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BOSTON - Ondas Holdings Inc. (NASDAQ:ONDS), a provider of private wireless networks and drone solutions trading at $0.85 per share with a market capitalization of approximately $73 million, has announced the appointment of Brigadier General (Res.) Oshri Lugasi as Co-Chief Executive Officer of its Ondas Autonomous Systems (OAS) unit. According to InvestingPro data, the stock has experienced significant volatility, declining over 66% year-to-date, though technical indicators suggest it may be oversold. The move comes as the company aims to leverage Lugasi’s extensive experience in defense technology and military operations to drive expansion in the defense and homeland security sectors.
Lugasi, who previously served in various leadership roles at Rafael Advanced Defense Systems, including VP of Marketing, has a track record of securing government-to-government defense contracts worth over $20 billion. His expertise is expected to be a strategic asset for Ondas as it seeks to grow its presence in the global defense market.
Under Lugasi’s leadership, OAS plans to advance its autonomous drone and robotic solutions, which have recently seen significant bookings in the defense sector. In the third quarter of 2024, OAS secured initial orders totaling approximately $14.4 million from a major military customer for its AI-powered drone solutions, indicating a growing demand for such technologies. However, InvestingPro analysis reveals the company faces financial challenges, with a gross profit margin of about 15% and rapidly depleting cash reserves. The company’s revenue stood at $8.02 million in the last twelve months, with analysts projecting a sales decline in the current year.
Eric Brock, Chairman and CEO of Ondas Holdings, expressed confidence that Lugasi’s appointment would strengthen the company’s position as a provider of cutting-edge autonomous solutions for defense and homeland security applications.
Lugasi’s military background includes commanding over 30,000 personnel in the IDF Combat Engineering Corps and implementing advanced robotic systems. He brings a wealth of experience in managing large-scale military units and coordinating defense projects, which is likely to benefit Ondas in scaling its autonomous defense technologies globally.
OAS, a subsidiary of Ondas Holdings, specializes in designing and marketing autonomous drone solutions, including the Optimus System and the Iron Drone Raider, both of which are AI-powered and designed for continuous, remote operation in critical applications.
The appointment of Lugasi is part of Ondas’ strategic effort to redefine autonomy across multiple sectors and build alliances with defense ministries, military forces, and homeland security agencies worldwide. This initiative is aligned with the company’s commitment to enhancing its technology portfolio and expanding market reach. For investors seeking deeper insights, InvestingPro offers comprehensive analysis with over 14 additional ProTips and a detailed Pro Research Report, helping you make informed decisions about companies like Ondas Holdings in the evolving defense technology sector.
The information in this article is based on a press release statement from Ondas Holdings Inc.
In other recent news, Ondas Holdings Inc. has announced several key developments. The company reported that its subsidiary, Airobotics, received a significant purchase order from a major defense company for its Iron Drone Raider system, marking a strategic expansion in the defense and homeland security sectors. This order is part of a broader initiative that secured initial orders totaling approximately $14.4 million in the third quarter of 2024. Additionally, Ondas Networks, another subsidiary, has appointed Markus Nottelmann as its new CEO, bringing his extensive experience from the railroad industry to the role. In another personnel change, Ondas Holdings has appointed Ron Stern (AS:PBHP) to its Board of Directors, with expectations that he will contribute significantly to the growth of Ondas Autonomous Systems. Furthermore, the company extended the maturity date of a $1.5 million secured loan to July 23, 2025, providing additional time to meet its financial obligations. These developments indicate Ondas’s ongoing efforts to strengthen its leadership and expand its technological capabilities in critical sectors.
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