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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $83.77M | $50.12M | $30.11M | $10.10M | $6.27M | $4.25M | $4.13M | $1.48M |
| Cost of revenue | $47.64M | $25.46M | $17.38M | $7.49M | $2.94M | $2.76M | $3.25M | $1.43M |
| Gross profit | $36.13M | $24.66M | $12.73M | $2.60M | $3.33M | $1.49M | $883.32K | $47.56K |
| Gross margin | 43.1% | 49.2% | 42.3% | 25.8% | 53.1% | 35.0% | 21.4% | 3.2% |
| Research and development | $30.95M | $13.52M | $8.67M | $4.51M | $4.24M | $3.46M | $3.14M | $3.18M |
| Selling, general and administrative | $148.89M | $53.81M | $27.38M | $13.60M | $8.35M | $8.34M | $6.26M | $5.53M |
| Operating expenses | $199.08M | $67.33M | $36.05M | $18.11M | $12.58M | $11.80M | $9.40M | $8.71M |
| Operating income | −$162.95M | −$42.67M | −$23.32M | −$15.50M | −$9.25M | −$10.31M | −$8.52M | −$8.66M |
| Operating margin | -194.5% | -85.1% | -77.4% | -153.5% | -147.5% | -242.7% | -206.3% | -584.9% |
| EBITDA | −$143.37M | −$36.38M | −$20.34M | −$14.22M | −$8.01M | −$9.07M | −$7.28M | −$7.41M |
| Interest income | $0 | $12.14M | $6.67M | $1.99M | $0 | $201.00K | −$71.39K | $121.61K |
| Interest expense | −$1.04M | −$338.00K | −$702.18K | −$444.45K | −$1.56M | −$3.87M | −$1.26M | −$871.34K |
| Income before taxes | −$118.75M | $361.50M | −$100.83M | −$7.17M | −$10.75M | −$14.14M | −$10.33M | −$9.53M |
| Income taxes | −$29.05M | $245.00K | $180.54K | $307.46K | $0 | $0 | $0 | — |
| Net income | −$89.70M | $361.25M | −$101.01M | −$7.48M | −$10.75M | −$14.14M | −$10.33M | −$9.53M |
| Net margin | -107.1% | 720.7% | -335.5% | -74.1% | -171.4% | -332.8% | -250.3% | -643.3% |
| EPS, basic | −$0.18 | $0.58 | −$0.27 | −$0.03 | −$0.08 | −$0.15 | −$0.14 | −$0.15 |
| EPS, diluted | −$0.19 | $0.56 | −$0.27 | −$0.03 | −$0.08 | −$0.15 | −$0.14 | −$0.15 |
| Diluted shares | 503.59M | 461.71M | 371.51M | 259.91M | 150.65M | 105.01M | 79.51M | 70.74M |
Figures describe Ondas shares, not any token. As of Aug 13, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.