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Financials · ONDS

Ondas Inc. (ONDS) financials

For the twelve months ended Jun 30, 2026, Ondas Inc. reported $174.10M of revenue and $167.06M of net income.

Revenue, TTM
$174.10M
Revenue growth, YoY
+979.3%
Net income, TTM
$167.06M
Net margin
96.0%
Free cash flow, TTM
-$171.92M
Cash
$657.91M
Total debt
$10.40M
P/E
18.59
P/S
17.84
Market cap
$3.11B
Annual revenue$50.73M
FY2017FY2025
Annual net income-$132.24M
FY2016FY2025
Annual free cash flow-$40.78M
FY2018FY2025

ONDS revenue and earnings growth

ONDS revenueQ2 2026$83.77M

Quarter YoY
13x
QoQ
+67.1%
FY YoY
+605.3%
5Y CAGR
+87.9%

ONDS revenue was $83.77M in fiscal Q2 2026 (ended Jun 30, 2026), up about 13-fold from a year earlier and up 67.1% from the prior quarter. For the full fiscal 2025 it was $50.73M, up 605.3% from fiscal 2024. Compound annual growth was +87.9% over 5 years. It rose in 5 of the last 8 fiscal years. Fiscal 2025 is the highest of the 9 fiscal years on file.

ONDS net incomeQ2 2026-$88.39M

ONDS net income was -$88.39M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$10.75M a year earlier. For the full fiscal 2025 it was -$132.24M, compared with -$38.01M in fiscal 2024.

ONDS EPSQ2 2026-$0.19

ONDS diluted EPS was -$0.19 in fiscal Q2 2026 (ended Jun 30, 2026). For the full fiscal 2025 it was -$0.62.

ONDS free cash flowQ2 2026-$93.84M

ONDS free cash flow was -$93.84M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$8.50M a year earlier. For the full fiscal 2025 it was -$40.78M, compared with -$35.10M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$50.73M$7.19M$15.69M$2.13M$2.91M$2.16M$320.4K$190.0K$274.4K-
Cost of revenue$30.57M$6.85M$9.31M$1.02M$1.81M$1.24M$79.1K$39.4K$79.8K$12.4K
Gross profit$20.16M$345.0K$6.38M$1.11M$1.10M$927.7K$241.3K$150.7K$194.6K-$6.9K
Research and development$20.88M$12.48M$17.15M$24.04M$5.80M$3.59M$5.42M$3.08M$1.00M-
Selling, general and admin$44.47M$17.14M$21.56M$23.62M$11.78M$7.64M$4.79M$2.61M$1.08M-
Operating income-$58.38M-$34.61M-$39.73M-$69.43M-$17.97M-$11.52M-$15.37M-$8.44M-$2.39M-$34.6K
Interest expense$6.58M$3.62M$4.15M$3.76M$575.7K$1.94M$2.93M$2.66M$642.7K-
Pre-tax income-$132.89M-$38.01M-$44.84M-$73.24M-$17.95M-$13.48M-$19.39M-$12.10M-$3.02M-
Income tax$488.0K$69.40M$62.60M--$2.92M-----
Net income-$132.24M-$38.01M-$44.84M-$73.24M-$15.02M-$13.48M-$19.39M-$12.10M-$3.02M-$34.6K
EPS, basic-$0.62-$0.61-$0.88-$1.73-$0.44-$0.66-$1.10-$1.26-$0.57-$0.03
EPS, diluted-$0.62-$0.61-$0.88-$1.73-$0.44-$0.66-$1.10-$1.26-$0.57-$0.03
Diluted shares221,76969,91752.7M42.2M34.2M20.4M17.6M9.5M5.4M1.0M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$550.74M$30.00M$15.02M$29.78M$40.82M$26.06M$2.15M$1.13M$456.0K$45.2K
Short-term investments$21.75M---------
Receivables$22.36M$5.22M$3.43M$104.3K$1.21M$47.6K$20.2K$30.4K$31.9K$1.8K
Inventory$21.96M$9.82M$2.19M$2.17M$1.18M$1.15M$427.5K$347.9K$173.3K$1.5K
Current assets$685.90M$47.52M$23.61M$35.80M$44.66M$27.89M$3.30M$2.04M$704.8K$5.7K
Goodwill$251.81M$27.75M$27.75M$25.61M$45.03M-----
Total assets$1.13B$109.62M$92.16M$97.95M$117.44M$28.51M$4.26M$2.66M$717.6K$5.7K
Current liabilities$141.82M$50.58M$35.94M$22.73M$4.62M$12.49M$16.06M$17.25M$5.86M-
Short-term debt-----$7.06M$10.10M---
Long-term debt-$15.57M$2.81M$14.20M$300.0K$907.0K$500.0K---
Total debt-$15.57M$2.81M$14.20M$300.0K$7.97M$10.60M---
Total liabilities$661.23M$73.68M$47.11M$39.72M$5.21M$13.43M$16.69M$17.55M$8.64M$60.5K
Shareholders' equity$437.81M$16.58M$33.13M$58.22M$112.23M$15.08M-$12.43M-$14.88M-$7.92M-$4.91M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow-$38.75M-$33.47M-$34.02M-$37.96M-$16.90M-$7.53M-$14.66M-$8.52M-$2.63M-$29.0K
Capital expenditures$2.03M$1.64M$211.0K$2.88M$923.7K$8.6K$77.9K$544.2K--
Free cash flow-$40.78M-$35.10M-$34.23M-$40.84M-$17.82M-$7.54M-$14.74M-$9.06M--
Investing cash flow-$260.13M-$1.73M$536.3K-$6.93M-$10.21M-$16.1K-$354.8K-$629.7K--
Financing cash flow$862.65M$50.18M$18.73M$33.86M$41.86M$31.46M$16.04M$9.82M$3.04M$26.2K
Stock-based compensation$16.02M$1.26M$1.05M$5.86M$3.25M$4.68M$938.1K-$1.2K-
Depreciation and amortization$946.0K$602.0K$4.99M$4.02M$1.51M$117.6K----

