increase of 67.4% from the prior year.
Ondas Holdings Inc. invested $2.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 24.3% from the prior year.
ONDS Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $50.1M+66.5% | $30.1M+198.2% | $10.1M+61.0% | $6.3M+47.7% | $4.2M+2.9% | $4.1M+178.9% | $1.5M+54.6% | $958K |
| Cost of Revenue | $25.5M+46.5% | $17.4M+131.9% | $7.5M+154.8% | $2.9M+6.6% | $2.8M-15.0% | $3.2M+126.5% | $1.4M+24.8% | $1.1M |
| Gross Profit | $24.7M+93.7% | $12.7M+388.8% | $2.6M-21.8% | $3.3M+123.9% | $1.5M+68.5% | $883K+1757.3% | $48K+124.9% | -$191K |
| R&D Expenses | $13.5M+55.9% | $8.7M+92.1% | $4.5M+6.5% | $4.2M+22.5% | $3.5M+10.1% | $3.1M-1.3% | $3.2M+20.5% | $2.6M |
| SG&A Expenses | $43.3M+97.9% | $21.9M+106.6% | $10.6M+74.3% | $6.1M+2.9% | $5.9M+19.0% | $5.0M+20.7% | $4.1M-1.2% | $4.2M |
| Operating Income | -$42.7M-83.0% | -$23.3M-50.4% | -$15.5M-67.6% | -$9.2M+10.3% | -$10.3M-21.0% | -$8.5M+1.7% | -$8.7M-4.3% | -$8.3M |
| Interest Expense | $338K-51.9% | $702K+58.0% | $444K-71.5% | $1.6M-59.7% | $3.9M+371.5% | -$1.4M-263.5% | $871K+23.8% | $704K |
| Income Tax | $245K | N/A | $307K | N/A | N/A | N/A | N/A | N/A |
| Net Income | $362.8M+459.2% | -$101.0M-1250.3% | -$7.5M+30.4% | -$10.8M+24.0% | -$14.1M-36.8% | -$10.3M-8.5% | -$9.5M-15.2% | -$8.3M |
| EPS (Diluted) | $0.56 | N/A | $-0.03+62.5% | $-0.08+46.7% | $-0.15 | N/A | $-0.15-7.1% | $-0.14 |
ONDS Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.4B+115.3% | $1.1B+105.9% | $550.2M+262.1% | $152.0M+45.3% | $104.6M-4.6% | $109.6M+36.8% | $80.2M-2.9% | $82.5M |
| Current Assets | $1.6B+137.5% | $685.9M+43.2% | $478.9M+425.0% | $91.2M+110.2% | $43.4M-8.7% | $47.5M+176.8% | $17.2M+13.9% | $15.1M |
| Cash & Equivalents | $1.0B+86.3% | $550.7M+27.2% | $432.8M+540.6% | $67.6M+165.9% | $25.4M-15.2% | $30.0M+942.6% | $2.9M-42.2% | $5.0M |
| Inventory | $34.3M+56.1% | $22.0M+75.4% | $12.5M+11.9% | $11.2M+6.1% | $10.5M+7.4% | $9.8M+10.6% | $8.9M+79.2% | $5.0M |
| Accounts Receivable | N/A | $22.4M+328.1% | $5.2M-3.0% | $5.4M+181.3% | $1.9M-63.4% | $5.2M+81.6% | $2.9M+25.5% | $2.3M |
| Goodwill | $381.8M+51.6% | $251.8M+624.1% | $34.8M+25.3% | $27.8M0.0% | $27.8M0.0% | $27.8M0.0% | $27.8M0.0% | $27.8M |
| Total Liabilities | $1.4B+105.5% | $661.2M+1562.4% | $39.8M+1.2% | $39.3M-32.2% | $58.0M-21.3% | $73.7M+12.9% | $65.2M+3.3% | $63.1M |
| Current Liabilities | $149.3M+5.3% | $141.8M+353.0% | $31.3M-0.6% | $31.5M-37.5% | $50.4M-0.3% | $50.6M+28.0% | $39.5M+4.3% | $37.9M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | $300K | N/A | N/A |
| Total Equity | $1.1B+145.3% | $437.8M-9.9% | $486.1M+435.2% | $90.8M+248.2% | $26.1M+57.3% | $16.6M+11.2% | $14.9M-23.1% | $19.4M |
| Retained Earnings | -$5.4M+98.5% | -$368.4M-37.1% | -$268.7M-2.9% | -$261.3M-4.3% | -$250.5M-6.0% | -$236.4M-4.6% | -$226.0M-4.4% | -$216.5M |
ONDS Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$51.3M-303.0% | -$12.7M-16.2% | -$11.0M-30.4% | -$8.4M-26.2% | -$6.7M+17.9% | -$8.1M+10.8% | -$9.1M-3.0% | -$8.8M |
