Stifel Initiates Ondas Holdings (ONDS) with Buy Rating Highlighting Generational Inflection Point in Military Drone Adoption

Core Insights - Ondas Holdings Inc. is recognized as a leading investment opportunity in the unmanned systems market, with analysts recommending a Buy rating and setting price targets of $13 and $12 from different firms [1][2]. Financial Performance - In Q3 2025, Ondas Holdings achieved a record revenue of $10.1 million, representing a more than sixfold year-over-year increase, primarily driven by the Ondas Autonomous Systems division [3]. - The company's consolidated backlog has doubled to $23.3 million since the beginning of the year, with expectations to exceed $40 million by year-end [3]. - Management has raised its full-year 2025 revenue target to approximately $36 million and set an ambitious goal of around $110 million for 2026 [3]. Market Position and Strategy - Ondas Holdings operates in the private wireless, drone, and automated data solutions sectors, with two main segments: Ondas Networks and Ondas Autonomous Systems [4]. - Analysts have noted the company's effective execution of both organic and inorganic growth strategies, leading to an acceleration in demand beyond previous management projections [2].