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Midas Edge

Ondas Holdings Inc.

For the period ended Sep 30, 2025. Filed Nov 13, 2025.

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, 2025 · Filed Nov 13, 2025

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, 2025 (Unaudited) and December 31, 2024

CONDENSED CONSOLIDATED BALANCE SHEETS

September 30,December 31,
20252024
(Unaudited)
ASSETS
Current Assets:
Cash$432,816,982$29,958,106
Restricted cash576,57541,215
Certificates of deposit917,570-
Investments in marketable equity securities17,893,276-
Accounts receivable, net5,222,5475,223,182
Inventory, net12,522,9999,821,692
Other current assets8,926,0362,476,356
Total current assets478,875,98547,520,551
Property and equipment, net2,595,4992,586,691
Other Assets:
Goodwill, net of accumulated impairment charges34,773,93427,751,921
Intangible assets, net28,120,28127,178,057
Long-term equity investments587,250-
Deposits and other assets663,043663,073
Operating lease right of use assets4,534,5773,921,995
Total other assets68,679,08559,515,046
Total assets$550,150,569$109,622,288
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable$8,377,187$5,659,643
Operating lease liabilities1,635,1161,121,565
Accrued expenses and other current liabilities7,368,8954,719,214
Notes payable, net of unamortized debt discount and issuance costs of $0 and $226,785, respectively, related party1,500,0001,273,215
Convertible notes payable, net of unamortized debt discount and issuance cost of $55,439 and $362,237, respectively, related party5,414,5615,137,763
Convertible notes payable, net of unamortized debt discount and issuance cost of $121,124 and $5,236,362, respectively4,108,87631,947,445
Deferred revenue2,097,848329,025
Government grant liability805,390388,752
Total current liabilities31,307,87350,576,622
Long-Term Liabilities:
Notes payable300,000300,000
Convertible notes payable, net of current, net of unamortized debt discount and issuance cost of $0 and $1,681,784, respectively-15,568,216
Accrued interest23,17120,041
Government grant liability, net of current2,165,7852,168,430
Operating lease liabilities, net of current5,011,6474,961,967
Deferred tax liability867,483-
Other liabilities99,88482,500
Total long-term liabilities8,467,97023,101,154
Total liabilities39,775,84373,677,776
Commitments and Contingencies (Note 15)
Temporary Equity
Redeemable noncontrolling interest23,151,01419,361,205
Stockholders’ Equity
Preferred stock - par value $0.0001; 5,000,000 shares authorized and none issued or outstanding at September 30, 2025 and December 31, 2024--
Preferred stock, Series A - par value $0.0001; 5,000,000 shares authorized and none issued or outstanding at September 30, 2025 and December 31, 2024--
Common Stock - par value $0.0001; 400,000,000 and 300,000,000 shares authorized at September 30, 2025 and December 31, 2024, respectively; 329,515,817 and 93,173,191 issued and outstanding, respectively September 30, 2025 and December 31, 2024, respectively32,9519,317
Additional paid in capital754,767,458252,941,813
Accumulated deficit(268,722,540)(236,367,823)
Total Ondas Holdings stockholders’ equity486,077,86916,583,307
Noncontrolling interest1,145,843-
Total stockholders’ equity487,223,71216,583,307
Total liabilities and stockholders’ equity$550,150,569$109,622,288

