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OAS INVESTOR DAY 2 0 2 5 July 9, 2025
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Forward-Looking Statements This presentation may contain "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995, which statements may be identified by words such as "expects," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. Ondas Holdings Inc. (“Ondas” or the “Company”) cautions readers that forward-looking statements are predictions based on its current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. The Company’s actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including, the risks discussed under the heading “Risk Factors” in the Company’s most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”), in the Company’s Quarterly Reports on Form 10-Q filed with the SEC, and in the Company’s other filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law. This presentation also contains estimates and other information concerning our industry that are based on industry publicatio ns, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information. Non-GAAP Financial Measure As required by the rules of the SEC, we provide a reconciliation of earnings before interest, taxes, depreciation and amortization (“EBITDA”), the non-GAAP financial measure, contained in this presentation to the most directly comparable measure under GAAP. We believe that EBITDA facilitates analysis of our ongoing business operations because it excludes items that may not be reflective of, or are unrelated to, the Company’s core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying businesses. Other companies may calculate EBITDA differently, and therefore our measures may not be comparable to similarly titled measures used by other companies EBITDA should only be used as supplemental measures of our operating performance . We believe that EBITDA improves comparability from period to period by removing the impact of our capital structure (interest and financing expenses), asset base (depreciation and amortization), tax impacts and other adjustments, which management has determined are not reflective of core operating activities and thereby assist investors with assessing trends in our underlying businesses. Management uses EBITDA in making financial, operating and planning decisions and evaluating the Company's ongoing performance . With respect to our financial target for 2030 for EBITDA a reconciliation of this non-GAAP measure to the corresponding GAAP measure is not available without unreasonable effort due to the variability and complexity of the reconciling items described above that we exclude from this non-GAAP target measure. The variability of these items may have a significant impact on our future GAAP financial results and, as a result, we are unable to prepare the forward-looking statement of income prepared in accordance with GAAP , that would be required to produce such a reconciliation. Additional Disclaimer Information in this presentation is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Disclaimers
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AGENDA • Introduction • Corporate overview • Technology, solutions and services platforms • Go to market strategy • Financial outlook • Strategic roadmap • Q&A session 3
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4 LEADERSHIP TEAM CEO TIM TENNE SVP PRODUCT & MARKETING EITAN ROTBERG FOUNDER & CEO MEIR KLINER VP CORPORATE DEVELOPMENT RONI KANELBAUM OSHRI LUGASSY CO-CEO CHIEF FINANCIAL OFFICER NEIL LAIRD CHAIRMAN, CEO ERIC BROCK
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Leading autonomous platforms; marquee customer adoption and global footprint Ondas Autonomous Systems 5 NASDAQ: ONDS EMPLOYEES (1) 117 INVESTED CAPITAL(2) ➢ $165 Million LOCATIONS Headquarters Baltimore, MD Petah Tikva, Israel Global Sales & Marketing Dubai, UAE Singapore Military & HLS Customers & Partners True DFR & Emergency Response (Urban) Critical Technology Infrastructure (DaaS) KEY REFERENCE CUSTOMERS (1) June 30, 2025 (2) Estimate as of June 30, 2025
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To protect and secure critical assets, locations and populations and support the homeland defense of Allied nations. OAS Mission We deliver aerial security, intelligence and data solutions to critical military, government and industrial markets across the world. We develop and produce highly functional, industrial grade autonomous drone platforms that defend hostile drone threats, collect and process data and provide essential intelligence enabling customers to efficiently and safely execute their operations. OAS delivers these complex, highly integrated end-to-end autonomous capabilities with integrated operational infrastructure ensuring airspace safety and operational authorities. 6 KEY COMPETITIVE ADVANTAGES • Dual-use technologies • End-to-end software & systems development capability • Reliable, military grade solutions • Safety and regulatory expertise • Seasoned leadership team
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Expect to deploy growth capital at high returns OAS Positioned For Growth Technology platforms “combat-ready” End markets open to scale De-risked financial model De-risked balance sheet Cash runway created Ondas is building a leading defense & security company 7
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Key Financial Updates Operating Data – Ondas Holdings (1) • Expect to report approximately $6.0 million in revenue for Q2 2025; a 6-fold increase vs Q2 2024 • Backlog estimated at $22.8 million (adj. for Q2 2025 expected revenue) • Expect $25 million in total revenue at Ondas Holdings in 2025 • Expect at least $20 million revenue from OAS in 2025 Financial Position – Ondas Holdings (1) • Reduced convertible notes O/S at to $5.4 million(2) at end of Q2 2025 • Fortified capital position with over $67 million cash as of Q2 2025 8 Preston/ Neil / Maya 46.2 27.3 23.0 5.4 10.1 11.5 16.8 22.8 0 5 10 15 20 25 30 35 40 45 50 EOY 24 Q1 25 25-May 25-Jun $ in Millions Convertible Notes O/S Revenue Backlog Ondas Holdings financial position and growth outlook have improved dramatically in 2025 (1) Management estimates, unaudited (2) Balances including principal, accrued interest less unamortized issuance costs
