Ondas Holdings, Inc. OAS Investor Day Summary Company Overview - **Company Name**: Ondas Holdings, Inc. (renamed from Ondas Holdings) - **Core Mission**: Integrated autonomy delivering defense, security, and intelligence outcomes through operational systems designed for complex environments [4][6] Key Industry Insights - **Market Focus**: Defense, security, and intelligence are interconnected mission domains, with customers seeking integrated systems rather than individual products [4][5] - **Market Opportunity**: The total addressable market (TAM) for Ondas' core segments (Counter-UAS, UAS, UGV) is approximately **$117 billion** from 2025 to 2030, with significant growth driven by defense and security priorities globally [26][27] Financial Performance - **Q4 2025 Revenue Expectation**: Projected between **$27-$29 million**, representing a **51% increase** from earlier targets and a near six-fold increase from Q4 2024 [13] - **Full Year 2025 Revenue Expectation**: Anticipated between **$47.6-$49.6 million**, a **23% increase** from prior targets and also a near six-fold increase from fiscal 2024 [14] - **Backlog**: Estimated backlog of over **$65 million**, nearly triple the level at the end of Q3 2025, indicating strong demand and customer engagement [15] - **Liquidity Position**: Pro forma cash at year-end was over **$1.5 billion**, bolstered by a recent **$1 billion equity offering**, providing a strong foundation for growth [15][18] Strategic Growth Initiatives - **Growth Strategy**: Focus on disciplined investment and acquisition to enhance platform depth and scale, with a target revenue of **$170-$180 million** for 2026, reflecting a **3.5 times increase** from 2025 [16][17] - **Investment in Technology**: Emphasis on building a robust operating platform to support scaled deployments and multi-domain operations [16][19] - **Acquisition Strategy**: A robust pipeline for strategic investments aimed at expanding capabilities and enhancing the overall platform [17][23] Product and Technology Development - **Integrated Systems Approach**: Ondas is integrating multi-domain technologies into a scalable system-of-systems architecture, enhancing mission effectiveness and driving recurring growth [24][25] - **Counter-UAS Capabilities**: Development of a complete counter-drone architecture that includes detection, identification, tracking, and mitigation, designed for continuous operations in complex environments [31][34] - **UAS Portfolio**: Focus on flexibility and resilience, with platforms supporting ISR, assault, and other mission profiles, including the Optimus system for persistent availability [35][36] - **UGV Portfolio**: A broad range of unmanned ground vehicles designed for tactical, frontline, and infrastructure-level operations, addressing urgent needs in combat and public safety [38][39] Market Demand and Customer Engagement - **Active Programs**: Engagement in high-priority programs across defense, homeland security, and critical infrastructure, particularly in counter-UAS and autonomous UAS initiatives [62] - **Customer Relationships**: Strengthened relationships with long-cycle markets and significant growth in backlog and customer pipeline, providing visibility on future growth [14][15] Conclusion - **Positioning for Growth**: Ondas is positioned as a high-growth leader in the unmanned and autonomous systems market, with a strong balance sheet and a clear strategy to leverage market opportunities in defense and security [12][12][17]

Financial Performance & Outlook - Ondas' Q4 2025 revenue is estimated between $27 million and $29 million, a 51% upside compared to the prior target of $18.5 million[21] - The company's FY 2025 revenue is projected between $47.6 million and $49.6 million, a 23% increase from the previous target of $39.5 million[21] - Backlog reached $65.3 million by Q4 2025, a 180% increase from $23.3 million on November 13, 2025[25] - Ondas anticipates revenue between $170 million and $180 million in 2026, compared to a prior target of $140 million[27] Strategic Growth & Capital Allocation - Ondas has a pro forma cash balance exceeding $1.5 billion as of Q4 2025, adjusted for a $1 billion equity offering[25] - The company intends to use its capital to accelerate team growth, supply chain improvements, customer delivery, strategic programs, and overall ecosystem scaling[29] - Ondas Capital plans to deploy $150 million to accelerate the transition of unmanned and dual-use technologies into U S and European production[168] Market & Technology - The company estimates a global Total Addressable Market (TAM) of approximately $117 billion and a Serviceable Available Market (SAM) of around $7.5 billion for C-UAS, UAS, and UGV markets[47] - Ondas is involved in a $1 Billion DoW program to rapidly field small attack UAS at industrial scale[135, 140] - The company aims to create a unified "Systems of Systems" architecture integrating ISR, counter-UAS, robotics, and sensing into scalable, autonomous defense solutions[35]

