Revenue has surged to $83.8M in Q2 2026, but operating losses have widened dramatically to -$162.9M, resulting in an operating margin of -194.5% and highlighting a severe lack of profitability despite top-line growth.
Ondas Holdings Inc. (ONDS) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Sales/Revenue | 174.1M | 50.73M | 7.19M | 15.69M | 2.13M | 2.91M | 2.16M | 320.38K | 190.03K | 2.85K | 5.51K | 3.89K | 2.02M |
| Revenue Growth % | 979.29% | 605.28% | -54.16% | 638.14% | -26.87% | 34.34% | 575.35% | 68.6% | 6577.06% | -48.37% | 41.66% | -99.81% | - |
| Cost of Goods Sold | 97.98M | 30.57M | 6.85M | 9.31M | 1.02M | 1.81M | 1.24M | 79.13K | 39.37K | 9.07K | 12.42K | 5.41K | 932.18K |
| COGS % of Revenue | - | 60.27% | 95.2% | 59.33% | 47.82% | 62.3% | 57.13% | 24.7% | 20.72% | 318.8% | 225.36% | 139.01% | 46.26% |
| Gross Profit | 76.12M | 20.16M | 345K | 6.38M | 1.11M | 1.1M | 927.67K | 241.26K | 150.66K | -6.23K | -6.91K | -1.52K | 1.08M |
| Gross Margin % | 43.72% | 39.73% | 4.8% | 40.67% | 52.18% | 37.7% | 42.87% | 75.3% | 79.28% | -218.8% | -125.36% | -39.01% | 53.74% |
| Gross Profit Growth % | - | 5742.32% | -94.59% | 475.31% | 1.22% | 18.13% | 284.51% | 60.13% | 2519.53% | 9.88% | -355.2% | -100.14% | - |
| Operating Expenses | 320.57M | 78.54M | 34.95M | 46.11M | 70.54M | 19.07M | 12.45M | 15.61M | 8.59M | 38.44K | 27.67K | 18.26K | 2.5M |
| OpEx % of Revenue | - | 154.82% | 485.94% | 293.86% | 3318.19% | 656.04% | 575.47% | 4873.29% | 4518.36% | 1350.53% | 502% | 469.21% | 124.07% |
| Selling, General & Admin | 243.68M | 57.66M | 22.48M | 27.47M | 27.08M | 13.27M | 8.87M | 10.2M | 5.51M | 38.1K | 27.61K | 18.06K | 1.15M |
| SG&A % of Revenue | - | 113.66% | 312.5% | 175.03% | 1273.63% | 456.48% | 409.71% | 3182.68% | 2899.4% | 1338.72% | 500.83% | 464.1% | 56.9% |
| Research & Development | 57.65M | 20.88M | 12.48M | 17.15M | 24.04M | 5.8M | 3.59M | 5.42M | 3.08M | 1M | 1.38M | 1.11M | 1.35M |
| R&D % of Revenue | - | 41.16% | 173.45% | 109.26% | 1131.05% | 199.55% | 165.76% | 1690.61% | 1618.96% | 35229.27% | 25035.87% | 28575.46% | 67.17% |
| Other Operating Expenses | 1000K | 0 | 0 | 1.5M | 19.42M | 0 | 0 | 0 | 4.42K | 336 | 64 | 199 | 0 |
| Operating Income | -244.44M | -58.38M | -34.61M | -39.73M | -69.43M | -17.97M | -11.52M | -15.37M | -8.44M | -44.66K | -34.58K | -19.77K | -1.42M |
| Operating Margin % | -140.4% | -115.09% | -481.15% | -253.19% | -3266.02% | -618.34% | -532.6% | -4797.99% | -4439.08% | -1569.33% | -627.36% | -508.22% | -70.33% |
| Operating Income Growth % | - | -68.7% | 12.89% | 42.78% | -286.29% | -55.97% | 25.03% | -82.23% | -18787.07% | -29.16% | -74.87% | 98.6% | - |
| EBITDA | -213.33M | -50.4M | -28.94M | -33.68M | -64.58M | -16.16M | -11.13M | -15.31M | -8.38M | -31.22K | -15.81K | -474 | -1.4M |
| EBITDA Margin % | -122.53% | -99.34% | -402.39% | -214.62% | -3037.7% | -555.88% | -514.2% | -4778.37% | -4410.06% | -1097.12% | -286.83% | -12.18% | -69.4% |
