Ondas Inc. shares fell about 5% on Thursday, even after the autonomous systems and defense technology company reported record third-quarter revenue that beat estimates and raised its full-year outlook.

Ondas stock traded at $5.44 in morning trading, down 30 cents, or 5.15%. About 18.5 million shares changed hands early in the session. The company's market value stood at about $3.2 billion.

The stock had fallen about 3.8% in premarket trading after the results were released.

Ondas reported third-quarter revenue of $167.5 million, more than 16 times the $10.1 million it reported a year earlier. Revenue doubled from $83.8 million in the second quarter. On a pro forma organic basis, revenue rose 64% from a year earlier.

Analysts had........

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