Ondas (ONDS) 16 Aug 212021 Q2 Earnings call transcript

Welcome to the Ondas Holdings Inc.'s Second Quarter 2021 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Before we begin, the company would like to remind you that, this call may contain forward looking statements.

While these forward looking statements reflect on Ondas's best current judgment, they are subject to risks and uncertainties that could cause actual results to differ materially from those implied by these forward looking statements. website. discussed earnings Ondas’s which press available the are and SEC are factors on the in release company's risk in periodic the filings both These issued today, update Ondas any future undertakes or as except by circumstances, to no revise events forward statements to obligation looking reference law. required or being this note Please recorded. event is now would Chairman the CEO. turn and to over I conference to like Brock, the Eric ahead. go Please

and Call. our and morning, welcome CFO; Moser, Good President joined Kantor, by Stewart Second our Investor to of today I'm Quarter Robotics. and wholly-owned Reese CEO American Ondas’s subsidiary,

you developer its the company, definitive In a of had acquisition support commercial drones $XX.X of the for in the of operate will planned The May, in aware company operator. Approved offering those a who are Ondas presence leading into entered agreement For growth the beyond-visual-line-of-sight have systems to been the cast, that the was FAA company quarter. supporting the we to we and first acquisition. August shareholders X, you of proceeds growth their the of public acquire votes to allow XX.X% following both a very completed Robotics. American our rapid without human by second eventful a well Ondas approximately and June, Networks American from support received the on overwhelming million Then completed which we with Robotics,

the us the Company’s We an leaving retire strong all debt also use balance opportunity almost to extremely with sheet.

Siemens completed phase-one our their AURA network We drones. our adoption the nationwide with for Rails. with and quarter, substantially to expanded we network our control advanced with partnership command Class During towards plans work support FullMAX driving the commercial development strategic X is

the quarter first financial call will Our second of Stewart CFO, from update Kantor agenda half XXXX. in covering the a our include for today

Stewart, outlook handing American to business, more for over We I'll provide on for Ondas the the summary on update provide the details a Robotics. at before call will the before you will an the QX financial end, update for now an Network the provide on turning I Reese and Q&A. hand the to company call then to over outlook. call

Eric. you, Thank

As quarter, early Ondas in loan continuing to of agreement the included June in million the leading Network Robotics in a making advance an $X complete eventful all which Eric have did and while and mentioned, American equity businesses. a million May, the acquisition, both on advance in raise we April Robotics the effort to announced $XX.X to American executing

that the filing day. the year, and of be be quarter. our mention guidance don't that by half results Robotics financial shared first recent financial weeks. the the financials release. press the financials the for acquisition end and I the in reporting XX-Q for our maturity American We'll please the include AR for we given also of intend provide businesses I'd AR. several financial performer this second quarter do of included in publishing like The to to not statements we'll QX As And note we in morning's we're of numbers have

time achieve We will we in milestones. continue shareholders to real update our as

June XX, ended primarily loss flat interest based decrease months three expense June $X.X a June XX, related Stock compared three profit June compensation and months for three June XX, million months to development decreased XXXX, XXXX. agreements. of forgiveness as for increase million the a increase in to in the cost XXXX. approximately a facilities network the basis three for the which at which expenses in months and ended to of offset to the fees was increase approximately were to decreased million professional the change product period. total XXXX. the $X.X net in ended product net loan the development company of revenue to approximately XX, loss compared XX, XX, June were driven the $X.X related for approximately was the driven million XX, compared $X.X lower was the approximately Moving compared XXXX, the second XXXX, XX, months XXXX, loss the by is to three XX, million approximately result XXXX, lower to goods a of $X.X gross ended of by was of profit a was Gross mix months approximately months This to million three for on the lower XXXX. $X.X June approximately XX, compared months the XX, by in three June related due operating an XX, order. three million company The margins June as at XX% acquisition loss primarily revenue ended as to XXXX, an $X.X ended higher approximately XX% by ended for ended $X.X the ended by The offset lower for which to XX, for The XX, XXXX. was in XXXX. three gross sales, as ended XXXX, -- the XXXX. the our to of million The Net profit due realized million fulfilled during months for XXXX, lower as million the compared three three development three XXXX. June as three months months $X.X decrease $X.X months June and June lower The three June June percentage results relatively American difference XX, months as three expenses to ended $X.X quarter, profit primarily large ended months ended Operating product $X.X was the for XX, revenues $X.X percentage robotics revenues three for million a revenue ended by by ended and XX% the million revenues. compared in as decreased lower June compared ended revenue between and June months XXXX the XX% XX, ended during three a June to to million in months Gross months

