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The company’s current valuation also marked a 40.6 percent increase from the $1.87 price it posted a year ago. Meanwhile, the past 30 days saw its stock price jump by a whopping 228.75 percent.
Over the past few months, the company has been doubling its efforts in raising funds to meet financial and operational objectives.
On Monday alone, Ondas (ONDS), through its drone subsidiary Ondas Autonomous Systems Inc. (OAS) entered into an agreement with institutional investors for the sale of promissory notes. The notes carry a 5-percent annual interest rate and are set to mature on September 30, 2025.
The investors include Privet Ventures LLC, which is affiliated with Ondas (ONDS) Chairman and Chief Executive Officer Eric Brock, as well as Charles & Potomac Capital, LLC, which is connected to the company’s board member Joseph Popolo.
$73.5M funds raised last year
Apart from the $1.7 million, Ondas (ONDS) raised another $30 million last month, $18.9 million of which came from the offer of senior convertible notes. Proceeds will be used to support the growth of OAS.
In October, the company also raised $3.5 million, proceeds of which will be used for general corporate purposes.
In the third quarter of 2024, Ondas (ONDS) secured $14.4 million in orders for its military technology platforms, as well as $4.1 million from the sale of Series B-2 senior convertible notes. The amount came despite a challenging third quarter where revenues fell by 44.4 percent to $1.5 million from the $2.7 million registered year-on-year.
Additionally, Ondas (ONDS) regained compliance with Nasdaq’s minimum bid price requirement, which ensured its spot on the Nasdaq Capital Market. The company has also successfully raised $10 million through the issuance of new convertible notes, and secured an $11.5 million investment to primarily support the growth of OAS.
Despite all these, analysts have posted a more pessimistic outlook on the company, saying that its overall financial health score was weak and that a sales decline was expected this year.
Ondas (ONDS) is a leading provider of technology platforms that digitize industrial and government operations. Its two business units, Ondas Networks, and Ondas Autonomous Systems, together provide customers in rail, energy, public safety, critical infrastructure, and government markets with mission-critical networks, autonomous drones, counter-drone solutions, and artificial intelligence capabilities.
While we acknowledge the potential of ONDS our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ONDS but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.