Ondas Holdings Q4 Net Loss Narrows As Revenue Surges; Expects Significant Revenue Growth For 2024

(RTTNews) - Ondas Holdings Inc. (ONDS), a firm focused on digitalization of company operations, on Monday registered a narrower loss for the fourth-quarter, mainly due to increased revenue, reflecting higher product sales and development revenue.

For the three-month period, Ondas posted a net loss of around $14.2 million, compared with a net loss of approximately $38.3 million, recorded for the same period of 2022.

Operating loss stood at approximately $12.6 million as against a loss of $34.5 million in the previous year.

Excluding items, EBITDA loss narrowed to approximately $7 million from $12.6 million a year ago.

Operating expenses dropped to $14.3 million from last year's $34.8 million, primarily due to the recognition of a $19.4 million non-cash charge of goodwill impairment in 2022, and decreased research and development activity.

Revenues jumped to around $5 million from approximately $0.5 million in the previous year. Over 10-fold increase in revenues was the result of higher product sales and development revenue.

Looking ahead, Ondas Holdings said: "The company expects to generate significant revenue growth for the full year 2024 driven by growing customer activity in both business units with orders and backlog increasing throughout the year. Bookings and revenue growth are expected to fluctuate from quarter-to-quarter given the uncertainty around the timing of customer activity in front of the targeted commercial rollout for the 900 MHz Rail network, the development programs underway with Siemens and MxV Rail, in addition to the timing of OAS's deliveries to the UAE and its growing roster of customers in the United States."