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Ondas Holdings Inc. (ONDS+15.38%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Ondas Holdings' operations, which include providing private wireless, drone, and automated data solutions through its subsidiaries Ondas Networks Inc. and Ondas Autonomous Systems Inc. Ondas Networks focuses on wireless connectivity solutions, while Ondas Autonomous Systems, through its subsidiaries Airobotics and American Robotics, provides drone and automated data solutions.
The company reported revenues of $7,192,694 for the year, a decrease from $15,691,430 in the previous year. The decline in revenue was primarily due to decreased product sales at Ondas Networks and Ondas Autonomous Systems.
Cost of goods sold was $6,847,511, down from $9,310,256 in the prior year. The gross profit for the year was $345,183, compared to $6,381,174 in 2023, reflecting a decrease in gross margin from 41% to 5%.
Operating expenses for the year totaled $34,954,487, a decrease from $46,110,474 in 2023. The reduction in operating expenses was attributed to lower human resource costs, professional fees, and research and development expenses.
The company reported an operating loss of $34,609,304, compared to $39,729,300 in the previous year. Total other expenses, net, decreased to $3,398,453 from $5,115,572.
Ondas Holdings ended the year with a net loss of $38,007,757, down from $44,844,872 in 2023. The net loss per share was $(0.61), compared to $(0.88) the previous year.
The filing also highlights the company's liquidity position, with cash and restricted cash totaling $29,999,321 as of December 31, 2024. The company raised approximately $36,997,000 through convertible notes and additional financing activities during the year.
The company acknowledges substantial doubt about its ability to continue as a going concern due to recurring losses and negative cash flows from operations. Ondas Holdings plans to fund its operations through existing cash, revenue growth, and potential additional financing.
The filing includes a detailed discussion of the company's business segments, risk factors, and financial results, as well as information on recent acquisitions, including Airobotics Ltd. and Iron Drone Ltd.
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. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.