| Capital Expenditures | $1.3M-16.6% | $1.6M+836.0% | $171K+78.2% | $96K-44.0% | $171K+476.9% | $30K+104.4% | -$676K-161.8% | $1.1M |
| Free Cash Flow | -$52.6M-267.4% | -$14.3M-28.8% | -$11.1M-30.9% | -$8.5M-24.4% | -$6.8M+16.1% | -$8.1M+16.6% | -$9.8M+1.5% | -$9.9M |
| Investing Cash Flow | -$474.2M-96.4% | -$241.4M-1209.2% | -$18.4M-16537.8% | -$111K+43.2% | -$195K-164.8% | -$74K-111.2% | $656K+159.5% | -$1.1M |
| Financing Cash Flow | $968.5M+133.6% | $414.5M+5.1% | $394.2M+663.2% | $51.7M+2180.6% | $2.3M-93.6% | $35.3M+457.9% | $6.3M+1965.9% | $306K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | $386K-1.1% | $390K0.0% | $390K |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ONDS Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 49.2%+6.9pp | 42.3%+16.5pp | 25.8%-27.3pp | 53.1%+18.1pp | 35.0%+13.6pp | 21.4%+18.2pp | 3.2%+23.1pp | -19.9% |
| Operating Margin | -85.1%-7.7pp | -77.5%+76.1pp | -153.5%-6.1pp | -147.4%+95.3pp | -242.7%-36.4pp | -206.3%+378.6pp | -584.9%+282.0pp | -866.9% |
| Net Margin | 723.8%+1059.3pp | -335.5%-261.4pp | -74.1%+97.3pp | -171.4%+161.4pp | -332.8%-82.5pp | -250.3%+393.0pp | -643.3%+220.0pp | -863.4% |
| Return on Equity | 33.8%+56.9pp | -23.1%-21.5pp | -1.5%+10.3pp | -11.8%+42.4pp | -54.2%+8.1pp | -62.3%+1.5pp | -63.8%-21.2pp | -42.6% |
| Return on Assets | 14.9%+23.8pp | -8.9%-7.6pp | -1.4%+5.7pp | -7.1%+6.4pp | -13.5%-4.1pp | -9.4%+2.5pp | -11.9%-1.9pp | -10.0% |
| Current Ratio | 10.91+6.1 | 4.84-10.5 | 15.30+12.4 | 2.90+2.0 | 0.86-0.1 | 0.94+0.5 | 0.43+0.0 | 0.40 |
| Debt-to-Equity | 1.27-0.2 | 1.51+1.4 | 0.08-0.4 | 0.43-1.8 | 2.22+2.2 | 0.02-4.4 | 4.37+1.1 | 3.26 |
| FCF Margin | -105.0%-57.4pp | -47.6%+62.6pp | -110.2%+25.3pp | -135.5%+25.3pp | -160.8%+36.3pp | -197.1%+462.1pp | -659.2%+375.7pp | -1035.0% |
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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, with a net profit margin of -262.9%.
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 operating margin?
Ondas Holdings Inc. (ONDS) had an operating margin of -115.1% in fiscal year 2025, 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 -262.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
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) generated -$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) generated -$38.7M in operating cash flow during fiscal year 2025, representing cash generated from 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.
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 cash runway?
Based on fiscal year 2025 data, Ondas Holdings Inc. (ONDS) had $550.7M in cash against an annual operating cash burn of $38.7M. This gives an estimated cash runway of approximately 171 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 Altman Z-Score?
Ondas Holdings Inc. (ONDS) has an Altman Z-Score of 4.03, 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) has an earnings quality ratio of 0.29x, 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 -8.9x, 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 60 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.