| EBITDA Growth % | -591.9% | -74.12% | 14.05% | 47.85% | -299.65% | -45.23% | 27.32% | -82.68% | -26739.59% | -97.5% | -3235.44% | 99.97% | - |
| D&A (Non-Cash Add-back) | 31.11M | 7.99M | 5.66M | 6.05M | 4.85M | 1.82M | 397.95K | 62.85K | 55.14K | 13.44K | 18.77K | 19.3K | 18.63K |
| EBIT | 46.79M | -126.32M | -34.39M | -40.69M | -69.48M | -17.37M | -11.54M | -16.46M | -9.43M | -44.66K | -34.58K | -19.64K | -1.42M |
| Net Interest Income | 18.27M | 2.54M | -3.38M | -4.03M | -3.74M | -564.11K | -1.94M | -2.93M | -2.65M | 0 | 0 | 0 | 0 |
| Interest Income | 20.8M | 9.11M | 235K | 123.87K | 25.54K | 11.58K | 251 | 1.86K | 18.15K | 0 | 0 | 0 | 141.46K |
| Interest Expense | 2.53M | 6.58M | 3.62M | 4.15M | 3.76M | 575.68K | 1.94M | 2.93M | 2.66M | 0 | 0 | 0 | 0 |
| Other Income/Expense | 379.18M | -74.51M | -3.4M | -5.12M | -3.81M | 27.79K | -1.95M | -4.02M | -3.66M | 0 | 0 | -140 | -141.46K |
| Pretax Income | 134.74M | -132.89M | -38.01M | -44.84M | -73.24M | -17.95M | -13.48M | -19.39M | -12.1M | -44.66K | -34.58K | -19.77K | -1.56M |
| Pretax Margin % | 77.39% | -261.95% | -528.39% | -285.79% | -3445.35% | -617.38% | -622.9% | -6052.17% | -6365.8% | -1569.33% | -627.36% | -508.22% | -77.35% |
| Income Tax | -28.32M | 488K | 0 | 0 | 0 | -2.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -21.02% | -0.37% | 0% | 0% | 0% | 16.28% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 167.57M | -132.02M | -38.01M | -44.84M | -73.24M | -15.02M | -13.48M | -19.39M | -12.1M | -44.66K | -34.58K | -19.77K | -1.56M |
| Net Margin % | 96.25% | -260.23% | -528.39% | -285.79% | -3445.35% | -516.86% | -622.9% | -6052.17% | -6365.8% | -1569.33% | -627.36% | -508.22% | -77.35% |
| Net Income Growth % | 474.48% | -247.35% | 15.25% | 38.77% | -387.5% | -11.47% | 30.49% | -60.29% | -26984.75% | -29.16% | -74.87% | 98.73% | - |
| Net Income (Continuing) | 163.06M | -133.38M | -38.01M | -44.84M | -73.24M | -15.02M | -13.48M | -19.39M | -12.1M | -44.66K | -34.58K | -19.77K | -1.56M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 5.58M | 37.34M | 19.36M | 11.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.33 | -0.62 | -0.61 | -0.88 | -1.73 | -0.44 | -0.66 | -1.27 | -0.72 | -0.00 | -0.00 | -0.00 | -1.02 |
| EPS Growth % | 112.74% | -1.64% | 30.68% | 49.13% | -293.18% | 33.33% | 48.03% | -76.39% | - | - | - | 99.9% | - |
| EPS (Basic) | - | -0.62 | -0.61 | -0.88 | -1.73 | -0.44 | -0.66 | -1.27 | -0.72 | -0.00 | -0.00 | -0.00 | -1.02 |
| Diluted Shares Outstanding | 503.59M | 221.77M | 69.92M | 52.74M | 42.24M | 34.18M | 20.43M | 17.57M | 16.82M | 19.2M | 19.2M | 19.2M | 1.53M |
| Basic Shares Outstanding | 500.71M | 221.77M | 69.92M | 52.74M | 42.24M | 34.18M | 20.43M | 17.57M | 16.82M | 19.2M | 19.2M | 19.2M | 1.53M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ONDS stock.
For fiscal year 2025, Ondas Holdings Inc. (ONDS) reported total revenue of $50.7M. This represents a 2417.6% increase compared to $2.0M in 2014.
