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Here are a few analogies to describe Ondas (ONDS):

• For its wireless networks division (Ondas Networks): A specialized Motorola Solutions for industrial private networks.
• For its automated drone division (American Robotics): Boston Dynamics for industrial drone automation.

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• MC-IoT Wireless Networks: Ondas Networks provides proprietary wireless broadband network solutions, including hardware and software, designed for mission-critical IoT applications in industrial and government sectors.
• Autonomous Drone Systems (Scout System™): Through American Robotics, Ondas offers fully autonomous drone systems as a "drone-as-a-service" for industrial asset inspection, monitoring, and data collection.

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Ondas Holdings Inc. (ONDS) primarily sells its products and services to other companies (B2B) through its two main business units:

• Ondas Networks: Provides private industrial wireless networks for mission-critical applications for sectors such as utilities, oil & gas, and transportation.
• American Robotics: Offers fully-automated drone solutions (drones-as-a-service) for industrial inspection, monitoring, and security.

Based on recent financial disclosures, the company's major customer is:

• CSX Corporation (NASDAQ: CSX)

CSX Corporation has accounted for a significant majority of Ondas's revenue, representing approximately 74% and 78% of Ondas's total revenue for the fiscal years ended December 31, 2023 and 2022, respectively. This revenue primarily relates to the deployment of Positive Train Control (PTC) systems utilizing Ondas Networks' technology for the railroad industry.

While Ondas Networks also serves and targets other Class I railroads, electric and gas utilities, and oil & gas companies, CSX Corporation is the only customer explicitly identified as accounting for such a dominant percentage of its revenue.

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Eric Brock, Chairman of the Board, President and Chief Executive Officer

Mr. Brock is the founder of Ondas Holdings and has served as Chairman of the Board and Chief Executive Officer since 2018, and President since June 2023. He also holds chairman roles at Ondas Networks Inc., Ondas Autonomous Systems Inc. (OAS), American Robotics, Inc., and Airobotics Ltd. An entrepreneur with over 20 years of global banking and investing experience, Mr. Brock co-founded Clough Capital Partners, a Boston-based investment firm, where he was a Partner and Portfolio Manager from 2000 to 2017. His earlier career included roles as an investment banker at Bear, Stearns & Co. and an accountant at Ernst & Young, LLP.

Neil Laird, Chief Financial Officer, Treasurer and Secretary

Mr. Laird has been the CFO of Ondas Holdings since June 2024, having provided accounting and financial services to the company since 2021. He is an experienced executive with expertise in mergers and acquisitions, financing, international operations, and SEC reporting, having led finance teams for both public and private companies. From 1999 to 2016, he served as CFO at several Silicon Valley companies, including ADAC Laboratories, SumTotal Systems, and Mobileum. Since 2016, he has assisted high-technology startups with accounting systems, procedures, and financing.

Mark Green, Head of Global Corporate Development and M&A

Mr. Green is a key member of the executive leadership team, responsible for leading corporate development and strategic growth initiatives, including acquisitions, joint ventures, and direct investments for Ondas Holdings. He is a finance professional with over 30 years of cross-border investment banking and corporate finance experience. Prior to joining Ondas, he was Managing Director and Head of Technology Investment Banking at Ladenburg Thalmann for over 11 years, and he also founded Green Capital Group Inc.

Meir Kliner, CEO and Founder of Airobotics

Mr. Kliner serves as the CEO and Founder of Airobotics, an indirect subsidiary of Ondas Holdings and part of Ondas Autonomous Systems. He brings over 20 years of managerial experience and expertise in developing drones for various industries, including recreational, commercial, and military-grade aerial systems. He has founded several businesses, such as Light and Strong, a prominent manufacturer of composites for aerial platforms in the drone industry, and has been leading the development of the Optimus System™ since 2014.

Oshri Lugassy, Co-CEO of Ondas Autonomous Systems

Mr. Lugassy is the Co-CEO of Ondas Autonomous Systems, where he leads the advancement and deployment of autonomous drone and robotics solutions for industrial and defense applications. He possesses decades of experience in defense technology, strategic leadership, and global business development. Before joining Ondas, Mr. Lugassy was the VP of Sales & Marketing at Rafael Advanced Defense Systems, where he secured multibillion-dollar defense contracts globally.

