In This Article:
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Revenue: $1.5 million for Q3 2024, compared to $2.7 million for Q3 2023.
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Gross Margin: $48,000 for Q3 2024 (3%), compared to $555,000 for Q3 2023 (21%).
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Operating Expenses: $8.7 million for Q3 2024, compared to $6.5 million for Q3 2023.
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Cash Operating Expenses: $7.1 million for Q3 2024, compared to $7.5 million for Q3 2023.
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Operating Loss: $8.7 million for Q3 2024, compared to $5.9 million for Q3 2023.
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Adjusted EBITDA Loss: $7.1 million for Q3 2024, compared to $6.9 million for Q3 2023.
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Cash and Cash Equivalents: $2.9 million as of September 30, 2024, compared to $15 million as of December 31, 2023.
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Convertible Notes Outstanding: $27.8 million at Ondas Holdings and $1.5 million at Ondas Networks as of September 30, 2024.
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Non-Convertible Notes Payable: $1.45 million at Ondas Networks.
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Recent Capital Raised: Additional $3.55 million in Q4 2024.
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Purchase Orders: $14.4 million in Q3 2024 for Iron Drone and Optimus platforms.
Release Date: November 12, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Ondas Holdings Inc (NASDAQ:ONDS) secured $14.4 million in orders for its Iron Drone and Optimus platforms, marking its entry into military markets.
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The company achieved the largest bookings quarter in its history, demonstrating strong demand for its autonomous systems.
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Ondas Holdings Inc (NASDAQ:ONDS) is seeing tangible engagement with additional military customers, indicating potential for further expansion.
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The company is making progress in the railroad sector with significant orders from Metra and a Class One railroad in Chicago.
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Ondas Holdings Inc (NASDAQ:ONDS) is positioned for significant revenue growth in Q4 2024 and 2025, driven by military and public safety applications.
Negative Points
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Revenues for Q3 2024 were approximately $1.5 million, down from $2.7 million in Q3 2023, primarily due to extended timelines in the 900 MHz network activity.
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Gross margin decreased to 3% in Q3 2024 from 21% in Q3 2023, reflecting a change in revenue mix and lower margin development projects.
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Operating expenses increased to $8.7 million in Q3 2024 from $6.5 million in Q3 2023, contributing to an operating loss of $8.7 million.
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Cash and cash equivalents decreased to $2.9 million as of September 30, 2024, from $15 million at the end of 2023, indicating liquidity challenges.
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The company faces uncertainty regarding the timing of customer activity and commercial rollouts, particularly in the railroad sector.
Q & A Highlights
Q: Can you explain the potential for more volume orders for the Iron Drone platform following combat success? A: Meir Kliner, President of Ondas Autonomous Systems, mentioned that while specific details about operations in Israel can't be disclosed, they have been working with the Defense Forces for the past eight months. Eric Brock, CEO, added that they are in the process of delivering orders and integrating systems, expecting more orders in 2025 but can't provide precise timelines yet.