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Midas Edge

Ondas Holdings Inc

For the period ended Sep 30, 2024. Filed Nov 12, 2024.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Nov 12, 2024

ONDS$5.34+18.0%Stored close · as of Nov 6, 2026
See the whole filing, with its images and exhibits
Contents

Item 1. Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023

CONDENSED CONSOLIDATED BALANCE SHEETS

September 30,December 31,
20242023
(Unaudited)
ASSETS
Current Assets:
Cash$2,832,550$14,979,436
Restricted cash40,73642,564
Accounts receivable, net2,876,0873,429,974
Inventory, net8,878,7342,186,646
Other current assets2,540,7402,967,619
Total current assets17,168,84723,606,239
Property and equipment, net2,734,3214,175,958
Other Assets:
Goodwill, net of accumulated impairment charges27,751,92127,751,921
Intangible assets, net28,222,16131,329,182
Lease deposits and other assets482,392599,517
Operating lease right of use assets3,799,0144,701,865
Total other assets60,255,48864,382,485
Total assets$80,158,656$92,164,682
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable$4,021,804$5,177,022
Operating lease liabilities771,943685,099
Accrued expenses and other current liabilities3,517,1643,587,877
Notes payable, net of unamortized issuance costs of $558,785 and $0, respectively, related party891,215-
Convertible notes payable, net of unamortized debt discount and issuance cost of $13,153 and $0, respectively, related party1,486,847-
Convertible notes payable, net of unamortized debt discount and issuance cost of $965,066 and $1,968,411, respectively27,824,72425,692,505
Government grant liability548,219520,657
Deferred revenue447,720276,944
Total current liabilities39,509,63635,940,104
Long-Term Liabilities:
Notes payable300,000300,000
Convertible notes payable, net of current, net of unamortized debt discount and issuance cost of $0 and $391,718, respectively-2,812,156
Accrued interest21,24926,844
Government grant liability, net of current1,895,4342,229,047
Operating lease liabilities, net of current5,254,6235,800,710
Other liabilities82,500-
Total long-term liabilities7,553,80611,168,757
Total liabilities47,063,44247,108,861
Commitments and Contingencies (Note 11)
Temporary Equity
Redeemable noncontrolling interest18,176,42211,920,694
Stockholders’ Equity
Preferred stock - par value $0.0001; 5,000,000 shares authorized at September 30, 2024 and December 31, 2023, respectively, and none issued or outstanding at September 30, 2024 and December 31, 2023, respectively--
Preferred stock, Series A - par value $0.0001; 5,000,000 shares authorized at September 30, 2024 and December 31, 2023, respectively, and none issued or outstanding at September 30, 2024 and December 31, 2023, respectively--
Common Stock - par value $0.0001; 300,000,000 shares authorized; 75,297,311 and 61,940,878 issued and outstanding, respectively September 30, 2024 and December 31, 2023, respectively7,5306,194
Additional paid in capital240,943,416231,488,999
Accumulated deficit(226,032,154)(198,360,066)
Total stockholders’ equity14,918,79233,135,127
Total liabilities and stockholders’ equity$80,158,656$92,164,682

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended · Nine Months Ended
September 30,September 30,
2024202320242023
Revenues, net$1,480,792$2,665,190$3,063,652$10,730,145
Cost of goods sold1,433,2322,110,3123,601,9696,076,595
Gross profit (loss)47,560554,878(538,317)4,653,550
Operating expenses:
General and administration4,114,9862,563,31912,177,06213,347,278
Sales and marketing1,410,9441,224,1444,040,7984,205,217
Research and development3,182,3452,701,4369,335,32314,184,420
Total operating expenses8,708,2756,488,89925,553,18331,736,915
Operating loss(8,660,715)(5,934,021)(26,091,500)(27,083,365)
Other income (expense), net
Other income (expense), net(1,786)(124,636)(3,853)(136,066)
Change in fair value of government grant liability(86,307)(295,094)462,710(213,277)
Interest income121,608379306,3857,724
Interest expense(871,335)(893,951)(2,357,497)(3,197,600)
Foreign exchange gain (loss), net(27,733)(45,138)11,667(83,514)
Total other income (expense), net(865,553)(1,358,440)(1,580,588)(3,622,733)
Loss before income taxes(9,526,268)(7,292,461)(27,672,088)(30,706,098)
Provision for income taxes----
Net loss(9,526,268)(7,292,461)(27,672,088)(30,706,098)
Less preferred dividends attributable to noncontrolling interest390,000212,2081,114,138212,208
Less deemed dividends attributable to accretion of redemption value755,644410,3222,112,784410,322
Net loss attributable to common stockholders$(10,671,912)$(7,914,991)$(30,899,010)$(31,328,628)
Net loss per share - basic and diluted$(0.15)$(0.15)$(0.46)$(0.62)
Weighted average number of common shares outstanding, basic and diluted70,741,66253,892,84866,732,78150,923,225

