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- **Revenue Surge**: Q3 2025 revenue $10.1 million (+580% YoY), with 2026 target of $110 million.
- **Strategic Acquisitions**: 5 Q3 deals, including Sentrycs (70%+ gross margin), with $500+ million pipeline.
- **Counter-UAS Leadership**: Sentrycs' Cyber-over-RF tech deployed in 25+ countries; Iron Drone kinetic system complements soft-kill solutions.
- **Gross Margin Target**: 50% by 2026, driven by scale and high-margin acquisitions.
- **Capital Strength**: $433 million cash as of Q3, supporting $150 million Ondas Capital program.


**【CEO Summary Section】**
- **Record Q3 Revenue Growth**: $10.1 million, up 580% YoY, driven by OAS and strategic acquisitions. Full-year 2025 revenue target raised to $36 million (Q4: >$15 million), with 2026 outlook of $110 million.
- **Strategic Acquisitions**: Completed 5 deals in Q3, including Sentrycs (Cyber-over-RF counter-UAS tech) and Apeiro Motion (ground robotics). Pipeline includes 20+ targets, with 7 in advanced stages.
- **Ondas Capital Launch**: $150 million program to commercialize battle-tested Ukrainian tech, with forward offices in Kyiv, London, and Frankfurt.
- **Gross Margin Target**: 50% by 2026, driven by high-margin Sentrycs (70%+ gross margin) and scale effects.

**【CFO Financial Commentary】**
- **Revenue & Profit**: Q3 revenue $10.1 million (60% sequential growth); gross profit $2.6 million (26% margin). Adjusted EBITDA loss $8.8 million vs. $7.2 million in Q2.
- **Cash Position**: $433 million as of Q3, up from $30 million in 2024. Raised $855 million in 2025 via equity, supporting M&A and growth.
- **Operating Expenses**: $18.1 million (up 110% YoY), driven by talent acquisition and infrastructure build-out. Cash operating expenses $11.6 million (44% YoY growth).

**【OAS Business Update】**
- **Counter-UAS Leadership**: Sentrycs' Cyber-over-RF tech deployed in 25+ countries, with 24% YoY growth in North America. Iron Drone Raider kinetic system complements soft-kill solutions.
- **Production Scaling**: U.S.-built Optimus and Iron Drone systems expected in Q1 2026, supporting NDAA compliance.
- **Pipeline Expansion**: Backlog $23.3 million (Q3) + $18 million from pending acquisitions, total >$40 million.

**【Ondas Networks Update】**
- **dot16 Adoption**: AAR designates dot16 for 900, 450, and 160 MHz networks. Q4 field trials with Class 1 railroads; ACSES production units shipping Q4.
- **Revenue Outlook**: Limited contribution in 2025, but 2026 deployments expected to drive growth.

**【Q&A Highlights】**
- **M&A Synergies**: 7 advanced-stage deals could add >$500 million in revenue. Integration with OAS platform to accelerate growth and margins.
- **Gross Margin Path**: 50% target achievable in 2026, driven by high-margin Sentrycs and scale.
- **Market Expansion**: Europe counter-UAS demand urgent due to Ukraine war; U.S. DHS/DoD pipeline maturing.
- **Sentrycs Integration**: Combined Sentrycs/Iron Drone system to deliver end-to-end counter-UAS solutions in 2026.


Ondas Holdings Inc. (ONDS) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

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Current Income Tax

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Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ONDS

ONDS fundamentals

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