Pep Guardiolan

🇸🇪 Swede

[Pep Guardiolan @PepGuardiolan]

Excellent deep dive on $ONDS.

https://t.co/8OhH2GvVvB

[Dave E.W. @daveewresearch]

Read this if you know nothing about $ONDS

I’ve spent hours digging into their business model to pile it all into 3k words

It’s a lot to take in so I tried to make it all as straight forward as I could

Let's dive in…

▪️ONDAS: Business Model ▪️

Ondas is a defense tech company that brings together 2 complementary capabilities:

>mission-critical wireless networks (think reliable wifi in tough situations)

>fully autonomous drone/robotic systems (machines that function completely on their own)

Their offerings enable clients to monitor, protect, inspect & respond in industrial & security environments, from site inspection & urban ops to border security & enemy drone defense.

$ONDS business can be broken up into 3 separate units:

>Ondas Networks (Govt-backed)
>Ondas Autonomous Systems (OAS) (80% of revenue)
>Ondas Capital (newest)

▪️Ondas Networks develops private wireless network solutions for mission-critical industrial & infrastructure use (railroads, utilities, oil & gas (O&G), transportation, govt).

▪️OAS, through its subsidiaries, offers autonomous drone & robotics systems for security, infrastructure monitoring, & defense-type use cases.

▪️Ondas Capital invests in & advises promising unmanned & autonomous tech companies to help scale combat-proven solutions for U.S. & intl partners

Let’s dig into each unit in order..

▪️Ondas Networks (ON)▪️

ON builds private wireless comm systems for large industrial & govt organizations making sure that critical operations have reliable secure connection. Think of it as a custom wifi for tough jobs where normal wifi or cell service fails.

Customers like railroads, power utilities, O&Gs, etc, all need reliable & secure comms across large areas where public networks don’t reach & can’t afford to rely on just regular wifi & cell phones.

ON’s core product is the FullMAX family of Software Defined Radios (SDR*) that lets these industries create their own long-range, high-performance wireless networks. It’s like a private, industrial-grade wifi that can cover miles & stay connected in harsh or remote places. Organizations use it to run trains, power grids, sensors, drones, & safety systems that need constant comms.

*SDRs are simply radios whose functions are run by software rather than analog electronic hardware. Think itunes vs a record player.

Ondas Network’s use cases:

>tracking a train’s location & reporting that there’s a crack on the tracks

>sending critical data, like meter readings, from the engine to the rest of the train

>sending the status of a faulty power line to HQ

>reporting that there’s a leak in an oil pipe in a remote environment

>sending real time footage of a rail line or utility site to HQ in a harsh climate

You get the point. Ondas Network creates comms out of thin air when communication is the key factor in determining mission success or failure.

The reason why FullMAX is ON’s core product (although they have other comm products) is due to the Association of American Railroads (AAR*) picking Ondas’ FullMAX as the official standard for next-gen train networks back in April’25. This is huge & guarantees a ton of revenue for $ONDS.

*AAR is the main trade group that represents the MAG 6 of railroad companies (collectively handling 94% of freight revenue) who speak for the railroad industry to govt, sets tech standards, & pushes safety rules.

This decision comes after the Federal Communication Commission (FCC*) made a deal with railroads that forces them to update their 1980’s legacy comms systems by Sept’25.

*The FCC is a govt agency that regulates radio frequencies, telecom, & broadcasting to keep airwaves safe, fair, & efficient.

FullMAX radios use the exact IEEE 802.16t standard (standard chosen by AAR in 2023) for the mandatory network upgrade, making it plug & play for railroads.

Ondas teamed up with Siemens Mobility, as the prime contractor, to roll out these upgrades for U.S. Class I railroads (the Mag 6 railroad companies). Ondas is getting about $1.3B in guaranteed revenue (thanks to AAR choosing FullMAX) from selling hardware (radios & base stations), installation services, & ongoing maintenance for nationwide networks.

$ONDS 10K’24 Pg 7:

“The Class I railroads currently operate four separate private wireless networks in support of train operations… we believe the addressable market for the four private North American Railroad networks is approximately $1.3B.”

The biggest money maker for Ondas Networks is selling & deploying FullMAX hardware & software to large clients, especially in the rail industry.

Ondas also makes money from licensing its tech, engineering contracts, & long-term service & support agreements once the systems are installed – maximizing that lifetime value with each installation.

Railroad beats out utilities or other client types because rails have steady, govt-backed demand — no waiting for budgets.

For example: ON locked in a deal with Amtrak, with initial deliveries of $ONDS Positive Train Control (PTC) data radios starting in Q3’25.

