Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Ondas Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0.01
0.27
0.19
0.32
2.16
2.91
2.13
15.7
7.19
50.7
Cost of revenue
0.01
0.08
0.04
0.08
1.24
1.81
1.02
9.31
6.85
30.6
Gross profit
-0.01
0.19
0.15
0.24
0.93
1.1
1.11
6.38
0.35
20.2
Research and development
1
3.08
5.42
3.59
5.8
24
17.1
12.5
20.9
Selling and marketing
1.22
1.49
3.46
5.91
5.34
13.2
General and administrative
1.08
2.61
4.79
7.64
11.8
23.6
21.6
17.1
44.5
Operating expenses
0.03
2.59
8.59
15.6
12.5
19.1
70.5
46.1
35
78.5
Operating income
-0.03
-2.39
-8.44
-15.4
-11.5
-18
-69.4
-39.7
-34.6
-58.4
Interest expense
0.64
2.66
2.93
1.94
0.58
3.76
4.15
3.62
6.58
Interest income
0
0
0.01
0.03
0.12
0.24
9.11
Other non-operating income
-0.63
-3.66
-4.02
-1.95
0.03
-3.81
-5.12
-3.4
-74.5
Pre-tax income
-3.02
-12.1
-19.4
-13.5
-17.9
-73.2
-44.8
-38
-133
Income tax
-2.92
0.49
Net income
-0.03
-3.02
-12.1
-19.4
-13.5
-15
-73.2
-44.8
-38
-132
EBITDA
-2.38
-8.38
-15.2
-11.4
-16.5
-65.4
-34.7
-34
-57.4
EPS, basic
-0.56
-0.56
-1.25
-1.10
-0.66
-0.44
-1.73
-0.88
-0.61
-0.62
EPS, diluted
-0.56
-0.56
-1.25
-1.10
-0.66
-0.44
-1.73
-0.88
-0.61
-0.62
Shares, basic (weighted)
0.05
5.45
9.6
17.6
20.4
34.2
42.2
52.7
0.07
0.22
Shares, diluted (weighted)
0.05
5.45
9.6
17.6
20.4
34.2
42.2
52.7
0.07
0.22
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.05
0.46
1.13
2.15
26.1
40.8
29.8
15
30
551
Short-term investments
21.8
Receivables
0
0.03
0.03
0.02
0.05
1.21
0.1
3.43
5.22
22.4
Inventory
0
0.17
0.35
0.43
1.15
1.18
2.17
2.19
9.82
22
Other current assets
0.04
0.53
0.7
0.63
1.45
1.75
2.97
2.48
25.5
Total current assets
0.01
0.7
2.04
3.3
27.9
44.7
35.8
23.6
47.5
686
Property, plant and equipment
0.01
0.5
0.25
0.16
1.03
3.02
4.18
2.59
10.2
Lease right-of-use assets
0.33
0.05
0.84
2.93
4.7
3.92
10.4
Goodwill
45
25.6
27.8
27.8
252
Intangible assets
0.05
0.13
0.38
25.2
28.9
31.3
27.2
137
Long-term investments
0.5
1.5
35.6
Other non-current assets
0.04
0.53
0.7
0.46
71.8
59.1
64.4
4.59
12.4
Total assets
0.01
0.72
2.66
4.26
28.5
117
97.9
92.2
110
1,133
Accounts payable
0.01
0.8
1.11
2.32
2.37
2.41
2.97
5.18
5.66
13.9
Accrued liabilities
0.01
0.44
0.04
0.36
75
Deferred revenue
0.38
0.17
0.51
0.06
0.28
0.33
8.03
Short-term debt
10.1
7.06
Total current liabilities
5.86
17.2
16.1
12.5
4.62
22.7
35.9
50.6
142
Long-term debt
2.78
0.3
0.5
0.91
0.3
0.3
Lease liabilities
0.05
0.24
2.46
5.8
4.96
9.65
Other non-current liabilities
0.88
2.19
3.14
5.07
10.2
Total liabilities
0.06
8.64
17.5
16.7
13.4
5.21
39.7
47.1
73.7
661
Total debt
0.5
0.67
0.3
0.3
Paid-in capital
12.4
17.5
39.3
80.3
193
212
231
253
806
Retained earnings
-0.06
-20.3
-32.4
-51.8
-65.2
-80.3
-154
-198
-236
-368
Other comprehensive income
0.33
Shareholders' equity
-4.91
-7.92
-14.9
-12.4
15.1
112
58.2
33.1
16.6
438
Minority interests
4.01
Total equity
-4.91
-7.92
-14.9
-12.4
15.1
112
58.2
33.1
16.6
442
Total liabilities and equity
0.01
0.72
2.66
4.26
28.5
117
97.9
92.2
110
1,133
Shares outstanding
0.05
5.65
17
19.8
26.5
41
44.1
61.9
93.2
381
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-0.03
-3.02
-12.1
-19.4
-13.5
-43.7
-73.2
-44.8
-38
-133
Depreciation and amortization
0.01
0.05
0.14
0.12
1.51
4.02
4.99
0.6
0.95
Stock-based compensation
0
0.94
4.68
3.25
5.86
1.05
1.27
16
Deferred income tax
-2.92
Change in receivables
0
0.04
0.01
0.01
-0.03
-1.15
1.11
-4.26
-2.89
-13.6
Change in inventory
-0
0.16
-0.17
-0.08
-0.3
-0.13
-0.99
1.48
-5.47
-4.84
Change in payables
-0.01
-0.06
-0.04
1.21
0.05
-0.09
0.55
1.24
1.16
4.46
Cash from operations
-0.03
-2.63
-8.52
-14.7
-7.53
-16.9
-38
-34
-33.5
-38.7
Capital expenditures
-0.54
-0.08
-0.01
-0.92
-2.88
-0.21
-1.64
-2.03
Acquisitions
-6.52
-0.14
-2.83