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“A PORTFOLIO OF BEST-IN-CLASS DEFENSE AND SECURITY PLATFORMS DEPLOYED TO PROTECT AND SECURE SENSITIVE LOCATIONS, POPULATIONS AND CRITICAL INFRASTRUCTURE.” – ERIC BROCK, CEO Multi-system portfolio Fully Autonomous Aerial Platforms IRON DRONE RAIDER An autonomous counter-drone platform deployed to target and capture enemy drones for military and homeland security markets. OPTIMUS SYSTEM Provides automated aerial security and intelligence for military, first responders and other critical government and industrial markets. 9
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Proprietary technology platforms positioned for success in massive end markets Investment Highlights • OAS has portfolio of leading dual-use autonomous drone platforms • Secured multiple programs for Optimus and Iron Drone with military and public safety • $39 million of orders received in last 12 months across OAS • Additional programs captured in 1H 2025 (Europe and Asia) • Iron Drone positioned as potential “hard kill” C-UAS category owner • Urgent global need for counter-drone infrastructure deployed with no collateral damage • Growing operational footprint in United States and Europe to support scaled platform adoption • American Robotics U.S. footprint to deploy OAS’ platform technologies and value-added services • Important ecosystem partnerships to support S&M, production and field support • Launched strategic M&A program with strong and mature target pipeline, supported by strong growth of core business and strong balance sheet 10
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Executing business plan to scale across all key functions to support high growth, value for customers and high returns for investors Focus On Scalability MARKETS | CUSTOMERS Defense, homeland security, public safety, critical infrastructure and industrial TECHNOLOGY CAPABILITIES Optimus , Iron Drone , Insightful + AI and Strategic Roadmap OPERATING PLATFORM Sales and Marketing, Supply Chain, Production, Regulations, Field Services & Sustainment, Finance & Administration, Legal, & Gov’t FINANCIAL PLATFORM Access to Capital, FCF Reinvestment, Capital Allocation “Our opportunity is to expand Ondas’ operating model; thereby capturing the rewards from meeting the market requirement for a scaled provider of critical defense and security capabilities.” - Eric Brock, CEO 11
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Complex geopolitical climate, rapid technology change is driving military and security budgets higher and shortening procurement cycles Supportive Macro & Policy Tailwinds— • Rising global threats driving demand for secure U.S. technologies • Heightened geopolitical tensions elevating national security imperatives; strong tailwinds in both commercial and defense sectors • Reshoring and supply chain resilience now a national priority • U.S. and E.U. policy and industrial strategy increasingly emphasize domestic production of critical technologies • Accelerating adoption of AI-enabled autonomous systems • Shift towards autonomy in military and critical infrastructure missions amplifies demand for scalable, field-ready drone platforms • Policy momentum favoring U.S. innovation and procurement • "Buy American" mandates, NDAA compliance, and Executive Orders promoting drone dominance unlock public-sector funding and investment NATO Defense Spending Boom Launched NATO’s (ex-U.S.) recent commitment to increase defense and related infrastructure spending to 5% of GDP by 2035 represents a seismic shift in the security landscape. T oday (2025) 2035 Target Scenario Collective GDP (Ex-U.S. NATO) ~$22 trillion ~$24 trillion (1.5% CAGR) Defense Spending (% of GDP) ~2% 5% Annual Defense Outlays ~$440 billion ~$1.2 trillion Required Spending CAGR (2025–2035) — 10.2% annual growth New mandate implies over 2.5x growth in annual defense and related infrastructure outlays (> $700 billion annually) across Europe and Canada. 12 GLOBAL Source: Management estimates.
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White House (via EOs) and DoD priorities aligned to support the accelerating development of the domestic drone and security industry Supportive Macro & Policy Tailwinds— • BVLOS Rules Unlock Scalable Operations Mandated FAA rulemaking to enable routine Beyond Visual Line of Sight (BVLOS) operations clears the path for nationwide deployment of autonomous platforms like Optimus and Iron Drone Raider. • Airspace Access for Critical Infrastructure Section 2209 implementation allows operators to secure exclusive flight access over sensitive infrastructure, giving commercial scale operators like Ondas an edge in high-security environments. • Counter-Drone Investment Fuels Demand Federal initiatives to fund detection, tracking, and interception capabilities – including a new CUAS training center expands the CUAS market for Iron Drone Raider across law enforcement, defense, and event security. • U.S. Manufacturing Advantage The EOs prioritize U.S.-built drones in federal procurement and export promotion, aligning Ondas’ NDAA-compliant manufacturing with growing demand for secure, American-made platforms. • Part 108 Formalizes Industrial Drone Use A new FAA regulatory framework (Part 108) transitions the industry from waivers to certified operations—accelerating adoption in public safety, infrastructure, and defense sectors. The Big, Beautiful Bill Act of 2025 (H.R. 1, 119th Congress) The FY2025 bill allocates a total of approximately $21.2 billion to programs relevant to Ondas’ capabilities and services, for governmental defense and security applications in the U.S. This includes: • $4.2B+ in drone and C-UAS-specific development and industrial base support • $1.7B+ in AI, autonomy, and ISR testbed development • $2.9B+ in border and maritime UAS and sensor deployment (CBP , USCG) • $12.5B+ in FAA investments that underpin BVLOS and autonomous airspace integration 13 U.S.
