false 0001646188 0001646188 2024-11-12 2024-11-12 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) November 12, 2024

 

Ondas Holdings Inc.
(Exact name of registrant as specified in its charter)

 

Nevada   001-39761   47-2615102
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (IRS Employer
Identification No.)

 

One Marina Park Drive Unit 1410, Boston, MA 02210
(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code (888) 350-9994

 

N/A
(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol   Name of each exchange on which registered
Common Stock par value $0.0001   ONDS  

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On November 12, 2024, Ondas Holdings Inc. (the "Company") issued a press release announcing its financial and operating results for the three months ended September 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. A slide presentation, which includes supplemental information relating to the Company’s financial results for the three months ended September 30, 2024, is furnished as Exhibit 99.2 to this Current Report on Form 8-K.

 

The information in Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1 and Exhibit 99.2) is furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1 and Exhibit 99.2) shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report on Form 8-K, regardless of any general incorporation language in the filing.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.   Description
99.1   Press Release, dated November 12, 2024.
99.2   Presentation, dated November 12, 2024.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

1

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: November 12, 2024 ONDAS HOLDINGS INC.
     
     
  By: /s/ Eric A. Brock
    Eric A. Brock
    Chief Executive Officer

 

 

2

 

Exhibit 99.1

 

Ondas Holdings Reports Third Quarter 2024 Financial Results: Secures $14.4 Million in Drone Platform Purchase Orders in Q3

 

Q3 marks the largest bookings in Ondas’ history

 

$14.4 million in purchase orders were from a major military customer for the Iron Drone Raider and Optimus System autonomous drone platforms

 

Iron Drone Raider is emerging as a best-in-class ‘hard kill’ counter drone solution addressing the urgent need for protection from hostile drones

 

Order from Metra, Chicago’s primary commuter rail system, for system-wide 900 MHz upgrade secured by partner Siemens

 

Railroads communicate plans for general purpose 900 MHz network architecture to be deployed to support resilient rail operations

 

Conference Call Scheduled for Today at 8:30 a.m. ET

 

BOSTON, MA – November 12, 2024 - Ondas Holdings Inc. (Nasdaq: ONDS) (“Ondas” or the “Company”), a leading provider of private industrial wireless networks and commercial drone and automated data solutions through its Ondas Networks and Ondas Autonomous Systems (OAS) business units, reported financial and operating results for the three months ended September 30, 2024.

 

“Ondas had a strong quarter operationally marked by the receipt of significant orders at OAS and deeper engagement with railroad customers at Ondas Networks,” said Eric Brock, Chairman and CEO of Ondas Holdings. “OAS secured multiple orders totaling $14.4 million for our Iron Drone Raider and Optimus System drone platforms from a major military customer. This signals our entry into military markets and establishes our Iron Drone Raider system as a third revenue-generating technology platform in Ondas’ portfolio. Ondas Networks is benefiting from increased visibility on Class I railroads’ network plans and realized a significant milestone, with distribution partner Siemens securing an order from Metra, a transit rail operator serving passengers in Chicago.

 

“At Ondas Networks, we believe Metra’s order for a system-wide upgrade of the 900 MHz wireless network to the new A-block with the jointly developed next-generation Advanced Train Control Systems (ATCS) platform confirms that Ondas Networks and Siemens have established a comprehensive deployment and migration plan to support adoption of the dot16 wireless standard by railroads in North America. That was further demonstrated during Q3 with Siemens’ receipt of an additional order from a Class I Railroad for an expansion of an existing live 900 MHz network, also in Chicago. In short, we are demonstrating the robustness of the dot16 standard as we start 900 MHz upgrades in Chicago – the most complex railroad wireless environment in the country.

 

“Our exceptional efforts at OAS are translating into significant results as we have positioned the Iron Drone Raider system as a leading candidate to own the category for ‘hard kill’ counter-uncrewed autonomous system (UAS) infrastructure. In addition, our Optimus System will now be deployed to secure military bases and border checkpoints, demonstrating the exceptional capabilities of this market-leading system in high value security markets. We see growing demand for aerial security and inspection from ‘drone-in-a-box’ systems. As we scale with customers for military and public safety drone-as-a-first-responder (DFR) security applications with Optimus, we see evidence that security officials and project managers in military, public safety and critical industrial markets are increasingly appreciating OAS’ ability to satisfy the most demanding requirements to secure and protect high value assets and locations.”

 

 

 

 

Brock concluded, “Ondas remains in a strong position, with leading technology platforms addressing large, high value end markets and increased evidence of customer acceptance across both business units. Indeed, the third quarter represented the largest bookings quarter in Ondas’ history. Further, we raised $10.5 million in capital between Ondas Holdings and our business units during both the third quarter and fourth quarter-to-date, demonstrating continued investor support. Our top line revenue has been delayed, mainly due to 900 MHz timeline extensions with Ondas Networks rail customers, and supply chain and market-related issues stemming from the Gaza conflict in Israel. Nonetheless, a strengthening order book and customer pipeline at OAS as well as improving engagement with the railroad customers at Ondas Networks bodes well for our outlook. I expect a strong end to 2024 and am optimistic about our ability to drive significant growth in 2025.”

 

Third Quarter 2024 and Recent Highlights Ondas Networks 

 

Generated approximately $445,000 in revenue during the third quarter of 2024.

 

Secured $3.0 million in capital from Charles & Potomac Capital LLC (Charles & Potomac) in the third quarter and fourth quarter-to-date.

 

Siemens secured a purchase order from Metra, the primary commuter rail system serving the Chicago metropolitan area, for Airlink dot-16 compliant wireless systems to upgrade the legacy 900 MHz ATCS network and migrate the network to the new 900 MHz A-block.

 

Siemens secured a purchase order from a Class I rail operator for Airlink dot-16 compliant wireless systems to expand the final programs in advance of an expected upgrade of the legacy 900 MHz ATCS network and migration to the new 900 MHz A-block in Chicago.

