Shares of private wireless data and drone solutions provider Ondas Holdings Inc. (ONDS) are down more than 9% Monday morning following second-quarter results.
Revenues in the second quarter decreased 25% to 887,432 compared with $1.16 million last year, impacted by lower product sales.
The company reported net loss of $2.82 million or $0.10 per share in the second quarter, narrowed from net loss of $3.22 million or $0.16 per share in the same quarter a year ago.
Net loss was lower primarily due to loan forgiveness of approximately $0.7 million and a decrease in interest expense of approximately $0.1 million as compared to last year.
ONDS is at $6.88 currently. It has traded in the range of $5.69- $16 in the last 52 weeks.
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