Financial Data and Key Metrics Changes - In Q3 2025, Ondas generated $10.1 million in revenue, a more than six-fold increase year over year, and up nearly 60% sequentially from Q2 [9][21] - The consolidated backlog grew to $23.3 million, more than double from the beginning of the year, and over $40 million when including pending acquisitions [9][21] - The company raised its full-year 2025 revenue target to at least $36 million, expecting to generate more than $15 million in Q4 [9][58] - Cash as of September 30, 2025, was $433.4 million, compared to $30 million a year prior, with shareholders' equity increasing to $487.2 million from $16.6 million [25][26] Business Line Data and Key Metrics Changes - The OAS business unit generated $10 million in revenue, up from $1 million a year ago, driven by deliveries of Iron Drone and Optimus systems [21][35] - Gross profit for Q3 was $2.6 million, representing a 26% gross margin, compared to a gross profit of $0.05 million in Q3 2024 [21] - Operating expenses increased to $18.1 million, primarily due to higher personnel costs related to business growth and strategic initiatives [22] Market Data and Key Metrics Changes - The counter-UAS market is projected to grow from approximately $2.4 billion in 2024 to over $10.5 billion by 2030, representing a 27% compound annual growth rate [52] - Centrix, a recent acquisition, is expected to maintain a triple-digit compound annual growth rate, with bookings projected to triple over the next few years [53] Company Strategy and Development Direction - Ondas is transitioning from technology development to platform adoption, focusing on building durable, efficient, and scaled businesses in the autonomous and unmanned systems market [5][6] - The company launched Ondas Capital to scale combat-proven unmanned technologies from Ukraine and allied nations into production [17][18] - A strategic growth program is in place, with multiple acquisitions enhancing Ondas's capabilities across air, ground, sensing, and communications technologies [15][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for continued record growth through 2025 and into 2026, supported by a strong balance sheet and market demand [12][58] - The outlook for Q4 and 2026 is primarily driven by OAS, with expectations for significant ongoing growth [10][58] - Management highlighted the importance of low-cost capital as a competitive advantage in scaling operations efficiently [8] Other Important Information - Ondas has raised approximately $855 million since June 2025 to support its growth plan, positioning it with one of the strongest balance sheets in the industry [8][12] - The company is actively pursuing a U.S. DOD or DHS customer in 2025, which would represent a significant milestone [59] Q&A Session Summary Question: What is the outlook for revenue growth in 2026? - Management is targeting at least $110 million in revenue for 2026, which may prove conservative given the expanding customer base and backlog [58] Question: How is the company addressing the competitive landscape in the counter-UAS market? - The integration of Centrix's technology with Ondas's existing systems is expected to create a comprehensive counter-UAS architecture, enhancing the company's market position [46][52] Question: What are the key drivers for the growth in the OAS business unit? - The growth is driven by expanding customer relationships, a robust pipeline, and successful execution of strategic acquisitions [10][36]

Core Insights - The 2025 Private Economy Innovation and Development Conference highlighted significant growth in R&D investments and outcomes among China's top 1000 private enterprises in 2024, marking a dual increase in both investment scale and intensity, thereby reinforcing the new engine of economic development [1] Group 1: R&D Investment and Innovation - In 2024, the total R&D expenditure of the top 1000 private enterprises reached 1.43 trillion yuan, an increase of 2.78% compared to the previous year [1] - The average R&D intensity was 3.59%, exceeding the national average by 0.91 percentage points [1] - The number of effective patents held by these enterprises reached 1.4281 million, a year-on-year increase of 27.58%, with invention patents accounting for 594,600, up 15.55% [1] Group 2: Business Performance and Integration - The top private enterprises achieved a total operating revenue of 39.92 trillion yuan in 2024, reflecting a year-on-year growth of 6.87% [2] - Total assets amounted to 46.46 trillion yuan, increasing by 8.16% year-on-year, while total profits reached 2.31 trillion yuan, up 7.85% [2] - Over 300,000 effective patents were industrialized, generating a combined output value of 172.153 billion yuan [2] Group 3: Technological Advancement and Transformation - The private enterprises accelerated the transformation of technological achievements, promoting digital transformation and green low-carbon development, contributing to the construction of a modern industrial system [3] - Innovations in drone defense technology and radio interference have showcased significant advancements, with applications in major projects such as the Wenchang and Hainan space launch sites [3]

