Ondas (ONDS) financial statements
Ondas reported revenue of $51M in fiscal 2025, up 175.7% a year over 9 years.
Net income was -$137M and the operating margin -115.1%, against -627.4% in 2016.
Free cash flow was -$41M.
The diluted share count rose 7292% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Ondas's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5,512 | $274,403 | $190,029 | $320,383 | $2M | $3M | $2M | $16M | $7M | $51M |
| Cost of revenue | $12,422 | $79,768 | $39,365 | $79,126 | $1M | $2M | $1M | $9M | $7M | $31M |
| Gross profit | -$6,910 | $194,635 | $150,664 | $241,257 | $927,668 | $1M | $1M | $6M | $345,000 | $20M |
| Research and development | — | $1M | $3M | $5M | $4M | $6M | $24M | $17M | $12M | $21M |
| Selling, general and admin | — | $2M | $6M | $10M | $9M | $13M | $27M | $27M | $22M | $58M |
| Operating income | -$34,580 | -$2M | -$8M | -$15M | -$12M | -$18M | -$69M | -$40M | -$35M | -$58M |
| Interest expense | — | $642,718 | $3M | $3M | $2M | $575,685 | $4M | $4M | $4M | $7M |
| Pre-tax income | — | -$3M | -$12M | -$19M | -$13M | -$18M | -$73M | -$45M | -$38M | -$133M |
| Income tax | — | — | — | — | — | -$3M | — | $63M | $69M | $488,000 |
| Net income | -$34,580 | -$3M | -$12M | -$19M | -$13M | -$15M | -$73M | -$45M | -$38M | -$137M |
| EPS (diluted) | -$0.01 | -$0.19 | -$0.42 | -$1.10 | -$0.66 | -$0.44 | -$1.73 | -$0.88 | -$0.61 | -$0.62 |
| Diluted shares | 3M | 16M | 29M | 18M | 20M | 34M | 42M | 53M | 70M | 222M |
| Gross margin | -125.4% | 70.9% | 79.3% | 75.3% | 42.9% | 37.7% | 52.2% | 40.7% | 4.8% | 39.7% |
| Operating margin | -627.4% | -872.6% | -4439.1% | -4798.0% | -532.6% | -618.3% | -3266.0% | -253.2% | -481.1% | -115.1% |
| Net margin | -627.4% | -1101.4% | -6365.8% | -6052.2% | -622.9% | -516.9% | -3445.3% | -285.8% | -528.4% | -270.4% |
Balance sheet
Fiscal years, from Ondas's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $45,248 | $3,410 | $1M | $2M | $26M | $41M | $30M | $15M | $30M | $572M |
| Receivables | $1,818 | $31,855 | $30,440 | $20,212 | $47,645 | $1M | $104,276 | $3M | $5M | $22M |
| Inventory | $1,460 | $173,320 | $347,945 | $427,516 | $1M | $1M | $2M | $2M | $10M | $22M |
| Total current assets | $5,660 | $704,771 | $2M | $3M | $28M | $45M | $36M | $24M | $48M | $686M |
| Property, plant and equipment | — | $12,856 | $502,146 | $252,246 | $163,084 | $1M | $3M | $4M | $3M | $10M |
| Goodwill | — | — | — | — | — | $45M | $26M | $28M | $28M | $252M |
| Total assets | $5,660 | $717,627 | $3M | $4M | $29M | $117M | $98M | $92M | $110M | $1.1B |
| Total current liabilities | — | $6M | $17M | $16M | $12M | $5M | $23M | $36M | $51M | $142M |
| Long-term debt | — | — | — | $500,000 | $907,000 | $300,000 | — | — | — | — |
| Total liabilities | $60,503 | $9M | $18M | $17M | $13M | $5M | $40M | $47M | $74M | $661M |
| Shareholders' equity | -$5M | -$8M | -$15M | -$12M | $15M | $112M | $58M | $33M | $17M | $438M |
| Net debt | -$45,248 | -$3,410 | -$1M | -$2M | -$25M | -$41M | -$30M | -$15M | -$30M | -$551M |
Cash flow
Fiscal years, from Ondas's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$28,992 | -$3M | -$9M | -$15M | -$8M | -$17M | -$38M | -$34M | -$33M | -$39M |
| Capital spending | — | — | $544,236 | $77,936 | $8,598 | $923,718 | $3M | $211,035 | $2M | $2M |
| Free cash flow | — | — | -$9M | -$15M | -$8M | -$18M | -$41M | -$34M | -$35M | -$41M |
| Stock-based compensation | — | $1,166 | — | $938,052 | $5M | $3M | $6M | $1M | $1M | $16M |
| Free cash flow margin | — | — | -4768.5% | -4601.5% | -348.6% | -613.0% | -1921.3% | -218.1% | -488.0% | -80.4% |
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Open ONDS in InvestinglyQuestions
What was Ondas's revenue in 2025?
$51M in fiscal 2025, from its 10-K filing.
How much free cash flow does Ondas generate?
-$41M in fiscal 2025 (operating cash flow minus capital spending).
From Ondas's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.