# Ondas Inc. (ONDS) · Edgar & Edgarette company card

> Ondas (ONDS) grew revenue 605% in FY2025 to $51 million, operating margin -115% against a -7.1% median for radio & tv broadcasting & communications equipment, equity 38.6% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1646188 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/ONDS) · [JSON](https://www.pops4.com/boards/company/ONDS.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $51M |
| Revenue growth, 1 year | 605.3% |
| Revenue growth per year | 104.4% |
| Operating margin | -115.1% (prior year -481.1%) |
| Net margin | -262.9% |
| Operating cash flow | −$39M |
| Capital spending | $2M |
| Free cash flow | −$41M |
| Cash | $551M |
| Long-term debt | — |
| Total assets | $1.1B |
| Total equity | $438M |
| Equity ÷ assets | 38.6% |
| Return on equity | -30.5% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: 2.44 (grey zone)
- Piotroski F: 4 of 9 (middling)
- Beneish M: 2.07 (above the −1.78 line)
- Health Harbor boat: Rotting at the dock · four or more warning signs · filed auditor change in the last 12 months; operating cash flow was negative; operating loss: a margin of -115.1% in FY2025; revenue is hard to predict: its 80% range is ±65%
- Cash Compass: Fast, cash not yet · growing fast, but little cash arriving so far

## Edgarette's reading

Exposure: revenue $50.7M (FY2025). Experience: revenue up 605.3% on the year, up 104.4% a year over 4 years; operating margin -115.1%, up from -481.1%. Soundness: equity 38.6% of assets, return on equity -30.5%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $109.8M and $525.3M next year (method v4.1: its own 3-year record of growth weighed at 40% against $50M–100M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $116.5M to $497.2M. A statistical range, not company guidance. Against peers (12 filers, $50M+ revenue, radio & tv broadcasting & communications equipment): operating margin -115.1% against a -7.1% median; growth 605.3% against 4.4%.

Range logged 2026-09-28, receipt 28cb5600f36c9293, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 4.01 Auditor change: 1, latest 2026-01-20 ([filing](https://www.sec.gov/Archives/edgar/data/1646188/000121390026005424/0001213900-26-005424-index.htm))
- Item 5.02 Director or officer change: 7, latest 2026-08-07 ([filing](https://www.sec.gov/Archives/edgar/data/1646188/000119312526340352/0001193125-26-340352-index.htm))

## Recent filings

- 8-K · filed 2026-10-13 · 7.01 Regulation FD Disclosure; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1646188/000121390026108757/0001213900-26-108757-index.htm)
- 8-K · filed 2026-09-23 · 3.02 Unregistered Sales of Equity Securities; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1646188/000121390026102458/0001213900-26-102458-index.htm)
- 8-K · filed 2026-09-14 · 1.01 Entry into a Material Definitive Agreement; 2.01 Completion of Acquisition or Disposition of Assets; 3.02 Unregistered Sales of Equity Securities; 7.01 Regulation FD Disclosure; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1646188/000121390026099531/0001213900-26-099531-index.htm)
- 8-K · filed 2026-08-28 · 3.02 Unregistered Sales of Equity Securities; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1646188/000121390026095097/0001213900-26-095097-index.htm)
- 10-Q · filed 2026-08-13 · [filing](https://www.sec.gov/Archives/edgar/data/1646188/000119312526349288/0001193125-26-349288-index.htm)
- 8-K · filed 2026-08-13 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1646188/000119312526347973/0001193125-26-347973-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001646188.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1646188

## Cite

POPS4, Edgar & Edgarette: Ondas Inc. (ONDS) company card, from the company's own SEC filings, accessed 2026-11-05, https://www.pops4.com/boards/company/ONDS. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.