Quality Growth Capital

Q4 Earnings Call Highlights - $ONDS Strong Momentum & Business Validation - Clear validation of the integrated platform business model - As the platform scales, revenue is expected to reflect this growth - Significant upside expected in 2026 and beyond FY25 Results - Revenue: **$50.7M** (+607% YoY) - Backlog: **$68.3M** - Gross margin: **40%** (vs 5% in FY24) - Organic revenue growth: **+63%** FY26 Guidance - Revenue guidance: **$375M** - Strong revenue ramp expected through the second half of 2026 and beyond - Q1 2026 revenue expected: **$38–40M** (primarily from Bird acquisition) Balance Sheet & Capital - Proforma cash balance: **$1.5B** - Shareholder equity: **$441M** (vs $16M in 2024) — one of the strongest balance sheets in the sector - $1B institutional investment completed; investor currently holds <5% of shares - All warrants from January $1B raise fully exercised as of Feb 2026 - Pursuing inclusion in Russell 2000 and other indices in 2026 Strategic Acquisitions (5 Major Accretive Deals) All acquisitions are highly strategic, bringing talent, customer relationships, manufacturing capabilities, and accelerated path to profitability. Key Acquisitions & Developments: - **ONBERG** – ISR, CUAS, and multi-domain manufacturing - Positioned as Europe’s answer to rising defence spending and sovereignty requirements - Strong government & NATO relationships via Heidelberg - Robust demand already in Germany and Ukraine - **51% ownership** – revenue not included in FY26 guidance; expected to scale significantly once fully operational - **Mistral** – Direct accelerant for U.S. expansion, prime contractor status, $1B IDIQ vehicle exposure - **Bird** – Adds $79M backlog; critical missile protection, ISR & CUAS systems; high-margin, long-cycle programs - **Rotron** – Mass-scalable attritable autonomous systems (strike/effector layer); strong UK & NATO presence - **Indo** – Military engineering vehicles; immediate revenue contribution starting Q2 2026 **Expected revenue contribution from acquisitions:** ~$230M (Mistral $110M | World View $32M | Rotron $25M | Bird $40M | Indo $19M) World View + Palantir Partnership - Expands access to U.S. defence and intelligence programs - Full access to Palantir’s AIP stack (including Maven & Warp Speed) - Active joint pursuit of major programs - World View’s stratospheric platform (Stratollites) fills critical gap in persistent ISR - Up to 30+ days endurance - Electro-optical, IR, radar, hyperspectral, and comms payloads (incl. quantum, 4G/5G) - Key use cases: national security, maritime surveillance, border control, oil & gas, utilities, disaster response, wildfire monitoring, ports, and mining - Actively positioned for the **$1T Golden Dome** project and future multi-domain operations (ISR, space, stratosphere, UAV, UGV, C2) - Ondas + World View + Palantir creates the first truly integrated, unified system of systems Financial Performance Highlights - Revenue growth: **+629%** YoY (organic +63%) - Gross margin Q4: **42%** (vs 21% in Q4 2024) - OPEX increased $15.7M YoY due to scaling investments - $82.2M non-cash charge (no impact on cash or underlying business) - Net loss: **$101M** (primarily driven by the non-cash charge) - Operating cash usage: **$37.7M** - Cash efficiency expected to improve through 2026 Ondas Networks - AAR formally adopting **dot16** as next-gen HoT/EoT standard - Engaging all Class 1 railroads — commercial opportunities expected in 2H26 (~$5M initial) - Initial radio deliveries to Amtrak in 2H26 Outlook & Strategic Focus - Focused on order growth, backlog expansion, and revenue execution - Heavy investment in manufacturing to meet demand - Rapid development of Shahed interceptor - PLTR go-to-market strategy accelerating - **M&A pipeline remains very active** (25+ opportunities, 8+ in advanced stages) - $500M+ potential additional revenue from future M&A - Emphasis on quality over quantity EBITDA+ timeline: - Product companies: Q3 2026 - OAS: Q3 2027 - Ondas standalone: Q1 2028 *(Potential to accelerate)* - **2030 revenue target** of $1.5B remains on track — management is confident and ahead of internal plan - No major bottlenecks identified to executing the outlined plan - Strong staff retention and excitement post-acquisitions

Bruh...

$SIVE has gotta be the highest upside stock I’ve seen in this market since $AXTI? No way markets missed the CW laser light source for Jabil, Marvell (Celestial via $POET), O-Net, Ayar ( $NVDA, Mediatek backed)… At a $140M valuation. ($350m now) Not only do you get the most direct laser exposure to future CPO scale up? But also this cycle’s 1.6T pluggables with $JBL (formerly Intel Silicon Photonics division) coming soon. With Win Semi bridge capacity scaling needed for hyperscaler supply chains. Don’t think 99.9% of people realized the sheer scale of this yet.