On May 15, Ondas Holdings declined 5.26% overnight, trading at $10.62 per share, with trading volume of approximately $6.85 million. The pullback follows a sharp intraday rally of over 27% driven by a blowout first-quarter earnings report.
On the news front, Ondas reported Q1 revenue of $50.1 million, representing a 1,065% year-over-year surge from $4.3 million in the prior-year period, far exceeding the company's own guidance of $38-40 million. Backlog orders surged 569% to $457 million, prompting management to raise full-year revenue guidance to at least $390 million from the prior $375 million target, also above analyst consensus of $379.1 million. Despite the explosive top-line growth and strategic backing from Palantir, the company remains unprofitable, though management indicated that peak losses may be approaching. The overnight decline appears to reflect profit-taking after the stock's significant single-session advance, as investors locked in gains following the initial euphoria.
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