The simplest way to explain Ondas Network’s revenue model:

▪️Hardware Sales: Selling radios, base stations, & full network kits. This is the main driver for new setups, like equipping a whole rail line thanks to AAR.

▪️Services & Support: Charging for installation & testing with yearly fees for maintenance, software updates, monitoring, & fixes. This creates recurring revenue once networks are live.

To put it simply, Ondas Networks makes money by building, selling, & maintaining private wireless networks that keep industrial operations connected, efficient, & secure where normal networks can’t.

▪️Ondas Autonomous Systems (OAS)▪️

This is the more exciting unit. OAS focuses on designing, selling, & operating advanced, self-flying & self-driving drone/robot systems for industrial, defense, & public safety customers.

OAS provides a complete, ready-to-use, & often fully automated drone/robot that can run 24/7 w/o a human operator needing to be around for every mission. These systems can typically launch, operate, return, recharge, & process data by themselves.

OAS sells drone/robotics hardware, locks in robots-as-a-service (RAAS) subscriptions, & adds services as needed by the client. Each acquisition strengthens this by bringing new tools, new customers, & recurring cash.

Between Q3’24 to Q2’25 OAS captured $39M in orders.

Again, Ondas as a whole is expecting just $25M+ in total revenue for 2025

OAS is expected to contribute $20M that topline

By the end of Q2 they had $22M in backlog with hopes to be above $20M all the way through 2025

OAS is expected to be EBITDA positive by Q3’25

All these numbers are from 3 acquisitions ago.

I’m expecting huge revenue guide increase in Q3

OAS now owns 6 key subsidiaries:

Iron Drone - Enemy drone catcher (counterUAS)

American Robotics - Routine inspection drones (industrial data collection)

Airobotics - Complex emergency drones (security & defense)

Apeiro Motion - Ground robotics & wired connectivity (site clearance)

4M Defense - Demining UXOs (site clearance)

Sentrycs - Enemy drone hacker (counterUAS)

Let’s dig into what each of these brings to the table & their use cases:

$ONDS Iron Drone Raider a fully autonomous “drone-in-a-box” counter-UAS that launches, hunts, & catches enemy drones (with a net) all on its own. It even returns to its box on its own. This is all done without radio frequency jamming or GPS spoofing.

Ondas acquired Iron Drone in 2023 (through Airobotics acquiring them months after joining Ondas) – expanding the OAS use case from just security/inspection (intel collection) to active defense (counterUAS), opening up high-value military & homeland security contracts.

Iron Drone use cases:

>Catches enemy drones over military bases to stop spying

>Captures rogue UAVs near airports before they crash into planes

>Intercepts drug-smuggling drones at border walls

>Defends stadiums during events from unauthorized aerial filming

>Guards warships at sea by snaring enemy scout drones

>Set to be used by German Armed Forces

>NYPD expressed interests in deploying Iron Drone in NYC back in June

Ondas expects Iron Drone’s counter drone market to go from $1.8B in 2026 to $3.5B in 2030

$ONDS expected annual revenue for 2025: $27M

$ONDS American Robotics focuses on fully automated drones for industrial data collection & was the first Federal Aviation Administration (FAA)-approved drone manufacturer in the autonomous drone space.

Instead of using people or piloted drones, customers like railroads, O&G companies, utilities, & agriculture companies can install a Scout System (a drone-in-a-box) & get routine, automated inspections every day or even multiple times per day.

These drones collect high-res images, thermals, & other sensor readings that help spot problems early like track damage, leaks, or equipment wear.

Scout was the first autonomous drone system approved by the FAA to fly w/o a human observer.

Ondas acquired American Robotics in 2021 – that same year is when American Robotics received their FAA-approval.

American Robotics teamed up with Airobotics to develop the Optimus system which received a higher FAA approval in 2023 & was built for urban, security, & public safety operations.

Airobotics took care of a lot of the engineering while American Robotics enhanced the product with their expertise in regulatory compliance which resulted in the higher FAA cert.

A perfect example of Ondas’ subsidiaries playing nice.

Optimus’ larger & more rugged design allows it to handle complex environments like ports, cities, & defense installations. Unlike Scout, which focuses on regular data collection, Optimus is made for on-demand missions — launching instantly when triggered by an event such as a security breach, fire, or emergency call. It provides real-time video & situational awareness, often integrated into command centers or city surveillance networks.

Optimus is one of the first FAA Type Certified small unmanned aircraft systems for automated security & data capture.

Scout received a Certificate of Waiver from the FAA, but Optimus received a Type certification which is the highest FAA certification an aerial product can get. This streamlines the process for obtaining future operational approvals (like flying over people or complex urban environments) & helps accelerate the commercial scaling of Optimus.

