Ondas Holdings Inc. (NASDAQ: ONDS) has reported a record-breaking third quarter financial performance, demonstrating a robust growth outlook supported by strategic execution and strong global demand for autonomous drone systems. The company achieved a record quarterly revenue of $10.1 million in Q3, marking a more than 6-fold increase year-over-year and 60% growth quarter-over-quarter.
The pro-forma cash balance stood at an impressive $840.4 million, positioning Ondas as one of the leaders in the industry with a strong balance sheet. Notably, the 2025 revenue target has been raised to at least $36 million, with a preliminary revenue target of at least $110 million for 2026.
Ondas Holdings has effectively deployed capital through acquisitions and investments, including SentryCS, Apeiro Motion, 4M Defense, and Rift Dynamics. These initiatives have expanded the company's capabilities and reinforced its position as a leading global provider of next-generation defense and security technologies.
The company raised approximately $855 million in 2025 through equity offerings and warrant and option exercises, significantly transforming its balance sheet and providing substantial capital to support its expanded business plan. Ondas Capital Inc., a new advisory service and strategic investment management service platform, has been established to deploy $150 million in capital to advance a technology bridge strategy connecting dual-use, combat-proven unmanned and autonomous technologies originating in Ukraine to the United States and Europe.
In the third quarter of 2025, Ondas Autonomous Systems (OAS) generated approximately $10.0 million in revenue, representing a more than 8-fold increase from the same period in 2024. The OAS backlog reached $22.2 million as of September 30, 2025, up from $20.7 million at the end of Q2, reflecting continued global demand for the Optimus and Iron Drone platforms.
OAS secured significant orders from major defense customers for the Iron Drone Raider and Apeiro's rugged UGVs and modular payloads, further strengthening its position in the global ground robotics market.
Ondas Networks has made significant strides, with the Association of American Railroads (AAR) Wireless Communications Committee announcing the adoption of IEEE 802.16t ("dot16") as the upgrade path for the legacy 160 MHz LMR voice network. This positions Ondas Networks for a multi-year upgrade cycle across all AAR-owned frequencies, covering thousands of miles of railroad infrastructure throughout North America.
The company continues to expand the ecosystem for dot16-enabled applications for all dot16-enabled networks, further solidifying its position as a primary roadmap for private network modernization in North America.
Today the company's shares have moved -5.0% to a price of $5.51. Check out the company's full 8-K submission here.
