Q1 2024 Ondas Holdings Inc Earnings Call Transcript
Key Points
- Ondas Holdings Inc (ONDS) announced a significant order to provide an upgraded 220 megahertz PTC data radio for a key Northeast Corridor passenger railroad, expanding their serviceable addressable market.
- The company has completed systems integration and demonstrated backwards compatibility on the legacy 900 megahertz network with two railroads, signaling progress in their technology deployment.
- Ondas Holdings Inc (ONDS) has received its first commercial order for the Ion drone platform, indicating potential growth in the defense and security markets.
- The company has established strategic partnerships, such as with Hall of Sky, to drive fleet adoption of Optimus systems and expand into new markets like Europe's third-largest seaport.
- Despite a slow start in revenue for the first half of 2024, Ondas Holdings Inc (ONDS) is optimistic about future growth, driven by new orders and expanded market opportunities.
- Ondas Holdings Inc (ONDS) reported a disappointing start to 2024 from a revenue perspective, with revenue heavily weighted to the second half of the year due to early headwinds.
- The company experienced disruptions in its Ondas Autonomous Systems business unit due to the Gaza conflict, impacting production and marketing activities.
- Gross profit for Q1 2024 was negative, primarily due to subscale operations and product development cost overruns on low margin projects.
- Revenue for Q1 2024 decreased significantly compared to Q1 2023, primarily due to extended timelines with Class one railroads and supply chain disruptions.
- Ondas Holdings Inc (ONDS) is facing uncertainties around the timing of customer activity and commercial rollouts, particularly in the 900 megahertz network, which may affect future revenue stability.
Welcome to the Ondas Holdings Inc. first quarter 2024 conference call. (Operator Instructions) Before we begin, the company would like to remind you that this call may contain forward-looking statements. While these forward they make forward looking statements reflect on Ondas best current judgment. They are subject to risks and uncertainties that could cause actual results to differ materially from those implied by these forward-looking statements. These risk factors are discussed and on Dow's periodic, as you see filings and in the earnings press release issued today, which are both available on the Company's website and U.S. undertakes no obligation to revise or update any forward-looking statements to reflect future events or circumstances, except as required by law.
During this call, Ondas will refer to certain non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures, as shown in our press release issued earlier today,
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