Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 18 Feb, 26 | ONDS | Buy | USD 10.05 | USD 10.6 | USD 11.2 | 1 day | Closed |
12.94%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
Ondas Holdings Inc., through its subsidiaries, provides private wireless, drone, and automated data solutions. It operates in two segments, Ondas Networks and Ondas Autonomous Systems. The company designs, develops, manufactures, sells, and supports FullMAX, a software defined radio (SDR) platform for wide-area broadband networks. Its FullMAX SDR platform enables secure and reliable industrial-grade connectivity for truly mission-critical applications. The company also offers Optimus, an AI-powered drone with imaging payloads; the Airbase, a ruggedized weatherproof base station for housing, data processing, and cloud transfer; Insightful, a secure web portal and API, which enables remote interaction with the system, data, and resulting analytics anywhere in the world; and the Raider, a counter-drone system for security and the protection of critical infrastructure, assets, and people from the threat of hostile drones. It serves users in rail, energy, mining, agriculture, public safety, critical infrastructure, and government markets in the United States and internationally. The company is headquartered in Waltham, Massachusetts.
Revenue Growth Acceleration: In Q3 FY2025, revenue reached USD 10.1 million compared to USD 1.5 million in Q3 FY2024, representing a 582% year-on-year increase
Gross Profit Expansion: Gross profit rose to USD 2.6 million in Q3 FY2025 from USD 0.05 million in Q3 FY2024
Escalation in Operating Expenses: Operating expenses increased to USD 18.1 million in Q3 FY2025 from USD 8.7 million in Q3 FY2024
Increased Accumulated Deficit: Accumulated deficit rose to USD 268.7 million as of September 30, 2025, compared to USD 236.4 million at December 31, 2024, reflecting continued cumulative losses during the scaling phase
Ondas faces execution risk related to integrating multiple acquisitions while scaling operating expenses ahead of sustained profitability, alongside potential revenue timing variability in defense contracts and rail network deployments
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 10.05 | 8.9 | 10.6 | 11.2 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Revenue Acceleration and Market Demand Expansion: Ondas Holdings reported record revenue of USD 10.1 million in Q3 FY2025, compared to USD 1.5 million in Q3 FY2024, reflecting a 582% year-on-year increase. The sharp growth was primarily driven by sustained deliveries of Iron Drone Raider and Optimus autonomous systems under defense and public safety contracts, alongside incremental revenue contributions from newly acquired entities. The performance highlights accelerating demand for autonomous aerial and ground systems across global defense markets.
Gross Profit and Margin Expansion: Gross profit improved significantly to USD 2.6 million in Q3 FY2025 from USD 0.05 million in Q3 FY2024. Correspondingly, gross margin expanded to 26% from 3% in the prior-year quarter. The improvement reflects higher production volumes, better cost absorption of fixed expenses, and operational leverage from scaling the OAS segment. However, management indicated that margins may fluctuate based on product mix and delivery timing.
Operating Cost Structure and Investment Phase: Total operating expenses increased to USD 18.1 million in Q3 FY2025 compared to USD 8.7 million in Q3 FY2024. The rise was largely attributable to expansion of payroll to support scaling operations, professional fees linked to acquisition activities, infrastructure build-out, and approximately USD 5.0 million in non-cash stock-based compensation. The elevated expense base reflects a deliberate investment strategy aimed at supporting anticipated multi-year growth.
Profitability and Bottom-Line Movement: Operating loss widened to USD 15.5 million in Q3 FY2025 from USD 8.7 million in Q3 FY2024 due to higher operating expenses. However, net loss improved to USD 7.5 million from USD 9.5 million in the prior-year quarter, supported by increased interest income from a strengthened cash position and unrealized gains on equity investments. The divergence between operating and net loss reflects improved financial income generation.
Transformational Liquidity Position: Cash and restricted cash increased to USD 433.4 million as of September 30, 2025, compared to USD 30.0 million as of December 31, 2024. On a pro forma basis, adjusted for subsequent equity raises, cash reached approximately USD 840.4 million. This capital infusion significantly enhances financial flexibility, supports acquisition-led growth, and reduces near-term liquidity risk.
Debt Reduction and Equity Strengthening: Convertible debt at the holding-company level was fully eliminated during 2025, reducing total debt materially. Total stockholders’ equity increased to USD 487.2 million as of September 30, 2025, compared to USD 16.6 million at year-end 2024. The strengthened balance sheet positions the company to pursue strategic acquisitions and scale operations
Ondas Holdings is positioned at the intersection of rapidly expanding autonomous defense and counter-UAS markets, supported by record revenue growth, expanding backlog visibility, and a significantly strengthened balance sheet. The company’s strategic acquisition program, scalable operating platform, and strong liquidity provide a foundation for accelerated revenue expansion and future operating leverage, positioning it for meaningful long-term value creation as defense modernization trends continue globally.
As per the above-mentioned price action, recent key business and financial updates, momentum in the stock over the last month, and technical indicators analysis, a ‘Speculative Buy’ rating has been given to Ondas Holdings Inc (NASDAQ: ONDS) at the closing market price of USD 10.05, as of February 17,2026.
Data Powered by EOD Historical Data (“EODHD”).
Sector: Technology Industry: Communication Equipment
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| ONDS Ondas Holdings Inc. |
0.15 1.64% | 9.27 | - | - | 3.50 | 1.66 | 4.80 | -2.1754 |
| CSCO Cisco Systems Inc |
2.21 1.88% | 119.54 | 31.58 | 19.42 | 6.00 | 7.42 | 6.24 | 21.68 |
| CIEN Ciena Corp |
-8.5 1.95% | 428.22 | 322.25 | 111.11 | 13.97 | 25.62 | 14.02 | 141.08 |
| MSI Motorola Solutions Inc |
-5.53 1.38% | 395.17 | 31.36 | 23.98 | 5.22 | 141.85 | 5.79 | 20.98 |
| ASTS Ast Spacemobile Inc |
-4.77 5.58% | 80.66 | - | - | 436.34 | 12.87 | 332.88 | -2.342 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on February 18, 2026. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
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Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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