Business
Ondas Holdings Reports First Quarter 2023 Financial Results
Q1 Revenue Increased to $2.6 Million; Exceeding 2022 Full-Year ResultsMajor Rail Association Approves IEEE 802.16 as New Standard in Greenfield 900 MHz
About this update from Ondas Inc
[{"type":"text","content":"Q1 Revenue Increased to $2.6 Million; Exceeding 2022 Full-Year ResultsMajor Rail Association Approves IEEE 802.16 as New Standard in Greenfield 900 MHz BandConference Call Scheduled for Today at 8:30 a.m. ETWALTHAM, MA / ACCESSWIRE / May 15, 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, reported financial and operating results for the first quarter ended March 31, 2023.\"The first quarter marked the beginning of commercial platform adoption and gives us great optimism about the road ahead for our Ondas Networks and Ondas Autonomous Systems (OAS) businesses,\" said Eric Brock, Ondas' Chairman and CEO. \"Each contributed to the total $2.6 million in first quarter revenues, exceeding the $2.1 million we reported for the entire year of 2022, demonstrating we are on track to meet our 2023 goals.\"\"At Ondas Networks, customer activity has accelerated since the Association of American Railroads (AAR) formalized in March that the IEEE 802.16 standard will be required for the greenfield 900 MHz band. We began delivering systems to Siemens from the $7.4 million backlog with which we began the year, and we anticipate the delivery rate will accelerate in the second quarter. Additionally, Ondas and Siemens have seen a significant increase in customer inquiries to meet recently confirmed deadlines for the 900 MHz network migration and build out. We expect these deadlines to drive substantial additional orders and shipments as we move through 2023.\"\"OAS had a breakout quarter with respect to revenue, bookings, deliveries, new product launch, growing prospective customer pipeline, and high-profile wins, including industry-first deployments of Urban Drone Infrastructure in Dubai and Abu Dhabi. Through our leading IP and customer relationships, we believe OAS is poised as an early leader in the autonomous drone sector, which we see as a winner-take-most market. Conversations with customers in the United States are proceeding as we prepare to introduce Optimus into U.S. industrial and government markets.\"Q1 2023 and Recent Highlights - Ondas NetworksRevenues & ShipmentsDelivered $1.1 million in product and development revenue in Q1 with record volume product shipments to SiemensAirlink BCP and WCPs were deliv...