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended · Nine Months Ended
September 30,September 30,
2025202420252024
Revenues, net$10,098,310$1,480,792$20,619,880$3,063,652
Cost of goods sold7,493,9151,433,23213,194,8653,601,969
Gross profit (loss)2,604,39547,5607,425,015(538,317)
Operating expenses:
General and administrative10,595,4694,114,98622,583,39812,177,062
Sales and marketing2,999,7201,410,9447,695,5454,040,798
Research and development4,512,7563,182,34512,209,1649,335,323
Total operating expenses18,107,9458,708,27542,488,10725,553,183
Operating loss(15,503,550)(8,660,715)(35,063,092)(26,091,500)
Other income (expense), net
Other income (expense), net31,479(1,786)13,113(3,853)
Change in fair value of government grant liability(87,186)(86,307)(354,560)462,710
Interest and dividend income1,992,274121,6082,443,420306,385
Unrealized gain on investments6,893,277-6,893,277-
Interest expense(444,449)(871,335)(5,872,818)(2,357,497)
Foreign exchange gain (loss), net(55,245)(27,733)(119,240)11,667
Total other income (expense), net8,330,150(865,553)3,003,192(1,580,588)
Loss before income taxes(7,173,400)(9,526,268)(32,059,900)(27,672,088)
Provision for income taxes307,456-307,456-
Net loss(7,480,856)(9,526,268)(32,367,356)(27,672,088)
Less preferred dividends attributable to noncontrolling interest390,000390,0001,170,0001,114,138
Less deemed dividends attributable to accretion of redemption value924,202755,6442,619,8092,112,784
Less net loss attributable to noncontrolling interest(12,639)-(12,639)-
Net loss attributable to common stockholders$(8,782,419)$(10,671,912)$(36,144,526)$(30,899,010)
Net loss per share - basic and diluted$(0.03)$(0.15)$(0.21)$(0.46)
Weighted average number of common shares outstanding, basic and diluted259,909,41570,741,662172,423,16066,732,781

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

Ondas Holdings Inc. Stockholders’ Equity (Deficit)
Redeemable Noncontrolling Interest · Common Stock · Additional · Accumulated · Noncontrolling · Total Stockholders’ Equity
Shares · Amount · Shares · Amount · paid in capital · deficit · Interest · (Deficit)
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 atrributable 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 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
Balance, January 1, 2025538,04819,361,20593,173,191$9,317$252,941,813$(236,367,823)$-$16,583,307
Issuance of warrants in Ondas Networks, in connection with convertible note payable----345,403--345,403
Preferred dividends attributable to redeemable noncontrolling interest-390,000--(390,000)--(390,000)
Accretion of redeemable preferred stock in Ondas Networks-817,127--(817,127)--(817,127)
Issuance of shares for payment on convertible debt--33,322,3973,33221,936,182--21,939,514
Issuance of shares upon exercise of options and warrants--1,105,500111983,784--983,895
Delivery of shares for restricted stock units--123,71112(12)---
Stock-based compensation----1,572,645--1,572,645
Net loss-----(14,136,350)-(14,136,350)
Balance, March 31, 2025538,048$20,568,332127,724,799$12,772$276,572,688$(250,504,173)$-$26,081,287
Preferred dividends attributable to redeemable noncontrolling interest-390,000--(390,000)--(390,000)
Accretion of redeemable preferred stock in Ondas Networks-878,480--(878,480)--(878,480)
Issuance of shares and pre-funded warrants from June 2025 Public Offering, net of costs--27,200,0002,72042,674,363--42,677,083
Issuance of shares for payment on convertible debt--33,584,2473,35822,920,691--22,924,049
Issuance of shares upon exercise of options and warrants--17,888,7501,7898,976,913--8,978,702
Delivery of shares for restricted stock units--334,87034(34)---
Stock-based compensation----2,178,693--2,178,693
Net loss-----(10,750,150)-(10,750,150)
Balance, June 30, 2025538,048$21,836,812206,732,666$20,673$352,054,834$(261,254,323)$-$90,821,184
Preferred dividends attributable to redeemable noncontrolling interest-390,000--(390,000)--(390,000)
Accretion of redeemable preferred stock in Ondas Networks-924,202--(924,202)--(924,202)
Exercise of warrants in Ondas Autonomous Systems by noncontrolling interests------1,158,4821,158,482
Issuance of shares from August 2025 Public Offering, net of costs--53,084,0005,308162,630,902--162,636,210
Issuance of shares from September 2025 Offering, net of costs--46,000,0004,600216,990,805--216,995,405
Issuance of shares for payment on convertible debt--6,950,5746955,360,607--5,361,302
Issuance of shares upon exercise of options and warrants--16,001,9371,60013,585,012--13,586,612
Delivery of shares for restricted stock units--746,64075(75)---
Stock-based compensation----5,459,575--5,459,575
Net loss-----(7,468,217)(12,639)(7,480,856)
Balance, September 30, 2025538,048$23,151,014329,515,817$32,951$754,767,458$(268,722,540)$1,145,843$487,223,712
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.