$ONDS

Ondas Inc.

CIK:0001646188|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues, net	$ 83,772	$ 6,273	$ 133,894	$ 10,522
Cost of goods sold	47,641	2,941	73,105	5,701
Gross profit	36,131	3,332	60,789	4,821
Operating expenses:
General and administrative	128,007	6,079	171,323	11,988
Sales and marketing	20,883	2,266	31,377	4,696
Research and development	30,953	4,237	44,472	7,696
Change in fair value of contingent consideration	19,234	0	19,234	0
Total operating expenses	199,077	12,582	266,406	24,380
Operating loss	(162,946)	(9,250)	(205,617)	(19,559)
Other income (expense), net
Interest expense	(1,041)	(1,561)	(1,378)	(5,428)
Other income (expense), net	45,238	60	449,743	102
Total other income (expense), net	44,197	(1,501)	448,365	(5,326)
Income (loss) before provision for income taxes	(118,749)	(10,751)	242,748	(24,885)
Provision for (benefit from) income taxes	(29,053)	0	(28,807)	0
Net income (loss)	(89,696)	(10,751)	271,555	(24,885)
Less preferred dividends attributable to noncontrolling interest	0	390	0	780
Less deemed dividends attributable to accretion of redemption value	342	878	1,631	1,695
Net loss attributable to noncontrolling interests	(1,451)	0	(3,149)	0
Net income (loss) attributable to Ondas Inc. stockholders	$ (88,587)	$ (12,019)	$ 273,073	$ (27,360)
Net income (loss) per share – basic (in Dollars per share)	$ (0.18)	$ (0.08)	$ 0.41	$ (0.21)
Net income (loss) per share – diluted (in Dollars per share)	$ (0.19)	$ (0.08)	$ 0.38	$ (0.21)
Weighted average number of common shares outstanding, basic and diluted
Basic (in Shares)	500,709	150,653	473,053	127,955
Diluted (in Shares)	503,593	150,653	491,308	127,955

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$ 271,555	$ (24,885)
Adjustments to reconcile net income (loss) to net cash flows used in operating activities:
Unrealized gains on investments	(9,799)	0
Realized gains on investments	(2,925)	0
Accretion of discounts on investments, net	1,219	0
Depreciation	1,603	370
Amortization of debt discount and issuance cost	0	4,497
Amortization of intangible assets	24,263	2,117
Amortization of right of use asset	308	560
Noncash interest expense	852	0
Income from equity method investments	(202)	0
Loss on intellectual property	0	16
Gain on disposal of equipment	(77)	0
Gain on acquisition consideration	(6,182)	0
Gain on deconsolidation of subsidiary	(48,834)	0
Loss on acquisition of variable interest entity	46,150	0
Change in fair value of warrant liability	(404,798)	0
Change in fair value of note receivable from affiliate	(305)	0
Change in fair value of investment in affiliate	2,487	0
Change in fair value of contingent consideration	19,234	0
Change in fair value of government grant liability	286	111
Deferred income taxes	(30,068)	0
Stock-based compensation	88,753	3,751
Changes in operating assets and liabilities, net of acquisitions and deconsolidations:
Accounts receivable	(33,875)	(160)
Inventory	(14,050)	(1,369)
Other current assets	(31,607)	(3,608)
Deposits and other assets	(10,508)	(43)
Accounts payable	1,577	(897)
Accrued expenses and other current liabilities	2,692	2,040
Deferred revenue	(6,617)	3,036
Operating lease liability	(631)	(599)
Other liabilities	2,120	0
Net cash flows used in operating activities	(137,379)	(15,063)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(9,093)	(267)
Purchase of long-term equity investments	(9,950)	0
Proceeds from sale of short-term investments	5,720	0
Purchases of short-term investments	(762,127)	0
Maturities of short-term investments	66,537	0
Cash paid for acquisition, net of cash acquired	(45,233)	0
Deconsolidation of subsidiary cash	(7,011)	0
All other investing activities	(1,898)	(39)
Net cash flows used in investing activities	(763,055)	(306)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of options and warrants	12,213	9,963
Proceeds from sale of common stock and warrants, net of issuance costs	959,104	42,677
Proceeds from notes payable and convertible notes payable, net of issuance costs	855	923
Proceeds from government grant	0	365
Payments on notes payable	(346)	0
Payments on government grant liability	(425)	(7)
Net cash flows provided by financing activities	971,401	53,921
Increase in cash, cash equivalents, and restricted cash	70,967	38,552
Effect of exchange rate on cash	1,052	0
Cash, cash equivalents, and restricted cash beginning of period	594,359	29,999
Cash, cash equivalents, and restricted cash end of period	666,378	68,551
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	10	8
Cash paid for income taxes	0	0
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Preferred dividends attributable to redeemable noncontrolling interest	0	780
Accretion of redeemable noncontrolling interest to redemption value	1,631	1,695
Common stock issued in connection with business acquisitions	741,526	0
Common stock issued in exchange for debt repayment	0	47,102
Issuance of shares in exchange for shares of OAS, net of costs	2,051	0
Warrants issued in connection with convertible notes payable with respect to Ondas Networks	0	346
Operating leases right-of-use assets obtained in exchange of lease liabilities	$ 9,437	$ 1,353

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 657,906	$ 550,744
Restricted cash	8,472	43,615
Short-term investments	726,587	21,750
Accounts receivable, net	72,247	22,356
Inventory, net	52,034	21,963
Other current assets	88,326	25,473
Total current assets	1,605,572	685,901
Property and equipment, net	21,292	10,217
Goodwill	661,362	251,809
Intangible assets, net	583,268	136,890
Long-term equity investments	49,282	35,587
Investment in unconsolidated affiliates	26,802	0
Other assets	45,919	12,437
Total assets	2,993,497	1,132,841
Current Liabilities:
Accounts payable	31,499	13,873
Accrued expenses and other current liabilities	83,449	33,970
Accrued purchase and contingent consideration	17,180	75,000
Notes payable	1,562	704
Convertible notes payable	718	2,950
Deferred revenue	26,834	8,029
Government grant liability	1,841	2,295
Total current liabilities	163,083	141,821
Notes payable, net of current portion	194	0
Accrued purchase and contingent consideration, net of current portion	116,896	0
Convertible notes payable, net of current portion	3,934	3,834
Government grant liability, net of current portion	1,804	1,362
Warrant liability	1,043,740	489,434
Deferred tax liability	53,779	14,531
Other long-term liabilities	34,490	10,244
Total liabilities	1,417,920	661,226
Commitments and contingencies
Temporary Equity
Redeemable noncontrolling interests	0	29,796
Stockholders’ Equity
Preferred stock Value	0	0
Common stock - par value $0.0001; 1,200,000,000 shares authorized at June 30, 2026 and December 31, 2025, 529,838,610 and 380,763,481 issued and outstanding at June 30, 2026 and December 31, 2025, respectively	52	38
Additional paid in capital	1,662,209	805,828
Accumulated other comprehensive income	1,414	329
Accumulated deficit	(93,683)	(368,387)
Total Ondas Inc. stockholders’ equity	1,569,992	437,808
Noncontrolling interest	5,585	4,011
Total stockholders’ equity	1,575,577	441,819
Total liabilities, temporary equity, and stockholders’ equity	2,993,497	1,132,841
Series A Preferred Stock
Stockholders’ Equity
Preferred stock Value	0	0
Related Party
Current Liabilities:
Notes payable, related party	0	1,500
Convertible notes payable, related party	$ 0	$ 3,500