the of Operating to June our approximately months approximately months for ended an ended company ended loss numbers six XXXX, XX% half months six XX, XX% ended XXXX, approximately the $X.X move with ended the ended XX, company transitioning equivalents June million to XX, to growth of acquisition balance for for operating And six ended of of for driver XX, XX, ended with XXXX, as on June compared Now XX, grew professional fees June the to to of June to XXXX, million our revenue approximately as loss approximately million approximately approximately million June loss to Network, was XXXX. was for months primarily basis, the the for The profit compared ended compared approximately and XXXX. for XX, six XXXX. to as the million due net XXXX. XX, for million cash expenses XXXX, We'd for to primary now the achieved from by network's Gross of the June in expenses months months milestones six months to XX% XX% the over to the gross the operating for Robotics was second Robotics. revenues June months Revenue ended XX, was first $X.X Gross XXXX. increased as compared held same higher June the growth compared outlook increase result million XX, the -- first with during the $X.X profit XX, $XX.X as $X.X was as American XXXX. increased six the six similar The months and $X.X American as development cash Increased $X.X months to driven acquisition for million December six as June now with months million sheet. months a Siemens This XXXX. six June XX% similar to and June XXXX, prior loss transition our the $X $XX.X a $X for associated then in six same American June larger the XX, XXXX. for compared for revenues profits. realized AURA quarter half Net the ended the by the XX, Robotics. percentage XX, Ondas a million six for at ended along the to XXXX, year, turning six of as by like projects and primarily despite a

rail strategic work to Ondas’ spectrum. megahertz Rails in Class FullMAX network, advance continue partner adoption to XXX a our closely of the platform with Siemens and the X greenfield We

information we XXXX. to rail an purchase in be continues rally our committee networks based we The XXX-megahertz Our notified multiple XXX-megahertz through the rail or share the We'd with The receive order the the exercised are June industry we'll feature of you more standards as Rail of implementation. half paving around the is that This to it. of industry news federated test was format have participation in opportunity important process. the the CSX field look our and BNSF we in and as our XXX.XXs in We'll soon real deployment. share we order the like the us market. and path the as the year, validation Also, that XXX.XXt the to remind of standard platform approved leadership second standard Also, more network. for timing the active to on with in the move the that to and FullMAX world-learnings network real is capability of expect shared Lab technology. is can continue network regarding receive

program apparent to their that to widen mode products orders launch Our partnership Siemens spectrum. Continuing year. September. which with full future. a the in expected of well earnings ATCS inside. in purchase with And our new Siemens, products, which to transition legacy with major existing was Greenfield of the is these of feedback the of We network the XXX-megahertz project, the new completion aware deepen And development initial continue continues Siemens value these FullMAX you ATCS the putting our ATC product, locomotive real on with the muscle initiated is made dual QX. last we call and that end by onboard products quarter smooth our with the the will the the near this is and first last received from become behind remember more capabilities for and a underway is marketing development customers they understand and more

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Eric and American transition to to Reese like introduce I'd Moser. to Now, Robotics Eric? back

Thank you, Stewart.

on the make front. progress We continue substantial Ondas to networks'

Now American to turn Robotics. let's

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have We momentum.

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you. Thank

comes now ahead. Please [Operator go will begin Instructions] the question from question-and Oppenheimer. Tim answer-session. at Today's Horan We first

Hey, a guys. June, bit lab think Can Thanks – equipment, more just said does Yeah. the elaborate on a the in FullMAX maybe little you that mean? what what I lab lot. color around, you approved

Tim. you, thank Absolutely, Sure.

lab, So what the talk Mission and on Lab, to you XXX is connected let the network. me this work the Federated mean by that about we megahertz remind Rail the Critical-IoT

we're and So recall railroads that FullMAX platform defined bringing our flexibility have before. never that is new paradigm. a We're also industrial software but wireless markets bringing these bandwidth, had the the

can of allocate rails tiny, relates to on be demand network more that issues it railroads, there. traffic the rails high Network, bring level their manage legacy the into we of terminate capacity. traffic network, for all of And much the and to a come inefficient in software rail quality throughput, Obviously, for individual to each they that, that capacity as compromising child service. the right, like a small, multiple point because the would capacity, lot there's XXX is or retired, particular, can shared the band, operating, We maximize that of and a operational the that in, Chicago operate. our rails the to traffic certain to there's the out carve have logistical sort creates of areas, networks had As guarantee In data course, there's going system. a historically Legacy for then spectrum which provide in and because higher – poster to

what labs that's So rail the for.

