Financial Performance - The revenue for Q3 2024 was approximately 1.5million,adecreasefrom2.7 million in Q3 2023, primarily due to delays in order activity at Ondas Networks[32] - Gross profit for Q3 2024 was approximately 0.05million,representingagrossmarginofabout38.7 million in Q3 2024, compared to 6.5millioninQ32023[34]−NetlossforQ32024wasapproximately9.5 million, compared to a net loss of 7.3millioninQ32023[37]−RevenuesforSeptember2024were1,480,792, a decrease of 44.7% compared to 2,665,190inSeptember2023[61]−GrossprofitforSeptember2024was47,560, down from 554,878inthesameperiodlastyear,indicatingasignificantdecline[61]−Totaloperatingexpensesincreasedto8,708,275 in September 2024, up 34.0% from 6,488,899inSeptember2023[61]−NetlossattributabletocommonstockholdersforSeptember2024was(10,671,912), compared to (7,914,991)inSeptember2023,reflectinga34.9(7,103,109), compared to (6,900,099)inthesameperiodlastyear,indicatingaworseningoperationalperformance[66]−CashoperatingexpensesforSeptember2024were7,150,669, a decrease of 4.1% from 7,454,977inSeptember2023[67]−Thetotalstockholders′equitydecreasedto14,918,792 as of September 2024, down from 33,135,127inSeptember2023[61]OrdersandBookings−OndasHoldingsreported14.4 million in purchase orders during Q3 2024, marking the largest bookings in the company's history[1] - Ondas Networks secured a 3.0millionorderfromMetraforasystem−wideupgradeofthe900MHzwirelessnetwork[6]−Airoboticsreceived9 million in purchase orders for the Iron Drone Raider system from a major military customer during Q3 2024[21] - Airobotics also secured a 5.4millionpurchaseorderfortheOptimusSystemtoprotectmilitarybasesandborders[23]CapitalandCashFlow−Thecompanyraised10.5 million in capital during Q3 and Q4-to-date, indicating continued investor support[5] - As of September 30, 2024, the Company held cash and restricted cash of approximately 2.9million,adecreasefromapproximately15.0 million as of December 31, 2023[38] - The Company raised an additional 3.55millionincapitalafterSeptember30,2024,including3.5 million via a convertible note[40] - Cash flows used in operating activities for the nine months ended September 2024 were (25,360,649),aslightimprovementfrom(28,108,744) in the same period last year[63] - Net cash flows provided by financing activities were 14,871,301fortheninemonthsendedSeptember2024,comparedto18,700,603 in the previous year[63] Future Outlook - Ondas expects a strong end to 2024 and significant growth in 2025, driven by a strengthening order book and customer pipeline[5] - The Company expects a recovery in revenue growth in Q4 2024, primarily driven by the OAS business unit fulfilling backlog, including military orders secured in Q3[41] - Revenue expectations for Ondas Networks in Q4 2024 are modest, limited to funded development programs, with growth anticipated in 2025[41] - Bookings and revenue growth are expected to fluctuate due to uncertainties around customer activity and the timing of deliveries of the Optimus and Iron Drone systems[42] Assets and Liabilities - Total current assets decreased from approximately 23.6millionasofDecember31,2023,toapproximately17.2 million as of September 30, 2024[58] - Total liabilities remained relatively stable at approximately 47.1millionasofDecember31,2023,comparedtoapproximately47.1 million as of September 30, 2024[59] Compliance and Operations - The Company has requested an additional 180-day compliance period from Nasdaq to regain compliance with the minimum bid price requirement of $1.00 per share[43] - The Company operates through subsidiaries that provide private wireless data solutions and commercial drone solutions, targeting various critical markets[45] - The Company’s Adjusted EBITDA and cash operating expenses are used to facilitate analysis of ongoing business operations, excluding non-core items[52]
Ondas(ONDS)2024-11-12 12:59