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TECHNOLOGY & CAPABILITIES
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World-class, AI-enabled robotics and intelligence Deployed End-to-End: Full-Stack Physical AI MARKETS | CUSTOMERS Defense, homeland security, public safety, critical infrastructure and industrial TECHNOLOGY CAPABILITIES Optimus , Iron Drone , Insightful + AI and Strategic Roadmap OPERATING PLATFORM Sales and Marketing, Supply Chain, Production, Regulations, Field Services & Sustainment, Finance & Administration, Legal, & Gov’t FINANCIAL PLATFORM Access to Capital, FCF Reinvestment, Capital Allocation 15 • Deep Engineering Expertise • World-class interdisciplinary team across robotics, autonomy, AI, aerospace, and systems engineering • Proven execution across design, prototyping, deployment, and operational support • Core Capabilities That Set Us Apart • Full autonomy at scale—no manual piloting required • Embedded AI and real-time decision-making at the edge • Autonomous Aerial Infrastructure • Docking stations + C2 software = Persistent 24/7 operations • True, scalable remote command and control capabilities • Ruggedized, Modular & NDAA-Compliant Design • Flexible architecture enables mission-specific payloads and system upgrades • Compliance with U.S. national security and sourcing regulations
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OAS delivers critical defense, security & intelligence via autonomous, mission-ready platforms Physical AI Deployed 16
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Full Stack Physical AI This vertically integrated stack enables OAS to deliver autonomous, mission-ready solutions in defense, homeland security, public safety, and critical infrastructure markets 17 Action Systems Edge & On - Board Compute ––– Perception Edge Devices Decision Intelligence – -- Intelligence Portal Multi - Sensor Fusion EO/IR | RF | Micro - Radar Onboard AI Processors Optimus Drones Iron Drone Raider Full Mission Execution Inspection | ISR | Interception Mission Planning Threat Classification | ATR Insightful Analytics Platform Primus C5 ISR Real - Time CV Models
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Mission-proven, scalable drone infrastructure & intelligence Autonomous Drone Infrastructure IRON DRONE RAIDER An autonomous counter-drone platform deployed to target and capture enemy drones for military and homeland security markets. OPTIMUS SYSTEM Provides automated aerial security and intelligence for military, first responders and other critical government and industrial markets. 18 End-to-End Deployed Physical AI • Field-proven, mission-ready platforms • Software-driven, AI-enabled autonomy • Military ruggedness, reliability • Real-time actionable intelligence • Modular, Open-systems (MOSA)
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Real-time, persistent security & intelligence infrastructure Autonomy In Action 19 FROM DETECTION TO RECOVERY IN UNDER THREE MINUTES OPTIMUS IRON DRONE
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Docking Stations Automation Drone Fleet Command & Control On - Board Flight & Sensors Data Handling and Analytics OAS is providing full stack software and platforms Best-In-Class Software 20 INSIGHTFUL DATA PORTAL PRIMUS COMMAND & CONTROL DEEPSTREAM AI & PRIMUS SENSE PRIMUS & IRON HQ
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LAYERS PRESENTATION Users can present and browse through different data layers processed by Airobotics or other GIS data, by date and/or content type MEASUREMENTS & ANNOTATIONS Users can take 3D measurements and add annotations over geospatial data LOCAL ASSETS CAD & IDs Local CAD drawings and IDs for an efficient user experience INSIGHTS MAP Data insights are automatically uploaded and displayed on an interactive map. Users can browse and filter by category, data type, related asset, and/or data collection time INSIGHTS MODULE Automated data storage and visualization of insights displayed over an interactive map VIDEO ON DEMAND Secured video archive for investigation and data retention REAL TIME VIDEO Video broadcasting from the UAV’s camera to multiple users via an encrypted and secured web connection MISSION SCHEDULING Online bookings and scheduling of UAV missions COLLABORATION & SHARING Users can share insights, export items to other systems and collaborate via chat and widgets Data portal platform Insightful Platform 21 Video Clips and Pictures 3D Models Orthophotos and DEMs Point Clouds Analysis Reports
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Software & end–user interfaces Primus C4ISR Platform 22 • Intuitive Control: Users can operate the Optimus System through an advanced command and control application. • Mission Management: Includes real-time video and camera control, flight planning, mission execution, and fleet oversight. • Flexible Access: Available on desktop and mobile tablets—ideal for both command centers and field use. • Secure by Design: Primus is VPN-secured and can be installed on private networks. • Comprehensive Capabilities: Supports video management systems, incident response modules, and more for seamless flight operations.
