French cleats are long strips of 3/4" plywood ripped at 45 degrees down the middle, so each 7" rip becomes two 3 1/2" cleats. This plan rips one 4 x 8 sheet into 3 1/2" strips.
Each rip loses a saw kerf, so a 48" sheet gives 12 strips at 3 1/2", not the 13 that 48 divided by 3 1/2 suggests. Plywood sheets are often a little oversized, so you may get a 13th.
Rip square first and bevel each strip afterwards, or set the blade to 45 degrees and rip 7" strips into two cleats in one pass. Either way, keep the 45 degree faces pointing the same way.
Sheet stock and settings
1 x 3/4" plywood 4x8 (96" x 48")
Saw kerf: 1/8"
Cutting diagram
12 pieces on 1 sheet, using 88% of the material, with 12 cuts. Hatched areas are offcuts you can keep for later projects.
Sheet 1 of 1: 3/4" plywood 4x8, 88% used
Make it your own
Open the example in Plywise to change sizes, quantities or sheet stock and re-optimize. It runs in your browser with no account, and the free plan covers this whole project.
Plywise