Use Cases:

Scout

>Scans oil pipelines in Alaska every morning to detect leaks before they spill
>Flies over solar farms at dawn to find broken panels & cut repair time in half
>Checks wind turbine blades weekly for cracks w/o needing a human climber
>Maps mining pits daily to track progress & prevent dangerous overhangs
>Monitors rail signals in remote deserts to warn of heat damage before derailments

Optimus

>Guards a U.S. border outpost 24/7, spotting intruders & alerting guards instantly
>Patrols an oil refinery perimeter at night, using thermal cameras to catch trespassers
>Flies over a NATO airbase to detect rogue drones before they get close
>Watches a power plant during storms, reporting fallen lines in real time
>Secures a VIP convoy route, flying ahead to clear the path of threats

Ondas expects Optimus’ drone-in-a-box market to go from $3.9B in 2026 to $10.5B in 2030

$ONDS expected annual revenue for 2025: $27M

$ONDS Airobotics specializes in real-time aerial security, public safety, & defense missions in complex urban or industrial settings – unlike American robotics focusing on industrial data collection in controlled environments.

Airobotics’ drones are used for surveillance, perimeter patrol, emergency response, disaster management, & critical infrastructure protection, giving Ondas a strong foothold in govt, defense, & smart city markets worldwide.

Ondas acquired Airobotics in 2023 (the same year that Airobotics acquired Iron Drone) & plays a major role in Ondas’ global expansion & entry into counter-UAS.

Prior to the acquisition, Airobotics had already launched commercial fleet deployments in urban environments & had a strong operational presence in global markets like Israel & the UAE. This immediately expanded Ondas' intl reach & validated the platform’s reliability & functionality in real-world, non-U.S. environments.

I’ve already spoke about Airobotics’ core product, Optimus, so I’ll just name some real world use cases for the system that’s already confirmed:

>Dubai police for public safety & emergency response
>Abu Dhabi for industrial & govt use through a venture with SkyGo
>Israel for defense & public safety

Airobotics expands OAS from routine data collection to mission-critical aerial security & emergency response.

$ONDS Apeiro Motion specializes in autonomous ground vehicles, robotic arms, & secure fiber spools that tether drones or robots for unlimited-range, jam-proof comms w/o radio signals. Think of the string that’s b/t 2 paper cups to communicate.

This lets Ondas build multi-domain systems where drones & ground bots work together, expanding the TAM efficiencies of the RAAS model.

Ondas acquired Apeiro Motion in Sept 2025 to expand their offerings to ground robots & tethered connection.

Apeiro develops a variety of rugged, autonomous platforms like Unmanned Ground Vehicles (UGVs) & quadrupedal (four-legged) robots.

Apeiro’s fiber-optic spools allows aerial or ground systems to maintain a high-speed, secure data connection via a physical fiber-optic cable that unspools as the robot moves.

Say you’re in a car (drone) & you’re listening to a song (tracking GPS) & bad weather knocks out the radio station's signal (enemy jamming).

You would’ve been able to stay connected to the song as long as you wanted if you had super long wired headphones (fiber-optic spools) connected to the device playing the song.

Think of a very long USB cable attached to a drone to reduce the likelihood of anything disturbing its connection.

On-ground robots expand OAS tremendously by simply applying robots & AI to the ground. The fiber-optic spool is vital because it makes the robot immune to GPS or radio frequency jamming, which are common tactics in hostile environments.

Use cases:

Ground bots
>Carries 50 lbs of ammo to troops in a GPS-jammed valley
>Grabs & removes a live IED from under a bridge
>Quadruped patrols inside a dark tunnel, streaming HD video to command
>UGV tows a wounded soldier 200 meters to safety w/o radio signals
>Lays fiber cable along a border fence for instant, secure data links

Fiber Optic Spools
>Tethered drones hovers 30mins over a hostage site, feeding unbreakable video to negotiators
>Fiber-linked drone scouts 1km ahead of a convoy in an enemy jamming area
>Tethered drones maps a collapsed mine shaft for 2 hours straight, guiding rescue teams
>Fiber-spool drones guard a VIP rooftop 24/7 with zero radio emissions for stealth

$ONDS 4M Defense identifies buried landmines, unexploded ordnance (UXOs), & terrain obstructions & uses ground & subsurface robots to accelerate de‑mining operations & tackle high-risk cleanup in war zones.