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COMPUTER VISION-BASED FLIGHT High frequency flight control AI DETECTION AND OBJECT TRACKING Object detection recognition and tracking OAS develops and deploys powerful innovative AI -embedded software Iron Deepstream - AI Embedded Intelligence 23 • Fused sensor array leveraging optical, thermal and micro-radar with on-board AI-enabled computer vision • Intelligent, tactical navigation in contested environments • Precise capture under high-velocity conditions DEEPSTREAM
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24/7 Counter UAS (C-UAS) Operations THE IRON DRONE RAIDER SYSTEM The Iron Drone Raider System is an advanced counter-drone solution, designed to defend assets against hostile drones in complex environments with minimal collateral damage. The system can also be enabled for other defense applications (loitering munitions, kinetic/expendable operations). 24
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The Raider System is an advanced counter-drone solution, designed to defend assets against hostile drones in complex environments with minimal collateral damage. The Iron Drone Raider System Drone Pod Reusable | reloadable multi- drone storage and launcher Drone Detection Radar External radar detection system provides estimated position of the intruder drone Command & Control Control software and operator interface with close-range video of the target before authorizing interception Raider Interceptor Powerful AI Racer Drone: fly, detect, and follow target drone autonomously while broadcasting video in real-time Capture Net Launched by the Raider interceptor Recovery Parachute Automated parachute lands captured drone safely 25
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26 WATCH VIDEO HERE >
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27 Waiting for the source file to clean this up
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29 WATCH VIDEO HERE >
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Mission requested and flight plan starts to prepare 1 Drone launches from the base station autonomously 2 Drone flies preplanned missions, transmitting data to the base station 3 The drone returns to the base station and lands automatically for data offload and battery swap 4 End user receives processed digital models supporting critical operations 5 The base station uses a robotic arm to swap batteries and payloads 6 DUAL EO/IR VIDEO INSPECTION, SECURITY, DFR, AND ANOMALY DETECTION • Stabilized Video Full HD Video • Up to 80x Zoom • Thermal Resolution 1280 x 720 • Live Video Analytics 2D | 3D MAPPING PROGRESS MONITORING AND PLANNING, RISK ASSESSMENT • 61 MP Full-frame Sensor • RTK/PPK level Accuracy • Automated Data Flow LiDAR MAPPING, VOLUMETRICS, AND ENVIRONMENTAL MONITORING • 394 Foot Range • Up to 300,000 Points Per Square Meter • 1 cm Accuracy • Automated Point Cloud Classification AERIAL DELIVERY EMERGENCY RESPONSE AND INFRASTRUCTURE MAINTENANCE • Airbase to Airbase | Field • Up to 3.3 lbs Payloads • Fully-Automated Transfer Designed for critical operations HOW IT WORKS For specific use cases Swappable Payloads 30
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Multiple applications drone network Optimus System Network ~30 sq mi COVERAGE 31
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Advanced DAA, C-UAS System, and Airspace Management and Security KESTREL SYSTEM An integrated detect and avoid platform that enables true remote and BVLOS autonomous operations 32
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• Autonomous flight validation, approval, and rerouting within 5 seconds • Real-time assessment and mitigation of airspace risks • AI-driven predictive flight path tracking and risk-based adjustments • C-UAS: Short-range detection within a 2.5-mile heightened awareness zone • Dismount: Enhanced ground perimeter surveillance with over 5-mile range on human movement and over 6.8-mile range on vehicles • Additional Sets: C-UAS, Coastal, Airspace Management, OTM C-UAS DYNAMIC UTM/USSP MISSION SETS Passive sensors monitor lower airspace, detecting drones and aircraft for real-time tracking and safe integration with air traffic management AVOID COLLISIONS WITH REAL-TIME MITIGATION Rapidly detects and tracks multiple air/ground targets simultaneously, offering detailed data over a wide area NO VISUAL OBSERVER NEEDED Identify and track commercial drones within a 15-mile radius, distinguishing between friendly and potential threats FULL AIR TRAFFIC CONTROL SYSTEM KESTREL Cooperative & non-cooperative drone detection with 24/7 continuous aerial support 33
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The Kestrel System offers complete air traffic awareness by detecting and tracking up to 20 targets within a 15.5-mile radius. Using passive sensors, it provides real-time tracking and threat identification, ensuring safe airspace integration Fully Automated Drone Infrastructure Remote Operations, Anywhere, Anytime The Optimus System is a fully automated aerial data capture and delivery solution, designed for continuous, 24/7 missions. It exhibits a modular system that supports third-party solutions, ensuring the integration of the latest technology Remote control center for autonomous BVLOS drone operations from any global location, featuring real-time monitoring, seamless integration, and efficient coordination with enhanced flexibility and accuracy DAA Airspace Security and Management OPTIMUS SYSTEM KESTREL SYSTEM OPERATIONAL CONTROL CENTER Green UAS (In-Process) Type Certified Full spectrum capabilities and solutions Integrated Remote Operations 34
