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BOSTON - Ondas Holdings Inc. (NASDAQ:ONDS), a provider of private industrial wireless networks and commercial drone solutions, announced the appointment of Ron Stern (AS:PBHP) to its Board of Directors. The company, currently valued at $191 million and trading near $2.24 per share, expects Stern to play a significant role in the growth of its Ondas Autonomous Systems (OAS) business unit. According to InvestingPro data, the company faces significant challenges with cash burn and profitability, making strategic leadership crucial.
Stern brings over two decades of experience in growth equity and venture capital, having held leadership positions at OurCrowd and Shamrock Holdings. He has been instrumental in supporting emerging technology companies, including serving on various boards. Stern is notably recognized for his tenure as a General Partner at OurCrowd, where he contributed to the growth of its portfolio companies through director nominations, financing rounds, and leading IPOs and exits. His appointment comes as Ondas shows mixed market performance, with InvestingPro reporting a strong 161% price return over the past six months despite recent volatility.
The CEO of Ondas, Eric Brock, expressed confidence in Stern's ability to contribute to the company's growth and strategic initiatives, citing his expertise in accretive funding and mergers and acquisitions. Stern's prior involvement as Chairman of Ondas' subsidiary, Airobotics, is seen as an asset that provides him with in-depth knowledge of the company's operations. Financial metrics from InvestingPro indicate the company faces challenges, with a current ratio of 0.43 and negative EBITDA of -$32.4 million in the last twelve months. Get access to 16 additional ProTips and comprehensive financial analysis through InvestingPro's detailed research reports.
Mr. Stern shared his enthusiasm about joining Ondas and advancing the company's business initiatives. He highlighted Ondas' significant technologies serving critical security and infrastructure markets and his eagerness to support customer needs and drive investor value through growth and operational scaling.
Ondas Holdings operates through its subsidiaries, Ondas Networks, American Robotics, and Airobotics, focusing on Mission-Critical IoT applications and autonomous drone solutions for defense, security, and industrial applications. Based on InvestingPro's Fair Value analysis, the stock appears to be trading near its Fair Value, though investors should note the company's weak financial health score of 1.42 out of 5.
This news is based on a press release statement from Ondas Holdings Inc. and does not include speculation or subjective assessment. It reflects the company's current developments and strategic personnel changes.
In other recent news, Ondas Holdings has been making significant strides in securing orders and funding for its drone operations. The company recently secured a defense order for its AI drone platform, the Iron Drone Raider, with initial orders in the defense market totaling approximately $14.4 million. This includes a $9.0 million order from a major government military customer. In addition, Ondas' subsidiary, American Robotics, has obtained an additional Federal Aviation Administration (FAA) Beyond Visual Line of Sight (BVLOS) waiver, allowing for expanded drone operations.
Further bolstering its financial position, Ondas issued $18.9 million in Series B-2 Senior Convertible Notes, part of a total of $30 million secured since early December. This funding is primarily directed towards the expansion of its drone business, Ondas Autonomous Systems (OAS). The company also secured an additional $1.7 million through a private investment, despite facing financial challenges with a year-over-year revenue decline of 28.41%.
These developments have been facilitated by Oppenheimer & Co. Inc., acting as the sole placement agent in some instances. Despite these positive strides, InvestingPro data suggests that Ondas faces challenges with profitability and financial metrics, indicating the need for careful monitoring of its growth trajectory. These are the latest developments in Ondas Holdings' operations.
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