Ondas Inc
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Ondas Inc AI Insights
Informational only. Not investment advice.Snapshot
- Cash of 432.8M is 78% of total assets - company is essentially a cash shell with 24.7M TTM revenue burning 34.7M FCF annually[Cash and Equivalents]
- P/S ratio of 87x vs industry median 3x - valuation implies 29x current revenue growth that isn't materializing (5.8% 1Y growth)[P/S Ratio]
- R&D spend of 15.4M TTM is 62% of revenue - heavy investment but operating margin -1,761% signals no path to profitability yet[Research and Development]
Watch Triggers
- Total Revenue 1Y Growth: Accelerates above 25% — Current 5.8% growth cannot justify 87x P/S; need hypergrowth to validate valuation
- Cash and Equivalents: Drops below 300M without revenue inflection — At 34.7M annual burn, signals 3 years consumed without commercial traction
- Gross Margin: Falls below 30% — 54% gross profit growth is sole positive; margin compression kills unit economics thesis
Bull Case
Fortress balance sheet with 432.8M cash, minimal debt (0.04 D/E), and 447.6M working capital provides years of runway for product development without financing risk
Gross margin of 33.6% TTM with 54% 1Y gross profit growth shows improving unit economics even as scale remains limited
Bear Case
87x P/S vs 3x industry median requires 29x revenue expansion to reach peer valuation - current 5.8% growth rate makes this implausible
Operating loss of 43.6M TTM on 24.7M revenue (-176% margin) with no clear path to breakeven; R&D of 15.4M not translating to revenue
Bull vs Bear Balance
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Forward Thesis
Cash runway of 12+ years at current burn provides optionality but masks fundamental business weakness
- 432.8M cash vs 34.7M annual FCF burn
- 379.6M recent equity issuance diluted shareholders
- Revenue growth decelerating: 5.8% 1Y vs 75% 5Y CAGR
Valuation Context
Caveats
ONDS Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$4.6B | — | ||
$3.58B | — | ||
103 | — | ||
$96.61M | +793.2% | — | |
$0.09 | — | ||
-93.9% | +237.0% | — | |
254% | +644.5% | — | |
$-86.69M | — | ||
44.6% | +201.6% | — | |
Beta 5Y (Monthly) | unknown | — |
ONDS Dividend History
ONDS Stock Splits
ONDS SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/15/26 | 03/31/26 | 10-Q | |
03/30/26 | 12/31/25 | 10-K | |
11/13/25 | 09/30/25 | 10-Q | |
08/12/25 | 06/30/25 | 10-Q | |
05/15/25 | 03/31/25 | 10-Q | |
03/12/25 | 12/31/24 | Unknown | |
11/12/24 | 09/30/24 | 10-Q | |
08/14/24 | 06/30/24 | 10-Q | |
05/15/24 | 03/31/24 | 10-Q | |
04/01/24 | 12/31/23 | 10-K | |
11/14/23 | 09/30/23 | 10-Q | |
08/14/23 | 06/30/23 | 10-Q | |
05/15/23 | 03/31/23 | 10-Q | |
03/14/23 | 12/31/22 | 10-K | |
11/14/22 | 09/30/22 | 10-Q | |
08/09/22 | 06/30/22 | 10-Q | |
05/11/22 | 03/31/22 | 10-Q | |
03/22/22 | 12/31/21 | 10-K | |
11/15/21 | 09/30/21 | 10-Q | |
08/16/21 | 06/30/21 | 10-Q | |
05/17/21 | 03/31/21 | 10-Q | |
03/08/21 | 12/31/20 | 10-K | |
11/06/20 | 09/30/20 | 10-Q | |
08/17/20 | 06/30/20 | 10-Q | |
06/24/20 | 03/31/20 | 10-Q | |
03/13/20 | 12/31/19 | 10-K | |
11/14/19 | 09/30/19 | 10-Q | |
08/14/19 | 06/30/19 | 10-Q | |
05/10/19 | 03/31/19 | 10-Q | |
03/19/19 | 12/31/18 | 10-K | |
11/13/18 | 09/30/18 | 10-Q | |
08/10/18 | 06/30/18 | 10-Q | |
05/21/18 | 03/31/18 | 10-Q | |
03/28/18 | 12/31/17 | 10-K | |
11/20/17 | 09/30/17 | 10-Q | |
08/21/17 | 06/30/17 | 10-Q | |
05/22/17 | 03/31/17 | 10-Q | |
03/30/17 | 12/31/16 | 10-K | |
11/21/16 | 09/30/16 | 10-Q | |
01/17/18 | 09/30/16 | 10-Q/A | |
08/21/17 | 06/30/16 | 10-Q | |
05/22/17 | 03/31/16 | 10-Q | |
03/30/17 | 12/31/15 | 10-K | |
11/21/16 | 09/30/15 | 10-Q |