Ondas Inc. balance sheet

At the end of fiscal 2025, Ondas Inc. had total assets of $1.13bn, total liabilities of $661m and shareholders' equity of $438m. It held $551m in cash against $8.3m of debt: net cash of $542m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Ondas Inc.: balance sheet, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Cash and equivalents	0	1	2	26	41	30	15	30	551	658
Receivables	0	0	0	0	1	0	3	5	22	72
Inventory	0	0	0	1	1	2	2	10	22	52
Total current assets	1	2	3	28	45	36	24	48	686	1,606
Goodwill	—	—	—	—	45	26	28	28	252	661
Total assets	1	3	4	29	117	98	92	110	1,133	2,993
Accounts payable	1	1	2	2	2	3	5	6	14	31
Deferred revenue (current)	—	—	0	0	1	0	0	0	8	27
Total current liabilities	6	17	16	12	5	23	36	51	142	163
Short-term debt	—	—	10	7	—	—	—	—	—	—
Long-term debt	3	0	1	1	0	14	3	0	—	—
Total debt	7	10	11	8	0	1	29	49	8	5
Total liabilities	9	18	17	13	5	40	47	74	661	1,418
Shareholders' equity	−8	−15	−12	15	112	58	33	17	438	1,570
Non-controlling interests and other (assets − liabilities − equity)	—	—	—	—	—	—	12	19	34	—
Net debt (negative = net cash)	6	9	8	−18	−41	−29	14	19	−542	−653
Shares outstanding	50m	—	—	—	—	132m	—	—	—	530m

US$ millions unless shown otherwise. Fiscal quarters.

Ondas Inc.: balance sheet, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Receivables	3	5	2	5	5	22	45	72
Inventory	9	10	11	11	13	22	34	52
Total current assets	17	48	43	91	479	686	1,629	1,606
Goodwill	28	28	28	28	35	252	382	661
Total assets	80	110	105	152	550	1,133	2,439	2,993
Accounts payable	4	6	4	5	8	14	17	31
Deferred revenue (current)	0	0	3	3	2	8	20	27
Total current liabilities	40	51	50	31	31	142	149	163
Long-term debt	—	0	0	0	0	—	—	—
Total debt	—	0	0	0	0	—	—	—
Total liabilities	47	74	58	39	40	661	1,359	1,418
Shareholders' equity	15	17	26	91	486	438	1,074	1,570
Non-controlling interests and other (assets − liabilities − equity)	18	19	21	22	24	34	—	—
Shares outstanding	75m	93m	128m	207m	330m	381m	469m	530m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

Compare with peers

Head to head: INSG vs ONDS CLFD vs ONDS KVHI vs ONDS

More: Communications Equipment stocks compared, Technology sector, rankings of US companies

Figures from Ondas Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Ondas Inc.