Ondas Inc. ONDS
conjunction with our audited Consolidated Financial Statements and accompanying notes thereto appearing elsewhere in this Annual Report
on Form 10-K for the year ended December 31, 2025 (the "Form 10-K"), which are incorporated herein by this reference.
the "Company," and "Ondas" in this Form 10-K refers to Ondas Inc. and its subsidiaries.
"Ondas," "we," "us," or "our") is a defense, security, and critical infrastructure technology
Last close
7.62
2026-09-04
Market cap
$4.35B
2026-06-30 share count
52-week range
4.95 - 15.28
Valuation FY2025 figures against the last close
P/S85.7x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-0.62
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $50.7M | $7.2M | $15.7M | $2.1M | $2.9M | $2.2M | $320.4K | $190.0K | $274.4K | $5.5K |
| Cost of revenue | $30.6M | $6.8M | $9.3M | $1.0M | $1.8M | $1.2M | $79.1K | $39.4K | $79.8K | $12.4K |
| Gross profit | $20.2M | $345.0K | $6.4M | $1.1M | $1.1M | $927.7K | $241.3K | $150.7K | $194.6K | -$6.9K |
| R&D | $20.9M | $12.5M | $17.1M | $24.0M | $5.8M | $3.6M | $5.4M | $3.1M | $1.0M | — |
| SG&A | $44.5M | $17.1M | $21.6M | $23.6M | $11.8M | $7.6M | $4.8M | $2.6M | $1.1M | — |
| Total operating expenses | $78.5M | $35.0M | $46.1M | $70.5M | $19.1M | $12.5M | $15.6M | $8.6M | $2.6M | $27.7K |
| Operating income | -$58.4M | -$34.6M | -$39.7M | -$69.4M | -$18.0M | -$11.5M | -$15.4M | -$8.4M | -$2.4M | -$34.6K |
| Interest expense | $6.6M | $3.6M | $4.2M | $3.8M | $575.7K | $1.9M | $2.9M | $2.7M | $642.7K | — |
| Pre-tax income | -$132.9M | -$38.0M | -$44.8M | -$73.2M | -$17.9M | -$13.5M | -$19.4M | -$12.1M | -$3.0M | — |
| Income tax | $488.0K | — | — | — | $2.9M | — | — | — | — | — |
| Net income | -$133.4M | -$38.0M | -$44.8M | -$73.2M | -$15.0M | -$13.5M | -$19.4M | -$12.1M | -$3.0M | -$34.6K |
| EPS, basic | -0.62 | -0.61 | -0.88 | -1.73 | -0.44 | — | — | — | — | — |
| EPS, diluted | -0.62 | -0.61 | -0.88 | -1.73 | -0.44 | -0.66 | -1.10 | -0.42 | -0.19 | -0.01 |
| Shares, diluted (wtd. avg.) | $221.8K | $69.9K | $52.7M | $42.2M | $34.2M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $550.7M | $30.0M | $15.0M | $29.8M | $40.8M | $26.1M | $2.2M | $1.1M | $456.0K | $45.2K |
| Receivables | $22.4M | $5.2M | $3.4M | $104.3K | $1.2M | $47.6K | $20.2K | $30.4K | $31.9K | $1.8K |
| Inventory | $22.0M | $9.8M | $2.2M | $2.2M | $1.2M | $1.2M | $427.5K | $347.9K | $173.3K | $1.5K |
| Total current assets | $685.9M | $47.5M | $23.6M | $35.8M | $44.7M | $27.9M | $3.3M | $2.0M | $704.8K | — |
| Property, plant and equipment | $10.2M | $2.6M | $4.2M | $3.0M | $1.0M | $163.1K | $252.2K | $502.1K | $12.9K | — |
| Goodwill | $251.8M | $27.8M | $27.8M | $25.6M | $45.0M | — | — | — | — | — |
| Other intangibles | $136.9M | $27.2M | $31.3M | $28.9M | $25.2M | $379.5K | $126.3K | $53.3K | — | — |
| Total assets | $1.13B | $109.6M | $92.2M | $97.9M | $117.4M | $28.5M | $4.3M | $2.7M | $717.6K | $5.7K |
| Accounts payable | $13.9M | $5.7M | $5.2M | $3.0M | $2.4M | $2.4M | $2.3M | $1.1M | $795.8K | $8.0K |
| Short-term debt | — | — | — | — | — | $7.1M | $10.1M | — | — | — |
| Total current liabilities | $141.8M | $50.6M | $35.9M | $22.7M | $4.6M | $12.5M | $16.1M | $17.2M | $5.9M | — |
| Long-term debt | — | $300.0K | — | — | $300.0K | $907.0K | $500.0K | — | — | — |
| Total liabilities | $661.2M | $73.7M | $47.1M | $39.7M | $5.2M | $13.4M | $16.7M | $17.5M | $8.6M | $60.5K |
| Retained earnings | -$368.4M | -$236.4M | -$198.4M | -$153.5M | -$80.3M | -$65.2M | -$51.8M | -$32.4M | -$20.3M | -$55.1K |
| Total equity | $437.8M | $16.6M | $33.1M | $58.2M | $112.2M | $15.1M | -$12.4M | -$14.9M | -$7.9M | -$4.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$38.7M | -$33.5M | -$34.0M | -$38.0M | -$16.9M | -$7.5M | -$14.7M | -$8.5M | -$2.6M | -$29.0K |
| Depreciation and amortisation | $946.0K | $602.0K | $844.8K | $4.0M | $116.2K | $97.8K | $143.5K | $54.9K | $13.4K | — |
| Stock-based compensation | $16.0M | $1.3M | $1.0M | $5.9M | $3.3M | $4.7M | $938.1K | — | $1.2K | — |
| Capital expenditure | $2.0M | $1.6M | $211.0K | $2.9M | $923.7K | $8.6K | $77.9K | $544.2K | — | — |
| Investing cash flow | -$260.1M | -$1.7M | $536.3K | -$6.9M | -$10.2M | -$16.1K | -$354.8K | -$629.7K | — | — |
| Financing cash flow | $862.7M | $50.2M | $18.7M | $33.9M | $41.9M | $31.5M | $16.0M | $9.8M | $3.0M | $26.2K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-26-045735.
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