Ondas (ONDS) investor relations material

Strategic direction, transformation, and business evolution

• Rebranded to Ondas and launched a transformation in 2025, evolving into a unified, scalable multi-domain autonomy platform focused on defense, security, and intelligence outcomes, moving away from a holding company structure.

• Launched and executed the Core Plus strategic growth plan, emphasizing disciplined acquisitions, expansion into new markets, and development of integrated autonomous defense solutions.

• Integrated acquisitions across air, ground, counter-UAS, and robotics, creating a systems-of-systems architecture with unified command and control.

• Dual-use strategy enables deployment of military-grade systems for critical infrastructure and public safety globally.

• Focused on disciplined capital deployment, operational scale, and building a robust balance sheet to support growth and acquisitions.

Financial performance and guidance

• Achieved Q4 2025 revenue of $27–$29 million and full-year 2025 revenue of $47.6–$49.6 million, up ~576% year-over-year.

• Exited 2025 with over $1.5 billion in cash (pro forma, post-equity raise) and a backlog exceeding $65 million, up 180% from November 2025.

• 2026 revenue target raised to $170–$180 million, representing 250–260% growth over 2025, with bookings expected to reach at least $300 million.

• Gross margins expected at ~50% in 2026, with margin expansion anticipated as scale and supply chain efficiencies improve.

• Path to profitability: EBITDA positive at product company level by Q3 2026, OAS platform by Q3 2027, and parent company by Q1 2028.

Market opportunity and business development

• Addressable market for core segments (counter-UAS, UAS, UGV) estimated at $117 billion (2025–2030); current serviceable market is $7.5 billion annually.

• Counter-UAS is the largest SAM component at $5 billion, with strong demand for Iron Drone and Sentrycs platforms.

• Engaged in national-level defense programs, including autonomous drone swarms for border security, Project Hives, and the $1B U.S. Drone Dominance Program.

• Manufacturing partnerships in the U.S., Israel, and Europe (e.g., Kitron, Detroit Manufacturing Systems, Heidelberg) support scalable, NDAA-compliant production.

• Strategic acquisition pipeline includes over 20 targets, with at least seven in advanced stages and a potential $500 million revenue pipeline for 2026.