For the year ending 2025-12-31, ONDS had $563,775,000 increase in cash & cash equivalents over the period. -$40,780,000 in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net loss | -133,380,000 | -38,007,757 | -44,844,872 | -73,241,805 |
| Investment gains | 5,400,000 | - | - | - |
| Depreciation | 946,000 | 602,304 | 844,833 | 449,458 |
| Amortization of debt discount and issuance cost | 4,867,000 | 2,527,102 | 3,139,779 | 3,545,843 |
| Amortization of intangible assets | 5,808,000 | 4,220,436 | 4,147,092 | 3,570,090 |
| Amortization of right of use asset | 1,232,000 | 841,895 | 1,060,398 | 833,940 |
| Noncash interest expense | 331,000 | - | - | - |
| Provision for obsolete inventory | 923,000 | 120,790 | - | - |
| Retirement of assets | - | 1,578 | 52,595 | 382,060 |
| Loss on intellectual property | -16,000 | - | - | - |
| Impairment of goodwill | - | - | - | 19,419,600 |
| Loss on intellectual property | - | -27,670 | - | - |
| Change in fair value of warrant liability, net | 82,225,000 | - | 427,208 | - |
| Loss on intellectual property | - | - | 12,223 | 12,343 |
| Change in fair value of government grant liability | 48,000 | -214,891 | - | - |
| Stock-based compensation | 16,016,000 | 1,265,185 | 1,047,398 | 5,857,435 |
| Cash paid for right of use asset | - | 272,262 | - | - |
| Accounts receivable | 13,595,000 | 2,890,779 | 3,213,453 | -1,108,919 |
| Inventory | 4,836,000 | 5,466,297 | -1,481,078 | 994,672 |
| Other current assets | - | -491,263 | 415,217 | 300,003 |
| Other current assets | 18,945,000 | 63,556 | 318,460 | - |
| Other assets | 725,000 | - | - | - |
| Accounts payable | 4,456,000 | 1,155,590 | 1,241,951 | 554,744 |
| Accrued expenses and other current liabilities | 22,099,000 | 1,151,994 | -494,029 | 1,974,066 |
| Deferred revenue | 176,000 | 157,081 | -1,387,099 | -450,889 |
| Operating lease liability | -1,472,000 | -179,784 | -812,249 | -684,205 |
| Deferred tax liability | -16,000 | - | - | - |
| Impairment of long-term equity investment | - | 0 | -1,500,000 | - |
| Other liabilities | 480,000 | 82,500 | - | - |
| Impairment of right of use asset and leasehold improvements | - | 0 | 1,383,537 | - |
| Credit losses | - | 992,571 | - | - |
| Loss on disposal of equipment | 0 | 0 | -1,127,768 | - |
| Gain on termination of operating lease | 0 | 12,256 | - | - |
| Cash paid for right of use asset | 0 | - | - | - |
| Credit losses | 0 | - | - | - |
| Net cash flows used in operating activities | -38,746,000 | -33,469,623 | -34,019,519 | -37,963,076 |
| Patent costs | 67,000 | 36,540 | 70,081 | 49,501 |
| Purchase of equipment | 2,034,000 | 1,636,395 | 211,035 | 2,880,900 |
| Purchase of software intangible | 38,000 | 60,441 | - | - |
| Purchase of long-term equity investments | 35,587,000 | - | - | - |
| Purchases of short-term investments | 15,428,000 | - | - | - |
| Cash paid for asset acquisition, net of cash acquired | 169,000 | - | - | - |
| Cash paid for business acquisition, net of cash acquired | 206,809,000 | - | - | - |
| Proceeds from sale of equipment | 0 | 1,700 | 48,768 | - |
| Cash paid for ardenna inc. asset acquisition | - | - | - | -900,000 |
| Cash paid for iron drone asset acquisition | - | 0 | 135,000 | - |
| Investment in dynam a.i | - | - | - | -1,000,000 |
| Cash acquired on the acquisition of airobotics ltd | - | 0 | 1,049,454 | - |
| Cash paid for field of view llc asset acquisition | - | 0 | 145,833 | 104,167 |
| Cash disbursement on note receivable | - | - | - | 2,000,000 |
| Net cash flows used in investing activities | -260,132,000 | -1,731,676 | 536,273 | -6,934,568 |
| Proceeds from exercise of options and warrants | 30,837,000 | - | - | - |
| Proceeds from exercise of warrants in ondas autonomous systems | 1,158,000 | 57,790 | - | - |
| Proceeds from exercise of stock options and warrants | - | - | 40,338 | 64,909 |
| Proceeds from sale of common stock and warrants, net of issuance costs | 829,517,000 | 7,304,334 | - | - |
| Proceeds from convertible notes payable, net of issuance costs | 923,000 | 5,436,897 | - | 27,702,292 |
| Proceeds from notes payable | 235,000 | 31,560,009 | 9,309,513 | - |
| Proceeds from notes payable, net of issuance costs, related party | - | 1,422,186 | - | - |
| Proceeds from government grant | 365,000 | 299,838 | -189,752 | - |
| Proceeds from sale of redeemable preferred stock in ondas networks, net of issuance costs | - | - | 14,692,335 | - |
| Payments on notes payable | 29,000 | 0 | 4,354,911 | - |
| Proceeds from sale of redeemable preferred stock in ondas networks, net of issuance costs | - | 4,375,035 | - | - |
| Payments of issuance costs related to debt conversion | 11,000 | - | - | - |
| Payments on government grant liability | 342,000 | 277,469 | 6,576 | - |
| Proceeds from convertible notes payable, net of issuance costs, related party | 0 | - | - | - |
| Proceeds from notes payable, net of issuance costs, related party | 0 | - | - | - |
| Proceeds from sale of shares under atm agreement | - | - | - | 6,090,416 |
| Payments on loan payable | - | 0 | 1,140,301 | - |
| Proceeds from sale of noncontrolling interest in ondas networks, net of issuance costs | 0 | - | - | - |
| Net cash flows provided by financing activities | 862,653,000 | 50,178,620 | 18,730,150 | 33,857,617 |
| Increase in cash, cash equivalents, and restricted cash | 563,775,000 | 14,977,321 | -14,753,096 | -11,040,027 |
| Cash, cash equivalents, and restricted cash beginning of period | 29,999,000 | 15,022,000 | 29,775,096 | 40,815,123 |
| Cash, cash equivalents, and restricted cash end of period | 594,359,000 | 29,999,321 | 15,022,000 | 29,775,096 |
Ondas Inc. (ONDS)
Ondas Inc. (ONDS)