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY605.3%-54.2%638.1%-26.9%34.3%575.4%68.6%-30.7%--
Gross margin39.7%4.8%40.7%52.2%37.7%42.9%75.3%79.3%70.9%-
Operating margin-115.1%-481.1%-253.2%-3266.0%-618.3%-532.6%-4798.0%-4439.1%-872.6%-
Net margin-260.7%-528.4%-285.8%-3445.3%-516.9%-622.9%-6052.2%-6365.8%-1101.4%-
Free cash flow margin-80.4%-488.0%-218.1%-1921.3%-613.0%-348.6%-4601.5%-4768.5%--
Return on equity-30.2%-229.2%-135.3%-125.8%-13.4%-89.4%----
Return on assets-11.7%-34.7%-48.7%-74.8%-12.8%-47.3%-454.8%-454.5%-421.1%-611.0%
Current ratio4.840.940.661.589.662.230.210.120.12-
Debt to equity-0.940.080.240.000.53----

Source: XBRL data Ondas Inc. files with the SEC, latest filing dated Aug 13, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures and share counts are restated for stock splits the filings show: 1-for-3, first reported Mar 8, 2021.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

ONDS peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
ONDS$174.10M+979.3%$167.06M96.0%$3.11B
QCOM$43.12B-2.6%$13.63B31.6%$176.99B
MSI$12.60B+11.4%$2.08B16.5%$85.07B
NOK€19.89B+3.5%€651.00M3.3%$43.99B
UI$3.57B+29.4%$1.07B30.1%$35.87B
ERICSEK 236.68B-4.5%SEK 28.43B12.0%$34.57B
PL$378.28M+44.1%-$359.87M-95.1%$4.56B
VISN$1.63B+10.9%$8.19B504.0%$1.27B
HLIT$502.23M+70.9%-$35.19M-7.0%$1.04B

ONDS FAQ

8 questions
  • What is ONDS revenue?
    Ondas Inc. (ONDS) reported $174.10M of revenue for the twelve months ended Jun 30, 2026. That is up 979.3% from the year before. Revenue for fiscal 2025 was $50.73M.
  • Is ONDS profitable?
    Yes. Ondas Inc. earned $167.06M in net income for the twelve months ended Jun 30, 2026, a net margin of 96.0%.
  • How much cash and debt does ONDS have?
    Ondas Inc. reported $657.91M in cash and cash equivalents and $10.40M of debt on its most recent balance sheet in SEC filings.
  • How fast is ONDS revenue growing?
    Ondas Inc.'s revenue changed +605.3% in fiscal 2025, to $50.73M. Its compound annual growth rate was +87.9% over 5 years.
  • What is ONDS gross margin?
    Ondas Inc.'s gross profit was $76.12M on $174.10M of revenue for the twelve months ended Jun 30, 2026, a gross margin of 43.7%.
  • What is ONDS free cash flow?
    Ondas Inc. generated -$171.92M of free cash flow for the twelve months ended Jun 30, 2026, which is operating cash flow of -$161.06M less capital expenditures.
  • When did ONDS last report financial results?
    The latest statements here come from Ondas Inc.'s 10-Q filed on Aug 13, 2026, covering the period ended Jun 30, 2026.
  • Where does this ONDS financial data come from?
    Quantisnow builds these statements from the structured XBRL data Ondas Inc. files with the SEC. It is provided for information only and is not investment advice.