$ONDS | OAS Investor Day - Key Highlights🚀 Current Financials • Backlog: $65.3 million as of December 31, 2025 — (+180% from $23.3 million on November 13, 2025). Very strong momentum with multiple customers and more mature programs contributing. • Pro Forma Cash Position: Exceeds $1.5 billion (year-end 2025, adjusted for the ~$1 billion recent registered direct offering closed in mid-January 2026). • Revenue Performance: • Q4 2025 preliminary: $27.0–$29.0 million (~578% YoY growth; 51% above prior internal Q4 target). • FY 2025 preliminary: $47.6–$49.6 million (~576% YoY growth; 23% above prior full-year target, including Roboteam contribution closed in December 2025). • FY 2026 Revenue Target: $170–$180 million (conservative; +25% raised from prior $140 million guidance; excludes any M&A contributions). • Investment Gain in Public Companies: $11.4 million unrealised gains. • PDW Investment: Expected to deliver strategic collaborations over time. Current Position • Customers and partners prefer well-funded suppliers that can reliably meet targets and deliver at scale. • Conservative TAM/SAM (2025–2030): ~$117 billion TAM; ~$7.5 billion SAM. • Iron Drone: Involved in several sensitive and confidential programs. • Roboteam Portfolio: Actively used by DoD, IDF, NATO, US Marines, and leading militaries/governments in 30+ countries. • Roboteam Launch: ROBOX — next-gen robotics platform for integrated air-ground unmanned combat systems (rapid, containerized deployment). • New Partners: Anduril, Lockheed Martin, Dedrone. • DHS Grant: Submitted for World Cup security support. • Autonomous Border Project: Potential $100 million+ orders across phases (1–2 year timeline); not yet in backlog, with order expected soon. • Wåsp: Submitted to Drone Dominance Programme in January 2026. • System-of-Systems Expansion: Targeting new categories including maritime and directed energy (lasers/HPM). • M&A Pipeline: 20+ opportunities (growing); 7+ mature/profitable inbound from established players; pipeline value $500 million+ and expanding rapidly. Ondas Capital • Specialized Event: Planned in the next 1–2 months. • Deployment Target: >$150 million (focused on TRL7+ technologies). • Investment Pipeline: 300+ opportunities; 9+ in active diligence. • Ecosystem Relationships: Expanding critical production/supply-chain partnerships in the US, EU, and UK. Outlook • 2024–2026 Phase: Service delivery and heavy investment stage — opex remains elevated. • 2027+ Phase: Expected “expansion flywheel” with improved leverage and scaling. • Growth Drivers: Defense and HLS customers to lead order/revenue acceleration over the next 12–18 months. • Bookings Target: At least $300 million in the near term. • Gross Margins Target: 50%+ (aiming higher with volume/scale). • Opex Details: Targets to be shared in Q4 2025 earnings report. • Path to Profitability: • EBITDA positive for product companies in Q3 2026. • OAS in Q3 2027. • Ondas Inc. overall in Q1 2028. • Positioning: Establishing as one of the market leaders now. • 2030 Vision: $1.5 billion revenue target with 30% EBITDA margins — high-growth, scaled leader; $15 billion market cap viewed as very possible. Management is “all in.” Additional Comments • Competitors are at the start of the path that Ondas has already completed (nearly a decade of development and execution). • Operating model follows “neoprimes” (scaled, integrated defense/tech platforms). • Unlikely for new players to emerge quickly due to long timelines, barriers to entry, and Ondas’ head start. • Current manufacturing capacity sufficient to meet revenue targets. • Border contract: Not yet reflected in backlog; order anticipated soon. • Merch store: Coming soon.