Financial Results and Projections - Ondas Inc. announced preliminary financial results for 2025 and revenue targets for 2026 during a virtual Investor Day on January 16, 2026[5]. - The financial information provided is unaudited and preliminary, lacking comprehensive details necessary for understanding the company's financial condition as of December 31, 2025[6]. Regulatory and Reporting Information - The company issued a press release as part of its current report, which is not considered "filed" under the Securities Exchange Act of 1934[7]. - Forward-looking statements made in the report are subject to risks and uncertainties that could cause actual results to differ materially from those predicted[8]. - The company has no obligation to publicly update or revise any forward-looking statements unless required by law[8].

Core Insights - Ondas Inc. is hosting its OAS Investor Day on January 16, 2026, at 10:00 AM ET, where it will present preliminary financial results for 2025 and revenue targets for 2026 [1][4] Financial Performance - For Q4 2025, Ondas expects revenue between $27.0 million and $29.0 million, representing a 51% increase over prior targets [2] - The full-year revenue for 2025 is projected to be between $47.6 million and $49.6 million, which is 23% higher than previous estimates [2] - Ondas' estimated backlog as of December 31, 2025, is $65.3 million, a 180% increase from $23.3 million on November 13, 2025 [3] - The company's pro-forma cash balance exceeds $1.5 billion, adjusted for a recent offering of approximately $1.0 billion [3] - The revenue target for 2026 has been raised to a range of $170 million to $180 million, which is 25% higher than the previous target of $140 million [3] Company Overview - Ondas Inc. is a leading provider of autonomous systems and private wireless solutions, operating through Ondas Autonomous Systems (OAS), Ondas Capital, and Ondas Networks [8] - The company offers a combination of aerial intelligence and next-generation connectivity aimed at enhancing security and operational efficiency across various industries [8] - OAS delivers AI-powered defense and security platforms globally, protecting sensitive sites and critical infrastructure [9]

Core Viewpoint - Ondas Holdings (NASDAQ: ONDS) is identified as a significant investment opportunity with potential for substantial returns by 2026, driven by strong financial growth and a promising contract pipeline [1][4]. Financial Performance - Ondas has achieved year-over-year revenue growth of approximately 580%, indicating rapid commercial traction [2]. - The company holds around $450 million in cash, providing a solid foundation for continued expansion [2]. Stock Price Target - The stock is projected to more than double by Q2 2026, with a price target of $30, representing a 115% upside from the current price of $13.89 [3]. Contract Opportunities - A major new contract, potentially the smart border project along Jordan valued at approximately $1.7 billion, could significantly enhance Ondas' long-term revenue visibility if fully realized [4]. Market Comparisons - Ondas is compared to Palantir (NYSE: PLTR) in its early-stage performance, suggesting it may offer a second chance for investors who missed the initial rally of Palantir [5]. Recent Capital Raise - The optimism surrounding Ondas may be influenced by a recent $1 billion capital raise, involving an institutional investor purchasing 19 million shares and pre-funded warrants for up to 41.79 million shares [6].

Core Viewpoint - Ondas Holdings Inc. has successfully closed a registered direct offering of 19,000,000 shares of its common stock and pre-funded warrants to purchase up to 41,790,274 shares of common stock to an institutional investor [1] Group 1 - The offering included Common Stock Equivalents, which were sold with a common stock warrant to purchase two shares of common stock for each Common Stock Equivalent [1]