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lab. that's So real the

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mentioned the the expect lab the So his quarter. in the as in fourth Stewart purchase on order we comments, work for formal

have Association the they American of as network? or Railroads – endorsed seen FullMAX anything they And your Have said formally? publicly or

done us formally won't they're initial And haven't purchase give They that. they until to order. ready the

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recognizing the And you quarter, on multiple secondly, do the if driver expect you companies, purchase will purchase each And that start or when rail? revenue? individual order order, do in for fourth be get the from ones you

question Okay, take so last. -- of I'll that part the second

pretty So, can We recognize we quickly. in fourth up revenue would the lab set that quarter.

ready. In fact already basic structures and who people the have equipment outlined

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be ultimately, orders individual it'll correct? rail But with each purchase company,

order the what -- be. the deployment, budget will We're remains it for to seen. be Ultimately, comes, of where on terms in it

So order from the just coming from clear, is the coming or purchase is lab, rail be to it individual companies this here?

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be sense could how or we large in broadly speaking? be quarter orders purchase have Do fourth could it a how large

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and the ready. to purchase So all megahertz We're is business, strongly for question they're precise are timing But, with are a we're the but PO commercial on indications the can't positioned you the course, deliver network. going and date orders rails, when of earning to when come this We XXX Tim. give that starts. working closely

our be as notify we'll we soon to So investors as sure can.

network how sounds Okay, more sense this, -- and much ultimately? to the how spend on sense rails, you to great. any now large like studying you've it with And upgrade been have they guys any

think add to market, we of which beyond millions in is we've the hundreds what the was anything yet dollars I and network have Well, of potential market talked of previously, size. the don't

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would Reese, to you that? take Sure. like

about? the industry just repeat, question you Can you're sure. asking Yeah, which

want mining contract said think was very more and you I Sorry, industry a large in that the you focused concrete. on aggregates

do improve productivity? what do with we some to just Just curious, examples,

absolutely. Sure, Yeah.

So the and use around initial cases stockpile management. analysis

stockpile what exactly and like moved a of representation yard, your and where to having logistics, optimize to materials in daily things about chain it's So you are being have your management supply from. facility

to having of any materials these date up information actually you it's accurate just of have. much how So about really about

you. see. guys. Thanks, I Thank Good luck.

Thanks Tim.

question next Please with ahead. our NCM. And today comes Mike from go Latimore

about taking winter XXX get Robotics customers? work rollout the you American the that Hi, in Thanks two Fortune with process on commercial over good Just talk stockpile trials two? question. the I would time? start they there, do company. these the morning. the initial and Just these guess, with how for with Can

Stewart that. take please Hey,

answer Yeah, is yes. short sure. The

industrial commercial after then that So see six digit with with and call customers trials out typically and units the after success that some months sales criteria, transitions process larger into is three it we to and single reaching deployments. starting

so is that initial received like? with can our than we these Fortune company, more Since them of oil approval handle. a we interest, in the discussion what in gas of January, frankly, FAA any received stockpile customers, And in we with and look including XXX lot does of part inbound the field

we want And publicly, being wave those units? referenced who this near-term. to our companies fairly units, And first of worthy one eventually they is have scale is the to tasks hundreds two qualifying, selected biggest right to the we of So reasons has so convert in potential customers? because that ability the to who's of now of hundreds the in of we've

sense. makes That

a willing kind pay you of of want finding a kind And the guys these model, SaaS buy are under Okay. system are outright? you or of then, some to customers do just that to

question. great Yeah. That's a

it things a our their business them couple And SaaS shift on for work of large practices kind And based too units. most with scaling again, change with But a model. if the everybody. don't historical may working whole, lens of hundreds accounting of interested a we many fits we the order model, are in to to in potential with you we're want to except that to industries up sure there's On customer. that prefer represent base that the more And plan. know CapEx we're willing making of

are lot of you And Robotics across -- investing then in kind a of the it. board. any doing American Got

of would like You see, platform? kind big mentioned for the your technology be What well. as software/hardware next you'd update to

