ONDS Stock Today (Nov. 24, 2025): Ondas Holdings Rides Q3 Earnings Surge, Defense Deals and Analyst Upgrades

Key Takeaways

Price & volatility: Ondas Holdings Inc. (NASDAQ: ONDS) is trading in the mid‑$6 range on Monday, November 24, 2025, after closing at $6.74 on Friday, up 7.4% on the day and about 16% over the last two weeks. The stock has a 52‑week range of $0.57 to $11.70, underscoring extremely high volatility. ^[1]
Explosive growth: Q3 2025 revenue jumped to $10.1 million, up roughly 6x year over year and 60% sequentially, driven mainly by the Ondas Autonomous Systems (OAS) defense and drone business. Gross margin improved to 26%, but the company still posted a net loss of $7.5 million. ^[2]
War chest & dilution: Ondas has transformed its balance sheet, ending Q3 with $433 million in cash and a pro‑forma cash balance of about $840 million after October equity raises, but this comes after raising roughly $855 million through multiple equity offerings and warrant exercises in 2025 — a major source of dilution. ^[3]
Defense & drone deals: In November alone, Ondas completed the acquisition of Sentrycs, a Cyber‑over‑RF counter‑UAS specialist; secured an $8.2 million Iron Drone Raider™ airport order in Europe; and announced a $35 million strategic investment in Performance Drone Works (PDW), a combat‑robotics manufacturer serving the U.S. military. ^[4]
Wall Street sentiment: Oppenheimer upgraded ONDS to “Outperform” with a $12 price target, joining Needham, HC Wainwright and Lake Street with Buy‑equivalent ratings. Fintel/Nasdaq data show an average 12‑month target around $11.07, implying substantial upside from recent prices, while about 173 institutions now hold the stock. ^[5]
Valuation split: Some models (e.g., Simply Wall St DCF) estimate fair value near $18.28 per share, suggesting deep undervaluation, while GuruFocus’ GF Value framework pegs fair value closer to $5.23, implying downside from current levels. ^[6]

ONDS Stock Price Today: Volatile Around the Mid‑$6s

As of early afternoon U.S. trading on Monday, November 24, 2025, ONDS is changing hands in the mid‑$6 area, roughly flat compared with Friday’s close at $6.74 after a strong end‑of‑week rally. ^[7]

Recent trading stats highlight just how wild the ride has become:

Friday, Nov. 21 close: $6.74, up 7.42% on the day with an intraday swing of over 15% between low and high. ^[8]
Average daily volatility (past week): ~21% by one technical service’s estimate. ^[9]
52‑week range:$0.57 – $11.70; market cap ≈ $2.5–2.8 billion at current levels. ^[10]

Performance has been eye‑catching:

Over the last 12 months, ONDS has returned roughly 659%, according to Simply Wall St. ^[11]
Year‑to‑date 2025 gains are in the 150–185% range depending on the data provider. ^[12]

Short‑term expectations also reflect heavy risk appetite. Options data for contracts expiring November 28, 2025 imply an expected move of about ±11% over the coming days (roughly a $6.05–$7.57 trading band), underscoring how traders are bracing for further swings. ^[13]

Q3 2025: Record Revenue, Improving Margins – But Still in the Red

Ondas’ third‑quarter 2025 results, released on November 13, are central to today’s ONDS story.

Revenue & profitability

According to the company’s earnings release:

Total revenue:$10.1 million, up ~582% from $1.5 million in Q3 2024 and up about 60% quarter‑over‑quarter. ^[14]
OAS (Ondas Autonomous Systems) revenue: about $10.0 million, more than 8x the prior‑year period, driven by deliveries of Optimus autonomous drone systems, Iron Drone Raider counter‑UAS platforms, and contributions from the Apeiro Motion ground‑robotics acquisition. ^[15]
Gross profit:$2.6 million, versus essentially break‑even ($0.05 million) a year ago, lifting gross margin to 26% from just 3%. ^[16]

However, the business remains unprofitable as it scales:

Operating expenses:$18.1 million (vs. $8.7 million in Q3 2024). About $5 million of that increase came from non‑cash stock‑based compensation, and roughly $4.4 million from higher payroll and professional fees tied to OAS and acquisitions. ^[17]
Operating loss:$15.5 million, compared with an $8.7 million loss a year ago. ^[18]
Net loss:$7.5 million, an improvement from $9.5 million, helped by interest income on the larger cash balance and unrealized gains on minority investments. ^[19]
Adjusted EBITDA:–$8.8 million vs. –$7.1 million in Q3 2024. ^[20]

Guidance: Aggressive growth targets

Management also raised its outlook:

2025 revenue target: at least $36 million.
Preliminary 2026 target: at least $110 million, implying another major step up if achieved. ^[21]

Those targets lean heavily on continued momentum at OAS – especially in autonomous security, counter‑UAS deployments, and new defense contracts.