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Mature platforms; extendable capabilities Development Roadmap • Focus on driving adoption of existing platforms • Flexible development plan based on customer demand • Focus on platform capabilities extension • Leverage modular systems architecture • Designed for known customer and partner requirements • New platforms, open new TAM/ SOMs with limited risk • No greenfield platform development planned for foreseeable future 35 What’s next? Project X: Extend CUAS capabilities for new aerial and ground offensive use cases Project Z: Tailor DFR capabilities to new requirements for extended networks
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GO-TO-MARKET OPERATING PLATFORM
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Ondas is building a scalable operating platform to support high growth Scalable Operating Platform Key elements of scalable operating platform • Focus on capturing and expanding large customer programs • Dual use – emphasize resources on high demand markets • Invest in building the scalable operating platform • Growing and deepening our leadership team • Leveraging an elite Advisory board (coming announcements) • Partnerships for integration and service delivery • Localization of operations in major theaters is essential MARKETS | CUSTOMERS Defense, homeland security, public safety, critical infrastructure and industrial TECHNOLOGY CAPABILITIES Optimus , Iron Drone , Insightful + AI and Strategic Roadmap OPERATING PLATFORM Sales and Marketing, Supply Chain, Production, Regulations, Field Services & Sustainment, Finance & Administration, Legal, & Gov’t FINANCIAL PLATFORM Access to Capital, FCF Reinvestment, Capital AllocationAdditional demonstrations scheduled in the United States and Europe in the coming months Value creation is dependent on deploying a scalable operating plan; long -term winners will be determined by who executes best 37
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Drone as First Responder Border Protection Military Bases and Forces Protection Government Buildings Protection Defense Homeland Security Public Safety From governmental to commercial customers and applications Optimus & Iron Drone GTM 38 Phase- 1 Launch Markets Phase-2 Expanded Markets Phase-3 Shared Infrastructure Critical Infrastructure Facilities Security Oil & Gas Facilities Protection Airports & Seaports Protection Data centers & Semi Fabs Protection Utilities & Infrastructure Protection Industrial & Commercial Services Construction Monitoring Industrial Services/ Inspections Insurance and Real-Estate Public Works/Smart City Services
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https://www.fortunebusinessinsights.com/drone -in-a-box-market-108470 OPTIMUS: $1.5 B DRONE-IN –A-BOX MARKET From governmental to commercial customers and applications OAS Strong Presence In Key Global Drone Markets 39 1.3 1.5 1.8 2.1 2.5 2.9 3.5 2024 2025 2026 2027 2028 2029 2030 ($ in billions)
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IRON DRONE RAIDER: $3 B COUNTER DRONE MARKET https://www.grandviewresearch.com/industry -analysis/anti -drone-market 2.4 3 3.9 5 6.3 8.1 10.3 2024 2025 2026 2027 2028 2029 2030 From governmental to commercial customers and applications OAS Strong Presence In Key Global Drone Markets 40 ($ in billions)
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Iron Drone Raider in Defense & HLS markets Iron Drone Raider – Addressable Markets 41 Detection Systems RADIO FREQUENCY RADAR CAMERAS ACOUSTIC Interception Systems GPS/RADIO JAMMING GPS/RADIO SPOOFING INTERCEPTING DRONES PROJECTILE FIRE/ENERGY Applications MILITARY CAMPS/FORCES NATIONAL BORDERS CRITICAL INFRASTRUCTURE LAW ENFORCEMENT S ourc e : h ttp s: / /www. mord orint el lige nc e .c om/ ind us try -re por ts/ a nti -dr one -ma rk e t TODAY TRUMP EOs to ACCELERATE
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Iron Drone Raider In Defense & HLS markets Iron Drone Raider SAM 42 1. Military Bases Protection: 2.5 Systems Per Base | 491 Relevant Bases (20%) 2. Military Combat Vehicles: 1 system per 20 vehicles | 118,000 vehicles (10%) 3. Military Naval Vessels: 1 System per vessel | 22,799 Naval vessels (30%) 4. National Land Border: 1 System per 5 km | 22,000 km (5%) Global DoD / HLS Market Size: $2.1B • Non-military markets are large; regulatory advancements are likely to accelerate market adoption Critical commercial locations • Airports & seaports • Government buildings • O&G Assets / refineries • Power plants • Datacenters • Stadiums • Corporate campuses • Universities & schools Critical Commercial Markets Trump Executive Orders provide regulatory roadmap for public safety organizations to lead in deploying CUAS tools such as Iron Drone Source: Management estimates. $683M NATIONAL LAND BORDERS $887M MILITARY COMBAT VEHICLES MILITARY BASES $221M MILITARY NAVAL VESSELS 354M
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COMBINED $5.3B $2.2B NATIONAL LAND BORDERS MILITARY BASES $702M CRITICAL FACILITIES $360M $683M NATIONAL LAND BORDERS $887M MILITARY COMBAT VEHICLES MILITARY BASES $221M MILITARY NAVAL VESSELS 354M Specific serviceable potential Iron Drone Raider in Defense & HLS markets Iron Drone Raider SAM 1. Military Bases Protection: 2.5 Systems Per Base | 491 Relevant Bases (20%) 2. Military Combat Vehicles: 1 system per 20 vehicles | 118,000 vehicles (10%) 3. Military Naval Vessels: 1 System per vessel | 22,799 Naval vessels (30%) 4. National Land Border: 1 System per 5 km | 22,000 km (5%) 5. All data according to company estimation Global Defense / HLS Market Size: $2.1B 1. Border Protection: 1 System per 7 km | 17,200 km of relevant border (30%) 2. Military Bases Protection: 1 System per Base | 780 Relevant Bases (40%) 3. Critical HLS Facilities: 1 System per Facility | 400 Facilities (Global Strategic Sites) 4. All data according to company estimation Global Defense / HLS Market Size: $3.2B Specific serviceable potential Optimus system in Defense & HLS markets Optimus System SAM 43Source: Management estimates.
