Business
Ondas Holdings Reports Second Quarter 2023 Financial Results
Record revenues of $5.5 million in Q2 2023 with over 800% growth driven by both Ondas Networks and Ondas Autonomous Systems business unitsStrengthened balance
About this update from Ondas Inc
[{"type":"text","content":"Record revenues of $5.5 million in Q2 2023 with over 800% growth driven by both Ondas Networks and Ondas Autonomous Systems business unitsStrengthened balance sheet with $25 million in capital raised from private and institutional investors in Q3OAS entered new partnerships to distribute the Optimus System in the US, India and Saudi ArabiaConference Call Scheduled for Today at 8:30 a.m. ETWALTHAM, MA / ACCESSWIRE / August 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, reported financial and operating results for the second quarter ended June 30, 2023.\"Ondas continues to demonstrate accelerating growth, highlighted by record revenues of $5.5 million in the second quarter,\" said Eric Brock, Ondas' Chairman, CEO and President. \"This momentum has allowed us to strengthen our balance sheet with $25 million in growth capital from private and institutional investors. We believe Ondas is well positioned to continue driving adoption of our platform technologies across both Ondas Networks and Ondas Autonomous Systems (OAS) and ramp production to fulfill expected order growth over the next twelve to eighteen months.\"\"At Ondas Networks, we had another record revenue quarter driven by shipments for customers. We are working actively with Siemens and the Class I Rails to further prepare for large-scale commercial deployments at 900 MHz. This activity is driving a growing order pipeline, and despite some recent production bottlenecks, we believe we are ready to deliver against an expected increase in customer demand.\"\"OAS also recorded record revenues while continuing to demonstrate leadership with customers as we define solutions around public safety, drone as a first responder and smart city use cases. In addition to our activity in the United Arab Emirates (UAE), we have created new opportunities internationally which are highlighted by the recent announcements of our entrance into both India with our partner Aero A2Z and the Kingdom of Saudi Arabia via a strategic alliance with Saudi Excellence. We are also making significant progress in bringing the Optimus System to US markets, as evidenced by our recent announcements with MassDOT Aeronautics and Skyfire Consulting. Our customer pipeline is gr...