Balance Sheet: Massive Cash Pile Funded by Equity Raises

One of the most striking numbers in Ondas’ Q3 release is its cash position:

Cash, cash equivalents & restricted cash at Q3 end:$433.4 million, versus $30 million at year‑end 2024. ^[22]
Pro‑forma cash: about $840.4 million, adjusting for a large equity offering completed on October 7, 2025. ^[23]

The flip side is dilution:

Ondas raised roughly $855 million in 2025 through a combination of equity offerings and warrant/option exercises. ^[24]
Cash from financing activities in the first nine months of 2025 totaled $448.2 million, while operating activities consumed $26 million and investing activities $18.7 million. ^[25]

In simple terms, Ondas has armed itself with a very large war chest to pursue acquisitions and strategic investments — but existing shareholders have paid for that with a much larger share count.

Defense & Drone Deal Pipeline: Sentrycs, PDW, Iron Drone Raider and More

The ONDS bull case right now is less about legacy industrial wireless and more about becoming a vertically integrated autonomous defense and counter‑drone platform. November has been packed with deal announcements.

1. Sentrycs acquisition: Cyber‑over‑RF “soft‑kill” counter‑UAS

On November 18, 2025, Ondas closed its previously announced acquisition of Sentry CS Ltd. (Sentrycs), an Israel‑based provider of Cyber‑over‑RF (CoRF) and protocol‑manipulation counter‑drone technology. ^[26]

Key points:

Sentrycs’ system can identify, track and take control of unauthorized drones at the protocol level without jamming or spoofing, enabling safe operations even in crowded airspace or near sensitive communications. ^[27]
The company reports roughly 200 deployments across more than 25 countries on six continents, spanning defense, public safety, aviation and critical infrastructure customers. ^[28]
Sentrycs will be integrated into Ondas’ OAS “System‑of‑Systems” architecture, combining cyber takeover with Iron Drone Raider’s autonomous interceptor drones, real‑time sensor fusion and AI decision‑making to offer a layered counter‑UAS stack. ^[29]

This acquisition gives Ondas a “soft‑kill” complement to its existing “hard‑kill” interception capabilities, positioning the company as a more comprehensive CUAS provider for airports, borders, bases and urban environments.

2. $8.2M Iron Drone Raider order at a major European airport

On November 17, 2025, Ondas announced an approximately $8.2 million purchase order from a major European security agency to deploy multiple Iron Drone Raider™ systems at one of Europe’s largest international airports. ^[30]

Subsidiary Airobotics will act as the prime contractor, overseeing integration and deployment around the airport perimeter.
The company frames the order as a response to recent drone incursions that forced flight suspensions in Europe, highlighting the urgency of reliable counter‑drone defenses. ^[31]
Iron Drone Raider uses an AI‑enabled workflow to automatically launch an interceptor drone that captures hostile UAVs with a reusable net, avoiding explosions or signal jamming and reducing collateral damage. ^[32]

Management describes this contract as a milestone in a “record year” for bookings and as a proof point for its integrated air‑and‑cyber defense strategy. ^[33]

3. $35M strategic investment in Performance Drone Works (PDW)

On November 20, 2025, Ondas unveiled a $35 million strategic investment in Performance Drone Works (PDW), a veteran‑led defense technology company building combat robotics for national security missions. ^[34]

Highlights from the company’s announcement:

PDW’s Drone Factory 01 in Huntsville, Alabama, is a 90,000 sq. ft. facility with capacity to produce up to 100,000 NDAA‑compliant advanced drone systems per year, representing potential annual output of roughly $1 billion in hardware. ^[35]
The investment will be used to scale production, expand engineering headcount and secure domestic, NDAA‑compliant components. ^[36]
PDW recently won a $20.9 million U.S. Army contract for its C100 UAS and Multi‑Mission Payloads under the Army’s “Transformation in Contact” initiative. ^[37]

This move is part balance‑sheet deployment and part ecosystem building: Ondas is positioning itself not only as a platform operator (via OAS) but also as a capital provider through Ondas Capital, its emerging investment arm.