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The key risks to Ondas (ONDS) are:

1. Unprofitability and Cash Burn: Ondas has consistently reported significant losses, high negative margins, and substantial cash burn, indicating that operational costs frequently exceed revenue. The company has sustained losses for multiple consecutive years and continues to burn cash to fund its operations. This ongoing unprofitability necessitates robust strategic realignment and raises questions about its ability to achieve sustainable financial health.
2. Dilution and Dependence on Capital Markets: The company has relied heavily on equity financing and continuous capital raises to fund its operations and acquisitions. This dependency raises significant concerns about potential dilution for existing shareholders and the long-term sustainability of this financing strategy, especially in volatile market conditions.
3. Execution Risk and Integration of Acquisitions: Ondas's future success is highly dependent on its ability to secure high-margin contracts, maintain operational efficiency, and successfully integrate its recent acquisitions, such as Sentrycs. The rapid pace of acquisitions introduces a risk of "integration overload," which could lead to increased expenses and operational challenges. Analysts emphasize that converting the company's backlog into revenue and achieving consistent gross margins are critical execution challenges.

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Ondas Holdings faces two clear emerging threats across its business segments:

• Accelerated Competition in Private Critical Infrastructure Networks: Ondas Networks is increasingly facing intensified competition from large, established telecommunications equipment vendors (e.g., Nokia, Ericsson) and system integrators. These companies are aggressively investing in and deploying private 5G and LTE networks specifically tailored for critical infrastructure applications, directly competing with Ondas Networks' mission-critical wireless solutions. Backed by substantial R&D budgets, global sales channels, and existing customer relationships, these larger players pose a significant threat by potentially limiting Ondas Networks' market penetration and growth opportunities.

• Intensifying Competition in Autonomous Industrial Drones: American Robotics is confronting rapidly escalating competition within the industrial autonomous drone market. This is fueled by significant technological advancements in drone autonomy, artificial intelligence, and data analytics from numerous well-funded startups and established aerospace/robotics companies. As regulatory barriers for beyond visual line of sight (BVLOS) operations continue to ease globally, American Robotics' unique "without human pilots on-site" differentiation may face erosion from an increasing number of sophisticated and scalable alternatives, making it harder to capture and maintain market share in a rapidly evolving landscape.

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Ondas (ONDS) operates in two primary markets through its business units: Ondas Autonomous Systems (OAS) and Ondas Networks. Each unit addresses distinct, growing markets.

Ondas Autonomous Systems (Autonomous Drones and Unmanned Systems)

• The global inspection drones market was valued at approximately USD 8.90 billion in 2024 and is projected to reach nearly USD 23.50 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 12.9%. North America holds the largest share of this market. Other estimates for the global inspection drone market include USD 15.56 billion in 2024, expanding to USD 110.54 billion by 2034 with a CAGR of 21.66%, and USD 11.75 billion in 2025, reaching USD 31.31 billion by 2030 with a CAGR of 21.63%. The broader drone inspection and monitoring market is projected to grow from USD 15.2 billion in 2025 to USD 61.5 billion by 2035 at a CAGR of 15.0%.
• The global industrial drone inspection market was valued at USD 746 million in 2024 and is expected to reach USD 4,621 million by 2035, with a CAGR of 18.0%. North America is a dominant region in this market.
• For railway drone inspection services specifically, the global market was valued at US$63.4 million in 2023 and is projected to grow to US$147 million by 2030, at a CAGR of 13.1%.
• The global unmanned aircraft systems (UAS) market, which includes Ondas's Optimus and Iron Drone Raider platforms, was valued at approximately USD 26.89 billion in 2022 and is predicted to grow to around USD 48.17 billion by 2030, at a CAGR of roughly 7.56%. Another report indicates the global unmanned aerial vehicle (UAV) market size was USD 36.41 billion in 2024 and is projected to grow to USD 125.91 billion by 2032, with a CAGR of 17.3%. North America held the largest market share of 34.36% in 2024 for UAVs. The broader unmanned systems market was estimated at USD 26.55 billion in 2024 and is projected to reach USD 48.31 billion by 2030, with North America accounting for the largest global revenue share of over 45% in 2024.

