Shares of Ondas Holdings surged after the company reported third-quarter revenue above analysts' expectations and boosted its 2025 revenue target.

The stock rose 17% to $6.44 in premarket trading and has more than doubled so far this year.

The company reported record quarterly revenue of $10.1 million, representing a more than six-fold increase from the previous year. Analysts expected $7 million, according to FactSet.

Ondas also increased its 2025 revenue outlook to at least $36 million, up from its previous forecast of at least $25 million. It also established a preliminary revenue target of at least $110 million for 2026.

Analysts see 2025 revenue of $27.1 million and 2026 revenue of $78.6 million.