Ondas Inc. (ONDS)

Nasdaq: ONDS · Radio & Tv Broadcasting & Communications Equipment · West Palm Beach, FL · filing with the SEC since 2015

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Grade4.0

◀ Past 2.7● Present 3.4▶ Future 6.3

1 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Ondas Inc.

Nine metrics read from its own filings, by tense

Headline grade

4.0/10

◀ Past2.730% of the headline

● Present3.440% of the headline

▶ Future6.330% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

2.7/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

0.7/10

Has it survived what it has been through?

14 warning events since 2017; the latest 2026-01-20.

weight 33% of this tense · 7th percentile among 21 sector filers · read for itself

From the record

Ondas Inc.'s filings since 2017 show 14 warning events of 4 kinds: a notice about its exchange listing (8-K item 3.01, 6 times, the latest 2025-05-16); a warning not to rely on past financial statements (8-K item 4.02, the latest 2019-03-19); an auditor change (8-K item 4.01, 2 times, the latest 2026-01-20); a late-report notice (Form NT 10-K or NT 10-Q, 5 times, the latest 2020-08-11) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

4.6/10

What has it actually done, year after year?

+92% a year over 9 filed years; profitable in 0 of 9.

weight 45% of this tense · 46th percentile among 21 sector filers · read for its customers

From the record

Ondas Inc.'s 9 filed years say what it did: revenue went from $274 thousand in fiscal 2017 to $51 million in fiscal 2025, up 92% a year; it rose in 5 of 8 years; the deepest fall was 54% from fiscal 2023 to fiscal 2024; net income was positive in 0 of 9 of those years (its annual reports).

What it rests on

revenue growth over the filed span92.0%top 3% of its family
the share of years revenue rosebottom 43% of its family
the share of filed years with a profitbottom 17% of its family
the deepest fall from a revenue peak54.2%bottom 26% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

1.7/10

How has it treated the people who own it?

SI estimate 1.7/10, confidence 35 of 100 (one part).

weight 22% of this tense · 17th percentile among 21 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 17% of 21 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 21 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Ondas Inc.'s shareholder treatment is put at 1.7 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 17% of 21 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

3.4/1040% of the headline grade · 3 of 3 filed

Financial health

as filed

2.1/10

Is it financially healthy right now?

ROE -30%: lost 30¢ per shareholder dollar. Leverage 61%: owes 61¢ per asset dollar.

weight 45% of this tense · 21st percentile among 21 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Ondas Inc. lost about 30 cents for every dollar of shareholders' money, and gross profitability: its products earned about 2 cents per dollar of everything the company owns. Leverage: it owed about 61 cents per dollar of assets, and net share issuance: its share count grew 217.2% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 31% of its family
return on equitybottom 33% of its family
gross profit against assetsbottom 8% of its family
the share count against the year beforebottom 12% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

4.5/10

How strong is its position in its industry?

bottom 45% of 21 in its family; net margin -260.7%.

weight 33% of this tense · 45th percentile among 21 sector filers · read for its customers

From the record

Ondas Inc.'s standing among 21 graded names in its industry family: revenue of $51 million in fiscal 2025 ranks in the bottom 29% by size; a net margin of -260.7% ranks in the bottom 7%; revenue growth of 187.8% a year over the last 3 filed years ranks in the top 2% (its annual reports).

What it rests on

revenue against the family$50.7Mbottom 29% of its family
net margin-260.7%bottom 7% of its family
three-year revenue growth187.8%top 2% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed

4.5/10

What are the people in charge doing?

bottom 45% of 13 in its family for leadership; chief executive since 2019.

weight 22% of this tense · 45th percentile among 13 sector filers · read for its shareholders

From the record

Ondas Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Brock, Eric A (Chairman, CEO and President, as filed), filing under that title since 2019-01-31, 7.8 years (top 27% of its family); the 7 officers and directors filing in the last fifteen months have been on the record a median of 5.8 years (top 42%); 14 officer or director changes were reported on Form 8-K since 2023-11-13, against the 7 people in charge now (bottom 3%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

officer and director changes on Form 8-K, against the people in charge14 in three years among 7 peoplebottom 3% of its family
the median years the people in charge have filed5.8 yearstop 42% of its family
the chief executive's years on the record7.8 yearstop 27% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

6.3/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed

5.8/10

How much room does it have to grow?

top 42% of 21 in its family for room to expand.

weight 45% of this tense · 58th percentile among 21 sector filers · read for itself

From the record

Ondas Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $551 million against no long-term debt tagged leaves 48.6% of its assets as net cash, top 21% of its family; cash from operations less capital spending is -80.4% of revenue (bottom 21%); a gross margin of 39.7% (bottom 45%); research spending of 41.2% of revenue (top 12%) (its annual report).

What it rests on

cash less debt against assets48.6%top 21% of its family
cash from operations less capital spending against revenue-80.4%bottom 21% of its family
gross margin39.7%bottom 45% of its family
research spending against revenue41.2%top 12% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

6.8/10

What could actually drive growth from here?

top 32% of 21 in its family for growth drivers.

weight 33% of this tense · 68th percentile among 21 sector filers · read for its customers

From the record

Ondas Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 187.8% a year over the last three filed years against 92% over all 9, speeding up (top 3% of its family); the newest year grew 606.2% (top 7%); research spending grew -4.6% a year (bottom 40%); capital spending grew -11% a year (bottom 39%) (its annual reports). Ondas Inc. reported 3 product lines in fiscal 2025: Product Revenue at $35 million (68%), Service Revenue at $10 million (20%), Development Revenue at $6 million (12%); 3 of 3 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span+95.8 points a yeartop 3% of its family
the newest year's revenue growth606.2%top 7% of its family
three-year growth of research spending-4.6%bottom 40% of its family
three-year growth of capital spending-11.0%bottom 39% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

6.6/10

Did its newest year beat what its own record pointed to?

top 34% of 19 in its family for expectations against reality.

weight 22% of this tense · 66th percentile among 19 sector filers · read for its shareholders

From the record

Ondas Inc.'s newest year against its own record: revenue of $51 million in fiscal 2025 came in 283.6% above the $13 million its prior three years' pace pointed to (top 8% of its family); net income of $132 million against a prior three-year average of $52 million (bottom 13%); a net margin of a loss larger than its revenue against losses larger than its revenue before (top 8%) (its annual reports).

What it rests on

revenue against the prior three years' pace283.6%top 8% of its family
net income against the prior three years' average-154%bottom 13% of its family
net margin against its prior averageup more than 100 pointstop 8% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton ONDS · research, not advice