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Building a new prime military vendor Global Defense Markets 44 INITIAL MILITARY MARKET POTENTIAL(1) TAM SOM(4) Iron Drone Revenue $350M $70M Optimus Revenue $500M $50M Total $850M $120M ALLIED NATIONS MARKET POTENTIAL(1) SAM(2) SOM(3) Iron Drone Revenue $2.1B $600M Optimus Revenue $3.2B $800M Total $5.3B $1.4B (1) Management estimates (2) SAM represents relevant obtainable portion from the total addressable market (3) SOM represents initial obtainable market over next few years based upon active customer engagement (4) SOM represents initial obtainable market through 2026 based upon active customer engagements; does not include infrastructure sustainment and other services Large, Obtainable Markets Opened in Last 12 Months OAS is deploying Iron Drone Raider and the Optimus System for active homeland security and force protection operations • Two programs of record with major military customer; new customers being added in 2025 • Secured ~$30 million in purchase orders since 2H 2024 on behalf of this customer • Programs expanded with $14.3 million order in June 2025 • Partnering with major defense vendors for systems integration, mutual reselling relationships in major global theaters • Accelerated global growth opportunities via customer- sponsored Government-to-Government (G2G) channels for global military and homeland security markets
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Objective: Capture Programs → Expand Programs OAS Marketing Strategies 45 Operational Success-Led Expending market reach via governmental customer networks G2G/Customer Platforms Channel-Led Expanding market reach via network of agents and partners Partner Platforms Self-Led Expanding market reach via relevant content, direct outreach expos and events OAS Inbound/Outbound Defense | Homeland Security | Public Safety Critical Infrastructure Facilities Security Industrial & Commercial Services Defense | Homeland Security | Public Safety
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High impact demonstrations establish Iron Drone as uniquely built-for-purpose, mission- ready CUAS solution Iron Drone – The World Tour World Tour Accelerates Customer Engagement • Awareness Igniting Global Demand Real-world demos drive customer adoption across defense, security, and critical infrastructure by showcasing Iron Drone Raider’s autonomous interception in action. • Built-for-Purpose Efficiency Raider’s low-collateral, reusable interceptor design delivers cost- effective, scalable protection—ideal for sustained, high-tempo defense, homeland security and public safety operations. • Proving Combat Performance Live deployments validate a field-tested, mission-ready, military- backed system with real-world success and growing demand. • Fueling the Sales Engine Direct engagement with top-tier buyers and integration partners accelerates the sales pipeline and builds high-value global partnerships. • Capturing a $10B+ Market Opportunity (1) With the counter-drone market surging, the tour positions Ondas for early leadership in AI-powered CUAS defense. 46 Additional demonstrations scheduled in the United States and Europe in the coming months (1) https://www.grandviewresearch.com/industry -analysis/anti-drone-market
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Ecosystem supports localized technical integration, distribution and sustainment in critical markets Expanding Ecosystem 47
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Scaling production capacity and delivering fully NDAA-compliant, Made-in-America drone systems DMS Partnership • Strategic Highlights: • Made in America: Manufacturing via DMS’s Kinetyc facility in Michigan • NDAA-Compliant: Aligned with U.S. defense procurement standards • Scalable & Proven: Combat-ready platforms with scalable autonomy • Market Opportunities: • ISR, BVLOS ops, perimeter security • Drone as First Responder (DFR), fire/rescue • Counter-UAS, border/event security • Inspection/security for energy, ports, and industrial sectors Strategic Outcomes: • Lower unit production costs (scale and DFM benefits) • Accelerated delivery timelines • Strengthened supply chain resilience 48
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Mistral engaged to accelerate penetration in U.S. defense, HLS and public safety end markets Mistral Partnership Accelerate U.S. government adoption of autonomous drone platforms for the Iron Drone Raider & Optimus System across defense, homeland security, and public safety. • Partnership Roles: • Ondas Holdings / American Robotics: Drone technology leader (AI, automation, intelligence) • Mistral Inc.: 30+ years in federal sales, integration, and contracting; leads U.S. business development • Key Capabilities: • Optimus: FAA-certified drone-in-a-box for ISR, perimeter security, and emergency response • Raider: AI-powered CUAS with GPS-free operation and zero-collateral interception • Strategic Outcomes: • Rapid delivery of ISR and airspace protection • Government contracting access and revenue growth • Enhanced national security for high-risk environments (e.g., World Cup, Olympics) 49
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FINANCIAL OUTLOOK
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Financial model will define success The Scalable Growth Platform • Emphasize growth via customer/ program capture and expansion • Focus on driving positive unit economics • Fund capital efficient operating platform to support high growth and operating leverage • Continue to maintain healthy balance sheet; cash runway • M&A focus on accelerating path to expanded profitability 51 MARKETS | CUSTOMERS Defense, homeland security, public safety, critical infrastructure and industrial TECHNOLOGY CAPABILITIES Optimus , Iron Drone , Insightful + AI and Strategic Roadmap OPERATING PLATFORM Sales and Marketing, Supply Chain, Production, Regulations, Field Services & Sustainment, Finance & Administration, Legal, & Gov’t FINANCIAL PLATFORM Access to Capital, FCF Reinvestment, Capital Allocation
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Investment plan to support operational scale and drive platform adoption Multi-Stage Growth Plan 52 2021-2024 Platform and solutions development; commercialized solutions and demonstrated product market fit DEVELOPMENT 2024-2026 Establish scalable operating platform; focus on partner ecosystem and specific high value verticals and use cases with expansion in United States and Europe SERVICE DELIVERY 2027+ Expanded global operations, drive broad market adoption across defense, security and critical industrial and infrastructure markets EXPANSION FLYWHEEL
