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Communication equipment · Technology · Fiscal year ends Dec 31
Ondas reported revenue of $51M in the fiscal year ended Dec 2025, up 605.3% from the year before. Operating income was −$58M, an operating margin of −115.1%, and net income was −$132M. Operating cash flow of −$39M less capital expenditure of $2M left free cash flow of −$41M.
Ranks among the 15 communication equipment companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2.9 | 2.1 | 15.7 | 7.2 | 50.7 |
| Cost of revenue | 1.8 | 1.0 | 9.3 | 6.8 | 30.6 |
| Gross profit | 1.1 | 1.1 | 6.4 | 0.3 | 20.2 |
| Research & development | 5.8 | 24.0 | 17.1 | 12.5 | 20.9 |
| Selling, general & admin | 13.3 | 27.1 | 27.5 | 22.5 | 57.7 |
| Operating income | −18.0 | −69.4 | −39.7 | −34.6 | −58.4 |
| Interest expense | 0.6 | 3.8 | 4.2 | 3.6 | 6.6 |
| Pre-tax income | −17.9 | −73.2 | −44.8 | −38.0 | −133 |
| Income tax | −2.9 | – | – | – | 0.5 |
| Net income | −15.0 | −73.2 | −44.8 | −38.0 | −132 |
| Diluted EPS | −0.44 | −1.73 | −0.88 | −0.61 | −0.62 |
| Diluted shares | 34.2 | 42.2 | 52.7 | 0.1 | 0.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 40.8 | 29.8 | 15.0 | 30.0 | 551 |
| Receivables | 1.2 | 0.1 | 3.4 | 5.2 | 22.4 |
| Inventory | 1.2 | 2.2 | 2.2 | 9.8 | 22.0 |
| Current assets | 44.7 | 35.8 | 23.6 | 47.5 | 686 |
| Net PP&E | 1.0 | 3.0 | 4.2 | 2.6 | 10.2 |
| Goodwill | 45.0 | 25.6 | 27.8 | 27.8 | 252 |
| Total assets | 117 | 97.9 | 92.2 | 110 | 1,133 |
| Payables | 2.4 | 3.0 | 5.2 | 5.7 | 13.9 |
| Deferred revenue | 0.5 | 0.1 | 0.3 | 0.3 | 8.0 |
| Current liabilities | 4.6 | 22.7 | 35.9 | 50.6 | 142 |
| Long-term debt | 0.3 | – | – | 0.3 | – |
| Total liabilities | 5.2 | 39.7 | 47.1 | 73.7 | 661 |
| Shareholders' equity | 112 | 58.2 | 33.1 | 16.6 | 438 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −16.9 | −38.0 | −34.0 | −33.5 | −38.7 |
| Capital expenditure | 0.9 | 2.9 | 0.2 | 1.6 | 2.0 |
| Free cash flow | −17.8 | −40.8 | −34.2 | −35.1 | −40.8 |
| Depreciation & amortisation | 1.5 | 4.0 | 5.0 | 0.6 | 0.9 |
| Stock-based compensation | 3.3 | 5.9 | 1.0 | 1.3 | 16.0 |
| Acquisitions | 6.5 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −26.9% | 638.1% | −54.2% | 605.3% |
| Gross margin | 37.7% | 52.2% | 40.7% | 4.8% | 39.7% |
| Operating margin | −618.3% | −3266.0% | −253.2% | −481.1% | −115.1% |
| Net margin | −516.9% | −3445.3% | −285.8% | −528.4% | −260.7% |
| Return on equityBlank when equity is negative | −13.4% | −125.8% | −135.3% | −229.2% | −30.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −15.9% | −92.3% | −70.7% | −58.6% | −5.9% |
| Free cash flow margin | −613.0% | −1921.3% | −218.1% | −488.0% | −80.4% |
| Cash conversion (CFO ÷ net income) | 1.12x | 0.52x | 0.76x | 0.88x | 0.29x |
| Receivable days | 152 | 18 | 80 | 265 | 161 |
| Inventory days | 237 | 780 | 86 | 524 | 262 |
| Payable days | 486 | 1065 | 203 | 302 | 166 |
| Interest cover | −31.2x | −18.5x | −9.56x | −9.56x | −8.88x |
| Debt ÷ equity | 0.00x | – | – | 0.02x | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −40.5 | – | – | −29.7 | – |
| Current ratio | 9.66x | 1.58x | 0.66x | 0.94x | 4.84x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.