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

Redeemable Noncontrolling Interest · Common Stock · Additional Paid in · Accumulated · Total Stockholders’
Shares · Amount · Shares · Amount · Capital · Deficit · Equity
Balance, January 1, 2023-$-44,108,661$4,411$211,733,690$(153,515,194)$58,222,907
Issuance of shares in connection with acquisition of Airobotics, Ltd.--2,844,2912845,261,654-5,261,938
Issuance of shares in connection with acquisition of the assets of Iron Drone, Ltd.--46,129585,795-85,800
Assumption of vested stock options in connection with acquisition of Airobotics, Ltd.----700,690-700,690
Delivery of shares for restricted stock units--4,090----
Issuance of shares for payment on convertible debt--2,104,9882113,004,583-3,004,794
Stock-based compensation----1,263,356-1,263,356
Net loss-----(14,455,551)(14,455,551)
Balance, March 31, 2023-$-49,108,159$4,911$222,049,768$(167,970,745)$54,083,934
Issuance of shares for payment on convertible debt--3,341,7043342,751,041-2,751,375
Issuance of shares upon exercise of options--1,539-701-701
Stock-based compensation----1,639,869-1,639,869
Net loss-----(8,958,086)(8,958,086)
Balance, June 30, 2023-$-52,451,402$5,245$226,441,379$(176,928,831)$49,517,793
Sale of redeemable preferred stock in Ondas Networks, net of issuance costs429,12310,406,949--(307,665)-(307,665)
Issuance of warrants in connection with the sale of redeemable preferred stock in Ondas Networks----4,593,051-4,593,051
Preferred dividends attributable to redeemable noncontrolling interest-212,208--(212,208)-(212,208)
Accretion of redeemable preferred stock in Ondas Networks-410,322--(410,322)-(410,322)
Issuance of shares for payment on convertible debt--1,984,9181981,563,917-1,564,115
Issuance of shares upon exercise of options--21,940210,088-10,090
Delivery of shares for vesting of restricted stock units--726,36373(73)--
Stock-based compensation----(2,266,875)-(2,266,875)
Net Loss--(7,292,461)(7,292,461)
Balance, September 30, 2023429,123$11,029,47955,184,623$5,518$229,411,292$(184,221,292)$45,195,518
Balance, January 1, 2024429,123$11,920,69461,940,878$6,194$231,488,999$(198,360,066)$33,135,127
Sale of redeemable preferred stock in Ondas Networks, net of issuance costs108,9253,028,806--(124,965)-(124,965)
Issuance of warrants in connection with the sale of redeemable preferred stock in Ondas Networks----1,471,194-1,471,194
Preferred dividends attributable to redeemable noncontrolling interest-334,138--(334,138)-(334,138)
Accretion of redeemable preferred stock in Ondas Networks-638,646--(638,646)-(638,646)
Sale of common stock, net of issuance costs--3,616,0713622,904,295-2,904,657
Issuance of warrants in Ondas Autonomous Systems, in connection with sale of common stock----954,737-954,737
Issuance of shares upon exercise of options--4,535-2,217-2,217
Delivery of shares for vesting of restricted stock units--3,000----
Stock-based compensation----269,553-269,553
Net Loss-----(9,876,084)(9,876,084)
Balance, March 31, 2024538,048$15,922,28465,564,484$6,556$235,993,246$(208,236,150)$27,763,652
Issuance of shares for payment on convertible debt--340,85534250,153-250,187
Preferred dividends attributable to redeemable noncontrolling interest-390,000--(390,000)-(390,000)
Accretion of redeemable preferred stock in Ondas Networks-718,494--(718,494)-(718,494)
Settlement of development agreement--320,02632342,396-342,428
Warrant conversion--46,89351,402-1,407
Issuance of shares upon exercise of options--9,66015,077-5,078
Delivery of shares for restricted stock units--268,79427(27)--
Stock-based compensation----407,997-407,997
Net Loss-----(8,269,736)(8,269,736)
Balance, June 30, 2024538,048$17,030,77866,550,712$6,655$235,891,750$(216,505,886)$19,392,519
Issuance of shares for payment on convertible debt--3,367,4313371,828,851-1,829,188
Preferred dividends attributable to redeemable noncontrolling interest-390,000--(390,000)-(390,000)
Accretion of redeemable preferred stock in Ondas Networks-755,644--(755,644)-(755,644)
Sale of common stock and warrants, net of issuance costs--5,333,3345333,467,407-3,467,940
Issuance of warrants in Ondas Networks, in connection with note payable----589,924-589,924
Delivery of shares for restricted stock units--45,8345(5)--
Stock-based compensation----311,133-311,133
Net Loss-----(9,526,268)(9,526,268)
Balance, September 30, 2024538,048$18,176,42275,297,311$7,530$240,943,416$(226,032,154)$14,918,792
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.