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Ondas (ONDS) investor relations material

Ondas Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary12 Aug, 2025

Executive summary

  • Achieved record Q2 2025 revenue of $6.3 million, a more than sixfold year-over-year increase and 50% sequential growth, driven by OAS and global demand for autonomous drone systems in defense and public safety.

  • Backlog grew to $22 million at Q2 end, up from $10 million at 2024 year-end, with $39 million in orders secured over the last 12 months.

  • Strong balance sheet with $68.6 million in cash, elimination of all holding company debt via equity conversion, and shareholders' equity rising to $90.8 million.

  • Strategic partnerships, acquisitions (including Rift Dynamics and Zika/Zickel Engineering), and new product integrations are expanding capabilities and market reach in the U.S., Europe, and globally.

  • Regulatory and policy tailwinds, including FAA rulemaking and U.S. federal support, position the business for further growth in the drone sector.

Financial highlights

  • Q2 2025 revenue rose to $6.3 million from $1 million in Q2 2024, with OAS contributing $6.1 million.

  • Gross profit was $3.3 million (53% margin) versus a gross loss of $0.2 million last year, reflecting higher-margin product revenue.

  • Operating loss was $9.2 million, up from $8.3 million in Q2 2024, with net loss at $10.8 million due to higher expenses and interest costs.

  • Adjusted EBITDA loss improved to $5.8 million from $6.7 million loss year-over-year.

  • Cash balance at Q2 end was $68.6 million, up from $30 million at 2024 year-end, aided by $53.9 million in financing activities.

Outlook and guidance

  • Reaffirmed 2025 revenue target of at least $25 million, with OAS expected to contribute over $20 million.

  • Backlog and pipeline support continued growth into 2026; bookings in 2025 expected to exceed $23 million from H1.

  • At least two strategic acquisitions planned for 2025, expected to be accretive to revenue and margin.

  • Management expects current cash, gross profits, and potential customer prepayments to fund operations for at least the next twelve months.

  • Bookings and revenue growth expected to fluctuate quarterly due to timing of orders and rail network buildouts.

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Frequently asked questions

Ondas Holdings Inc. provides private wireless, drone, and automated data solutions in the United States and internationally. They offer customized private wireless networks; automated asset inventory and data collection solutions; and various commercial drones.

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