TakeoverPE & activists

ONDSOndas Inc.

Radio & Tv Broadcasting & Communications Equipment · $3.3B market cap · 459 employees

1.2×

More likely than average to be taken private

Top 14% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

5of 15 firedHow well they predict deals →
10 other checks
  • 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
  • Payouts exceed cash flowNo
    0% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    22% of assets
    Over 40% of assets
  • 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
  • Recurring revenueNo
    2 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months

Deal filings

FiledFormAcquirerPricePremium
Jul 6, 2021DEFM14A—$7.9410.14%
Jun 23, 2021PREM14A—$7.945.71%

Key numbers

Revenue
$51MFY2021: $3MFY2022: $2MFY2023: $16MFY2024: $7MFY2025: $51M
605% YoY
Operating margin
-115.1%FY2021: -618.3%FY2022: -3266.0%FY2023: -253.2%FY2024: -481.1%FY2025: -115.1%
76% YoY
EBITDA
−$57MFY2021: −$16MFY2022: −$65MFY2023: −$35MFY2024: −$34MFY2025: −$57M
69% YoY
Net debt / EBITDA
—
−$656M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$3M$2M$16M$7M$51M 605% FY2021: $3MFY2022: $2MFY2023: $16MFY2024: $7MFY2025: $51M
Operating income−$18M−$69M−$40M−$35M−$58M 69% FY2021: −$18MFY2022: −$69MFY2023: −$40MFY2024: −$35MFY2025: −$58M
Net income−$15M−$73M−$45M−$38M−$133M 251% FY2021: −$15MFY2022: −$73MFY2023: −$45MFY2024: −$38MFY2025: −$133M
Operating cash flow−$17M−$38M−$34M−$33M−$39M 16% FY2021: −$17MFY2022: −$38MFY2023: −$34MFY2024: −$33MFY2025: −$39M
Capex$924K$3M$211K$2M$2M 24% FY2021: $924KFY2022: $3MFY2023: $211KFY2024: $2MFY2025: $2M
Stock-based comp$3M$6M$1M$1M$16M 1166% FY2021: $3MFY2022: $6MFY2023: $1MFY2024: $1MFY2025: $16M

13D filers

FiledFilerFormStakeIntent
Jun 6, 2025Charles & Potomac Capital, LLCSCHEDULE 13D/A4.1%Passive
Jan 3, 2025Charles & Potomac Capital, LLCSCHEDULE 13D/A6.6%Passive
Jun 4, 2024Charles & Potomac Capital, LLCSC 13D/A10.3%Passive
Feb 28, 2024Charles & Potomac Capital, LLCSC 13D/A17.7%Passive
Nov 24, 2023Charles & Potomac Capital, LLCSC 13D/A16.9%Passive
Aug 29, 2023Charles & Potomac Capital, LLCSC 13D15.2%Passive
Dec 23, 2020Brock Eric ASC 13D/A7.4%Passive
Jan 27, 2020SMITH ROBERT JSC 13D/A28.3%Passive
Jan 27, 2020Brock Eric ASC 13D/A9.5%Passive
Oct 7, 2019SMITH ROBERT JSC 13D26.0%Passive

Insider trading

−$44Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $44M · 26 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$426K$426K614—
FY2024$219K$219K175—
FY2023$222K$222K96—