Purchases of investments
-1
-15.4
Cash from investing
-0.63
-0.35
-0.02
-10.2
-6.93
0.54
-1.73
-260
Stock issued
0.02
0
6.11
31.3
47.5
6.09
0.04
7.3
830
Cash from financing
0.03
3.04
9.82
16
31.5
41.9
33.9
18.7
50.2
863
Exchange rate effect
0.59
Net change in cash
-0
0.41
0.67
1.02
23.9
14.8
-11
-14.8
15
564
Free cash flow
-9.06
-14.7
-7.54
-17.8
-40.8
-34.2
-35.1
-40.8
Interest paid
0.01
0.18
0.02
0.04
Income taxes paid
0.5
0.98
1.04
0.34
1.04
0.01
0.01
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $7.64 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
43.7%
Gross profit / revenue.
Operating margin
-140.4%
Operating income / revenue.
EBITDA margin
-139.2%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
77.4%
Pre-tax income / revenue.
Net margin
96.0%
Net income / revenue.
FCF margin
-98.7%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-92.5%
Cash from operations / revenue.
Effective tax rate
-21.0%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
10.6%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
5.6%
Net income / average total assets.
Return on invested capital (ROIC)
-21.2%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
33.1%
Research and development expense / revenue.
Stock-based pay / revenue
54.9%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
6.2%
Capital expenditures / revenue.
D&A / revenue
1.2%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
605.3%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
187.9%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
87.9%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
5,742.0%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
162.9%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
85.1%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
2,540.0%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
95.9%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
96.1%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
933.4%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
126.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
108.8%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
217.2%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
-82.6%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
-59.5%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
9.85x
Current assets / current liabilities.
Quick ratio
8.93x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
8.49x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
FCF conversion
-102.9%
Free cash flow / net income, when net income is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.33
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.35
Revenue / diluted weighted shares.
FCF per share
-$0.34
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.32
Cash from operations / diluted weighted shares.
Book value per share
$2.96
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
26.1x
Market cap / net income. Only when net income is positive.
P/S
25.0x
Market cap / revenue.
P/B
2.78x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
13.4x
Market cap / tangible book value, when positive.
EV/Sales
17.1x
Enterprise value / revenue.
FCF yield
-3.9%
Free cash flow / market cap.
Earnings yield
3.8%
Net income / market cap (the inverse of P/E).
What was Ondas Inc.'s revenue in fiscal 2025?
Ondas Inc. reported revenue of $50.7M for fiscal 2025, 605.3% higher than the year before.
Was Ondas Inc. profitable in fiscal 2025?
No. It reported a net loss of $132.2M.
How much free cash flow did Ondas Inc. generate in fiscal 2025?
Cash from operations of $38.7M minus capital expenditures of $2.0M left free cash flow of -$40.8M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.