The key points:

  • Revenue for the second quarter was $600k compared to $900k for the three months ended June 30, 2021. However, revenue increased 50% quarter-over-quarter.
  • Gross margin was 52.7% compared to 34.6% in Q2 2021.
  • Net loss was around $11.3 million compared to a $2.8 million loss in Q2 2021.
  • Cash balance at the end of June was about $28 million.

Ondas reaffirmed its 2022 financial outlook of at least $20 million in bookings for Ondas Networks, orders for at least 30 Scout Systems for AR and at least one customer reorder for fleet deployment.

Highlights during the quarter:

Ondas Networks received its first volume order from Siemens. The order is the most substantial order in Ondas’ history and equal to more than 25% of the ’22 bookings goal.

American Robotics added two new customers.  New customers are Scotts MiracleGro and Nevada Gold Mines (this is a joint venture between Barrick Gold and Newmont Mining). Scotts is performing plant health analysis while…