Ondas Networks (Private Wireless Solutions)

• The global private wireless network market was valued at USD 5.8 billion in 2024 and is forecasted to reach USD 22.4 billion by 2033, growing at a robust CAGR of 16.2%. Another assessment values the global private LTE and private 5G network market at USD 8.4 billion in 2023, projecting it to reach USD 64.3 billion by 2033 with a CAGR of 22.9%. Yet another source estimates the global private wireless market size at USD 6.27 billion in 2024, with an expected growth to USD 32.86 billion by 2032 at a CAGR of 23%. North America is a dominant region in the private wireless market.
• For Mission-Critical IoT (MC-IoT) applications, which Ondas Networks' FullMAX platform enables, the North American IoT market was valued at USD 120 billion in 2023 and is expected to grow with a healthy CAGR of 18%.

Ondas states that its combined global addressable market for its data and automation products, targeting industrial and government users, is an estimated $130 billion.

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1. Expansion in Defense and Homeland Security Markets: The Ondas Autonomous Systems (OAS) business unit is a key driver, with significant orders and a growing backlog for its autonomous drone platforms, such as the Iron Drone Raider and Optimus System, from military and public safety customers. The company is actively expanding into defense and homeland security markets across Europe, the Middle East, and the United States. The Iron Drone Raider, in particular, is emerging as a "hard kill" counter-drone solution, addressing an urgent need for protection against hostile drones.
2. Deployment of 900 MHz Networks for Critical Infrastructure: Ondas Networks is focused on the adoption and deployment of its 900 MHz wireless technology, particularly with Class I railroads. Despite past extended timelines, there is ongoing activity and expected progress in upgrading and deploying these mission-critical networks for rail operations. An example includes an order from Metra, Chicago's primary commuter rail system, for a system-wide 900 MHz upgrade.
3. Strategic Partnerships and Acquisitions: Ondas is pursuing a growth strategy that includes strategic partnerships and targeted acquisitions to broaden its market reach, enhance its product portfolio, and improve operational capabilities. Key collaborations include a partnership with Palantir Technologies to leverage AI for operational efficiencies and scale OAS operations, and a partnership with Rift Dynamics for new drone capabilities. The company also plans to close at least two strategic acquisitions in 2025 to further enhance its market presence.
4. Conversion of Robust Order Backlog and Continued Customer Demand: Ondas has a substantial and growing order backlog, which provides significant visibility for future revenue recognition. For example, the backlog for OAS reached $20.7 million as of June 30, 2025, up from $9.4 million at the end of Q1, supported by $39 million in orders over the preceding twelve months. This strong order growth and expanding customer demand for its autonomous systems are expected to be converted into revenue over the next few years.

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Share Repurchases

Share Issuance

• Ondas completed offerings in September and October 2025, generating gross proceeds of $200 million and net proceeds of approximately $407.2 million from common stock and pre-funded warrants.
• In August 2025, a public equity offering raised $42.7 million and warrant/option exercises generated $11.7 million.
• Stockholders approved increasing the authorized shares for issuance under the 2021 Stock Incentive Plan from 11 million to 26 million, and authorized common stock from 300 million to 400 million in May 2025.

Inbound Investments

• In the fourth quarter of 2024, Ondas fortified its financial position by securing $35 million of capital.
• During the third and fourth quarters of 2024, Ondas raised $10.5 million in capital, including $3.5 million from Privet Ventures LLC and Charles & Potomac, and $3.0 million from Charles & Potomac Capital LLC.
• Subsequent to December 31, 2023, Ondas raised $8.6 million through the sale of common stock and Ondas Networks preferred stock.

Outbound Investments

• In October 2025, Ondas Holdings led a $14 million strategic investment in Safe Pro Group Inc.
• Ondas made a strategic investment in Kopin Corporation as part of a $41 million private placement in October 2025.
• In September 2025, Ondas launched Ondas Capital, expecting to deploy at least $150 million over the next two years to scale unmanned and autonomous systems in defense and security markets, with investments beginning in Q4 2025.

Capital Expenditures

• In Q3 2024, Ondas was investing to expand its operating infrastructure to support an expected increase in orders and system deliveries for its Iron Drone and Optimus platforms.
• A total of $1.7 million was invested in equipment in 2024.
• The net proceeds from a $40 million offering in June 2025 are intended for general corporate purposes, including funding capital expenditures and providing working capital.