4. Safe Pro Group AI demining investment

Ondas is also backing complementary AI capabilities. In October, Safe Pro Group disclosed a $14 million strategic investment led by Ondas Holdings, involving the sale of 2 million Safe Pro common shares. ^[38]

Safe Pro develops AI‑driven threat detection systems that use drone imagery to detect landmines and unexploded ordnance, with more than 36,000 explosive threats detected and over 2 million images processed in real‑world operations. ^[39]

The investment deepens Ondas’ access to AI datasets and algorithms that could sit on top of its drone and robotics platforms.

5. Earlier acquisitions: Apeiro, 4M Defense, SPO, Insight

Beyond these headline deals, Ondas has quietly been assembling a multi‑domain autonomy portfolio:

Apeiro Motion: ground robots and fiber‑optic tether systems for drones and UGVs.
4M Defense: land‑intelligence and demining specialist using robotics and AI for subsurface mapping.
S.P.O. Smart Precision Optics (SPO): high‑end precision optics for missile defense, high‑power lasers and counter‑drone systems; Ondas acquired 51% of SPO in October 2025. ^[40]
Insight Intelligent Sensors: AI‑enabled electro‑optical sensors and situational awareness tech. ^[41]

Taken together, these assets show a clear direction: Ondas wants to be a full‑stack autonomous defense solutions provider, spanning aerial, ground and subsurface robotics plus cyber and sensing layers.

Technical Picture: Uptrend With High Risk

Technical services are split on whether ONDS is still attractive in the short term.

One popular daily technical analysis site notes that:

The stock sits in the middle of a “very wide and strong rising trend” and could gain around 10% over the next three months, with a 90% probability range between about $5.99 and $13.01. ^[42]
However, it currently flags ONDS as a “sell candidate” based on moving‑average signals, even while MACD and rising volume are positive.
Support is noted near $6.56, with resistance around $7.18–$7.54, and recent average daily volatility above 20%. ^[43]

Crypto‑oriented data site CoinCodex, meanwhile, projects a relatively flat near‑term path, modeling November 2025 trading between $6.50 and $6.74 with little net return, and December slightly lower. ^[44]

In short, the trend is up, but the risk of double‑digit percentage swings in a single session is very real.

Wall Street & Quant Models: Bullish Targets, Divergent Fair Values

Analyst ratings and institutional interest

Sell‑side coverage has turned notably more positive in recent months:

Oppenheimer upgraded ONDS from Perform to Outperform and set a $12 price target on November 14, citing optimism about future performance. ^[45]
Needham has reiterated its Buy rating while raising its target from $9 to $10 following Q3 results. ^[46]
HC Wainwright & Co. initiated coverage in October with a Buy and $12 target.
Lake Street has pushed its target up multiple times this year, from $2.50 to $5.00, then to $8.00, maintaining a Buy stance. ^[47]

According to a Nasdaq‑hosted Fintel summary:

The average 12‑month price target is about $11.07, up from $9.69 earlier this month, with a range from roughly $9.09 to $13.65. ^[48]
That average target implied more than 50% upside versus a recent closing price of $7.18 at the time of publication. ^[49]
Around 173 institutional investors now report positions in ONDS, with total institutional ownership rising more than 100% over the last three months to about 113.8 million shares. ^[50]
A put/call ratio of 0.28 in the options market reflects a strongly bullish skew in speculative positioning. ^[51]

Gurufocus data show an average one‑year target of $9.83 from six analysts – still implying ~27% upside from the reference price used in that report, and a consensus recommendation of “Outperform” (2.0 on a 1–5 scale). ^[52]

Valuation models: From “deeply undervalued” to “overvalued”

The valuation story is more contentious:

Simply Wall St estimates ONDS’ intrinsic value at about $18.28 per share using a DCF model, implying the stock is trading at roughly a 63% discount to fair value. The service notes that Ondas scores as “undervalued” on four of six valuation factors and has delivered 659% returns over the last 12 months. ^[53]
By contrast, Gurufocus’ GF Value – which extrapolates from historical multiples and growth estimates – pegs fair value around $5.23, suggesting potential downside of more than 30% from the price at the time of that analysis. ^[54]