 

Achieved key development milestones, including the provision on initial prototype radios with our partner Siemens in the 220 MHz radio program on behalf of an Amtrak-sponsored upgrade to its Advanced Civil Speed Enforcement System (ACSES), a Positive Train Control (PTC) system utilized by passenger and transit, as well as certain freight rail operators in the Northeast Corridor (NEC). Product development is expected to be completed in Q1 2025, and commercial deliveries are slated for Q2 2025.

 

Advanced development program for on-locomotive radios designed for European rail markets.

 

Announced that Markus Nottelmann, an accomplished executive with significant railroad operations and financial experience, joined Ondas as a Senior Advisor and board member of Ondas Networks.

 

Continuing engagement with MxV Rail regarding improved network operations and 802.16t applications. This work includes the Base Station Controller which enables the dynamic sharing of spectrum resources in 802.16t networks and a major testing program related to the use of 802.16t for next-generation HOT/EOT systems.

 

Demonstrated the use of 802.16 in the 900 MHz band to support the Interoperable Train Control Messaging (ITCM) protocol with multiple railroads and ecosystem vendors. ITCM is the primary transport for PTC messaging and 900 MHz provides an alternate path to improve network reliability and availability. Applications such as PTC, which were previously restricted to the 220 MHz network, can now be supported by the new 900 MHz network, adding resiliency, redundancy and diversity to critical railroad operations.

 

Preparing for field trial by a Class I railroad in November to host ITCM over 900 MHz; a program which is being planned for expansion upon successful field activity.

 

Submitted proposals for network equipment and development programs upon request from rail vendors for dot16 wireless network systems in international markets.

 

2

 

 

Entered into a platform agreement with KLEAR Inc., a provider of working capital financing. Ondas Networks secured an initial $500,000 short-term working capital loan secured by customer invoices during October.

 

Partnered with Siemens to exhibit at the Railway Systems Suppliers Inc. (RSSI) show in Louisville, Kentucky and hosted a subsequent “Demo Day” for key customers which featured a variety of general-purpose applications supported by an 802.16t wireless network. Demonstrations included the hosting of ITCM messaging over the new 900 MHz band, which can be deployed to eliminate single points of failure and support critical PTC redundancy of the 220 MHz network for train operating and safety systems.

 

Submitted written testimony to members of the U.S. House of Representatives in advance of a hearing on rail safety matters held by the U.S. House of Representatives’ Transportation Subcommittee on Railroads, Pipelines and Hazardous Materials. The letter to the subcommittee was written in support of the Railroad wireless technology roadmap and the new 900 MHz network and its potential to support improved train safety and operations.

 

Guy Simpson, Ondas Networks President and Chief Operating Officer, commented, “Ondas Networks’ visibility from our railroad customers is improving with respect to plans for the new 900 MHZ network. This is highlighted by the order received by Siemens from Metra for a planned system-wide 900 MHz upgrade to support their passenger operations in Chicago. The Metra order was followed by the expansion of a 900 MHz network for a Class I railroad, also in Chicago, that has been in live operation for nearly a year.

 

“In addition, we continue to see expanding application and network opportunities for our dot16 software defined networking capabilities. We advanced the PTC data radio program on behalf of Amtrak, which included delivering initial prototype radios. We also are engaged with the American Association of Railroads (AAR) on solutions shaping for next-generation Head-of-Train and End-of-Train (NGHE) systems as the industry seeks to enhance operational and safety systems supporting the operations of long trains. We believe Ondas Networks is well positioned to support the next-generation NGHE – targeted for the 450 MHz frequency band – and intended to improve the system supporting the safe operations of long trains.”

 

Simpson concluded, “As we work to secure network buildout timelines and orders, we believe we have greater visibility into the freight railroads’ roadmap plans for the 900 MHz A-block. We now expect the new 900 MHz network to serve as both a primary network for next-generation ATCS and Centralized Train Control (CTC) protocols, as well as a backup for CTC and PTC running ITCM protocols native to the 220 MHz network. This architecture, with inherent redundancy and the support of multiple applications on 900 MHz demonstrates the value of the dot16 wireless standard. We will continue to work closely with Siemens and railroad customers to support deployments in the 900 MHz network and to improve visibility in terms of orders and buildout plans for 2025.”

 

Third Quarter 2024 and Recent Highlights – Ondas Autonomous Systems (OAS) 

 

Generated approximately $1.0 million in revenue and secured $14.4 million in purchase orders during the third quarter of 2024.

 

Secured $3.5 million in capital from investors including Privet Ventures LLC, an investment company owned by Eric Brock, and Charles & Potomac, an investment company owned by Ondas Board Member Joe Popolo.

 

Airobotics secured several purchase orders from a major government military customer for the Iron Drone Raider system totaling $9 million. During July and August 2024, Airobotics received purchase orders for both initial deployment of new systems and for upgrades of the existing Iron Drone Raider system from this customer. In September 2024, Airobotics received a third order for operational deployment of the system in multiple locations, assisting in protecting national borders, military units and other critical assets from hostile drones.

 

3

 

 

Airobotics secured a $5.4 million purchase order in September 2024 from a major government military customer for the Optimus System, with deployments intended to support the protection of critical assets at military bases and borders under challenging environmental conditions.

 

Airobotics continued to expand its operations with a local governmental entity in Dubai in support of drone network infrastructure for public safety and other public services. The deployed fleet of Optimus Systems has been extensively utilized by the local government entity, with potential for additional orders expected in the fourth quarter of 2024.

 

Airobotics continued expanding its market reach into Europe and will perform designated demonstrations for defense and critical infrastructure potential customers through reseller partnerships with HHLA Sky and C-Astral Aerospace in Germany, Slovenia, and other European countries.

 

Airobotics received a $1.0 million grant from the Israeli Innovation Authority (IIA) to support further enhancements of the Iron Drone Raider in November.

 

American Robotics secured and delivered a key contract with the United States Coast Guard (USCG) for maritime emissions monitoring to support Environmental Protection Agency (EPA) Clean Port initiatives at the Ports of Los Angeles and Long Beach, positioning American Robotics as a prime vendor for a U.S. federal agency.

 

American Robotics demonstrated the Optimus System to key customers including a technology infrastructure provider in Texas. This demonstration showcased its capability to remotely operate drone fleets Beyond Visual Line of Sight (BVLOS) by leveraging Optimus’ FAA type certification and the Kestrel system. 

