Ondas Holdings Inc. (ONDS), a company dedicated to facilitating the transition to digital operations, reported on Monday a substantial decrease in losses for the last quarter, primarily due to enhanced revenue. The increase in revenue is attributed to increased sales and development revenue.
In the most recent quarterly report, Ondas announced a net loss of roughly $14.2 million, a significant reduction from the net loss of around $38.3 million reported for the same period in 2022.
The operating loss for the period was approximately $12.6 million, substantially less than the $34.5 million loss experienced the previous year.
When one-time costs are omitted, the EBITDA loss decreased to about $7 million from $12.6 million the previous year.
Operating costs also fell to $14.3 million from the previous year's $34.8 million. This was primarily due to the acknowledgement of a $19.4 million non-cash charge for goodwill impairment in 2022 and a decrease in research and development activities.
Revenues saw a significant increase, rising to roughly $5 million from nearly $0.5 million in the previous year. This substantial increase in revenue is credited to a surge in product sales and development revenue.
Looking forward, Ondas Holdings projected: "The company anticipates significant revenue growth for the entirety of 2024 due to increased client activity across both business units, with orders and backlog expected to rise throughout the year. Fluctuations in bookings and revenue growth are anticipated from quarter to quarter, due to uncertainty surrounding the timing of customer activity ahead of the commercial launch of the 900 MHz Rail network. This uncertainty also affects the development programs currently running with Siemens and MxV Rail, as well as the delivery schedule of OAS's orders to the UAE and its expanding customer base in the United States."
