Ondas targets FY25 revenue of at least $25M, consensus $24.05M

The Company expects to generate strong growth and maintains a revenue target of at least $25 million for 2025. This would be a record year and represent nearly 250% growth year-over-year from 2024. Growth will be led by our OAS business unit which we expect to generate at least $20 million in revenue. This outlook is supported by $10 million in backlog from 2024 and what we believe is a conservative view of the likely orders we expect to secure and fulfil during the year given current customer pipeline visibility. Revenue expectations for Ondas (ONDS) Networks currently are primarily related to existing and expected development programs and modest system sales due to the current lack of firm commitments on rail network buildout timelines. Bookings and revenue growth are expected to fluctuate from quarter-to-quarter given the variability around both expected orders associated with program expansion with existing customers, as well as the timing of the addition of new customers at OAS, and the timing of rail network buildouts for Ondas Networks.