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SUNNYVALE, CA - Ondas Holdings Inc. (NASDAQ:ONDS), a $202.5 million market cap company specializing in private wireless networks and drone solutions, announced the appointment of Markus Nottelmann as Chief Executive Officer of its subsidiary Ondas Networks Inc. The appointment comes as the stock has shown significant momentum, posting a 110% gain over the past six months. Nottelmann, a board member at Ondas Networks, has been contributing to the company as a Senior Advisor since October 2024, focusing on commercial development and strategic activity.
With a background in strategic financial and operating roles, Nottelmann brings extensive experience from the railroad industry to his new position. His career includes leadership positions at Sperry Rail Service and Acuren Inspections, subsidiaries of Rockwood Holdings, LP, as well as at Furmanite Inc. and DMA S.r.l. Since 2020, Nottelmann has leveraged his expertise as a strategic CFO, guiding companies through strategic assessments, transformations, and acquisitions. According to InvestingPro data, his appointment comes at a crucial time as the company faces challenges with cash burn and profitability, with a weak Financial Health Score of 1.34.
In his statement, Nottelmann expressed enthusiasm about advancing Ondas Networks at a significant moment in the technological evolution of the rail ecosystem. He highlighted the company's innovative dot16 wireless connectivity platform and the growing opportunities pipeline.
Eric Brock, Chairman and CEO of Ondas Holdings, endorsed Nottelmann's appointment, citing his financial and strategic acumen as well as his leadership skills. Brock emphasized the critical timing of the appointment as the company seeks to drive adoption of its dot16 platform and capitalize on its technology and market development investments.
Ondas Holdings operates through its subsidiaries, Ondas Networks and Ondas Autonomous Systems Inc., which includes American Robotics, Inc. and Airobotics LTD. Ondas Networks develops proprietary, software-based wireless broadband technology to support mission-critical IoT applications across various industries. Ondas Autonomous Systems specializes in autonomous drone solutions for critical defense, infrastructure, industrial, and government applications.
This news article is based on a press release statement from Ondas Holdings Inc. and does not include any additional analysis or commentary. The information presented here is intended for informational purposes only. For a comprehensive analysis of Ondas Holdings, including 17 additional ProTips and detailed financial metrics, visit InvestingPro, where you'll find expert insights and in-depth research reports covering over 1,400 US stocks.
In other recent news, Ondas Holdings Inc. has been actively strengthening its financial position and expanding its operations. The company issued $18.9 million in Series B-2 Senior Convertible Notes and secured an additional $1.7 million through a private investment, raising a total of $30 million since early December. These funds are primarily directed towards the expansion of its drone business, Ondas Autonomous Systems (OAS), despite a challenging third quarter in 2024, where revenues fell to $1.5 million from $2.7 million the previous year.
Ondas also announced the appointment of Ron Stern (AS:PBHP) to its Board of Directors, a move expected to influence the growth of its OAS business unit. Stern brings over two decades of experience in growth equity and venture capital, having held leadership positions at OurCrowd and Shamrock Holdings. His expertise in accretive funding and mergers and acquisitions is seen as an asset to the company's strategic initiatives.
The company has also made significant strides in its drone operations. Its subsidiary, American Robotics, obtained an additional Federal Aviation Administration (FAA) Beyond Visual Line of Sight (BVLOS) waiver, allowing for expanded drone operations. Furthermore, Ondas 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.
These transactions and strategic developments were facilitated by Oppenheimer & Co. Inc., acting as the sole placement agent in some instances. Despite these positive strides, 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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