Rising Stars in Global Telecommunications and Saudi Commercial Services: A Strategic Deep Dive into ONDS and MAHARAH (1831)

The global telecommunications and Saudi commercial services sectors are witnessing transformative momentum, driven by technological innovation and regional economic diversification. Two companies at the forefront of this evolution are Ondas Holdings (ONDS) and Maharah Human Resources Company (1831.SR). This analysis evaluates their short-term performance and long-term growth potential, drawing on recent financial data and strategic developments.

Maharah (1831.SR): A Saudi Commercial Services Powerhouse with Resilient Momentum

Maharah Human Resources Company, a key player in Saudi Arabia's labor and recruitment sector, has demonstrated robust short-term momentum. As of December 31, 2025, its stock price stood at 6.44 SAR, reflecting a 17.30% increase over the past month and a 4.21% annual gain according to financial data. This upward trajectory aligns with the company's broader financial performance: in 2024, Maharah reported 2.24 billion SAR in revenue, a 18.28% year-over-year (YoY) increase, and 127.48 million SAR in earnings, up 27.20% YoY.

For 2025, the company's trailing twelve-month (TTM) revenue reached $0.76 billion USD, a 28.99% rise from 2024. While its 4.75% profit margin and 7.72% operating margin suggest moderate profitability, these figures are bolstered by Saudi Arabia's Vision 2030 initiatives, which prioritize private-sector growth.

However, quarterly earnings have shown volatility. For instance, Q3 2025 revenue grew 4.66% quarter-over-quarter (QoQ) to 789.70 million SAR, but net profits for the first half of 2025 declined by 49% compared to the same period in 2024. This underscores the need for continued operational efficiency to sustain long-term gains.

Long-term potential for Maharah lies in its alignment with Saudi Arabia's economic transformation. As the kingdom expands its non-oil sectors, Maharah's expertise in human resource solutions-critical for industries like logistics, construction, and healthcare-positions it to benefit from rising demand.

Ondas Holdings (ONDS): A Telecommunications Innovator with Explosive Growth

Ondas Holdings, a U.S.-based telecommunications and defense technology firm, has emerged as a standout performer in 2025. Its Q3 2025 revenue surged to $10.1 million, a 580% YoY increase and 60% sequential growth, driven by its Ondas Autonomous Systems (OAS) division, which generated $10 million in revenue (https://finance.yahoo.com/quote/ONDS/). This growth reflects the company's strategic pivot toward autonomous systems and defense contracts, which now account for a significant portion of its revenue.

Despite this, profitability remains a challenge. Ondas reported an adjusted EBITDA loss of $8.8 million in Q3 2025, driven by $18.1 million in operating expenses, up from $8.7 million in Q3 2024 (https://finance.yahoo.com/quote/ONDS/). However, the company's balance sheet is robust, with $433.4 million in cash and restricted cash as of Q3 2025, largely from equity offerings.

Looking ahead, Ondas has raised its 2025 revenue target to at least $36 million and set an ambitious 2026 goal of $110 million, with EBITDA positivity expected by the second half of 2026. Analysts attribute this optimism to the company's strategic acquisitions, expanded capabilities in AI-driven defense systems, and a strong customer pipeline (https://www.investing.com/equities/ondas-earnings).

Long-term growth for Ondas hinges on its ability to scale its autonomous systems division and capitalize on global demand for secure telecommunications infrastructure. With the U.S. and allied nations investing heavily in defense technology, Ondas is well-positioned to benefit from this trend, provided it can manage its operating costs.

Comparative Analysis: Short-Term Momentum vs. Long-Term Risks

• Maharah offers stable, sector-specific growth in Saudi Arabia's commercial services market, supported by macroeconomic tailwinds. However, its quarterly earnings volatility and moderate profit margins require careful monitoring.
• Ondas exemplifies high-growth potential in the telecommunications and defense sectors, but its current EBITDA losses and high operating expenses pose near-term risks.

Both companies are leveraging strategic expansion-Maharah through labor market integration and Ondas through technological innovation-to position themselves for long-term success. For investors, the choice between the two depends on risk tolerance: Maharah offers a more conservative bet on Saudi economic reform, while Ondas appeals to those seeking high-reward opportunities in a rapidly evolving tech landscape.

Conclusion

The telecommunications and Saudi commercial services sectors are poised for sustained growth, driven by technological disruption and regional economic policies. Maharah (1831.SR) and Ondas (ONDS) represent compelling cases of companies navigating these dynamics. While Maharah's short-term momentum is supported by Saudi Arabia's Vision 2030, Ondas's explosive revenue growth and ambitious targets highlight its potential to dominate the defense-tech space. Investors should weigh these factors against each company's operational challenges to align with their strategic objectives.