Ondas Inc.
Ondas Inc. develops private wireless communications systems and autonomous data solutions through its operating businesses Ondas Networks and Ondas Autonomous Systems. Its portfolio includes the FullMAX wireless platform for mission-critical industrial networks and drone and ground-robot systems used in defense, homeland security, rail, and critical infrastructure markets, with operations spanning the United States and Israel.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueSoftware-based wireless infrastructure and connectivity products for industrial and rail networks.
Autonomous drone platforms and related hardware sold for security and industrial use cases.
Apeiro ground robots and associated robotic systems for defense and security applications.
Recurring service, support, and subscription revenue tied to deployed systems.
Customer-funded engineering and product development work, including partner programs.
Products
Reported · share of revenue- Product Revenue68.2 %
- Service Revenue20.2 %
- Development Revenue11.6 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Ondas sells to industrial, rail, defense, homeland security, and critical infrastructure customers that need secure connectivity or autonomous sensing and response systems. Its wireless products are aimed at privately owned wide-area networks, while its drone and robotics offerings are used by organizations that need persistent monitoring, inspection, and security capabilities.
Buy FullMAX-based networking products and development work for North American rail communications.
Buy private wireless systems to modernize mission-critical wide-area networks.
Buy drone and robotics systems for surveillance, security, and operational awareness.
Buy autonomous drone and ground-robot solutions with associated services and subscriptions.
Enter development agreements to co-develop products and accelerate market adoption.
Strategy
Ondas is building a portfolio around private wireless infrastructure and autonomous systems, using partnerships to accelerate adoption in rail, defense, and industrial markets. The strategy centers on converting technical platforms into repeatable products, expanding installed base revenue through services and subscriptions, and using development agreements to open new use cases.
These markets need secure, high-throughput private wireless systems and can support long-lived deployments.
Drone and ground-robot systems can broaden the addressable market beyond wireless infrastructure.
Partnerships reduce market-entry friction and help tailor products to specific end markets.
Services and subscriptions can improve customer retention and support installed-base monetization.
Geography
Q1/2026Ondas is headquartered in the United States, with operating subsidiaries in Texas, Nevada, Delaware, and Israel. Its business is international in scope because its wireless and autonomy products are marketed to industrial and rail customers globally, while supply chain, manufacturing, and regulatory exposure also extend across borders.
Share of the revenue the company reports by geography.
Risks
Ondas depends on customer adoption in specialized markets, so delays in procurement, certification, or deployment can materially affect revenue timing. The company also faces supply-chain, tariff, and export-control exposure because its products rely on imported components and cross-border commercialization, while its accounting results can be volatile due to project-based and product-based revenue recognition.
- Tariffs and import cost inflationImpact: HighLikelihood: Medium
Drone and wireless products use imported components that may be subject to tariffs.
Exposure: Global supply chain for hardware components
- Supply chain disruptionImpact: HighLikelihood: Medium
Component shortages or delays can interrupt manufacturing and customer delivery schedules.
Exposure: Manufacturing and fulfillment
- Customer adoption and deployment delaysImpact: High
Sales depend on customers implementing new wireless or autonomy systems, which can take time.
Exposure: Rail and industrial customers delaying network rollouts
- Export controls and cross-border regulationImpact: MediumLikelihood: Medium
International sales and technology transfer can be constrained by licensing and trade rules.
Exposure: Foreign markets and strategic growth regions
- Revenue concentration in early-stage programsImpact: Medium
Development agreements and new product rollouts can be uneven and non-recurring.
Exposure: Partner-led programs and pilot deployments
Accounting
Judgemental itemsProducts, services/subscriptions, and development agreements may recognize revenue at different times.
Impact: Can cause quarterly volatility and affect comparability across periods
Hardware businesses must value components, finished goods, and production costs accurately.
Impact: Affects gross margin and reported operating performance
Acquisitions in autonomy and robotics create assets that must be tested for recoverability.
Impact: Potential non-cash charges if expected cash flows weaken
Development agreements and partner programs may involve milestone-based billing or deliverables.
Impact: Can shift revenue and receivables between periods
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Last updated: 24/09/2026