Despite a robust $1.0B cash position, the firm continues to face significant liquidity pressure, evidenced by a $52.6M free cash flow deficit and a $47.0M working capital outflow in 2026Q1.
| Cash from Operations | -83.38M | -38.75M | -33.47M | -34.02M | -37.96M | -16.9M | -7.53M | -14.66M | -8.52M | -45.6K | -28.99K | -20.64K | -1.28M |
| Operating CF Margin % | - | -76.38% | -465.33% | -216.8% | -1785.81% | -581.24% | -348.21% | -4577.14% | -4482.09% | -1602.32% | -525.98% | -530.48% | -63.6% |
| Operating CF Growth % | -743.15% | -15.76% | 1.62% | 10.39% | -124.69% | -124.25% | 48.62% | -72.17% | -18577.39% | -57.29% | -40.46% | 98.39% | - |
| Net Income | 243.37M | -132.02M | -38.01M | -44.84M | -73.24M | -15.02M | -13.48M | -19.39M | -12.1M | -44.66K | -34.58K | -19.77K | -1.56M |
| Depreciation & Amortization | 12.81M | 7.99M | 5.66M | 6.05M | 4.85M | 1.82M | 397.95K | 62.85K | 55.14K | 13.44K | 18.77K | 19.3K | 18.63K |
| Stock-Based Compensation | 34.1M | 16.02M | 1.27M | 1.05M | 5.86M | 3.25M | 4.68M | 938.05K | 0 | 1.17K | 253.27K | 51.18K | 221.67K |
| Deferred Taxes | -673K | 0 | 0 | 0 | 0 | -2.92M | 0 | 782.44K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -312.39M | 81.65M | 3.17M | 8.69M | 23.36M | -347.34K | 783.34K | 119.11K | 1.84M | 939 | -5.59K | 866 | 324.16K |
| Working Capital Changes | -60.59M | -12.38M | -5.56M | -4.97M | 1.21M | -3.67M | 85.97K | 2.82M | 1.69M | -939 | 5.59K | -866 | -287.39K |
| Change in Receivables | -28.63M | -13.6M | -2.89M | -4.26M | 1.11M | -1.15M | -27.43K | 10.23K | 9.33K | 1.17K | -1.82K | 20.26K | -425.42K |
| Change in Inventory | -8.24M | -4.84M | -5.47M | 1.48M | -994.67K | -126.49K | -297.9K | -79.59K | -174.62K | -2.61K | 1.41K | -2.87K | -232.42K |
| Change in Payables | 5.33M | 4.46M | 1.16M | 1.24M | 554.74K | -86.66K | 46K | 1.21M | 316.17K | 500 | 6K | 2K | 0 |
| Cash from Investing | -734.1M | -260.13M | -1.73M | 536.27K | -6.93M | -10.21M | -16.14K | -354.82K | -629.68K | 0 | 0 | 0 | -35.58K |
| Capital Expenditures | -3.24M | -2.14M | -1.64M | -211.03K | -2.88M | -923.72K | -8.6K | -352.05K | -597.72K | 0 | 0 | 0 | -35.58K |
| CapEx % of Revenue | 3.35% | 4.22% | 22.75% | 1.34% | 135.52% | 31.78% | 0.4% | 109.88% | 314.54% | - | - | - | 1.77% |
| Acquisitions | -232.09M | -206.98M | 0 | 914.45K | 0 | -6.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -25.26M | 0 | -95.28K | -167.15K | -3.05M | -2.27M | -7.54K | -2.77K | -31.96K | 0 | 0 | 0 | 0 |
| Cash from Financing | 1.83B | 862.65M | 50.18M | 18.73M | 33.86M | 41.86M | 31.46M | 16.04M | 9.82M | 46.63K | 26.2K | 24.32K | 393.63K |
| Debt Issued (Net) | -110.36K | 1.12M | 38.42M | 3.81M | 27.7M | -7.12M | -4.01M | 10M | 9.97M | 24.63K | 26.2K | 24.32K | 386.01K |
| Equity Issued (Net) | 1.81B | 861.51M | 11.68M | 14.69M | 6.09M | 47.52M | 35.47M | 6.11M | 1.44K | 22K | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.26K | 0 | 0 | 0 | 0 |
| Other Financing | 23.02M | 23K | 80.16K | 223.51K | 64.91K | 1.46M | 0 | -67.35K | -155.65K | 0 | 0 | 0 | 7.63K |
| Net Change in Cash | 1.01B | 564.36M | 14.98M | -14.75M | -11.04M | 14.75M | 23.91M | 1.02M | 673.85K | 1.03K | -2.79K | 3.67K | -923.49K |
| Free Cash Flow | -85.3M | -40.78M | -35.2M | -34.3M | -40.89M | -17.92M | -7.57M | -15.02M | -9.11M | -45.6K | -28.99K | -20.64K | -1.32M |
| FCF Margin % | -88.3% | -80.38% | -489.43% | -218.59% | -1923.66% | -616.6% | -350.04% | -4687.03% | -4796.63% | -1602.32% | -525.98% | -530.48% | -65.36% |