 

American Robotics is planning a major demonstration of its Optimus System in November for one of the largest public safety departments in the United States.

 

American Robotics hosted an investor day at its Maryland Headquarters featuring the Iron Drone Raider and Optimus Systems demonstration and webinar.

 

OAS entered into a strategic alliance with GenLab Venture Studio, a venture studio focused on integrated AI solutions, to develop go-to-market business models in specific verticals with the benefit of fused AI capabilities with the Optimus aerial security and inspection platform.

 

OAS President Meir Kliner commented, “OAS had a pivotal quarter as evidenced with bookings of over $14 million for our Optimus and Iron Drone systems via multiple orders from a major military customer. These orders came as a result of our continuous efforts to leverage the core advantages of our ‘built for purpose’ platforms which include market-leading functionality and reliability. As we expand the markets for our dual-use platforms, we expect to benefit from strengthening demand as the world responds to both the value and potential threats of drones deployed in defense, public safety, and critical infrastructure markets.

 

“We are seeing significant interest in global defense markets for the Iron Drone Raider system and engagement from specific military customers. The Iron Drone Raider system is emerging as a best-in-class, ‘hard kill’ counter drone solution addressing the urgent need for protection from hostile drones. Similarly, demand for Optimus is strong in both defense and security markets and our customer pipeline is maturing. As we move forward, we are investing to expand our operating infrastructure to support what we believe will be an increase in orders and system deliveries in the months and quarters ahead for both Iron Drone and Optimus.”

 

4

 

 

Third Quarter 2024 Financial Results

 

Revenues were approximately $1.5 million for the three months ended September 30, 2024, compared to $2.7 million for the three months ended September 30, 2023. The decrease was primarily the result of delays in order activity for product sales at Ondas Networks, partially offset by increases at OAS as we started to fulfill the new purchase orders received in the quarter.

 

Gross profit was approximately $0.05 million for the three months ended September 30, 2024, compared to approximately $0.6 million for the three months ended September 30, 2023. Gross profit as a percentage of revenues was approximately 3% for the three months ended September 30, 2024, compared to 21% for the three months ended September 30, 2023. This is due to the change in the mix of revenues in the third quarter of 2024, which included development projects with lower gross margins as compared to product revenue with higher gross margins in the third quarter of 2023, as well as certain fixed costs related to OAS service delivery. At this time, gross margins may be variable on a quarter-to-quarter basis due to low revenue levels and shifts in revenue mix between product, development, and services revenues.

 

Operating expenses were approximately $8.7 million for the three months ended September 30, 2024, as compared to approximately $6.5 million for the three months ended September 30, 2023.

 

Cash operating expenses for the three months ended September 30, 2024 were approximately $7.1 million, as compared to approximately $7.5 million for the three months ended September 30, 2023. Cash operating expenses for the three months ended September 30, 2024, exclude non-cash operating items during the period, including $1.3 million in depreciation and amortization, and $0.3 million of stock-based compensation expense. For the three months ending September 30, 2023, cash operating expenses excluded $1.3 million in depreciation and amortization and the reversal of $2.3 million of stock-based compensation expense because of employees leaving the company before the stock awards vested. Cash operating expense is a non-GAAP financial measure.

 

The Company realized an operating loss of approximately $8.7 million for the three months ended September 30, 2024, compared to $5.9 million for the three months ended September 30, 2023.

 

Net loss was approximately $9.5 million for the three months ended September 30, 2024, as compared to a net loss of $7.3 million for the three months ended September 30, 2023. Adjusted EBITDA loss was approximately $7.1 million, as compared to an Adjusted EBITDA loss of $6.9 million for the three months ended September 30, 2023. Adjusted EBITDA is a non-GAAP financial measure.

 

The Company held cash and restricted cash of approximately $2.9 million as of September 30, 2024, as compared to approximately $15.0 million as of December 31, 2023.

 

The Company expects to fund its operations from the cash on hand as of September 30, 2024, proceeds from financing activities, gross profits generated from revenue growth, potential prepayments from customers for purchase orders, potential proceeds from warrants issued and outstanding, and additional funds that the Company may seek through equity or debt offerings and/or borrowings under additional notes payable, lines of credit or other sources.

 

Subsequent to September 30, 2024, the Company raised an additional $3.55 million of capital which included $3.5 million via a convertible note at OAS, a transaction led by Privet Ventures and Charles & Potomac. Privet Ventures is an investment vehicle owned by Ondas’ CEO Eric Brock.

 

Operational and Financial Outlook for 2024

 

The Company expects a recovery in revenue growth in the fourth quarter of 2024 driven primarily by the OAS business unit as the Company fulfills backlog, which includes military orders secured in the third quarter. Revenue expectations for Ondas Networks are modest in the fourth quarter of 2024, and limited to funded development programs, given the current visibility on deployment plans in the 900 MHz network which point to growth in 2025.

 

5

 

 

Bookings and revenue growth are expected to fluctuate from quarter-to-quarter given the uncertainty around the timing of customer activity in front of the targeted commercial rollout for the 900 MHz rail network, the development programs underway with Siemens, in addition to the timing of OAS’s deliveries of the Optimus and Iron Drone systems to its growing roster of customers globally.

 

Lastly, Ondas has requested an additional 180-day compliance period from The Nasdaq Stock Market LLC (“Nasdaq”) to regain compliance with the minimum bid price requirement of US$1.00 per share under Nasdaq’s Listing Rule 5550 (a) (2).

 

Earnings Conference Call & Audio Webcast Details

Date: Tuesday, November 12, 2024

Time: 8:30 a.m. Eastern time

Toll-free dial-in number: 844-883-3907

International dial-in number: 412-317-5798

Call participant pre-registration link: here

 

The Company encourages listeners to pre-register, which allows callers to gain immediate access and bypass the live operator. Please note that you can register at any time during the call. For those who choose not to pre-register, please call the conference telephone number 10-15 minutes prior to the start time, at which time an operator will register your name and organization.

 

The conference call will also be broadcast live and available for replay here and via the investor relations section of the Company’s website at ir.ondas.com. A replay will be accessible from the investor relations website after completion of the event.

