Business
Ondas Holdings Reports Fourth Quarter and Full Year 2023 Financial Results
Record 2023 revenues of $15.7 million, an increase of 638% over 2022, driven by commercial adoption of the Optimus System and record product revenues at Ondas
About this update from Ondas Inc
[{"type":"text","content":"Record 2023 revenues of $15.7 million, an increase of 638% over 2022, driven by commercial adoption of the Optimus System and record product revenues at Ondas NetworksQ4 2023 revenues were $5.0 million, a 10-fold increase over 2022, a result of higher product sales and development revenueContinued commercial traction expected in both Ondas Networks and Ondas Autonomous Systems business units as Company scales its world-class technologiesCompany expects to generate significant revenue growth for the full 2024 yearConference Call Scheduled for Today at 8:30 a.m. ETMARLBOROUGH, MA / ACCESSWIRE / April 1, 2024 / 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 fourth quarter and the full year ended December 31, 2023.\"Ondas entered 2024 in a strong position with customers, on the heels of generating record revenue of $15.7 million in 2023, which was a 7-fold increase versus 2022,\" said Eric Brock, Chairman and CEO of Ondas Holdings. \"This growth was realized across both our Ondas Networks and Ondas Autonomous Systems (OAS) business units and demonstrates the transition to commercial adoption of our world class technology platforms. We expect to see continued growth for the full year in 2024 though we may experience variability quarter over quarter, as Ondas Networks drives commercial deployments across the 900 MHz network with the Class I rails, and as OAS continues to see market penetration globally with the Optimus System and the Iron Drone Raider counter-UAS platform gains traction in defense markets.\"\"At Ondas Networks, the endorsement in March 2023 from the Association of American Railroads (AAR) in selecting the IEEE 802.16t standard for the new 900 MHz network is a culmination of years of dedication and underscores the value of our 'dot16' capabilities and the talent within the Ondas team. Collaborating with Siemens, we are in the late stages of integrating the enhanced Advanced Train Control System (ATCS) systems and dot16 network with multiple railroads, paving the way for anticipated commercial volume orders and deployments in 2024. Lastly, we see increasing demand for dot16 wireless solutions in new rail networks, as well as passenger and transi...