Ondas Holdings, Inc. (NASDAQ:ONDS) Q1 2023 Earnings Conference Call May 15, 2023 8:30 AM ET
Company Participants
Eric Brock - Chairman & CEO
Derek Reisfield - CFO
Reese Mozer - President
Stewart Kantor - Founder & President, Ondas Networks
Meir Kliner - Founder, Airobotics & President, Ondas Autonomous Systems
Conference Call Participants
Mike Latimore - Northland Capital Markets
Timothy Horan - Oppenheimer
Matthew Galinko - Maxim
Carter Mansbach - Forte Capital
Operator
Good morning, and welcome to the Ondas Holdings First Quarter 2023 Earnings and Business Update Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation, there will be opportunity to ask questions. Please note that this event is being recorded.
I'd like to turn the conference over to Mr. Eric Brock, Chairman and CEO of Ondas. Please go ahead, sir.
Eric Brock
Thank you, operator, and good morning. I want to start by welcoming everyone to our first quarter investor call. We appreciate the time you're spending with us and for your interest in our Company. I'm happy to be joined today by our CFO, Derek Reisfield; and our President, Reese Mozer. In addition we will hear from both, Stewart Kantor, the Founder and President of Ondas Networks; and Meir Kliner, the Founder of Airobotics and President of Ondas Autonomous Systems.
Today, we plan to review our financial performance and strategic progress for the recently completed first quarter and discuss our outlook for the rest of 2023.
Now let's turn to the agenda. We will start today's call with some brief comments about the first quarter performance and recent industry and company specific developments driving the outlook for our business entering 2023. I will then hand the call over to Derek for a financial review of the first quarter. Our discussion on our financial performance will include commentary around the streamlining of operating expenses. As part of the financial review, I will discuss our balance sheet and liquidity position and provide an update for our outlook of 2023. Then we will transition and provide a business update for Ondas Networks and our OAS business units, where I will ask Stewart and Meir to provide commentary around current business activity. We will then wrap the call and open the floor for investor questions.
2023 is off to a great start operationally at Ondas, highlighted by record revenues of $2.6 million in the first quarter, which exceeds all of 2022's revenue. This reflects the beginning of shipments on the backlog secured as we entered 2023. Of course, we have a lot more to do on production shipments and installations on both sides of the business to deliver current backlog and drive new orders from customers.