Summary by Moomoo AI
Ondas Holdings reported Q2 2024 revenue of $958,000, down 82% from $5.5 million in Q2 2023, primarily due to decreased product sales at both Ondas Networks and OAS segments. Gross margin turned negative at -20% compared to 56% in the prior year period, impacted by fixed manufacturing costs amid lower volumes.Operating expenses decreased 30% to $8.1 million, driven by reduced headcount and integration synergies between American Robotics and Airobotics. The company achieved significant cost reductions in human resources, research and development, and sales and marketing expenses. Net loss narrowed to $8.3 million from $9.0 million in Q2 2023.As of June 30, 2024, Ondas had cash and restricted cash of $5.0 million with a working capital deficit of $22.8 million. The company raised approximately $8.6 million in Q1 2024 through preferred stock and warrant issuances but noted substantial doubt about its ability to continue as a going concern. Management expects to fund operations through cash on hand, revenue growth, and potential additional equity or debt financing.
