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Ondas cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$93.8M in Q2 2026 · −$172M over twelve months

Operating cash flow−$86.1M
Capital spending−$7.8M
Free cash flow−$93.8M
Cash conversion cycle100 days

Analysis

In Q2 2026, Ondas generated −$86.1M of operating cash flow and spent $7.8M on capital projects, leaving free cash flow of −$93.8M. That is $85.3M less than in Q2 2025 (−$8.5M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$161M; the largest uses were other investing ($1.0B), operating cash flow ($161M), capital spending ($10.9M); besides operations, cash came from shares issued ($1.7B), other financing ($33.7M); the cash balance rose by $598M.

Operating cash flow was −$86.1M against net income of −$88.4M. The largest differences: stock-based pay +$69.1M, receivables −$22.1M, accrued liabilities −$12.9M.

Its cash conversion cycle was 100 days (receivables 64 + inventory 82 − payables 46).

Free cash flow

Ondas: free cash flow by quarterOndas: free cash flow by quarter−$8.4MQ3 2024−$8.1MQ4 2024−$6.8MQ1 2025−$8.5MQ2 2025−$11.1MQ3 2025−$14.3MQ4 2025−$52.6MQ1 2026−$93.8MQ2 2026
Operating cash flow less capital spending.
Ondas: operating cash flow against capital spendingOndas: operating cash flow against capital spendingOperating cash flowCapital spending−$9.1M−$676KQ3 2024−$8.1M$30KQ4 2024−$6.7M$171KQ1 2025−$8.4M$96KQ2 2025−$11.0M$170KQ3 2025−$12.7M$1.6MQ4 2025−$51.3M$1.3MQ1 2026−$86.1M$7.8MQ2 2026
Latest (Q2 2026): Operating cash flow −$86.1M, Capital spending $7.8M.

Capital allocation, year by year

Ondas: where the cash came from (up) and went (down), by fiscal yearOndas: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow −$16.9MFY2021: Net borrowing −$7.1MFY2021: Shares issued $49.0MFY2021: Asset sales $47.5MFY2021: Capital spending −$924KFY2021: Acquisitions −$6.5M$96.5MFY2021FY2022: Operating cash flow −$38.0MFY2022: Net borrowing $27.7MFY2022: Shares issued $6.2MFY2022: Capital spending −$2.9M$33.9MFY2022FY2023: Operating cash flow −$34.0MFY2023: Net borrowing $5.0MFY2023: Shares issued $40KFY2023: Asset sales $49KFY2023: Capital spending −$211KFY2023: Acquisitions −$135K$5.0MFY2023FY2024: Operating cash flow −$33.5MFY2024: Net borrowing $33.0MFY2024: Shares issued $44.3MFY2024: Asset sales $1KFY2024: Capital spending −$1.6M$77.3MFY2024FY2025: Operating cash flow −$38.7MFY2025: Net borrowing $894KFY2025: Shares issued $830MFY2025: Capital spending −$2.0MFY2025: Acquisitions −$2.8M$831MFY2025
Over these 5 years operating cash flow totalled −$161M; the largest uses were operating cash flow ($161M) and acquisitions ($9.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.4B
Debtnone
Net cash$1.4B
Cash runway8.1 years

Ondas is burning cash: its operations consume cash, a free cash flow of −$172M a year at the current rate against $1.4B of cash and investments: a runway of about 8.1 years before any new financing.

Where the cash came from and went

Ondas: sources (+) and uses (−) of cash, Q2 2026Ondas: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$371MOther investing−$281MOperating cash flow−$86.1MCapital spending−$7.8MOther financing$3.0MExchange rates$1.3MNet borrowing (+) / repaid (−)−$41K
Ondas: sources (+) and uses (−) of cash, TTM to Q2 2026Ondas: sources (+) and uses (−) of cash, TTM to Q2 2026Shares issued$1.7BOther investing−$1.0BCash drawn (+) / kept (−)−$598MOperating cash flow−$161MOther financing$33.7MCapital spending−$10.9MExchange rates$1.6MNet borrowing (+) / repaid (−)$480K

From profit to cash

Ondas: net income to operating cash flow, Q2 2026Ondas: net income to operating cash flow, Q2 2026Net income−$89.7MDepreciation & amortization$934KStock-based pay$69.1MGains on disposals$33KReceivables−$22.1MInventory−$9.9MPayables$1.9MAccrued liabilities−$12.9MDeferred revenue−$4.0MPrepaid and other assets−$250KOperating cash flow−$86.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 2026648246100
Q1 2026619954106
Q4 202542915975
Q3 20254814681113
Q2 202553336143246
Q1 202576332166242
Q4 202490265137218
Q3 2024161444266338

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$86.1M−$7.8M—−$41K—$371M−$93.8M
Q1 2026−$51.3M−$1.3M—−$305K$959M−$443M−$52.6M
Q4 2025−$12.7M−$1.6M−$2.7M−$688K$407M−$160M−$14.3M
Q3 2025−$11.0M−$170K——$380M−$365M−$11.1M
Q2 2025−$8.4M−$96K——$51.7M−$43.1M−$8.5M
Q1 2025−$6.7M−$171K—$923K$4.5M$4.6M−$6.8M
Q4 2024−$8.1M−$30K—$30.1M−$23K−$27.1M−$8.1M
Q3 2024−$9.1M$676K——$3.5M$2.1M−$8.4M

Ondas: income statement and cash flow

Ondas, Q2 2026: revenue $83.8M (13× year over year), operating margin -194.5%. The chart follows the revenue to costs, profit and cash.

Ondas: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.