Business
Ondas Holdings Reports Second Quarter 2021 Financial Results
Executed transformative acquisition of American Robotics Completed $51.5 million public offering Continued progress in Rail markets supported by expanded
About this update from Ondas Inc
[{"type":"text","content":"\nExecuted transformative acquisition of American Robotics\n\nCompleted $51.5 million public offering\n\nContinued progress in Rail markets supported by expanded Siemens’ activity\n\n NANTUCKET, Mass.--(BUSINESS WIRE)--\nOndas Holdings Inc. (NASDAQ: ONDS), a leading provider of private wireless data and drone solutions through its wholly owned subsidiaries, Ondas Networks Inc. (“Ondas Networks”) and American Robotics, Inc. (“American Robotics” or “AR”), today announced financial and operating results for the second quarter of 2021. Management is hosting an earnings conference call and audio webcast to discuss results today, August 16, 2021, at 8:30 a.m. ET.\n\nDuring the second quarter of 2021, Ondas Holdings continued to make significant business development progress at its subsidiary, Ondas Networks, which included the evolution of multiple network opportunities with the Class I rails and its strategic relationships with Siemens and AURA. Ondas Holdings also announced in May it had entered into a definitive agreement to acquire American Robotics, a leading developer of highly automated commercial drone systems, thereby creating a leading MC-IoT data and drone solutions platform company servicing commercial and government markets. The acquisition of American Robotics closed on August 5th. In addition, the Company completed a $51.5 million equity raise in June providing significant growth capital to support its business expansion plans.\n\n“During the second quarter, Ondas continued to position itself for success in the MC-IoT markets we are targeting,” said Eric Brock, Ondas’ Chairman and CEO. “We continued to advance our business activity with the Rails, Siemens and AURA bringing those projects closer to completion and volume production. We announced and have now completed the strategic acquisition of American Robotics, opening a brand new, substantial worldwide TAM. And we strengthened our balance sheet by raising $51.5 million in a public equity offering and extinguishing 95% of our debt.”\n\nRecent Highlights\n\n\nEntered into a definitive agreement to acquire American Robotics, a leading developer of highly automated commercial drone systems and the first company approved by the FAA to operate its drones beyond-visual-line-of-sight (“BVLOS”) without a human operator on-site. The acquisition was completed on August 5th with...