Ondas reports preliminary 2023 revenue $15.7M, consensus $14.99M

The Company also announced that it has secured investments totaling $8.6 million from an investor group which included Charles & Potomac Capital which previously led investments in Ondas in 2023. In a separate statement, the Company also announced the formation of Ondas Autonomous Holdings, as a new wholly owned subsidiary to hold the businesses of its Ondas Autonomous Systems business unit. “Ondas had a strong finish to 2023 demonstrated by platform adoption across its businesses evidenced by record revenue generated by both Ondas Networks and Ondas Autonomous Systems,” said Eric Brock, Chairman and CEO of Ondas Holdings. “As we look into 2024, we believe we are well positioned to drive rapid growth, helped by the investment and continued support of Charles & Potomac Capital and a broader investment group. In addition, we are excited about the establishment of OAH, as a new holding company to own American Robotics and Airobotics, which will provide operational and financial flexibility to ensure we can maximize shareholder value with the exceptional drone-related businesses and assets we have assembled at Ondas.” The new investment secured by Ondas Holdings is comprised of two separate transactions, which include a direct investment in convertible preferred securities of Ondas Networks equal to approximately $4.5 million and the sale of approximately 3.6 million shares of common stock of Ondas Holdings which generated proceeds of approximately $4.1 million. Ondas Holdings will receive the net proceeds raised in both transactions.