Ondas
21 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.
Customers
Largest customer (unnamed)
earns from · approximately 55%named as a riskDuring the year ended December 31, 2025, two customers accounted for approximately $27.8 million and $5.4 million of our revenue or approximately 55% and 11%, respectively.Business (Item 1)
Also named by AEHR, AR, BF/B, BTU, CVLG, DLR, FDXF, FIX and 6 more
Accounts receivable customer (unnamed)
concentrated in · 73% of accounts receivablenamed as a riskAs of December 31, 2025, one customer accounted for 73% of accounts receivable.Risk factors (Item 1A)
North American Class I railroads
earns from · approximately $1.3 billionBased upon management estimates, we believe the addressable market for the four private North American Railroad networks is approximately $1.3 billion.Business (Item 1)
Government defense, homeland security and public safety agencies
earns fromnamed as a riskA significant portion of our business, particularly through our OAS segment, involves sales to government customers, including defense, homeland security, and public safety agencies.Risk factors (Item 1A)
Suppliers
Contract manufacturers
depends onnamed as a riskOur reliance on a small number of manufacturers reduces our control over the manufacturing process, exposing us to risks, including reduced control over quality assurance, product costs and product supply including delays in transportation and delivery.Risk factors (Item 1A)
Also named by AIOT, COHR, CSCO, DELL, GNRC, GOOG, HROW, KEYS and 6 more
Sole source component suppliers
depends onnamed as a riskIn order to produce our products and services and related safety systems, we obtain certain hardware components, as well as subsystems and systems from a limited group of suppliers, some of which are sole source suppliers.Risk factors (Item 1A)
Partners and platforms
Association of American Railroads (AAR)
depends onIndustry organizations, including the Association of American Railroads (“AAR”) and related industry bodies, have adopted IEEE 802.16 as a standards foundation for future private wireless networks.Business (Item 1)
Also named by WAB
Places
Israel
operates innamed as a riskTo date, we have not had material disruptions to our ability to produce, manage and deliver products and services to customers as our U.S. teams have supported our ongoing operations in Israel and the Middle East; however, a prolonged war or an escalation of the current conditions in Israel could materially adversely affect our business, financial condition, and results of operations.Risk factors (Item 1A)
Also named by AIOT, AKAM, AMAT, AMGN, APP, ASTS, AVY, BSX and 31 more
Singapore
operates innamed as a riskIn addition to the U.S., many of our subsidiaries operates in Israel, Singapore and the United Arab Emirates.Risk factors (Item 1A)
Also named by A, AAPL, ALAB, AMAT, ANET, APP, AVGO, DLR and 12 more
Ukraine
depends onWe intend to advance a Ukraine-focused strategy centered on sourcing technologies validated in active operational environments and supporting their expansion through targeted investments, partnerships, and market-entry initiatives.Business (Item 1)
Also named by C, CL, DKNG, JLL, LKQ, LSTR, MDLZ, MSFT and 4 more
Commodities and inputs
Semiconductors
depends onnamed as a riskParticularly, the market for electronic components is experiencing increased demand and a global shortage of semiconductors, creating substantial uncertainty regarding our suppliers’ continued production of key components for our products.Risk factors (Item 1A)
Also named by AAPL, AIOT, ARW, AXON, CARR, CAT, CIEN, CSCO and 16 more
Lithium-ion battery cells
depends onnamed as a riskThe battery packs in certain of our products use lithium-ion cells, which have been used for years in laptop computers and cell phones.Risk factors (Item 1A)
Israeli New Shekel
exposed to its pricenamed as a riskWe conduct a portion of our operations outside the United States and are exposed to fluctuations in foreign currency exchange rates, primarily related to the Israeli New Shekel, Euro, and other local currencies.Market risk (Item 7A)
Regulators
Federal Aviation Administration (FAA)
subject tonamed as a riskAdditionally, recent focus on reducing the size of the federal workforce could negatively impact the availability of resources within the FAA which could delay our progress towards certification.Risk factors (Item 1A)
Also named by ACHR, AIR, ALK, AMT, AVAV, BA, BRK/B, CCI and 27 more
Federal Communications Commission (FCC)
subject tonamed as a riskSubstantially all of our current wireless networking products are designed to communicate wirelessly via licensed radio frequencies and therefore depend on the availability of adequate radio spectrum in order to operate.Risk factors (Item 1A)
Also named by AIOT, AMT, ANET, ASTS, CCI, CMCSA, DIS, ECHO and 26 more
Israeli Defense Export Controls Agency
subject tonamed as a riskAdditionally, our critical infrastructure customers are often regulated by national, state and/or local bodies, including public utility commissions, the Department of Energy, the Department of War, the Federal Energy Regulatory Commission, the FAA, the FCC, Federal Railroad Administration, Israeli Defense Export Controls Agency of the Ministry of Defense and other bodies.Risk factors (Item 1A)
Laws and programs
U.S. tariffs
subject tonamed as a riskIn the first half of 2025, we observed a significant shift in U.S. trade policy, with increased tariffs and the imposition of significant new tariffs that could have an adverse impact on our supply chain and business operations.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
FAA Part 107 Rules
subject tonamed as a riskThe Part 107 Rules, which became effective in August 2016, provided safety regulations for small UAS conducting non-recreational operations and contain various limitations and restrictions for such operations, including a requirement that operators keep UAS within visual-line-of-sight and prohibiting flights over unprotected people on the ground who are not directly participating in the operation of the UAS.Risk factors (Item 1A)
International Traffic in Arms Regulations (ITAR)
subject toOur operations are subject to various federal, state and local laws and regulations including: (i) authorization from the FCC and other global communications regulators for operation in various licensed frequency bands; (ii) FAA and other global Civil Aviation Authority regulations and approvals unique to the operation of commercial or industrial drones; (iii) customers’ licenses from the FCC; (iv) export controls and authorizations from the Department of State, Directorate of Defense Trade Controls (DDTC) under International Traffic in Arms Regulations (ITAR) for defense articles, or Department of Commerce, Bureau of Industry and Security (BIS) under the Export Administration Regulations (EAR) for dual use items; (v) licensing, permitting and inspection requirements applicable to contractors, electricians and engineers; (vi) regulations relating to worker safety and environmental protection; (vii) permitting and inspection requirements applicable to construction projects; (viii) wage and hour regulations; (ix) regulations relating to transportation of equipment and materials, including licensing and permitting requirements; (x) building and electrical codes; and (xi) special bidding, procurement and other requirements on government projects.Business (Item 1)
Also named by ACHR, ADI, AIR, ALSN, APH, AVAV, CDRE, CLS and 29 more
FAA Type Certification (Optimus 1-EX)
subject toAmerican Robotics received FAA Type Certification for the Optimus 1-EX on September 25, 2023, a milestone intended to support scalable autonomous operations within the U.S. National Airspace System.Business (Item 1)
Technology
IEEE 802.16t standard
depends onnamed as a riskIf a large end market does not develop and customers do not see the related benefits from the standard, we may not be able to grow our business.Risk factors (Item 1A)