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Growing customer engagement with military as new, large end market Growing Program Pipeline 53 • Current Focus Markets / Customers • Military & Homeland security • Public Safety / DFR • Critical infrastructure operations • Critical industrial & technology assets • Emphasize program capture and expansion • Iron Drone marketing to new military and HLS customers launched in February 2025 • Distribution and supply chain being optimized to support growth in customer activity Source: Management estimates Our marketing strategies are focused on capturing and expanding programs; not on optimizing for customer pipeline $323 $107 ROW USA $204 $226 Optimus Iron Drone M Current Pipeline & Opportunity $430M M M M M
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Expand and mature customer opportunities Customer / Program Pipeline • Expand programs with existing military and public safety customers in the Middle East for both Optimus & Iron Drone • Captured $39 million in OAS orders since Q3 2024 • Expect more orders throughout 2H 2025 • Advance new customers to operational status; expect to capture new programs in 2H 2025 • NATO-member country military customer (first Int’l Airport now operational) • Major Governmental HLS customer – expect Q3 pilot completion • Other G2G opportunities active in pipeline • Bring new military and HLS customers in U.S., Europe, Middle East, and Asia • Target backlog levels above $20 million through end of 2025 54 Ensuring scalable field and operational support functions to support order growth and service delivery for large, sophisticated customers and partners
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GTM gaining traction in the large U.S. markets American Robotics Update • Mistral to support acceleration of U.S. DoD, DHS, public safety and other governmental markets • Goal is to capture at least one DOD order by the end of 2025 • Expansive Replicator 2 DoD initiatives pursued on multiple fronts • Pipeline maturing across non-military end markets • Public Safety / DFR • Critical infrastructure operations • Critical industrial & technology assets • Announced order from major water utility in Mid-Atlantic • Strong market potential; E2E as distribution partner • Selected large opportunities in U.S. pipeline • Major urban critical infrastructure / DFR program in the Northeast (> $10 million) • Initial Optimus deployment planned with commercial operator at U.S. military base in 2H 2025 • Fortune 100 customer to secure campus operations 55 Production via DMS will support U.S. pipeline for 2026 and beyond Refocused on delivering GreenUAS certification in 2H 2025
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Drone infrastructure buildout is likely a decade long investment cycle Illustrative Revenue Model Capture Programs Expand Programs = Rapid Revenue Growth Note: Illustrative description of targeted revenue buildup, not to scale; does not include strategic growth via acquisitions or new platform development + 56 The Infrastructure Program Flywheel
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Drive improving unit economics, drive operating leverage with growth and scale Financial Model • Target gross margins • Optimus – 50% <> Iron Drone – 70% • Volume and DFM to support pricing/ margin objectives • Focus on maximizing operating capital efficiently • Engage capable partners to open markets, capture programs • Contract manufacturing support accelerated production efficiency • Leverage Klear for non-dilutive working capital support • Accelerates our Cash Conversion Cycle (CCC) • Partner to support newly acquired companies • Target EBITDA positive for OAS by Q3 2026 57 Defense | Homeland Security | Public Safety Production / Supply Chain • Production plans support revenue targets for 2025 and 2026 • Israeli contract manufacturing partner to satisfy customer orders for 2025 • Detroit Manufacturing ramping for volume production in 2026 • Target initial low unit production in 2H 2025 • Scaled production to meet U.S. and export demand in 2026
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Capital to support operational scale and drive platform adoption Revenue Outlook 58 Period Revenue Target 2025 $20 million 2026 $40 million Source: Management estimates OAS ONLY Key Financial Insights • Outlook for 2025 reflects conservative assumptions of backlog pull through • Expect defense, HLS and public safety customers to drive order and revenue growth outlook for next 12 – 18 months • Believe 2026 outlook is also conservative, with significant opportunity for upside • Model is only assuming modest levels of G2G military and U.S. DoD orders • Accelerated operating scale in U.S. and Europe could pull forward growth into 2026 • Massive TAMs support upside to forecast over long-term
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Driving OAS to profitability and FCF realization Cash Flow Outlook 59 Period Capital Need(1)(2) 2H 2025 $7 – 8 million 2026 $14 – 15 million 2027 Expect FCF (1) Management estimates (2) Expect to access Klear for working capital support which would reduce capital required for current growth outlook Key Investment Initiatives • Ondas held over $67 million(1) of cash at the end of Q2 2025 (preliminary estimate) • Support accelerated penetration of additional global defense markets through new program capture • Expand ecosystem and operational footprint in United States and Europe • Design for manufacturing initiatives to lower systems production costs, improve margins • Support strategic acquisition program OAS ONLY
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Successful business plan execution creates a high growth, highly profitable global defense, security and intelligence company supported by two software- driven, proprietary unmanned dual-use aerial technology platforms and related services OAS Financial Outcome Source: Management estimates 2026 2030 EBITDA GROWTH ~ 50% Global operational flywheel engaged BUSINESSREVENUE $40 million $140 – 150 million EBITDA Positive in 2H2026 $40 – 45 million 60 OAS ONLY
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STRATEGIC GROWTH