Ondas secured controlling interest in 4M Defense in Oct 2025. Its main contribution is the Terrestrial Intelligence Platform (TIP), which is an AI software platform designed to scan multiple sources of data (satellite imagery, drone data, & historical maps) to identify, categorize, & precisely locate buried explosive hazards like landmines & UXOs.

4M key products:

▪️Digger Scraper / D250 - remote-controlled excavator designed for hazardous areas

▪️Golem Detector - the first fully autonomous UXO & buried metal threats detector
These products perfectly sync with one another to identify & remove buried threats w/o putting humans at risk.

Use cases:

>Robot scans a Ukrainian wheat field to find buried Russian landmines before farmers plant
>TIP platform maps 500 Gaza UXOs in one day so kids can play safely again
>Ground bot clears a road of IEDs so a U.S. convoy can pass in 30mins
>Drone-sensor combo detects old Ukraine UXOs under a new airport runway site
>4M AI flags 200 hidden mines along a border fence for NATO engineers to remove.
>4M system surveys a former battlefield in Africa to make land usable for housing.

$ONDS Sentrycs develops Cyber-over-RF (CoRF) & Protocol-Manipulation counterUAS tech to detect, track, identify, & take control of unauthorized drones within seconds, operating at the communication‑protocol layer rather than using jamming or spoofing.

So instead of using jamming or kinetic engagement (like the Iron Drone Raider net), the Sentrycs system just analyzes the enemy drone’s radio signals to identify its communication language, or "protocol," then takes control of the drone directly from the hostile operator.

Sentrycs gives Ondas a way to achieve safe & non-disruptive mitigation, which is essential for a sensitive airspace. It works at the software level rather than jamming the entire radio frequency.

Sentrycs causes no interference with friendly comms, GPS, or nearby devices, making it the ideal solution for civilian environments like airports & stadiums.

Sentrycs superior detection system also acts as intelligence & early warning to the Iron Drone system with Sentrycs detecting capabilities being more advanced than Iron Drone.

Together they create a detect-to-defeat solution to aerial protection. Another example of Ondas’ subsidiaries playing nice together.

Use cases:

>Land a hacked drone on a rooftop to capture its memory card with enemy intel
>Guide a suspicious drone to a safe zone so bomb techs can disarm it without shrapnel risk
>Force a smuggler drone to drop its payload in a field instead of crashing on a highway
>Bring a lost delivery drone back to base to avoid public panic & bad press
>Hijack a spy drone & fly it to your lab for reverse-engineering its tech

The simplest way to explain Ondas Autonomous System’s revenue model:

▪️Hardware Sales: One-time sales of Optimus drone-in-a-box, a Iron Drone Raider interceptor, an Apeiro ground robot, a 4M demining bot, or a Sentrycs detection kit to customers, like the military, oil companies, or railroads.

▪️Services & Support: Clients rent these systems to have drones or robots fly automatically, collect data, & deliver insights. Clients also pay for maintaining these systems and can pay for upgrades to these systems creating a sticky relationship with clients for as long as the drones are in operation.

▪️Ondas Capital▪️

This is a strategic investment & advisory unit launched in Sept 2025 to dominate the global unmanned & autonomous systems market, representing a shift from simply acquiring tech to also financing & accelerating its global deployment.

It functions as a formal entity to identify & invest in promising new techs that can be vertically integrated into the existing OAS portfolio.

It combines advisory services (helping companies with market development, regulatory/compliance strategy, operations) & direct investment capital (deploying money into companies/tech) to scale capabilities faster.

It’ll help Ondas strengthen its global footprint & credentials by localizing operations, establishing a European presence, & building partnerships that go beyond just selling hardware & data.

Along with adding a specialized revenue stream to the topline, Ondas Capital builds relationships & gives Ondas unique insight into defense tech trends, helping to inform its own product development & acquisition strategy.

▪️Closing▪️

Ondas brings together 3 complementary units to create a next-gen defense & industrial powerhouse by vertically integrating the secure connectivity of Ondas Networks with the multi-domain drone, robotics, & defense expertise of OAS, paired with the growing financial power, intelligence, & global influence of Ondas Capital — you won't be able to talk about defense/industrial drones in 5yrs without mentioning Ondas.

Ondas Networks delivers the unbreakable data backbone for railroads & critical infrastructure – generating predictable revenue by selling, deploying, & maintaining mission-critical wireless networks for industrial & govt clients.

OAS deploys a growing fleet of intelligent, pilotless systems — from Scout & Optimus for inspections & security, to Raider, Apeiro, 4M, & Sentrycs for counter-drone, ground ops, demining, & cyber takeover — generating revenue through hardware sales, RAAS subscriptions, & sticky support services.

