Ondas Inc. Segments Disclosure
NOTE 15 – SEGMENT INFORMATION
Operating segments are defined as components of an entity for which discrete financial information is available and is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in making decisions regarding resource allocation and performance assessment. The Company’s CODM is its . Segment operating loss and segment loss before provision for income taxes are the measure of profit and loss used by the CODM to assess performance and to decide how to allocate resources for each of the Company’s reportable segments. Segment operating loss and segment loss before provision for income taxes are used to monitor actual results versus planned and prior period results for each segment based on their respective profitability objectives and business models. Segment operating loss and segment loss before provision for income taxes are also used to allocate human and capital resources among the reportable segments. The Company determined it has two reportable segments, Ondas Networks and OAS, as the CODM reviews financial information for these two businesses separately. The Company has no inter-segment sales. The following table presents segment information for years ended December 31):
| 2025 | 2024 | |||||||||||||||||||||||
| (dollars in thousands) | Ondas Networks | OAS | Total | Ondas Networks | OAS | Total | ||||||||||||||||||
| Product revenue | $ | 193 | $ | 34,390 | $ | 34,583 | $ | 26 | $ | 2,770 | $ | 2,796 | ||||||||||||
| Service and subscription revenue | 23 | 10,218 | 10,241 | 34 | 2,458 | 2,492 | ||||||||||||||||||
| Development revenue | 764 | 5,143 | 5,907 | 1,872 | 33 | 1,905 | ||||||||||||||||||
| Revenue, net | 980 | 49,751 | 50,731 | 1,932 | 5,261 | 7,193 | ||||||||||||||||||
| Cost of goods sold | 2,410 | 28,165 | 30,575 | 2,291 | 4,557 | 6,848 | ||||||||||||||||||
| Gross profit (loss) | (1,430 | ) | 21,586 | 20,156 | (359 | ) | 704 | 345 | ||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||
| General and administration | 2,781 | 24,453 | 27,234 | 5,261 | 10,360 | 15,621 | ||||||||||||||||||
| Sales and marketing | 3,161 | 9,838 | 12,999 | 2,209 | 3,101 | 5,310 | ||||||||||||||||||
| Research and development | 5,260 | 15,619 | 20,879 | 5,882 | 6,595 | 12,477 | ||||||||||||||||||
| Segment operating loss | (12,632 | ) | (28,324 | ) | (40,956 | ) | (13,711 | ) | (19,352 | ) | (33,063 | ) | ||||||||||||
| Interest income | 15 | 12 | 27 | 75 | 75 | |||||||||||||||||||
| Interest expense | (6,813 | ) | (1,294 | ) | (8,107 | ) | (632 | ) | (677 | ) | (1,309 | ) | ||||||||||||
| Other segment items | (24 | ) | (196 | ) | (220 | ) | (29 | ) | 16 | (13 | ) | |||||||||||||
| Segment loss before provision for income taxes | $ | (19,454 | ) | $ | (29,802 | ) | $ | (49,256 | ) | $ | (14,297 | ) | $ | (20,013 | ) | $ | (34,310 | ) | ||||||
| Corporate operating loss | (17,428 | ) | (1,546 | ) | ||||||||||||||||||||
| Elimination of intercompany interest | 5,594 | 606 | ||||||||||||||||||||||
| Corporate unrealized gain on investments | 5,400 | |||||||||||||||||||||||
| Corporate change in fair value of warrant liability, net | (82,225 | ) | ||||||||||||||||||||||
| Corporate interest income | 9,085 | 160 | ||||||||||||||||||||||
| Corporate interest expense | (4,062 | ) | (2,917 | ) | ||||||||||||||||||||
| Income (Loss) before income taxes | $ | (132,892 | ) | $ | (38,007 | ) | ||||||||||||||||||
Additional segment information is set forth below as of and for the year ending December 31,
| 2025 | 2024 | |||||||||||||||||||||||||||||||
| (dollars in thousands) | Ondas Networks | OAS | Corporate | Total | Ondas Networks | OAS | Corporate | Total | ||||||||||||||||||||||||
| Total assets | $ | 8,983 | $ | 510,478 | $ | 613,380 | $ | 1,132,841 | $ | 10,158 | $ | 71,186 | $ | 28,278 | $ | 109,622 | ||||||||||||||||
| Goodwill | $ | $ | 251,809 | $ | $ | 251,809 | $ | $ | 27,752 | $ | $ | 27,752 | ||||||||||||||||||||
| Depreciation and amortization | $ | 283 | $ | 6,471 | $ | $ | 6,754 | $ | 211 | $ | 4,611 | $ | $ | 4,822 | ||||||||||||||||||
| Stock-based compensation | $ | 220 | $ | 10,398 | $ | 5,398 | $ | 16,016 | $ | 397 | $ | 462 | $ | 406 | $ | 1,265 | ||||||||||||||||
| Capital expenditures | $ | 4 | $ | 1,996 | $ | 34 | $ | 2,034 | $ | 1,042 | $ | 594 | $ | $ | 1,636 | |||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 30, 2026 | Showing above |
| 2024 | Mar 12, 2025 | |
| 2023 | Apr 1, 2024 | |
| 2022 | Mar 14, 2023 | |
| 2021 | Mar 22, 2022 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.