Ondas Holdings Inc. (ONDS): A Bull Case Theory 

We came across a bullish thesis on Ondas Holdings Inc. on Uncle Stock Notes’s Substack. In this article, we will summarize the bulls’ thesis on ONDS. Ondas Holdings Inc.’s share was trading at $7.58 as of December 1st.

Ladenburg Thalmann reiterated a Buy rating on Ondas Holdings (ONDS) with a sharply increased target price of $13.00, up from $5.00, citing accelerating growth from its dual-core technology platforms and aggressive M&A strategy. The company operates through Ondas Autonomous Systems (OAS), which provides command and control solutions for unmanned aerial vehicles used in defense and critical infrastructure protection, and Iron Drone, a fully autonomous “drone-in-a-box” platform for law enforcement and border security applications now expanding into commercial markets.

Analysts view ONDS’s systematic acquisition model as a key differentiator—targeting technologically mature, low-risk assets, with over 300 evaluated and 25 active collaborations—laying the foundation for rapid scaling. Revenue is projected to grow from $30.1 million in 2025 to $98.9 million in 2026 and $182 million in 2027, with management guiding toward $100 million in annualized revenue by end-2026 and up to $500 million by 2030. Ladenburg forecasts profitability by 2026 with EPS of $0.15, applying a 13x future revenue multiple in its valuation model.

The report highlights ONDS’s exposure to high-growth markets—autonomous systems, drone defense, and border security—supported by structural geopolitical and automation tailwinds. However, risks remain around integration complexity and model uncertainty given the dependence on M&A execution.

While the stock’s strong performance has embedded high expectations, Ladenburg maintains that ONDS’s disciplined roll-up strategy could unlock substantial shareholder value. Based on potential U.S. and global demand, Ondas’s long-term enterprise value could reach $1.2–$3.2 billion ($28–$70 per share) if it captures 5–10% of its estimated $10–15 billion addressable market.

Previously we covered a bullish thesis on Kratos Defense & Security Solutions, Inc. (KTOS) by Kooky_Lime1793 in January 2025, which highlighted its leadership in autonomous military systems and major defense contracts. The stock has appreciated approximately by 155.88% since our coverage as the thesis played out. The thesis still stands as defense innovation accelerates. Uncle Stock Notes shares a similar bullish view on Ondas Holdings (ONDS) but focuses on drone commercialization and M&A-driven growth.

Ondas Holdings Inc. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 9 hedge fund portfolios held ONDS at the end of the second quarter which was 9 in the previous quarter. While we acknowledge the risk and potential of ONDS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ONDS and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.