Ondas Capital accelerates it all by funding combat-proven innovations, securing global partnerships, & feeding new tech directly into the OAS ecosystem.
Together, Ondas isn’t just serving clients — they’re redefining how governments, militaries, & industries monitor, protect, inspect, & respond in an increasingly unmanned & automated world.

$ONDS is still laying the foundation for the next 5yrs

The story is just getting started:

>FCC forces legacy railroad to change their networks by 2025

>AAR picks $ONDS to be the new standard railroad comms network in 2025

>Acquired Airobotics in 2023 who acquired Iron Drone a few months later

>Acquired American Robotics in 2021

>Optimus receives FAA Type Cert in 2023

>Acquired Apeiro Motion | 4M Defense | Sentrycs (controlling interest) in 2025

>Launched Ondas Capital in 2025

$ONDS entire business model as we know it is literally still being formed right before our eyes.

[Pep Guardiolan @PepGuardiolan]

@CultureCrave @GQMagazine Trust, but verify.

[Pep Guardiolan @PepGuardiolan]

@jugboij "Sure, our kids die in schools, people go broke from medical debt, and we start wars every time our dick twitches, but look at our billionaires and GDP."

Seek help***

*** And yes, Qatar is a shithole as well.

[Pep Guardiolan @PepGuardiolan]

@FacistColonizer @IR_Media24

[Pep Guardiolan @PepGuardiolan]

@Iernymos137050 @Acyn Well, Russians are pieces of shit.

So there's that.

Muted vatnik.

[Pep Guardiolan @PepGuardiolan]

@Iernymos137050 @Acyn Yes.

[Pep Guardiolan @PepGuardiolan]

@CoaxialCoyote @RudeOnion GFY

[Pep Guardiolan @PepGuardiolan]

@Captain_C2 @alisha_hg "Sure, our kids die in schools, people go broke from medical debt, and we start wars every time our dick twitches, but look at our billionaires and GDP."

You're a nation of slaves.

[Pep Guardiolan @PepGuardiolan]

@capitalflows @profplum99 "Sure, our kids die in schools, people go broke from medical debt, and we start wars every time our dick twitches, but look at our billionaires and GDP."

Enjoy being a lizard.

[Pep Guardiolan @PepGuardiolan]

@Captain_C2 @alisha_hg Thats why we get 5 weeks vacation.

To compensate for all that inefficiency.

What do you get?

A bathroom break?

[Pep Guardiolan @PepGuardiolan]

@RudeOnion @CoaxialCoyote Here's an explanation maybe even you can understand.

"They start wars in my name, but I will do nothing because I like the benefits of those wars.

And when asked I will say I didn't vote for them, and act as if I am not accountable."

[Pep Guardiolan @PepGuardiolan]

@capitalflows @profplum99 Funny. I live in "Europe" and I've never been to Starbucks.

But then again I never go to McDonald's either since I know it's guaranteed garbage.

[Pep Guardiolan @PepGuardiolan]

@capitalflows @profplum99 A hole in the wall beats Starbucks every time.

You know why?

Because they are passionate about their hole in the wall.

"Brand recognition."

Americans...

🤣🤣🤣

[Pep Guardiolan @PepGuardiolan]

@Iernymos137050 @Acyn Sweden didn't commit a war crime in Iraq, and didn't spend $8T to replace the Taliban with the Taliban in Afghanistan.

Don't you have a war to start in Cuba?

Or Greenland?

Or Canada?

Fking lizard nation.

[Pep Guardiolan @PepGuardiolan]

@Iernymos137050 @Acyn Are you enjoying the benefits of the wars?

If so, you know the answer.

But sure, feel free to pretend you are a nation of victimized children.

The rest of the world knows the truth.

[Pep Guardiolan @PepGuardiolan]

@thetruth52n5it @MAGACult2 Cool.

I've no problem with gay people.

Are you married to your boyfriend or just living together?

[Pep Guardiolan @PepGuardiolan]

@GuruAnaerobic

[Pep Guardiolan @PepGuardiolan]

@unusual_whales I suppose this is an attempt at morality from Trump.

Who the fck is he kidding?

[Pep Guardiolan @PepGuardiolan]

@prestoninperson @Namjujunini @Captain_C2 @alisha_hg Yes.

We are weird like that.

Legal levels of salmonella in poultry.

US: 25%

Sweden: 0%

[Pep Guardiolan @PepGuardiolan]

@prestoninperson @Namjujunini @Captain_C2 @alisha_hg This is about the most idiotic myth the US food industry has come up with.

"It's fresher, because it's frozen sooner."

My God you Americans are idiots.