Q2 2024 Ondas Holdings Inc Earnings Call Transcript
Key Points
- Ondas Holdings Inc (ONDS) achieved important technical and operational milestones across its business units, positioning the company for long-term success.
- The company completed significant systems integration efforts in the 900-megahertz network, with live operations for two customers and a successful field trial with a third.
- Ondas Autonomous Systems secured initial orders for its Iron Drone Raider from a large global defense vendor and a major military end customer.
- American Robotics announced a landmark deal with the US Coast Guard for emissions monitoring at the Port of Long Beach, supporting the EPA Clean Ports initiatives.
- Operating expenses decreased significantly to $8.1 million for Q2 2024 from $11.6 million in Q2 2023, due to strict controls on cash expenditures and decreased R&D activity.
- Ondas Holdings Inc (ONDS) experienced a disappointing start to 2024 from a revenue perspective, with Q2 2024 revenues at approximately $1 million compared to $5.5 million in Q2 2023.
- Gross profit was negative $190,000 for Q2 2024, a significant drop from $3.1 million in Q2 2023, resulting in a negative gross margin of 20%.
- Extended timelines for railroad deployment plans and the impact of the Gaza war created inventory, production, and other bottlenecks, pushing out customer and business development activities.
- The company held cash and cash equivalents of $5 million as of June 30, 2024, down from $15 million as of December 31, 2023, indicating a significant cash burn.
- Adjusted EBITDA loss increased to $6.7 million for Q2 2024 from $5.6 million in Q2 2023, reflecting ongoing financial challenges.
Welcome to the Ondas Holdings, Inc., second-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-looking statements reflect 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 in Ondas' periodic SEC filings and in the earning's press release issued today, which are both available on the company's website. Ondas 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 is shown in our press release issued earlier today, which is available at
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