Yeah. it's I'd I say, the side bit mean, operations a things, related. but on technology little of more

process for and like the maintenance, right efficient big building customers. we manufacturer, well want up field is installing operations, and focus that for Our is sure now of make goes hundreds servicing our design to units scaling things installation, of and

have customers And sure elements experience. So some make best we're that again to the possible there's in. technology that, our around that investing

fourth get comes second, it. then, after Okay. then, would of orders next as that? quarters? a Got do be the And deploy we for commercial shifting and assuming they the after real the in You testings order for opportunity you couple know, What a step that? in, lab to kind And quarter. the

work Stewart I'll Mike, the lab to fill-in, system, shared but of element ask right. the is around the

to I of operated described take or that's megahertz, track. solely out own of, the element XXX in the somewhere place, the in where is there's think sort in you with if is footprint, about the the parallel, And think I'll As say, process. most territory initial coming shared going build we rail earlier, the

sole with about So be Rails. we target the in to deployment still with little and territories bit like will And of lab going I the ATCS XXX be deployments the you start. initial the -- in would operated how it's commercial solely the and long Stewart, Siemens, said, place? talk likely to that a

Yes.

right. that's think, I

is are existing concept out deployed. their federated networks up as BNSF test have and where And those Eric progress. But they CSX where and mentioned, we and they mentioned, the are they intermodal, -- as continue where both the to connect. So

they're necessarily that, I railroads, individual be the say so coming from orders And not lab will timing. the would linked and to right, the

is So intermodal really focus. the the lab timing

have product, progress formally both it with legacy same need the the to platform tuned Rails transition support. the in I time. we Rails value at with launched greenfield and So and Siemens, for you understanding ATCS where as that with too, for individual the September are think that make the supports allows we mentioned we the stay the to the of And the Siemens’ is just being --

connect understanding also coming are where intermodal or things value, and the Rails the where those all the then individual are they together, component. So

I completely So would items. linked say, they're not They're on gating independent.

that like? And sounds it go would the ATCS product there for

Correct.

Yes.

Okay. Thanks a lot.

Mike. Thanks,

Please next Instructions] with question Forte go Capital [Operator from ahead. comes Mansbach Carter Today's Group.

Good your morning, Congratulations all gentlemen. on developments.

clarity questions. at So in contracts. what second the One on the I to we regarding future have point growth? have is And two begin of is, question way will projections,

at we contracts going know are names any are So companies XXX on? -- that, these that both getting sure point, in there's here, we I'm competitive play Fortune natures but companies to of will the

commercial and really the customers we're purchase time, And to the question market we we'll drones The And networks, It's able Ondas their last don't on be at released Thank yes. Hi. ground. clarity details as into Carter. a mission-critical more investing is, we industrial on on certain you, to appropriate via competitive of share for reasons the networks. have At answer names, orders American -- the But and have we stake course, and we Ondas also oil via it's huge that to scale oil Robotics. prudent reasons, in as chose on then to markets. were equivalent timing working of and recent the the gas to in guidance IoT add customer. business would networks. large with And that towards And we large not I pipeline put customers networks, really working and we're that sized customers private not the given gas.

talked we're including Rail in opportunity other confident Networks and in XXX. the XXX. about we've XXX However, past extremely the In the

in well. orders orders inflections that team for So the networks anyone be has sort through FAA in putting rules that else purchase more scout and of faster the Robotics these lot process, we’ll be to than a have we to Ondas backlog will go industry. And business these of fleet as get predictable systems. and the that as for class position in scale as working we're initial get more a much allow going And deployments. American deployment purchase to handful they the for customers place is building we're we technology those And business platform, the predictable best see or

answer. the that's So

the that moment step. I prudent providing guidance QX think, not is for for the at a

much. so you Thank great. Okay,

final question-and-answer to gentlemen ladies management back concludes session. any team for turn the And remarks. I'd to and this like the the over conference

investments visual are in well no All markets into has revenue we're operate sight to software that's needed right, that made network and only them to like substantial the through by course, focused the markets and well, orders technology American Ondas this targeting close approved to two continues the with disruptive platforms, of best our thank The we're the in pull you, on Robotic towards with human of tremendous operator. that's customer value network. I'd or And that to Systems, investors Scout reminding we're one, in to on the bringing beyond we're to pipeline And leveraging call commercial tracking class not line targeting. the in make autonomous joining appreciate everyone but size billions We're base of FullMAX opportunities morning. fully wireless mission-critical us drone we are Ondas dollars site. upon.

Robotics. very We XXXX expect finish for to and half a a and what clearly of active year second Ondas is a strong transformational

the critical We have gentlemen all will Operator We business presentation. great Thanks we you achieve on for and Ladies today's you and morning keep this thank again joining this as conference a them. milestones development concludes attending call. informed for today's day. us

your disconnect now may wonderful a You And have day lines.