Ondas Rallies After Oppenheimer Upgrade as Q3 Revenue Surges

Analysts point to $840 million in pro forma cash with a $22.2 million backlog, supporting a path to expanding margins.

Overview

Shares gained 23.58% week over week, closing Friday at $7.18 after an 18% jump from Thursday’s $6.56.
Oppenheimer raised the rating to outperform and set a $12 price target, implying roughly 67% upside.
Q3 revenue reached $10.1 million, up 582% year over year on Iron Drone and Optimus deliveries plus Apeiro Motion contributions.
Net loss narrowed to $8.78 million while adjusted EBITDA loss widened to $8.76 million, with gross margin at 26%.
Management lifted 2025 revenue guidance to $36 million as Oppenheimer highlights potential margin expansion toward ~70% and growth in the Counter-UAS market.