Core Insights - AeroVironment (NASDAQ: AVAV) reported a 151% year-over-year revenue growth in Q2 FY 2026, primarily driven by the acquisition of BlueHalo, while its legacy business showed a more modest 21% growth [1][2] - Ondas (NASDAQ: ONDS) is highlighted as a more attractive investment due to its impressive revenue growth of 582% year-over-year in Q3 2025 and a bullish forecast for future growth [2][4] - Ondas is securing significant contracts, including an $8.2 million order for counter-drone systems, which enhances its annual recurring revenue and market presence [6] Company Performance - AeroVironment's revenue growth in 2025 was largely attributed to the BlueHalo acquisition, indicating that its legacy business is not growing as rapidly [2][7] - Ondas, despite being a smaller company with a market cap of $4 billion compared to AeroVironment's $13 billion, is projected to generate at least $110 million in revenue for 2026, showing strong growth potential [4][5] - The demand for drones is expected to increase, which will likely benefit Ondas in the long term, making it a compelling option for growth investors [5] Market Position - Ondas is positioned to outperform the S&P 500 as it continues to secure government contracts and increase its annual recurring revenue [7] - The company has a history of exceeding revenue projections, which adds to its attractiveness for investors looking for growth opportunities [5]

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgency to invest now [1][13] - The energy demands of AI technologies are highlighted, with data centers consuming as much energy as small cities, leading to concerns about power grid strain and rising electricity prices [2][3] Investment Opportunity - A specific company is positioned as a critical player in the AI energy landscape, owning essential energy infrastructure assets that will benefit from the increasing energy demands of AI [3][7] - This company is not a chipmaker or cloud platform but is described as a "toll booth" operator in the AI energy boom, collecting fees from energy exports [5][6] Financial Position - The company is noted for being debt-free and holding a significant cash reserve, amounting to nearly one-third of its market capitalization, which positions it favorably compared to heavily indebted competitors [8][10] - It is trading at less than 7 times earnings, indicating a potentially undervalued investment opportunity in the context of its critical role in the energy sector [10][12] Market Trends - The company is expected to benefit from the onshoring trend driven by tariffs, as well as a surge in U.S. LNG exports under the current administration's energy policies [14][5] - The influx of talent into the AI sector is anticipated to drive continuous innovation and advancements, further solidifying the importance of investing in AI-related infrastructure [12][11] Future Outlook - The company is positioned to capitalize on the anticipated AI infrastructure supercycle, with a unique footprint in nuclear energy, which is seen as a future source of clean and reliable power [14][7] - The potential for significant returns is emphasized, with projections suggesting a possible 100% return within 12 to 24 months for investors who act promptly [15][19]

Group 1 - Ondas Holdings Inc. has developed a viable autonomous drone defense system, which has contributed to a significant increase in its stock value [2][4] - The stock valuation of Ondas has surged this year, which may reduce its appeal to potential investors [4] Group 2 - Stone Fox Capital, an RIA from Oklahoma, is led by Mark Holder, who has extensive experience in investing and portfolio management [2] - The investing group Out Fox The Street provides various features including model portfolios, stock picks with identifiable catalysts, daily updates, and real-time alerts [2]

Core Insights - Ondas Holdings Inc. (ONDS) has experienced a remarkable stock performance with a 597% increase over the past six months, outperforming the Communication-Network software industry and major indices [1][8] - The company's pivot to the drone business, particularly through its Ondas Autonomous Systems (OAS) division, has been a significant driver of this growth [4][8] Company Performance - ONDS stock surged 15% recently, reaching a new 52-week high of $15.07 before closing at $14.01 [1] - OAS revenues reached $10 million in Q3 2025, primarily from deliveries of the Optimus System, Iron Drone Radar, and Apeiro ground robots [8][10] - Operating expenses increased significantly to $18.1 million in Q3 2025, up from $8.7 million in the prior-year quarter, leading to an adjusted EBITDA loss of $8.8 million [10][11] Strategic Developments - The company secured nearly $10 million in new purchase orders for its autonomous systems, indicating strong demand and solidifying its market position [5] - ONDS is pursuing several acquisitions to expand its capabilities in unmanned ground systems, robotics, and fiber optic communications, supported by a robust balance sheet [6] Market Context - The global drone technology market is projected to grow at a CAGR of 14.3% from 2025 to 2030, indicating a rapidly expanding opportunity for ONDS [14] - Competition in the drone industry is intensifying, with rivals like Red Cat Holdings, AeroVironment, and Draganfly also experiencing significant stock gains [14][18] Valuation Concerns - ONDS is trading at a high forward price-to-sales ratio of 35.37X, compared to the industry average of 2.29X, which raises concerns about potential volatility and downside risk [17] - Despite long-term growth catalysts, the current valuation and rising expenses suggest that investors may want to consider taking profits [19]