Ondas Holdings Inc.
ONDS Technology Communication Equipment
Ondas Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $50.7 million, up 605.3% from fiscal 2024. In the quarter to June 2026, revenue grew 1,235.4%, EPS fell 125.0%, free cash flow fell 1,000.3% and total debt rose 1,276.0%, each against the same quarter a year earlier.
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Ondas Holdings Inc. (ONDS) Beneish M-score
Ondas Holdings Inc.'s Beneish M-score for fiscal 2025 is 1.99; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 1.99 | (0.56) |
| FY2024 | 2.55 | (3.65) |
| FY2023 | 6.20 | 14.55 |
| FY2022 | −8.35 | (38.09) |
| FY2021 | 29.75 | 28.22 |
| FY2020 | 1.52 | 7.87 |
| FY2019 | −6.35 | 2.90 |
| FY2018 | −9.25 | (45.70) |
| FY2017 | 36.45 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.61 | — | 0.56 | |
| Gross margin index | 0.12 | — | 0.06 | |
| Asset quality index | 0.71 | — | 0.29 | |
| Sales growth index | 7.05 | — | 6.29 | |
| Depreciation index | 1.36 | — | 0.16 | |
| SG&A index | 0.36 | — | −0.06 | |
| Total accruals to total assets | (0.08) | — | −0.39 | |
| Leverage index | 0.21 | — | −0.07 | |
| Beneish M-score | Flagged by the model | 1.99 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| HLIT Harmonic Inc. compare | −3.7× |
| DGII Digi International Inc. compare | −2.9× |
| VSAT Viasat Inc. compare | −2.9× |
| BDC Belden Inc compare | −2.6× |
| EXTR Extreme Networks, Inc. compare | −2.5× |
| VIAV Viavi Solutions Inc. compare | −2.4× |
| VISN Vistance Networks, Inc. compare | −2.2× |
| AAOI Applied Optoelectronics, Inc. compare | −0.5× |
| ONDS Ondas Holdings Inc. | 2.0× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI