Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Ondas Holdings is moving deeper into defense systems as it shifts from being primarily an autonomous technology developer to a broader operating platform across air, ground, sensing, and communications.</li><li>Recent company commentary already showed that transition taking shape: Ondas reported record third-quarter 2025 revenue of $10.1 million, backlog of $23.3 million, a higher full-year 2025 revenue target of at least $36 million, and a 2026 revenue goal of at least $110 million, while also highlighting a fast-growing acquisition program.</li><li>In that context, the announced acquisition of INDO Earth Moving adds a more immediate military equipment and support opportunity to the portfolio, anchored by a $140 million tender to deliver heavy-tracked engineering vehicles and related services to a major defense customer.</li></ul>

Ondas Holdings is moving deeper into defense systems as it shifts from being primarily an autonomous technology developer to a broader operating platform across air, ground, sensing, and communications.Recent company commentary already showed that transition taking shape: Ondas reported record third-quarter 2025 revenue of $10.1 million, backlog of $23.3 million, a higher full-year 2025 revenue target of at least $36 million, and a 2026 revenue goal of at least $110 million, while also highlighting a fast-growing acquisition program.In that context, the announced acquisition of INDO Earth Moving adds a more immediate military equipment and support opportunity to the portfolio, anchored by a $140 million tender to deliver heavy-tracked engineering vehicles and related services to a major defense customer.

Ondas’ $140M INDO Acquisition Could Change Everything!

<ul><li>Ondas Holdings has recently intensified its push to build a scaled defense technology platform, highlighted by its acquisition of Israeli airborne defense technologies provider BIRD Aerosystems.</li><li>The move arrives at a time when Ondas is expanding aggressively through acquisitions, capital raises, and product development across its autonomous systems and communications businesses.</li><li>In recent quarters, the company has reported accelerating revenue growth driven largely by its Ondas Autonomous Systems (OAS) division, which focuses on counter-drone platforms, robotics, and AI-enabled security technologies.</li></ul>

Ondas Holdings has recently intensified its push to build a scaled defense technology platform, highlighted by its acquisition of Israeli airborne defense technologies provider BIRD Aerosystems.The move arrives at a time when Ondas is expanding aggressively through acquisitions, capital raises, and product development across its autonomous systems and communications businesses.In recent quarters, the company has reported accelerating revenue growth driven largely by its Ondas Autonomous Systems (OAS) division, which focuses on counter-drone platforms, robotics, and AI-enabled security technologies.

Ondas Expands Into Airborne Defense: How The BIRD Aerosystems Deal Could Unlock A New Growth Engine!

J Capital Research

Independent Insight Provider

J Capital Research, a U.S. company, publishes highly diligenced research reports on publicly traded companies, relying on deep, on-the-ground primary research. J Capital has particular expertise in the Chinese market, but we look at over-valued companies throughout the world. As an activist short- and long-research shop, when we form a clear view, we publish free, public reports to inform the investing public and never disguise our identity. We believe the internet has afforded an opportunity to small, unaffiliated investors to leapfrog the big banks, with their conflicts of interest, and obtain unbiased information on traded companies. We pride ourselves on our independence and the quality of our work. We hope the work speaks for itself.

<ul><li>A drone company that primarily derives revenue growth based on high-priced, money-losing acquisitions funded by massive share dilution should not be celebrated as a great investment.</li><li>We believe Ondas is buying its way into military contracts for nosebleed prices and has no clear path to profit.</li><li>With a promotional management team that has been making big revenue promises for years without realizing them, Ondas, we think, is incinerating cash and value.</li></ul>

A drone company that primarily derives revenue growth based on high-priced, money-losing acquisitions funded by massive share dilution should not be celebrated as a great investment.We believe Ondas is buying its way into military contracts for nosebleed prices and has no clear path to profit.With a promotional management team that has been making big revenue promises for years without realizing them, Ondas, we think, is incinerating cash and value.

Ondas Inc (ONDS): Ondas Won’t Live Up to the Hype

<ul><li>The Q2 2025 earnings call for Ondas Holdings Inc. revealed a strategic inflection point, with management expressing active interest in acquiring Sentry Counter Solutions (Sentry CS), a veteran-owned defense tech company specializing in counter-UAS (C-UAS) and mobile commandand-control systems.</li><li>This potential deal follows Ondas’ continued efforts to establish itself as a leading player in secure wireless and autonomous systems via its Ondas Networks and Airobotics divisions.</li><li>Sentry CS's focus on rapid-deploy tactical ISR, SIGINT, and electronic warfare solutions for U.S. military and federal clients could provide a critical bolt-on capability for Ondas, which is now aiming to expand its military and public safety verticals.</li></ul>

The Q2 2025 earnings call for Ondas Holdings Inc. revealed a strategic inflection point, with management expressing active interest in acquiring Sentry Counter Solutions (Sentry CS), a veteran-owned defense tech company specializing in counter-UAS (C-UAS) and mobile commandand-control systems.This potential deal follows Ondas’ continued efforts to establish itself as a leading player in secure wireless and autonomous systems via its Ondas Networks and Airobotics divisions.Sentry CS's focus on rapid-deploy tactical ISR, SIGINT, and electronic warfare solutions for U.S. military and federal clients could provide a critical bolt-on capability for Ondas, which is now aiming to expand its military and public safety verticals.

Ondas’ Next Target? Sentry CS—and the Pentagon’s Wallet!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).</li>
<li>Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold</li>
<li>The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS</li>
</ul>


We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).
Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold
The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS


Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

United States

Ondas Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, designs and manufactures software defined radio platform for mission critical IoT applications. Ondas Holdings serves customers worldwide.

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Ondas Holdings Inc (ONDS US)

Ondas’ $140M INDO Acquisition Could Change Everything!

Ondas Holdings is moving deeper into defense systems as it shifts from being primarily an autonomous technology developer to a broader operating...

Baptista Research

Ondas Expands Into Airborne Defense: How The BIRD Aerosystems Deal Could Unlock A New Growth Engine!

Ondas Holdings has recently intensified its push to build a scaled defense technology platform, highlighted by its acquisition of Israeli airborne...

Baptista Research

Ondas Inc (ONDS): Ondas Won’t Live Up to the Hype

A drone company that primarily derives revenue growth based on high-priced, money-losing acquisitions funded by massive share dilution should not...

J Capital Research

Ondas’ Next Target? Sentry CS—and the Pentagon’s Wallet!

The Q2 2025 earnings call for Ondas Holdings Inc. revealed a strategic inflection point, with management expressing active interest in acquiring...

Baptista Research

Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

Back to Near-Term Bullish on $SPX and Nasdaq 100 $NDX; Crucial Supports Held at 6480-6520 on SPX and $580-$583 on $QQQ, we are near-term bullish as...

Vermilion Research

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