ONDSOndas Inc.

Radio & Tv Broadcasting & Communications Equipment

Revenue: $51M; 605% YoY
Operating margin: -115.1%; 76% YoY
EBITDA: −$57M; 69% YoY
Market cap: $3.3B
Employees: 459; $111K revenue each
Net debt / EBITDA: —; −$656M net debt
AI in 10-K: 3.8; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$222K median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
32% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
22% of assets
Over 40% of assets
Shareholder dissentYes
79% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$111K · 4th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.8 per 10K words · 77th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$44M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3M	$2M	$16M	$7M	$51M	605%
Operating income	−$18M	−$69M	−$40M	−$35M	−$58M	69%
Net income	−$15M	−$73M	−$45M	−$38M	−$133M	251%
Operating cash flow	−$17M	−$38M	−$34M	−$33M	−$39M	16%
Capex	$924K	$3M	$211K	$2M	$2M	24%
Stock-based comp	$3M	$6M	$1M	$1M	$16M	1166%

Deal filings

Filed	Form	Acquirer	Price	Premium
Jul 6, 2021	DEFM14A	—	$7.94	10.14%
Jun 23, 2021	PREM14A	—	$7.94	5.71%

13D filers

Filed	Filer	Form	Stake	Intent
Jun 6, 2025	Charles & Potomac Capital, LLC	SCHEDULE 13D/A	4.1%	Passive
Jan 3, 2025	Charles & Potomac Capital, LLC	SCHEDULE 13D/A	6.6%	Passive
Jun 4, 2024	Charles & Potomac Capital, LLC	SC 13D/A	10.3%	Passive
Feb 28, 2024	Charles & Potomac Capital, LLC	SC 13D/A	17.7%	Passive
Nov 24, 2023	Charles & Potomac Capital, LLC	SC 13D/A	16.9%	Passive
Aug 29, 2023	Charles & Potomac Capital, LLC	SC 13D	15.2%	Passive
Dec 23, 2020	Brock Eric A	SC 13D/A	7.4%	Passive
Jan 27, 2020	SMITH ROBERT J	SC 13D/A	28.3%	Passive
Jan 27, 2020	Brock Eric A	SC 13D/A	9.5%	Passive
Oct 7, 2019	SMITH ROBERT J	SC 13D	26.0%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $44M · 26
Net: −$44M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$426K	$426K	614	—
FY2024	$219K	$219K	175	—
FY2023	$222K	$222K	96	—