Oppenheimer says several unknowns linger ahead of Ondas calls despite strong Q4

Oppenheimer analyst Timothy Horan says that Ondas (ONDS) unexpectedly reported Q4 results this morning following revised preliminary earnings issued on Friday. Revenue of $30.1M was up three times sequentially, with virtually all coming from OAS. Gross margins of 42% vs. a 35% estimate were the best in two years. OAS backlog stepped up to $68.3M from $20.3M last quarter, suggesting strong demand pipeline that will feed an aggressive revenue ramp starting this year. Management expects backlog to continue to increase significantly, supported by accretive M&A and strong booking activity in Q1, the firm notes, adding that management raised FY26 revenue guidance to $375M from $160M issued at its January Investor Day. With that said, Oppenheimer believes several unknowns linger ahead of its earnings call scheduled for Wednesday, March 25th before market open. The firm has an Outperform rating on the shares.

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