Business
Ondas Holdings Issues Preliminary 2022 Results and Provides Preliminary Outlook for 2023
Company will provide additional details on the business and financial outlook for 2023 during the previously announced Virtual Investor Event being held today
About this update from Ondas Inc
[{"type":"text","content":"Company will provide additional details on the business and financial outlook for 2023 during the previously announced Virtual Investor Event being held today at 10:00 a.m. ETAnnounces the formation Ondas Autonomous Systems, a new business segment to manage the combined drone operations of American Robotics and AiroboticsReese Mozer appointed President of Ondas Holdings Inc.; Meir Kliner appointed President of Ondas Autonomous SystemsWALTHAM, MA / ACCESSWIRE / February 14, 2023 / Ondas Holdings Inc . (NASDAQ:ONDS) (\"Ondas\" or the \"Company\"), a leading provider of private industrial wireless networks and commercial drone and automated data solutions, is reporting preliminary select financial results for the full year ended December 31, 2022 and providing a preliminary outlook for 2023. The Company will host a previously announced Virtual Investor Event today at 10:00 a.m. ET.Based on preliminary unaudited fourth quarter results, the Company expects total revenue of approximately $2.1 million and an Adjusted EBITDA loss of approximately $39.5 - 40.5 million for the full year 2022. The Company also ended 2022 with $29.8 million of cash and outstanding convertible notes, net of debt discount equal to $30.0 million. Ondas expects to report final, comprehensive audited financial results for the fourth quarter and fiscal year 2022 in March 2023.In addition, the Company announced the formation of Ondas Autonomous Systems, a new business unit to manage the combined drone operations of wholly owned subsidiaries American Robotics, Inc. (\"American Robotics\" or \"AR\") and Airobotics, Ltd. (\"Airobotics\"). Meir Kliner, Airobotics founder & CEO will assume the role of CEO of the Ondas Autonomous Systems and manage the day-to-day business unit operations.The Company also announced that Reese Mozer, founder & CEO of American Robotics, has been appointed President of Ondas. Derek Reisfield who has served as Ondas' President will remain CFO, Treasurer and Secretary of Ondas. In addition, Vijay Somandepalli, founder & CTO of American Robotics, has been named VP, Technical Strategy at Ondas.\"After a multi-year investment period, Ondas entered 2023 poised to deliver for both customers and investors,\" said Eric Brock, Chairman and CEO of Ondas. \"We have the largest backlog of customer orders in our Company's history, which we believe positi...