Zacks’ comparative analysis of Ondas vs. peer Draganfly (DPRO) points out that:

ONDS trades at a forward 12‑month price‑to‑sales ratio of about 39x, far higher than DPRO’s ~3x, even though both are small, high‑growth drone players. ^[55]
Over the past six months, ONDS shares gained more than 700%, compared with roughly 260% for Draganfly. ^[56]

The conclusion: valuation depends heavily on how much of Ondas’ ambitious growth and defense‑ecosystem strategy you believe will actually materialize.

Near‑Term Catalysts: Special Stockholder Meeting and Integration Milestones

One immediate event on traders’ calendars is the special meeting of stockholders:

Originally scheduled for November 18, Ondas postponed the meeting to Tuesday, November 25, 2025, at 10:00 a.m. ET, at its Boston offices, specifically to allow more time to solicit additional votes on matters described in its proxy materials. ^[57]
Only shareholders of record as of October 8, 2025 can vote, and previously submitted proxies remain valid. ^[58]

The company has not widely publicized the details in news releases, but special meetings often involve authorizations for additional share issuance, equity incentives or specific strategic transactions — all of which can be market‑moving depending on how shareholder voting unfolds.

Beyond governance, investors will be watching:

Integration progress for Sentrycs into the OAS platform.
Execution of the European airport Iron Drone Raider deployment and potential follow‑on orders. ^[59]
Early signs of scale from the PDW partnership, including production ramp‑up and new contracts. ^[60]
Whether Ondas can sustain its raised 2025 revenue target and march toward the $110 million 2026 goal without significantly escalating cash burn. ^[61]

Key Risks for ONDS Stock

Despite the excitement, ONDS remains a high‑risk, speculative small‑cap. Some of the main risks include:

Ongoing losses and cash burn
- The company is still losing money on an operating and EBITDA basis and is investing heavily in people, R&D and integration. If revenue execution slows, management may need additional capital over time, potentially leading to further dilution. ^[62]
Integration and execution risk
- Ondas is absorbing multiple acquisitions across Israel, Europe and the U.S. (Apeiro, 4M Defense, SPO, Sentrycs, Insight) as well as external strategic investments. Integrating technologies, cultures and sales channels while maintaining quality and meeting defense‑grade requirements is non‑trivial. ^[63]
Geopolitical and regulatory exposure
- Several key operations and acquisitions are based in Israel and other sensitive regions, exposing Ondas to geopolitical risk, export controls and shifting defense priorities.
- Drone and counter‑UAS markets are subject to evolving regulations, especially around airspace safety, privacy and electromagnetic interference.
Customer concentration and contract risk
- OAS revenue is tied to a relatively small number of large defense and security contracts. Cancellations, delays or budget changes by a few major customers could significantly hit top line and backlog. ^[64]
Extreme volatility & valuation uncertainty
- With daily moves regularly exceeding 10–20% and mixed valuation signals (from “deeply undervalued” to “overvalued”), investors face a high probability of sharp drawdowns, even if the long‑term story plays out. ^[65]

Bottom Line: ONDS Is a High‑Beta Bet on Autonomous Defense

For November 24, 2025, ONDS sits at the crossroads of powerful themes:

Explosive growth in autonomous drones and counter‑UAS.
A rapidly expanding product and investment portfolio spanning interception drones, cyber takeover, demining robotics and AI‑powered threat detection.
A fortified balance sheet that gives management room to execute its strategy.
Intensifying Wall Street coverage and institutional interest, but also sharp disagreement on true fair value.

At the same time, the stock’s extreme volatility, continued losses, heavy past dilution and complex integration path mean that ONDS is far from a low‑risk holding. Short‑term traders are likely to focus on this week’s special stockholder meeting and any new contract headlines, while longer‑term investors will be watching whether Ondas can translate its war chest and deal flow into sustainable, profitable growth.

As always, this article is for information and analysis only and is not investment advice. Anyone considering ONDS should carefully evaluate their risk tolerance, time horizon and diversification before making decisions, and review the company’s latest SEC filings and official investor materials.

Ondas Holdings (ONDS) BREAKOUT MOVE: The New Drone Defense Powerhouse