The company has successfully deleveraged its capital structure, achieving a debt-to-equity ratio of 0.00 as of 2026Q1 while accumulating $389.7M in goodwill from recent acquisitions.
| Total Current Assets | 1.63B | 685.9M | 47.52M | 23.61M | 35.8M | 44.66M | 27.89M | 3.3M | 2.04M | 8.13K | 5.66K | 8.04K | 933.3K |
| Cash & Short-Term Investments | 1.47B | 616.11M | 29.96M | 14.98M | 29.78M | 40.82M | 26.06M | 2.15M | 1.13M | 3.41K | 2.38K | 5.17K | 0 |
| Cash Only | 1.03B | 594.36M | 29.96M | 14.98M | 29.78M | 40.82M | 26.06M | 2.15M | 1.13M | 3.41K | 2.38K | 5.17K | 0 |
| Short-Term Investments | 447.84M | 21.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 45.3M | 22.36M | 5.48M | 4.52M | 2.1M | 1.21M | 47.65K | 20.21K | 74.73K | 649 | 1.82K | 0 | 503.44K |
| Days Sales Outstanding | 81.54 | 160.85 | 278.16 | 105.17 | 361.3 | 152.34 | 8.04 | 23.03 | 143.55 | 83.23 | 120.39 | - | 91.19 |
| Inventory | 34.29M | 21.96M | 9.82M | 2.19M | 2.17M | 1.18M | 1.15M | 427.52K | 347.94K | 4.07K | 1.46K | 2.87K | 424.58K |
| Days Inventory Outstanding | 136.95 | 262.19 | 523.54 | 85.73 | 780.16 | 237.5 | 340.21 | 1.97K | 3.23K | 163.65 | 42.9 | 193.4 | 166.25 |
| Other Current Assets | 75.77M | 25.47M | 385.61K | 441.11K | 643.38K | 0 | 0 | 478.81K | 220.26K | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 818.06M | 450.03M | 62.1M | 68.56M | 62.14M | 72.78M | 622.26K | 962.16K | 619.79K | 12.86K | 0 | 105.06K | 84.37K |
| Property, Plant & Equipment | 11.51M | 10.22M | 6.51M | 8.88M | 5.95M | 1.87M | 214.15K | 583.66K | 502.15K | 12.86K | 0 | 45.06K | 64.37K |
| Fixed Asset Turnover | 10.72x | 4.97x | 1.11x | 1.77x | 0.36x | 1.56x | 10.10x | 0.55x | 0.38x | 0.22x | - | 0.09x | 31.31x |
| Goodwill | 389.72M | 254.9M | 27.75M | 27.75M | 25.61M | 45.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 312.51M | 136.89M | 27.18M | 31.33M | 28.86M | 25.17M | 379.53K | 326.34K | 53.29K | 0 | 0 | 0 | 0 |
| Long-Term Investments | 78.51M | 35.59M | 0 | 0 | 1.5M | 500K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 61.97M | 12.44M | 663.07K | 599.52K | 218.21K | 218.21K | 28.58K | 52.15K | 64.36K | 0 | 0 | 60K | 20K |
| Total Assets | 2.45B | 1.14B | 109.62M | 92.16M | 97.95M | 117.44M | 28.51M | 4.26M | 2.66M | 8.13K | 5.66K | 8.04K | 1.02M |
| Asset Turnover | 0.09x | 0.04x | 0.07x | 0.17x | 0.02x | 0.02x | 0.08x | 0.08x | 0.07x | 0.35x | 0.97x | 0.48x | 1.98x |
| Asset Growth % | 3846.3% | 936.22% | 18.94% | -5.9% | -16.6% | 311.9% | 568.74% | 60.19% | 32649.12% | 43.59% | -29.6% | -99.21% | - |
| Total Current Liabilities | 149.32M | 141.82M | 50.58M | 35.94M | 22.73M | 4.62M | 12.49M | 16.06M | 17.25M | 85.63K | 60.5K | 28.3K | 3.49M |
| Accounts Payable | 16.7M | 13.87M | 5.66M | 5.18M | 2.97M | 2.41M | 2.37M | 2.32M | 1.11M | 8.5K | 8K | 2K | 325.62K |
| Days Payables Outstanding | 74.87 | 165.61 | 301.68 | 202.96 | 1.06K | 485.96 | 699.32 | 10.71K | 10.31K | 341.95 | 235.07 | 134.96 | 127.5 |
| Short-Term Debt | 243K | 8.65M | 38.36M | 25.69M | 15.85M | 719.31K | 7.06M | 10.11M | 13.95M | 77.13K | 52.5K | 26.3K | 1.45M |
| Deferred Revenue (Current) | 34.86M | 8.03M | 717.78K | 797.6K | 61.51K | 0 | 165.03K | 378.85K | 20.63K | -1.05M | 0 | -26.3K | 0 |
| Other Current Liabilities | 112.75M | 111.27M | 0 | 0 | 0 | 512.4K | 479.71K | 634.6K | 20.63K | 0 | 0 | -26.3K | 195.38K |
| Current Ratio | 10.91x | 4.84x | 0.94x | 0.66x | 1.58x | 9.66x | 2.23x | 0.21x | 0.12x | 0.09x | 0.09x | 0.28x | 0.27x |
| Quick Ratio | 10.68x | 4.68x | 0.75x | 0.60x | 1.48x | 9.40x | 2.14x | 0.18x | 0.10x | 0.05x | 0.07x | 0.18x | 0.15x |
| Cash Conversion Cycle | 143.62 | 257.42 | 500.02 | -12.07 | 76.67 | -96.12 | -351.07 | -8.72K | -6.94K | -95.06 | -71.78 | - | 129.94 |
| Total Non-Current Liabilities | 1.22B | 519.4M | 23.1M | 11.17M | 17M | 581.83K | 942.87K | 633.61K | 300K | 2.78M | 0 | 1.65M | 0 |
| Long-Term Debt | 3.6M | 3.83M | 15.87M | 3.11M | 14.5M | 300K | 906.54K | 539.92K | 300K | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 10.33M | 0 | 4.96M | 5.8M | 2.46M | 241.68K | 0 | 52.45K | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 71.57M | 14.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.16B | 501.04M | 102.54K | 26.84K | 40.97K | 40.15K | 36.33K | 41.24K | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 1.37B | 661.23M | 73.68M | 47.11M | 39.72M | 5.21M | 13.43M | 16.69M | 17.55M | 85.63K | 60.5K | 28.3K | 3.49M |
| Total Debt | 3.84M | 12.49M | 60.31M | 35.29M | 33.39M | 1.81M | 8.03M | 11.19M | 14.25M | 77.13K | 52.5K | 26.3K | 1.45M |
