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Ondas Holdings Inc (ONDS-7.05%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $1,480,792 from $2,665,190 in the same quarter the previous year. The decrease is attributed to reduced product sales to Siemens (SIEGY+2.47%) at Ondas Networks.
Cost of goods sold for the quarter was $1,433,232, compared to $2,110,312 in the same quarter of the previous year. This decrease is due to reduced revenue.
The company reported a gross profit of $47,560 for the quarter, compared to $554,878 in the previous year, with the decline attributed to lower revenue and fixed manufacturing costs.
General and administrative expenses increased to $4,114,986 from $2,563,319, primarily due to stock-based compensation adjustments.
Net loss for the quarter was $9,526,268, up from $7,292,461 in the previous year. The increase in net loss is due to decreased revenue and increased operating expenses.
Cash used in operating activities was $25,360,649 for the nine months ended September 30, 2024, compared to $28,108,744 in the previous year.
Ondas had a working capital deficit of $22,341,000 as of September 30, 2024. The company plans to fund operations through cash on hand, financing activities, and potential revenue growth.
The filing also details various financial agreements, including a secured note agreement with Charles & Potomac Capital, LLC.
Ondas does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on developing its private wireless and drone solutions, with strategic partnerships and market advancements in the rail and drone sectors.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ondas Holdings Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.