The following is a summary of the Ondas Holdings Inc. (ONDS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Ondas Holdings Inc. reported Q1 revenues of $625,000, a significant decrease from the $2.6 million recorded in Q1 of 2023.

• The Gross profit turned negative in Q1 2024, compared to a profit of $1 million in Q1 2023.

• Despite the decrease in revenue and gross profit, operating expenses were successfully minimized from $13.7 million in Q1 2023 to $8.7 million in Q1 2024.

• Concurrently, the operating loss improved by 28% year-over-year, and there was a decrease in cash utilized in operations during Q1 2024.

Business Progress:

• Delays were experienced due to extended lead times with the Class I railroads in the 900-megahertz network.

• Growth perspectives with the announcement of an order to provide an upgraded 220 megahertz PTC data radio and completion of a second systems integration.

• Expectations for increased autonomous drone operations with promised integrations of airspace safety and management systems and development of a compliance program for cybersecurity and supply chain.

• Anonymous drone business is expected to expand in the United Arab Emirates with an aim of achieving a fleet size of over 20 systems by 2025.

• Impending opportunities in US defense and security markets speculated for H2 2024.

• Ondas plans to enhance operational and financial flexibility by scaling its drone business worldwide under the formed Ondas Autonomous Holding Inc.

More details: Ondas Holdings IR

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