| Net Debt | -1.02B | -581.87M | 30.35M | 20.31M | 3.61M | -39M | -18.03M | 9.04M | 13.12M | 73.72K | 50.12K | 21.13K | 1.45M |
| Debt / Equity | 0.00x | 0.03x | 1.68x | 0.78x | 0.57x | 0.02x | 0.53x | - | - | - | - | - | - |
| Debt / EBITDA | -0.05x | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 13.18x | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -26.90x | -8.88x | -9.50x | -9.79x | -18.47x | -30.17x | -5.96x | -5.62x | -3.54x | - | - | - | - |
| Total Equity | 1.08B | 474.7M | 35.94M | 45.06M | 58.22M | 112.23M | 15.08M | -12.43M | -14.88M | -77.51K | -54.84K | -20.26K | -2.48M |
| Equity Growth % | 5079.63% | 1220.65% | -20.22% | -22.61% | -48.12% | 644.07% | 221.35% | 16.49% | -19104.65% | -41.32% | -170.66% | 99.18% | - |
| Book Value per Share | 2.42 | 2.14 | 0.51 | 0.85 | 1.38 | 3.28 | 0.74 | -0.71 | -0.88 | -0.00 | -0.00 | -0.00 | -1.62 |
| Total Shareholders' Equity | 1.07B | 437.36M | 16.58M | 33.14M | 58.22M | 112.23M | 15.08M | -12.43M | -14.88M | -77.51K | -54.84K | -20.26K | -2.48M |
| Common Stock | 46K | 38K | 9.32K | 6.19K | 4.41K | 4.1K | 2.65K | 5.93K | 5.05K | 576 | 300 | 300 | 159 |
| Retained Earnings | -5.44M | -368.39M | -236.37M | -198.36M | -153.52M | -80.27M | -65.25M | -51.77M | -32.38M | -99.81K | -55.14K | -20.56K | -12.39M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -361K | 329K | 0 | 0 | 0 | 0 | 0 | 0 | -178.8K | 0 | 0 | 0 | 0 |
| Minority Interest | 2.45M | 37.34M | 19.36M | 11.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High Capital Intensity
As reported in recent financial statements, ONDS has undergone a dramatic transformation in its balance sheet, with total assets surging from $80.2M in 2024Q3 to $2.4B by 2026Q1, a trend that appears to be driven by aggressive capital raises and inorganic growth strategies.
The massive expansion in the asset base suggests a pivot toward a more capital-intensive business model, likely intended to support large-scale infrastructure deployments. Investors should monitor whether this asset growth translates into sustainable revenue generation or if it merely reflects a temporary accumulation of liquidity and goodwill.
Based on the company's reported figures, cash and equivalents reached $1.0B in 2026Q1, representing a significant improvement from the $2.8M liquidity position held in 2024Q3, which provides a substantial, albeit likely temporary, buffer against the firm's ongoing high-burn operational requirements.
The current ratio of 10.91 indicates an exceptionally strong short-term liquidity position, which effectively mitigates immediate insolvency risks. However, given the company's history of negative operating margins, this cash pile may be earmarked for future M&A or heavy R&D investment rather than organic operational sustainability.
According to the provided balance sheet data, ONDS maintains a debt-to-equity ratio of 0.00 as of 2026Q1, a notable shift from the 1.68 ratio observed in 2024Q4, suggesting that the company has successfully utilized equity financing to deleverage its balance sheet.
The near-total absence of debt implies that the company is currently funding its growth exclusively through equity dilution rather than credit markets. While this reduces interest expense and refinancing risk, it places the entire burden of capital recovery on shareholders, necessitating high future growth to justify the dilution.
As indicated by the financial statements, goodwill has climbed to $389.7M in 2026Q1, representing a significant portion of the asset base and suggesting that past acquisitions may carry substantial impairment risk if the integrated technology fails to meet commercialization targets.
The reliance on acquired intangible assets to drive the business model warrants further investigation into the underlying valuation of these assets. If the anticipated synergies from the American Robotics and Airobotics integrations do not materialize, the company may face significant non-cash impairment charges that could erode equity value.
Quick answers to the most common questions about buying ONDS stock.
As of 2025, Ondas Holdings Inc. (ONDS) had total assets of $1.14B including $685.9M in current assets.
Ondas Holdings Inc. (ONDS) carries total debt of $12.5M, offset by $616.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ondas Holdings Inc. (ONDS) has total shareholders' equity (book value) of $437.4M ($2.14 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Ondas Holdings Inc. (ONDS) reported a current ratio of 4.84x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.