 

About Ondas Holdings Inc

 

Ondas Holdings Inc. (“Ondas”) is a leading provider of private wireless data solutions via Ondas Networks Inc. (“Ondas Networks”) and commercial drone solutions through Ondas Autonomous Systems Inc. via its wholly owned subsidiaries American Robotics, Inc. (“American Robotics” or “AR”) and Airobotics LTD (“Airobotics”), which we operate as a separate business unit called Ondas Autonomous Systems.

 

Ondas Networks is a developer of proprietary, software-based wireless broadband technology for large established and emerging commercial and government markets. Ondas Networks’ standards-based (802.16s), multi-patented, software-defined radio FullMAX platform enables Mission-Critical IoT (MC-IoT) applications by overcoming the bandwidth limitations of today’s legacy private licensed wireless networks. Ondas Networks’ customer end markets include railroads, utilities, oil and gas, transportation, aviation (including drone operators) and government entities whose demands span a wide range of mission critical applications.

 

Ondas Autonomous Systems Inc. (OAS) specializes in designing, developing, and marketing autonomous drone solutions via its two advanced drone platforms: the Optimus System, the world’s first FAA-certified small UAS (sUAS) for aerial security and data capture, and the Iron Drone Raider, a counter-drone system designed to combat hostile drones. Both platforms are highly automated, AI-powered, and capable of continuous, remote operation for critical defense, infrastructure, industrial, and government applications. American Robotics and Airobotics have achieved industry-leading regulatory milestones, including the first-ever FAA Type Certification for the Optimus System and the first drone system approved by the FAA for automated beyond-visual-line-of-sight (BVLOS) operations without an on-site human operator. Ondas Networks, American Robotics and Airobotics together provide users in defense, homeland security, public safety and other critical industrial and government security and infrastructure markets with improved connectivity, situational awareness and data collection and information processing capabilities.

 

6

 

 

Ondas Networks, American Robotics and Airobotics together provide users in defense, homeland security, public safety and other critical industrial and government security and infrastructure markets with improved connectivity, situational awareness and data collection and information processing capabilities.

 

For additional information on Ondas Holdings, visit www.ondas.com or follow Ondas Holdings on X formerly known as Twitter and LinkedIn. For additional information on Ondas Networks, visit www.ondasnetworks.com or follow Ondas Networks on X and LinkedIn. For additional information on American Robotics, visit www.american-robotics.com or follow American Robotics on X and LinkedIn. For additional information on Airobotics, visit www.airoboticsdrones.com or follow Airobotics on X and LinkedIn. For additional information on Ondas Autonomous Systems, follow us on LinkedIn.

 

Information on our websites and social media platforms is not incorporated by reference in this release or in any of our filings with the U.S. Securities and Exchange Commission.

 

Non-GAAP Financial Measures

 

As required by the rules of the Securities and Exchange Commission (“SEC”), we provide reconciliations of Adjusted EBITDA and cash operating expenses, non-GAAP financial measures, contained in this press release to the most directly comparable measure under GAAP, which reconciliations are set forth in the table below.

 

We believe that Adjusted EBITDA and cash operating expenses facilitate analysis of our ongoing business operations because they exclude items that may not be reflective of, or are unrelated to, the Company’s core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying businesses. Other companies may calculate Adjusted EBITDA and cash operating expenses differently, and therefore our measures may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA and cash operating expenses should only be used as supplemental measures of our operating performance.

 

We believe that Adjusted EBITDA improves comparability from period to period by removing the impact of our capital structure (interest and financing expenses), asset base (depreciation and amortization), tax impacts and other adjustments as set out in the table below, which management has determined are not reflective of core operating activities and thereby assist investors with assessing trends in our underlying businesses.

 

We believe that cash operating expenses is useful to manage expenses as it excludes non-cash items (depreciation expense, amortization expense and stock-based compensation expense) that may obscure our underlying business performance.

 

Management uses Adjusted EBITDA and cash operating expenses in making financial, operating, and planning decisions and evaluating the Company’s ongoing performance.

 

7

 

 

Forward-Looking Statements

 

Statements made in this release that are not statements of historical or current facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including the risks discussed under the heading “Risk Factors” discussed under the caption “Item 1A. Risk Factors” in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption “Item 1A. Risk Factors” in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law. 

 

Contacts

 

IR Contact for Ondas Holdings Inc.
888.350.9994
ir@ondas.com

 

Media Contact for Ondas
Preston Grimes
Marketing Manager, Ondas Holdings Inc.
preston.grimes@ondas.com

 

8

 

 

ONDAS HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   September 30,   December 31, 
   2024   2023 
   (Unaudited)     
ASSETS        
Current Assets:        
Cash  $2,832,550   $14,979,436 
Restricted cash   40,736    42,564 
Accounts receivable, net   2,876,087    3,429,974 
Inventory, net   8,878,734    2,186,646 
Other current assets   2,540,740    2,967,619 
Total current assets   17,168,847    23,606,239 
           
Property and equipment, net   2,734,321    4,175,958 
           
Other Assets:          
Goodwill, net of accumulated impairment charges   27,751,921    27,751,921 
Intangible assets, net   28,222,161    31,329,182 
Lease deposits and other assets   482,392    599,517 
Operating lease right of use assets   3,799,014    4,701,865 
Total other assets   60,255,488    64,382,485 
Total assets  $80,158,656   $92,164,682 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current Liabilities:          
Accounts payable  $4,021,804   $5,177,022 
Operating lease liabilities   771,943    685,099 
Accrued expenses and other current liabilities   3,517,164    3,587,877 
Notes payable, net of unamortized issuance costs of $558,785 and $0, respectively, related party   891,215    - 
Convertible notes payable, net of unamortized debt discount and issuance cost of $13,153 and $0, respectively, related party   1,486,847    - 
Convertible notes payable, net of unamortized debt discount and issuance cost of $965,066 and $1,968,411, respectively   27,824,724    25,692,505 
Government grant liability   548,219    520,657 
Deferred revenue   447,720    276,944 
Total current liabilities   39,509,636    35,940,104 
           