Core Insights - The 2025 Private Economy Innovation Development Conference highlighted significant growth in R&D investment and outcomes among China's top 1000 private enterprises in 2024, marking a historical breakthrough in both investment scale and intensity [1][4]. R&D Investment and Innovation - In 2024, the total R&D expenditure of the top 1000 private enterprises reached 1.43 trillion yuan, an increase of 2.78% from the previous year [4]. - The average R&D intensity was 3.59%, surpassing the national average by 0.91 percentage points [4]. - The number of effective patents held by these enterprises reached 1.4281 million, a year-on-year increase of 27.58%, with invention patents accounting for 594,600, up 15.55% [4]. Business Performance and Growth - The top 1000 private enterprises achieved a total operating revenue of 39.92 trillion yuan in 2024, reflecting a year-on-year growth of 6.87% [6]. - Total assets amounted to 46.46 trillion yuan, increasing by 8.16% year-on-year [6]. - The total profit reached 2.31 trillion yuan, with a year-on-year growth of 7.85%, indicating stable profitability [6]. Technological and Industrial Integration - The report indicates a significant integration of technological and industrial innovation among the ranked private enterprises, leading to steady performance growth through accelerated results transformation and digital green transformation [6][12]. - Over 80% of enterprises implemented technological upgrades and equipment renewal, with more than 50% engaging in comprehensive "green + intelligent" transformations [11]. International Competitiveness - More than 10% of the global top 1000 R&D-investing companies are now Chinese private enterprises, indicating a steady improvement in international competitiveness [4]. Case Studies of Innovation - A company in Xi'an has innovatively integrated efficient waveform design with AI algorithms to enhance the identification of low-altitude targets, addressing safety concerns related to drone operations [12][14]. - Another enterprise in Shaanxi has achieved breakthroughs in radio interference technology, successfully applying its all-directional countermeasure equipment in significant tasks, showcasing its technical advantages [16].

Group 1 - The 17th China International Exchange and Cooperation Conference for Overseas Students and Youth Talent Exchange Fair will be held in Nanjing, focusing on the theme "Gathering Talents, Building Dreams for the Future" [1][3] - The event will combine youth talent exchange with the overseas student exchange conference, providing opportunities for face-to-face interactions with representatives from over 1,200 companies across more than 30 cities [1][3] - Nanjing's continuous optimization of talent policies and service systems has attracted companies to participate actively in recruitment events, enhancing their ability to attract high-quality talent [2][3] Group 2 - Nanjing Boshang Optoelectronics Technology Co., Ltd. plans to offer over 20 core positions targeting undergraduate and graduate students, reflecting the company's commitment to recruiting young talent [2] - Nanjing Zhengda Tianqing Pharmaceutical Co., Ltd. aims to recruit 153 graduates from the class of 2026 across various departments, highlighting the company's proactive approach to talent acquisition [2] - The local human resources department has implemented various measures, such as frequent campus recruitment and policy guidance, to facilitate talent supply and demand, thereby boosting companies' confidence in attracting talent [2][4]

Group 1 - The market anticipates that the Federal Reserve will lower interest rates by 64 basis points by the end of the year, an increase from the previous expectation of 51 basis points [1] - Risk assets have risen due to the interest rate cut expectations, with U.S. Treasury yields and the dollar index declining, while European and U.S. stock index futures have seen slight increases [1] - The S&P 500 futures rose by approximately 0.38%, while the Nasdaq 100 futures increased by about 0.5% [10][11] Group 2 - European stocks mostly saw slight increases, with the German DAX up by 0.47% and the French CAC 40 up by 0.38% [2] - The Nikkei 225 index in Japan rose by 1.6%, while the South Korean KOSPI fell by 0.9% [3] Group 3 - The benchmark 10-year U.S. Treasury yield fell by over 2 basis points [4] - The U.S. dollar index decreased by approximately 0.4%, reaching its lowest level since April 2022 [5] - The onshore and offshore Chinese yuan rose above 7.16 against the dollar, marking a new high in over seven months [6][16] Group 4 - Spot gold prices surpassed $3,350 per ounce, while spot silver saw a short-term increase of over 1% [7][19] - Crude oil prices, including WTI and Brent, rose by about 0.3% [8][21] Group 5 - Bitcoin increased by approximately 1.4%, and Ethereum rose by about 1.8% [9] - Micron Technology's strong earnings report indicated robust demand for AI-related chips, leading to gains in tech stocks such as Micron, AMD, and Nvidia [10][11] Group 6 - NATO leaders agreed to increase defense spending to 5% of GDP, which is expected to benefit defense contractors and lead to a significant rise in military orders [12] - The Australian drone defense company DroneShield saw its stock rise over 7%, with a cumulative increase of about 200% this year [12] Group 7 - The Asian currencies are experiencing inflows, with the Asian currency index reaching an eight-month high, as fund managers believe there is still room for appreciation [13] - The Chinese yuan has appreciated by approximately 0.37% against the dollar this year, with the offshore yuan rising over 2.3% [16]