Research Reports

Record quarterly revenue of $6.3 million, a more than six-fold increase YoY and up 50% sequentially (CEO, prepared)
OAS revenue was $6.1 million in Q2 2025 vs. $300,000 in Q2 2024 (CFO, prepared)
Gross profit of $3.3 million, representing a 53% gross margin in Q2 2025 vs. a gross loss of $200,000 in Q2 2024 (CFO, prepared)
Operating expenses increased to $12.6 million in Q2 2025 from $8.1 million in Q2 2024; cash operating expenses were $9.4 million vs. $6.6 million (CFO, prepared)
Adjusted EBITDA loss improved to $5.8 million from a loss of $6.7 million in Q2 2024 (CFO, prepared)
Operating loss was $9.2 million in Q2 2025 vs. $8.3 million in Q2 2024 (CFO, prepared)
Cash of $68.6 million as of 06/30/2025 vs. $30 million as of 12/31/2024 (CFO, prepared)
Backlog grew to $22 million at end of Q2 2025, up from $10 million at year-end 2024 (CEO, prepared)
OAS orders year to date: $23.3 million; last twelve months OAS orders over $39 million (CEO, Oshri, prepared)
Convertible debt at Ondas Holdings reduced to $5.2 million at 06/30/2025 from $44.6 million at end of 2024; fully retired in July (CFO, CEO, prepared)
Share count approximately 219.2 million shares outstanding as of call date, up from 137.4 million at Q1 2025 call (CFO, prepared)
Shareholders' equity $90.8 million as of 06/30/2025 vs. $16.6 million as of 12/31/2024 (CFO, prepared)

Full-year 2025 revenue target: at least $25 million, with OAS contributing more than $20 million (CEO, prepared)
Backlog expected to grow further in second half; bookings in 2025 expected to exceed $23 million achieved in first half (CEO, prepared)
At least two strategic acquisitions expected in 2025 (CEO, prepared)

"Q2 was another step forward for Ondas. We executed well, sustained momentum, and delivered a quarter that reflects both growth and operational progress." (CEO)
"We are reaffirming our full-year revenue target of at least $25 million in 2025, with more than $20 million to be generated by OAS." (CEO)
"Our balance sheet is in the strongest position ever. We ended Q2 with $68.6 million in cash, and in July, we fully retired the remaining balance of Ondas Holdings convertible notes through equity conversion." (CEO)
"We believe our strong balance sheet is a massive competitive advantage for Ondas as we execute our core and strategic growth plan from a position of strength." (CEO)
"We are delivering on our vision to scale Ondas. We have the leadership team, the platforms, and the strategy in place, and I continue to believe 2025 is being defined as the breakout year for our company." (CEO)

Metric	Value	Speaker/Context
Total Revenue (Q2 2025)	$6.3 million	CFO, prepared
OAS Revenue (Q2 2025)	$6.1 million	CFO, prepared
Gross Margin (Q2 2025)	53%	CFO, prepared
Operating Expenses (Q2 2025)	$12.6 million	CFO, prepared
Cash Operating Expenses (Q2 2025)	$9.4 million	CFO, prepared
Adjusted EBITDA Loss (Q2 2025)	$5.8 million	CFO, prepared
Operating Loss (Q2 2025)	$9.2 million	CFO, prepared
Cash (06/30/2025)	$68.6 million	CFO, prepared
Backlog (end of Q2 2025)	$22 million	CEO, prepared
OAS Orders YTD	$23.3 million	Oshri, prepared
OAS Orders LTM	>$39 million	CEO, prepared
Convertible Debt (06/30/2025)	$5.2 million	CFO, prepared
Shares Outstanding (call date)	~219.2 million	CFO, prepared
Shareholders' Equity (06/30/2025)	$90.8 million	CFO, prepared

Topic: Bookings guidance, acquisitions, and gross margin trajectory
Key points:
- $23 million+ bookings pipeline; expects larger orders (tens of millions) over next 6–18 months as pilots convert.
- Two control acquisitions (Zika and Rift) are in addition to the small one referenced; these will be revenue-generating.
- Gross margin target of 50% is a good near-term benchmark; volatility expected until scale is reached, but improvement possible via volume and design-for-manufacturing.
Mgmt stance: Bullish — guidance described as “quite conservative”; acquisitions are accretive to revenue.

Topic: 2026 OAS revenue target, Kestrel win, and U.S. police department engagement
Key points:
- The $40 million 2026 OAS revenue target (from Investor Day) is entirely organic; acquisitions will be accretive on top of that.
- Kestrel first order is for airspace awareness; bulk of Kestrel activity is bundling with Optimus, but standalone counter-UAS demand is rising.
- Interest from U.S. police departments is “intense”; regulatory evolution is expected to allow more permissions for deployments (e.g., NYPD).
Mgmt stance: Bullish — organic 2026 target stands; acquisitions add upside; regulatory tailwinds support demand.

Topic: Ondas Networks momentum, OAS pipeline growth, and platform strategy
Key points:
- Railroad engagement is broadening/deepening; 900 MHz and 450 MHz (End-of-Train) networks expected to be revenue-generating in 2026.
- OAS pipeline is growing and advancing; high-profile events (Project Vanaheim/Project Flytrap, U.S. Army demos in Poland) are driving customer interest.
- Platform strategy is modular; integrates IronDrone/Optimus with multiple radar and C2 partners; Rift can tie into the platform.
Mgmt stance: Bullish — inflection point for first network build is approaching; OAS pipeline conversion expected over 3–12 months.

Topic: Operational infrastructure for OAS scaling and DoD contract pipeline
Key points:
- OAS leadership team (Co-CEO Oshri) is layering in sales, marketing, field support, and supply chain; advisory board being built for impact.
- OpEx will grow with revenue to achieve positive operating leverage; partnerships (e.g., radar/C2 vendors) enable joint marketing.
- DoD pipeline is strong; expects at least one contract win before year-end, with potential for multiple (timing uncertain).
Mgmt stance: Bullish — infrastructure investments are aligned with revenue growth; optimistic on DoD wins, aiming to beat the “at least one” expectation.