Ondas Holdings Inc. (NASDAQ: ONDS) experienced a significant 24-hour plunge of 5.49% on Thursday, following an earlier surge in its stock price. The volatility came after the company reported better-than-expected third-quarter results and raised its full-year 2025 revenue guidance.

Earlier in the day, Ondas shares had jumped by as much as 31.58% to $7.250, buoyed by impressive Q3 financials. The company reported revenue of $10.1 million, beating analyst estimates of $7.039 million and representing a staggering 582% year-over-year increase. Ondas also narrowed its net loss to $0.03 per diluted share, outperforming expectations of a $0.05 loss.

Despite the strong results and an increased full-year 2025 revenue outlook from $25 million to at least $36 million, the stock failed to maintain its gains. The sharp reversal and subsequent plunge could be attributed to profit-taking by investors or broader market trends, as the major U.S. stock indices, including the Nasdaq Composite and S&P 500, were trading lower midway through the session. The sudden downturn highlights the volatile nature of small-cap stocks, even in the face of positive fundamental news.