Long-Term Liabilities:          
Notes payable   300,000    300,000 
Convertible notes payable, net of current, net of unamortized debt discount and issuance cost of $0 and $391,718, respectively   -    2,812,156 
Accrued interest   21,249    26,844 
Government grant liability, net of current   1,895,434    2,229,047 
Operating lease liabilities, net of current   5,254,623    5,800,710 
Other liabilities   82,500    - 
Total long-term liabilities   7,553,806    11,168,757 
Total liabilities   47,063,442    47,108,861 
           
Commitments and Contingencies (Note 11)          
           
Temporary Equity          
Redeemable noncontrolling interest   18,176,422    11,920,694 
           
Stockholders’ Equity          
Preferred stock - par value $0.0001; 5,000,000 shares authorized at September 30, 2024 and December 31, 2023, respectively, and none issued or outstanding at September 30, 2024 and December 31, 2023, respectively   -    - 
Preferred stock, Series A - par value $0.0001; 5,000,000 shares authorized at September 30, 2024 and December 31, 2023, respectively, and none issued or outstanding at September 30, 2024 and December 31, 2023, respectively   -    - 
Common Stock - par value $0.0001; 300,000,000 shares authorized; 75,297,311 and 61,940,878 issued and outstanding, respectively September 30, 2024 and December 31, 2023, respectively   7,530    6,194 
Additional paid in capital   240,943,416    231,488,999 
Accumulated deficit   (226,032,154)   (198,360,066)
Total stockholders’ equity   14,918,792    33,135,127 
Total liabilities and stockholders’ equity  $80,158,656   $92,164,682 

 

9

 

 

ONDAS HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

   Three Months Ended 
   September 30, 
   2024   2023 
         
Revenues, net  $1,480,792   $2,665,190 
Cost of goods sold   1,433,232    2,110,312 
Gross profit   47,560    554,878 
           
Operating expenses:          
General and administration   4,114,986    2,563,319 
Sales and marketing   1,410,944    1,224,144 
Research and development   3,182,345    2,701,436 
Total operating expenses   8,708,275    6,488,899 
           
Operating loss   (8,660,715)   (5,934,021)
           
Other income (expense), net          
Other income (expense), net   (1,786)   (124,636)
Change in fair value of government grant liability   (86,307)   (295,094)
Interest income   121,608    379 
Interest expense   (871,335)   (893,951)
Foreign exchange gain (loss), net   (27,733)   (45,138)
Total other income (expense), net   (865,553)   (1,358,440)
           
Loss before income taxes   (9,526,268)   (7,292,461)
           
Provision for income taxes   -    - 
           
Net loss   (9,526,268)   ((7,292,461)
Less preferred dividends attributable to noncontrolling interest   390,000    212,208 
Less deemed dividends attributable to accretion of redemption value   755,644    410,322 
Net loss attributable to common stockholders  $(10,671,912)  $(7,914,991)
           
Net loss per share - basic and diluted  $(0.15)  $(0.15)
           
Weighted average number of common shares outstanding, basic and diluted   70,741,662    53,892,848 

 

10

 

 

ONDAS HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   Nine Months Ended 
   September 30, 
   2024   2023 
         
CASH FLOWS FROM OPERATING ACTIVITIES        
Net loss  $(27,672,088)  $(30,706,098)
Adjustments to reconcile net loss to net cash flows used in operating activities:          
Depreciation   424,637    648,624 
Amortization of debt discount   1,502,657    2,438,462 
Amortization of intangible assets   3,161,729    3,103,591 
Amortization of right of use asset   902,851    715,041 
Loss on disposal of equipment   1,578    7,757 
Loss on intellectual property   -    12,223 
Stock-based compensation   988,683    636,350 
Change in fair value of government grant liability   (605,889)   161,764 
Changes in operating assets and liabilities:          
Accounts receivable   553,887    (4,677,726)
Inventory   (4,402,549)   1,087,558 
Other current assets   426,879    767,152 
Deposits and other assets   117,125    (370,684)
Accounts payable   (482,249)   1,536,991 
Deferred revenue   170,776    (1,323,025)
Operating lease liability   (459,243)   (710,546)
Accrued expenses and other current liabilities   (71,933)   (1,436,178)
Other liabilities   82,500    - 
Net cash flows used in operating activities   (25,360,649)   (28,108,744)
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Patent costs   (22,030)   (62,281)
Purchase of equipment   (1,606,358)   (94,972)
Proceeds from sale of equipment   1,700    33,568 
Purchase of software intangible   (32,678)   - 
Cash paid for Iron Drone asset acquisition   -    (135,000)
Cash acquired on the acquisition of Airobotics Ltd.   -    1,049,454 
Cash paid for Field of View LLC asset acquisition   -    (145,833)
Net cash flows provided by (used in) investing activities   (1,659,366)   644,936 
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Proceeds from sale of noncontrolling interest in Ondas Networks, net of issuance costs   4,375,035    14,692,335 
Proceeds from sale of common stock, net of issuance costs   7,327,334    - 
Proceeds from exercise of options and warrants   8,702    10,791 
Proceeds from government grant   299,838    189,752 
Proceeds from convertible notes, net of issuance costs   1,482,868    9,309,513 
Proceeds from notes payable, net of issuance costs   1,377,524      
Payments on convertible notes payable   -    (4,354,911)
Payments on government grant liability   -    (6,576)
Payments on loan payable   -    (1,140,301)
Net cash flows provided by financing activities   14,871,301    18,700,603 
           
Decrease in cash, cash equivalents, and restricted cash   (12,148,714)   (8,763,205)
Cash, cash equivalents, and restricted cash, beginning of period   15,022,000    29,775,096 
Cash, cash equivalents, and restricted cash, end of period  $2,873,286   $21,011,891 
           
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:          
Cash paid for interest  $16,845   $163,418 
Cash paid for income taxes  $-   $- 
           
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:          
Common Stock and warrants issued in relation to acquisition of Airobotics, Ltd.  $-   $5,962,628 
Common Stock issued in relation to acquisition of the assets of Iron Drone, Ltd.  $-   $85,800 
Common stock issued in exchange for debt repayment  $2,079,375   $7,320,284 
Noncash consideration for settlement of development agreement payable  $342,428   $- 
Warrants in Ondas Autonomous Systems, in relation to sale of common stock  $954,737   $- 
Warrants in Ondas Holdings, in relation to sale of common stock  $2,198,559   $- 
Warrants in relation to sale of redeemable preferred stock in Ondas Networks  $1,471,194   $12,683,549 
Warrants in Ondas Networks, in relation to note payable  $589,924   $- 
Preferred dividends attributable to redeemable noncontrolling interest  $1,114,138   $21,208 
Accretion of redeemable preferred stock in Ondas Networks  $2,112,784   $410,322 
Transfer of equipment into inventory  $2,289,539   $- 
Operating leases right-of-use assets obtained in exchange of lease liabilities  $-   $105,950 

 

11

 

 

ONDAS HOLDINGS INC.