Ondas Holdings Inc. (ONDS) reported a net loss of $132.0M for the fiscal year ending 2025.
Ondas Holdings Inc. (ONDS) reported an operating income of $-58.4M, resulting in an operating profit margin of -115.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Ondas Holdings Inc. (ONDS) generated $20.2M in gross profit for the year, representing a gross profit margin of 39.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Unsustainable cash burn rate
Metrics are mathematically derived from official filings.
Explosive Revenue Growth Trajectory
Ondas Holdings has demonstrated a dramatic acceleration in revenue growth, with Q2 2026 revenue of $83.8 million representing a 12.4% sequential increase and a massive expansion from the sub-$10 million quarterly run-rate seen just a year prior.
The revenue trajectory has shifted from contraction in early 2024 to explosive growth, with the most recent quarter showing a 12.4% sequential increase. This suggests the company is successfully transitioning from a pre-commercial phase to initial large-scale deployments, likely driven by the FullMAX platform in the rail sector. However, the sustainability of this growth rate is questionable, as it appears to be lumpy and project-based rather than recurring, making future quarters highly dependent on the timing of new contract wins and deployments.
Gross Margin Volatility Amid Scale-Up
Gross margins have shown significant volatility, ranging from a negative -63.2% in Q1 2024 to a peak of 53.1% in Q2 2025, before settling at 43.1% in the latest quarter, indicating an unstable cost of goods structure.
The erratic gross margin profile, swinging from negative to over 50%, suggests the company is grappling with inconsistent product mix, low-volume manufacturing inefficiencies, and potentially the absorption of fixed costs over a volatile revenue base. The recent decline from 49.2% to 43.1% sequentially, despite higher revenue, may indicate pricing pressure or an unfavorable shift in the mix of hardware versus services within the quarter. This volatility underscores the challenge of achieving stable, scalable unit economics in its current operational phase.
Operating Leverage Remains Elusive
Despite a 12.4% sequential revenue increase in Q2 2026, operating losses widened dramatically to -$162.9 million, with the operating margin deteriorating to -194.5%, indicating a complete absence of operating leverage.
The data shows that operating expenses, particularly SG&A which ballooned to $148.9 million in Q2 2026, are scaling far faster than revenue. This suggests that the cost of commercialization and corporate overhead is overwhelming the gross profit contribution from new sales. The company appears to be in a phase of heavy investment in sales, marketing, and administrative infrastructure to support growth, but this is currently destroying value at an accelerating rate, raising serious questions about the path to profitability.
SG&A Dominates Cost Structure
SG&A expenses have become the dominant cost driver, reaching $148.9 million in Q2 2026 and representing 178% of revenue, which dwarfs both COGS and R&D spending.
The cost structure is heavily skewed towards selling, general, and administrative expenses, which now consume nearly twice the company's total revenue. This indicates that the primary operational burden is not in manufacturing or product development, but in the corporate and commercial apparatus required to secure and manage large enterprise contracts. The discipline in controlling SG&A will be critical, as its current trajectory is unsustainable and is the primary factor behind the massive operating losses.
Net Income Distorted by Non-Operating Items
The reported net income of $362.9 million in Q1 2026, which contrasts sharply with an operating loss of -$42.7 million, suggests a significant non-operating gain that obscures the underlying operational performance.
The stark divergence between operating loss and net income in Q1 2026 points to a large, one-time non-operating item, likely a gain on debt extinguishment, acquisition-related adjustment, or a tax benefit. This makes the reported EPS of $0.56 for that quarter highly misleading as a measure of core business profitability. Investors must scrutinize the footnotes to understand the nature of this item, as it artificially inflates the quality of earnings and masks the true cash burn from operations.
Profitability Gap Threatens Viability
The core analytical challenge is the widening chasm between revenue growth and profitability, with Q2 2026 showing that for every dollar of revenue generated, the company incurred $1.95 in operating losses.
A short-seller would focus on the fact that the impressive top-line growth is being achieved at an exorbitant cost. The operating margin of -194.5% means the business is destroying nearly two dollars of value for every dollar of sales. This trajectory implies that without a dramatic and rapid improvement in operating leverage or a significant infusion of capital, the current business model is financially unsustainable. The growth, therefore, may be value-destructive if it cannot be converted into positive unit economics before the cash runway is exhausted.