Ondas

Ondas doubled its sales in a single quarter, bringing in 167.5 million dollars from July through September. That is more than sixteen times what it made a year earlier, and even if you pretend Ondas owned all of today's businesses a year ago, sales still grew 64 percent. Management now expects more than 250 million dollars next quarter and at least 1.1 billion dollars in 2027, before any new acquisitions.

Ondas booked 214 million dollars in new orders this quarter, lifting its order book 36 percent in just three months to 835 million dollars. Its U.S. defense arm alone landed 100 million dollars of those orders, including repeat business for its ULTRA long range drone. With about 820 million dollars in cash and investments, Ondas has plenty of fuel to deliver.

Ondas is still losing money. For every dollar of sales it kept about 22 cents after building its products, down from 43 cents a quarter earlier, because rushing big strike drone orders out the door got messy, and management expects similar levels next quarter. Even setting accounting items aside, it lost about 60 million dollars running the business, and the whole company is not expected to break even until the third quarter of 2027.

A big chunk of this growth comes from buying other companies, six of them recently including DZYNE and Cyberhawk, with an aircraft maker called Stemme next in line. Ondas also paid 57.8 million dollars in stock to employees this quarter and has issued new shares to raise money, which shrinks each existing owner's slice. On top of that, the stock tends to swing about three times as hard as the overall market.