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Acquisitions provide fuel for operational flywheel to drive capital efficient growth plan Strategic Growth Plan Organic + Strategic Growth • Lead with high value, proven reliable autonomous platforms • Advance service delivery and scalable operating capabilities to drive organic growth • Pursue strategic acquisitions to leverage global operations: • Broaden and deepen our solutions portfolio • Capture additional customers • Expand supply chain and production • Drive field support and sustainment capabilities 62 M&A Program Benefits • Accelerated growth • Efficient operating capital deployment • Faster path to profitability • Reinvestment at high returns • Returns to investors enhanced
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Ondas has the vision, expertise and an executable plan to lead The Scalable Growth Platform Potential rewards are substantial • Massive TAMs in the $10s of billions • Growth cycle has launched (S-curve) • Military demand driving early adoption • Technology maturity underestimated • Regulatory progress; government policy supportive • Single product target company valuations are depressed • Customers and investors can more easily identify the leaders 63 MARKETS | CUSTOMERS Defense, homeland security, public safety, critical infrastructure and industrial TECHNOLOGY CAPABILITIES Optimus , Iron Drone , Insightful + AI and Strategic Roadmap OPERATING PLATFORM Sales and Marketing, Supply Chain, Production, Regulations, Field Services & Sustainment, Finance & Administration, Legal, & Gov’t FINANCIAL PLATFORM Access to Capital, FCF Reinvestment, Capital Allocation Source: Management estimates
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“The emerging defense and security markets are overly fragmented and dominated by small, subscale product development companies who are typically poorly capitalized.” - Eric Brock, Ondas CEO Market Needs Scale 64 Customers, partners, employees and investors need scaled providers of platform technologies
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• Go-to-market led • Operational layers • Solutions portfolio • Growth capital • Growth PE | Public Operating Company Technology | Service Delivery Crossing the Valley of Death requires operational scale; efficient use of operating capital is a challenge for single product companies Crossing The Valley 65 Technology development companies are challenged to transition to scalable operating companies • Engineer-led • Deep technology • Single platform • Development risk • Venture funded Technology Platform Development Company
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Supported by internal and external technical experts, key customers, business partners and financial partners OAS Corporate Development Team 66 Management • Sourcing / Pipeline • Diligence • Financial Analysis • Deal Negotiation • Investment Committee • Capital Plan • Board Communication • Integration Plans CHAIRMAN, CEO ERIC BROCK Co-CEO OAS OSHRI LUGASSY DIRECTOR RON STERN CFO NEIL LAIRD VP CORPORATE DEVELOPMENT RONI KANELBAUM
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Growing coalition mobilizing to support Ondas’ mission Advisory Board 67 Ondas plans to assemble a high impact Advisory Board in the near-term. High-Impact, Mission-Driven Advisors • Support Growth: Accelerate adoption of OAS drone platforms in defense, homeland security, and critical infrastructure markets • Product & Technology Guidance: Advise on technical roadmap to align with mission-critical needs • Ecosystem Development: Facilitate partnerships and market access through senior-level relationships • Strategic Advice: Identify strategic investment and acquisition opportunities to strengthen the platform and enhance investor returns
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Ondas operating platform designed to efficiently scale acquisitions Transition to Rapid Growth 68 WHO REQUIRES SCALE? • Large, critical customers • Vendors & Partners • Talent • Investors OPERATING PLATFORM • Sales & Marketing • Supply Chain & Production • Field Services & Sustainment • Broad Engineering Capability • Finance & Administration • Working Capital • Human Resources • Legal, Regulations & Gov’t OPPORTUNITY • Invest to scale the operating platform • Acquire proven technologies and service capabilities
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Active and mature target engagement Target Pipeline 69 Strategic / Financial Lens • Technology and service delivery mature; validated by customers • Expanded TAMs and SOMs • Clear opportunity for global distribution • Identified operating capital efficiencies 4 Diligence 25 Engaged 300+ Identified Targets (US, Europe, Israel)
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Integrated Data Solutions Proprietary, AI-Enabled Capabilities Proven Israeli Defense-Tech Scaled Field Services Providers Autonomous Platforms ISR (Optimus) CUAS (Iron Drone) 70 Target characteristics Target Operating Criteria: • Strong leadership / talent • Proven platform / service adoption • Sustained customer engagement • Attractive financial model / unit economics • Addresses defense & critical security markets Target Financial Criteria: • Minimum $5 - $20M expected revenue • 50% already booked • Expected 50%+ internal growth in NTM • Rapid path to profitability Roadmap & Criteria
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Strategic acquisition program will broaden revenue streams and allowing scaled service delivery to customers, which also leads to significant operating leverage, higher levels of profitability and opportunities for multiple expansion OAS Financial Outcome – Core + Strategic Source: Management estimates; assumes successful execution of M&A program 71 2026 2030 High Growth, Scaled Market Leader Global operational flywheel engaged BUSINESSREVENUE $100 million (run rate) $300+ million EBITDA Positive in 2H2026 $90 million OAS ONLY
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Compelling investment plan to create leading platform company in large, rapidly growing defense & security markets Returns to Investors 72 PATH TO 5X Market Cap (today) ~ $350 million Growth ---- Core + Strategic Market Cap (target) ~ $2.0 BILLION THREE-YEAR GOAL Deploy 5 major technology platforms for customers Generate at least: • $300 million Revenue • $90 million EBITDA • Sustained high growth Source: Management estimates; assumes successful execution of M&A program
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www.ondas.com Q&A CHAIRMAN, CEO ERIC BROCK SVP PRODUCT & MARKETING EITAN ROTBERG FOUNDER & CEO MEIR KLINER CEO TIM TENNE CHIEF FINANCIAL OFFICER NEIL LAIRD OSHRI LUGASSY CO-CEO VP CORPORATE DEVELOPMENT RONI KANELBAUM