ADJUSTED EBITDA RECONCILIATION

(Unaudited)

 

   Three Months Ended
September 30,
 
   2024   2023 
         
Net Loss  $(9,526,268)  $(7,292,461)
Depreciation   190,332    235,999 
Amortization   1,056,141    1,064,798 
Other expense, net   865,553    1,358,440 
Stock-based compensation   311,133    (2,266,875)
Adjusted EBITDA  $(7,103,109)  $(6,900,099)

 

ONDAS HOLDINGS INC.

CASH OPERATING EXPENSE RECONCILIATION

(Unaudited)

 

   Three Months Ended
September 30,
 
   2024   2023 
         
Operating expenses  $8,708,275   $6,488,899 
Depreciation   (190,332)   (235,999)
Amortization   (1,056,141)   (1,064,798)
Stock-based compensation   (311,133)   2,266,875 
Cash operating expenses  $7,150,669   $7,454,977 

 

12

 

Exhibit 99.2

 

Third Quarter 202 4 Earfiifigs Release Copyright 2024. All rights reserved. N A S D A Q : O N D S | N o v e m b e r 1 2 , 2 0 2 4

 

N a s d a q : O N D S This presentation may contain "forward - looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning . Ondas Holdings Inc . (“Ondas” or the “Company”) cautions readers that forward - looking statements are predictions based on its current expectations about future events . These forward - looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict . The Company’s actual results, performance, or achievements could differ materially from those expressed or implied by the forward - looking statements as a result of a number of factors, including, the risks discussed under the heading “Risk Factors” in the Company’s most recent Annual Report on Form 10 - K filed with the U . S . Securities and Exchange Commission (“SEC”), in the Company’s Quarterly Reports on Form 10 - Q filed with the SEC, and in the Company’s other filings with the SEC . The Company undertakes no obligation to publicly update or revise any forward - looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law . Also, this presentation contains certain non - GAAP financial measures . For a description of these non - GAAP financial measures, including reconciliations to the most comparable measure under GAAP, see the Appendix to this presentation . Information in this presentation is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction . 2 D i s c l a i m e r

 

N a s d a q : O N D S Ag e f i da 3 • Introduction • F i n a nc i a l R e v i e w & O u t l o o k • B u s i n e s s U pd a t e • Ondas Networks • Ondas Autonomous Systems (OAS) • Closing Remarks • Q&A

 

N a s d a q : O N D S M E I R K L I N E R PRESIDENT Meir is an entrepreneur with over 20 years of proven track record in aerospace development and manufacturing. GUY SIMPSON P R E S I D E N T & C O O Guy joined Ondas Networks in 2010 bringing over 25 years of leadership, operations and engineering experience. E R I C B R O C K C H A I R M A N & C E O Eric is an entrepreneur with over 25 years of management and investing experience. N E I L L A I R D I N T E R I M C F O , TREASURER & SECRETARY Neil is an experienced financial executive with over 25 years of performance in the technology sector which includes CFO roles with multiple publicly listed companies. L e a d e r s h i p T e a m 4

 

N a s d a q : O N D S O v e r v i e w 5 S t r o n g f i n i s h t o 2 0 2 4 • Iron Drone and Optimus secure $14.4 million in military orders • Defense sector is new vertical for OAS with expanded TAM / SOM • Iron Drone Raider positioned as best - in - class C - UAS • Global customer pipeline maturing; American Robotics gaining traction • Growing demand for public safety; DFR market evolving • Ondas Networks – improved visibility with 900 MHz • Secured 900 MHz system - wide buildout with Metra in Chicago • Expanding 900 MHz program with Class I Railroad, also in Chicago • Visibility on network architecture plans for 900 MHz improved • Outlook remains positive; revenue recovery expected • OAS revenue driven by order backlog and pipeline maturation • Ondas Networks sees certain railroads signaling 900 MHz plans; seeking timelines and orders for 2025

 

6 N a s d a q : O N D S K E Y F I N A N C I A L I N S I G H T S : • P&L reflects early stage of initial platform adoption for Ondas Networks and OAS • Revenue as expected due to extended timelines on 900 MHZ at Ondas Networks • Gross margin reflects subscale operations with low revenues and certain fixed costs in COGS • C a s h O P E X d o w n Y o Y (1) Refer to “Non - GAAP Financial Measures” Fifiaficial Review 6 T h r e e M o n t h s E n d e d S e p t e m b e r 30 , S E L E C T P & L D A T A 2023 2024 (Unaudited) $ 2 ,665,190 $ 1,480,792 R e v e nu e s , n e t 2,110,312 1,433,232 C o s t o f g oo d s s o l d 554,878 47,560 G r o s s p r of i t 6,488,899 8,708,275 Total operating expenses $ (5,934,021) $ (8,660,715) Operating Loss $ (7,292,461) $ (9,526,268) Net Loss $ 7,454,977 $ 7,150,669 C a s h O p e r a t i n g E x p e n s e s ( 1 ) $ (6,900,099) $ (7,103,109) A d j u s t e d E B I T D A ( 1 )

 