| FCF Growth % | -155.71% | -15.84% | -2.63% | 16.12% | -128.16% | -136.64% | 49.56% | -64.74% | -19888.12% | -57.29% | -40.46% | 98.43% | - |
| FCF per Share | -0.19 | -0.18 | -0.50 | -0.65 | -0.97 | -0.52 | -0.37 | -0.85 | -0.54 | -0.00 | -0.00 | -0.00 | -0.86 |
| FCF Conversion (FCF/Net Income) | -0.35x | 0.29x | 0.88x | 0.76x | 0.52x | 1.12x | 0.56x | 0.76x | 0.70x | 1.02x | 0.84x | 1.04x | 0.82x |
| Interest Paid | 3.29K | 0 | 21.8K | 176.54K | 14.19K | 1.04M | 337.1K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 9.66K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High Operating Burn Rate
As reported in recent SEC filings, ONDS's 2026Q1 net income of $361.2M stands in stark contrast to an operating cash outflow of $51.3M, highlighting a significant divergence between accounting profitability and the actual cash generation capabilities of the underlying industrial technology business.
The massive gap between reported net income and operating cash flow suggests that the bottom-line figure is heavily influenced by non-operating items rather than core operational performance. Investors should interpret this disconnect as a signal that the company's current profitability is not yet supported by sustainable cash inflows from its primary business segments.
Based on financial statements, ONDS continues to experience a negative free cash flow trajectory, with a $52.6M outflow in 2026Q1, indicating that the company's aggressive expansion strategy remains heavily reliant on external capital to fund its ongoing operational and infrastructure development requirements.
The consistent negative FCF margins, which reached -105% in the most recent quarter, underscore the capital-intensive nature of scaling the FullMAX and drone platforms. This trend suggests that the company has not yet reached an inflection point where internal cash generation can sustain its current growth trajectory.
According to the provided data, ONDS recorded a $47.0M working capital outflow in 2026Q1, which significantly exacerbated the company's cash burn and suggests that rapid revenue scaling is currently placing substantial pressure on the firm's ability to manage its cash conversion cycle effectively.
The negative working capital movement implies that the company is likely tying up significant cash in inventory or receivables as it attempts to fulfill large-scale industrial contracts. This dynamic warrants further investigation into whether these outflows represent temporary project-related timing differences or a structural inefficiency in the company's supply chain management.
As indicated by the $200.3M acquisition expenditure in 2025Q4, ONDS has prioritized inorganic growth through the purchase of technology platforms, a strategy that appears to be a primary driver of the company's current liquidity usage and long-term capital allocation profile.
The focus on acquiring disparate technology assets suggests management is attempting to build a full-stack autonomy ecosystem, though this approach has yet to translate into positive operating cash flow. Investors should monitor whether these acquisitions can eventually generate sufficient returns to justify the substantial capital deployed.
Quick answers to the most common questions about buying ONDS stock.
Ondas Holdings Inc. (ONDS) generated $-38.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ondas Holdings Inc. (ONDS) reported negative free cash flow of $40.8M in 2025, indicating capital requirements exceeded cash from operations.
Ondas Holdings Inc. (ONDS) spent $2.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.