Summary of Sources and (Uses) of Cash |
|
Year ended December 31, |
|
||||||
($ in 000s) |
|
2020 |
|
|
2019 |
|
|
||
Net cash used in operating activities |
|
$ |
(7,534 |
) |
|
$ |
(14,664 |
) |
|
Net cash used in investing activities |
|
|
(16 |
) |
|
|
(355 |
) |
|
Net cash provided by financing activities |
|
|
31,458 |
|
|
|
16,042 |
|
|
Increase in cash |
|
|
23,908 |
|
|
|
1,023 |
|
|
Cash and cash equivalents, beginning of year |
|
|
2,153 |
|
|
|
1,130 |
|
|
Cash and cash equivalents, end of year |
|
$ |
26,061 |
|
|
$ |
2,153 |
|
|
Outlook
Ongoing investments in market expansion and deeper penetration of select verticals are expected to continue supporting bookings and revenue growth in 2021, as Ondas advances its long-term strategy to drive commercial adoption of its proprietary technology across multiple markets. The Company continues working closely with Class 1 Rails and strategic rail partner Siemens to advance the adoption of Ondas’ FullMAX platform in the 900 MHz network, greenfield spectrum. Currently, the Company anticipates that initial commercial bookings from the Rails will commence in the second half of 2021.
In addition, commercialization efforts with Aura, the Company’s drone partner, remain on track, with the expectation of at least two revenue-producing product development agreements in the first half of 2021, as well as initial equipment orders for UAS customers and ecosystem partners for testing and network expansion during the year.
Ondas intends to continue pursuing additional bookings and deployments of its proprietary technology in security and other addressable markets, throughout 2021.
For the first quarter of 2021 the Company expects bookings of at least $2.0 million and revenue between $1.0 and $1.5 million. Operating expenses are expected to be between $2.5 and $3.0 million on a cash basis in the first quarter and may trend up modestly over the course of 2021. Cash operating expenses exclude non-cash expenses such as stock-based compensation.
Earnings Conference Call & Audio Webcast Details
An earnings conference call is scheduled for today, March 8, 2021, at 8:30 a.m. ET. Investors may access a live webcast of the earnings conference call via the “News / Events” page of the Company’s Investor Relations website at https://ir.ondas.com. Following the presentation, a replay of the webcast will be available for 30 days in the same location of the Company’s website.
Live Listen Only Webcast |
|
Participant Dial In (toll free) |
1-866-777-2509 |
| Participant Dial In (International) |
1-412-317-5413 |
| Participant Call Pre-Registration (encouraged) |