N a s d a q : O N D S K E Y F I N A N C I A L I N S I G H T S : • Cash balance of $2.9 million • Cash used in operations decreased $2.7 million due to efficiencies including the business combination at OAS • Reflects increase of systems inventory at both business units • Cash provided by financing includes $6.95 million raised in Q3 2024 as detailed below: • $4.0 million gross proceeds in registered direct offering by Ondas Holdings (common stock) • $1.5 million gross proceeds raised by Ondas Networks (convertible loan) • $1.45 million gross proceeds raised by Ondas Networks (secured loan) 7 7 Fifiaficial Review N i n e M o n t h s E n d e d S e p t e m b e r 3 0 , S E L E C T C A S H F L OW D A T A 2023 2024 (Unaudited) $ (28,108,744) $ (25,360,649) Net cash used in operating activities 644,936 (1,659,366) Net cash provided by (used in) investing activities 18,700,603 14,871,301 Net cash provided by financing activities (8,763,205) (12,148,714) Decrease in cash 29,775,096 15,022,000 Cash, cash equivalents and restricted cash, beginning of period $ 21,011,891 $ 2,873,286 Cash, cash equivalents and restricted cash, end of period

 

N a s d a q : O N D S K E Y F I N A N C I A L I N S I G H T S : • Convertible notes outstanding at Ondas Holdings total $27.8 million • Convertible notes outstanding at Ondas Networks total $1.5 million • Additional capital raised subsequent to September 30, 2024: • $ 3 . 5 million gross proceeds raised by OAS (convertible note) in financing led by Privet Ventures and Charles & Potomac • $ 500 , 000 in short - term working capital loan via KLEAR Inc . Balafice Sheet D e c . 3 1 , 2 0 2 3 S e p t . 3 0 , 2 02 4 S E L E C T B A L A N C E S H E E T D A T A (Unaudited) ASSETS $ 15,022,000 $ 2,873,286 C a s h a n d r e s t r i c t e d c a s h $ 92,164,682 $ 80,158,656 Total assets L I A B I L I T I E S A N D S T O C K H O L D E R S ' D E F I C IT $ 300,000 $ 1,191,215 Other debt - 1,486,847 Convertible notes - Networks, current 25,692,505 27,824,724 Convertible notes - Holdings, current 2,812,156 - Convertible notes - Holdings, long - term $ 28,804,661 $ 30,502,786 Total debt $ 47,108,861 $ 47,063,442 Total liabilities $ 11,920,694 $ 18,176,422 Redeemable noncontrolling interests $ 33,135,127 $ 14,918,792 Total Stockholders' equity $ 92,164,682 $ 80,158,656 Total liabilities and stockholders' equity 7 8

 

 

N a s d a q : O N D S 9 0 0 M H z – A T C S & d o t 1 6 U p d a t e 10 90 0 MH Z p l a n s c o m i n g i n t o f o c u s • Metra order reflects growing visibility in railroad 900 MHz plans • S ys t e m - w i d e u p g r a d e f o r 90 0 M H z A T C S n e t w o r k b e g i n s i n Q 4 20 2 4 • Class I Railroad ordered expanded 900 MHz deployment in Chicago • Live Airlink data traffic active since November 2023 • Class I Railroads signal intent to build mixed - use, multi - application network in 900 MHz • Railroads intend 900 MHz to be both a primary ATCS network, as well as a b a c k u p s ys t em f o r t h e 22 0 M H z P T C n e t w o r k • Railroads plan to move legacy 900 MHz CTC traffic to 220 MHz network in certain locations; a redundant path for ITCM traffic on the new 900 MHz is planned • AAR maintains commitment to build 900 MHz in FCC comment letter

 

N a s d a q : O N D S S t r a t e g i c R o a d m a p 11 P u r su i n g d e p l o y me n t t i m e li n e s a n d o r d e rs • Supporting deployment of customer networks • Migration of multiple networks to new 900 MHz A - Block • Expect initial ITCM over 900 MHz field activity during Q4 • Execute on 220 MHz PTC data radio on behalf of Amtrak • Milestones achieved; first prototypes delivered in August • Development program to complete in Q1 2025 • E x p e d i t ed d e l i ve r y o f P T C d a t a r a d i o s i n Q 2 2 02 5 • Siemens UK program for on - locomotive data radio continues; prototypes to be delivered by end of the year • Next Generation HOT / EOT Testing with AAR in Progress • Continue prudent expense management

 

 

N a s d a q : O N D S OAS Update 13 OAS leverages growing investments in defense, homeland security and public safety capabilities • Secured $14.4 million in orders for Iron Drone and Optimus for military and homeland security applications • Established programs with major military customer • Advanced Iron Drone Raider capabilities and operational deployments with defense customers • E x ec u t e d f i x e d p r i c e c o n t r ac t f o r t h e U S C oa s t G u a r d f o r e m i s s i o n s m o n i t o r i n g a t P o rt s o f L A a n d L o n g B e ac h • C u s to m e r p i pe l i n e de e p e n i n g a n d m a t u r i n g i n U S a n d E u r o p e • Advanced marketing with additional customers • Public safety, ports and terminals • Data centers and construction project management • Multiple demonstrations and BVLOS waivers secured • Established a strategic alliance with GenLab Venture Studio

 

N a s d a q : O N D S Goverfimefital Security Market A pivotal quarter with recorded high bookings of over $14 million U s e C a se Segment Product O r d e r A mo unt Description N e x t S t e ps B o r d e r / P e r i m e t e r S e c u r i ty B o r d e r / A s s e ts P r o t e c t i o n H o m e l a n d S e c u r i t y Defense Optimus I r o n D r o n e $5.4M $9.0M • I m p l e m e n t a t i on of f u l l y a u t o n omo u s a e r i a l p r o t e c t i on a n d surveillance under challenging environmental conditions • I n i t i a l s y s t e ms d e p l o y m e n t ( J u l y ) • Sp e c i f i c u p g r a d e s ( A u g u s t ) • M u l t i p l e l o c a t i o n s d e p l o y m e n t ( S e p t ) - F u l l d e p l o y m e n t ( Q 4 / Q 1 ) - E x p a n s i o n 2 0 2 5 – 2 0 2 6 - F u l l d e p l o y m e n t ( Q 4 / Q 1 ) - E x p a n s i o n 2 0 2 5 – 2 0 2 6 14

 

