GICS Sector : Technology
Ondas Holdings Inc., through its subsidiaries, provides private wireless, drone, and automated data solutions.The company operates in two segments, Ondas Networks and American Robotics.The company designs, develops, manufactures, sells, and supports FullMAX, a software defined radio (SDR) platform for wide-area broadband networks.
Ondas Holdings Inc. reported a record-breaking third quarter with $10.1 million in revenue, a more than six-fold increase year over year and a nearly 60% sequential increase from Q2. The company's adjusted EBITDA loss was $8.8 million, and the operating loss was $15.5 million. The actual EPS came out at -$0.06, relative to estimates at -$0.05. The company's gross margin was 26%, with an operating expense increase to $18.1 million primarily due to higher personnel costs.
Publication Date: Nov -23
The Ondas Autonomous Systems (OAS) segment generated $10 million in revenue, driven by deliveries of Iron Drone and Optimus Systems, as well as contributions from Apero ground robots and related services. The company's consolidated backlog grew to $23.3 million, more than double where it started the year, and reaches over $40 million when including acquisitions that have closed or are pending closure in the fourth quarter. The OAS backlog was $22.2 million, with over $40 million when including announced acquisitions.
Ondas raised its full-year 2025 revenue target to at least $36 million and established a goal for at least $110 million in revenue for 2026. The company has raised approximately $855 million in equity in 2025, providing capital strength to support its business plan, with a cash balance of $433.4 million as of September 30, 2025. Ondas' pro forma cash balances were $840.4 million, and stockholders' equity was $894 million, adjusted for the $47 million in net proceeds raised in an equity offering on October 7, 2025.
Analysts estimate next year's revenue growth at 219.0%. With a P/S Ratio of 100.27 and an EV/EBITDA of -53.6, the market has priced in significant growth expectations. The company's ROE is -29.19%, and ROIC is -7.74%. Ondas is confident in its 2026 guidance, expecting margins to trend higher with an improving mix, targeting 50% gross margins. The counter-UAS market is expected to grow from $2.4 billion in 2024 to over $10.5 billion by 2030, representing a 27% compound annual growth rate.
Ondas launched Ondas Capital, a multiyear initiative designed to deploy $150 million to accelerate the transition of battle-tested unmanned and dual-use technologies. The company has an active M&A pipeline with over 20 companies and advanced activity with seven potential targets, representing more than $500 million in potential additional revenue. Ondas expects to see meaningful adoption by railroads in 2026 and is targeting the addition of a U.S. DoD or DHS customer in 2025.
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Ondas Autonomous Systems' 12.25% growth is driven by increasing demand for drone-based solutions in industrial inspection, surveillance, and mapping. Expanding partnerships with tier-1 customers, investments in AI-powered analytics, and growing adoption in 5G-enabled use cases also contribute to this growth.
Ondas Networks' 10.98% growth is driven by increasing demand for private wireless networks, expansion into new markets, and growing adoption of its FullMAX and MC-IoT technologies. The company's focus on mission-critical IoT applications, such as industrial automation and public safety, also contributes to its growth.
Ondas Networks is a wireless broadband technology company that designs and manufactures wireless radio systems for mission-critical IoT applications.
Ondas Autonomous Systems is a developer of drone-based solutions for industrial inspection, surveillance, and mapping.
American Robotics is a developer of autonomous drone systems for industrial inspection and surveillance.
Ondas Labs is a research and development company focused on advancing wireless technology and autonomous systems.
The threat of substitutes for Ondas Holdings Inc. is moderate due to the availability of alternative products and services in the market.
The bargaining power of customers is high due to the concentration of buyers in the market, giving them significant negotiating power.
The bargaining power of suppliers is low due to the availability of multiple suppliers in the market, reducing their negotiating power.
The threat of new entrants is moderate due to the moderate barriers to entry and the availability of resources in the market.
The intensity of rivalry is high due to the high level of competition in the market, leading to a high level of advertising and promotional expenses.
| Value | |
|---|---|
| Debt Weight | 47.09% |
| Debt Cost | 11.39% |
| Equity Weight | 52.91% |
| Equity Cost | 14.13% |
| WACC | 12.84% |
| Leverage | 89.00% |
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