N a s d a q : O N D S Market, Customer afid Product Expafisiofi Enhancing security and monitoring of critical facilities p r o j e c t s , p u b li c s a f e t y a n d m il i t a ry a s s e t s • Deliver and leverage Q3 bookings of the Iron Drone Raider and Optimus Systems • Advance specific upgrades in both systems • Execute on operational deployments; secure follow - on volume orders • Build supply chain and services infrastructure for sustainment • Capture new global defense customers • Fleet expansion in UAE expected to continue • Renewed and expanded service contract ; target 22 system fleet by end of 2025 • Potential for expanded commercial use cases in UAE • Drive Optimus adoption via American Robotics and our European partners • Demos in Europe with our partner HHLA SKY to potential customers • US police departments trending “Drone as a First Responder” 15

 

N a s d a q : O N D S DFR Rapidly Evolvifig to Drofie Ififrastructure 16 16 Optimus is well positioned to provide public autonomous drone infrastructure required for scalable operations • Public safety drone adoption cycle is accelerating • A g en c i e s s e e i n g h u g e v a l u e f r o m d r o ne s – sa v i n g l i v e s • Autonomy unlocks scalable operations driving the next leg of growth • Municipalities seeking centralized drone operations across agencies • Scalable flight operations • Cost effective infrastructure investment • Optimus uniquely capable of meeting requirements • Type Certified UAV • Industrial grade reliability True Drone Infrastructure • Persistent availability (24x7); multi - functionality • Demonstrated multi - tenant success with Dubai Police and Intel DFR 3.0 _ _ _ _ _ __ Full Autonomy Remote Operations 24x7 One - to - Many Multi - Agency Shared Infrastructure

 

N a s d a q : O N D S • Expect significant revenue recovery beginning in Q4 2024 • Delivering on OAS military orders; drive order book expansion • Advanced development programs; work with Railroads on 2025 buildout plans • Tracking demand for Optimus Systems from existing and new customers • Execute in field and build capacity to secure Iron Drone volume orders • Capitalize on security demand tailwinds for Optimus and Iron Drone platforms • Support additional Iron Drone orders with combat success • Optimus Systems orders from existing and new customers, including military • Accelerate a growing and maturing American Robotics pipeline • Management advancing funding strategy • Applied to Nasdaq for an 180 - day extension to meet minimum bid requirement Outlook F o c u s o n d e p l o y m e n t s a n d o p e r a t i o n a l s c a l e 17

 

Third Quarter 2024 Earnings Release N A S D A Q : O N D S | N ov e m b e r 1 2 , 2 0 2 4 Q & A C o p y r i g h t 2 02 4 . A l l r i g h t s r e s e r v e d .

 

19 N a s d a q : O N D S See the “Non - GAAP Financial Measures” section below. Appefidix Three Months Ended September 30, A D J U S T E D E B I T D A R E CO N C I L I A T I O N 2023 2024 (Unaudited) $ (7,292,461) $ (9,526,268) Net Loss 235,999 190,332 Depreciation Expense 1,358,440 865,553 Other Income (Expense), net 1,064,798 1,056,141 Amortization of Intangible Assets (2,266,875) 311,133 Stock Based Compensation $ (6,900,099) $ (7,103,109) Adjusted EBITDA (1) Three Months Ended September 30, C a s h O p e r a t i n g E x p e n s e R e c o n c il i a t i o n 2023 2024 (Unaudited) $ 6,488,899 $ 8,708,275 Total Operating Expense 235,999 190,332 Depreciation Expense 1,064,798 1,056,141 Amortization of Intangible Assets (2,266,875) 311,133 Stock Based Compensation $ 7,454,977 $ 7,150,669 T o t a l C a s h O p e r a t i n g E x p e n s e

 

20 N a s d a q : O N D S As required by the rules of the Securities and Exchange Commission (“SEC”), we provide reconciliations of Earnings (Loss) before interest, depreciation, amortization, stock - based compensation and taxes (“Adjusted EBITDA”) and cash operating expenses, the non - GAAP financial measures contained in this presentation to the most directly comparable measures under GAAP, which reconciliations are set forth in the tables included in the Appendix of this presentation . We believe that Adjusted EBITDA and cash operating expenses facilitate the analysis of our ongoing business operations because they exclude items that may not be reflective of, or are unrelated to, the Company’s core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying businesses . Other companies may calculate Adjusted EBITDA and cash operating expenses differently, and therefore our measures may not be comparable to similarly titled measures used by other companies . Adjusted EBITDA and cash operating expenses should only be used as supplemental measures of our operating performance . We believe that Adjusted EBITDA improves comparability from period to period by removing the impact of our asset base (depreciation and amortization) and other adjustments as set out in the tables included in the Appendix of this presentation, which management has determined are not reflective of core operating activities and thereby assist investors with assessing trends in our underlying businesses . We believe that cash operating expenses is useful to manage expenses as it excludes non - cash items (depreciation expense, amortization expense and stock - based compensation expense) that may obscure our underlying business performance . Management uses Adjusted EBITDA and cash operating expenses in making financial, operating and planning decisions and evaluating the Company's ongoing performance . Nofi - GAAP Fifiaficial Measures

 

N a s d a q : O N D S 21 C o p y r i gh t 20 2 4 . A l l r i gh ts r e s e r v e d . N A S D A Q : O N D S | N o v e m b e r 1 2 , 2 0 2 4 T H A NK Y O U

 

v3.24.3
Cover
Nov. 12, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Nov. 12, 2024
Entity File Number 001-39761
Entity Registrant Name Ondas Holdings Inc.
Entity Central Index Key 0001646188
Entity Tax Identification Number 47-2615102
Entity Incorporation, State or Country Code NV
Entity Address, Address Line One One Marina Park Drive
Entity Address, Address Line Two Unit 1410
Entity Address, City or Town Boston
Entity Address, State or Province MA
Entity Address, Postal Zip Code 02210
City Area Code 888
Local Phone Number 350-9994
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock par value $0.0001
Trading Symbol ONDS
Security Exchange Name NASDAQ
Entity Emerging Growth Company false

Ondas (NASDAQ:ONDS)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024 Click aqui para mais gráficos Ondas.
Ondas (NASDAQ:ONDS)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024 Click aqui para mais gráficos Ondas.