Elbit Systems Awarded Approximately $50 Million Contract for a New Air Defense System by an International Customer

Rhea-AI Summary

Elbit Systems (NASDAQ: ESLT) has secured a $50 million contract for its new air defense system, Red Sky, from an international customer. The system includes two Red Sky batteries with soft-kill and hard-kill defense capabilities, as well as the Redrone electronic warfare solution. The project will span over 2 years, providing protection against low-altitude aerial threats.

Positive

• Secured a $50 million contract for its new air defense system, Red Sky, showcasing the company's innovative defense solutions.

• Red Sky system designed to address the urgent need for border defense and protection of strategic assets against various aerial threats.

• Integration of advanced soft-kill and hard-kill defense mechanisms in the Red Sky system, highlighting Elbit Systems' cutting-edge technology.

Negative

• None.

HAIFA, Israel, April 30, 2024 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit Systems" or the "Company") announced today it was awarded a contract in an amount of approximately $50 million for its new air defense system, "Red Sky"™, by an international customer. The contract will be executed over a period of 2 years.

The Red Sky is a Tactical Very Short-range Air Defense (VSHORAD) System designed to provide protection against low-altitude aerial threats. As part of the contract, Elbit Systems will supply two Red Sky batteries, offering a comprehensive solution that integrates both soft-kill and hard-kill defense capabilities. This solution includes Elbit Systems' Redrone, an electronic warfare (EW) solution designed for detecting, identifying, locating and neutralizing unmanned aerial systems. The Redrone system comprises DAiR Radar, Signal Intelligence (SIGINT) sensors, RF Jammer, and COAPS-L electro-optical (EO) payload. Additionally, the Red Sky solution will incorporate anti-aircraft missile launchers.  

Yehuda (Udi) Vered, General Manager of Elbit Systems Land: "The Red Sky system represents a state-of-the-art solution that addresses the urgent need to defend borders and secure strategic assets against a wide array of aerial threats at an affordable cost. This new defense solution was created based on close collaboration between Elbit Systems' divisions, utilizing existing Elbit Systems building blocks and integrating them into a comprehensive new solution with new anti-aircraft missiles and advanced soft-kill defense mechanisms."

About Elbit Systems

Elbit Systems is a leading global defense technology company, delivering advanced solutions for a secure and safer world. Elbit Systems develops, manufactures, integrates and sustains a range of next-generation solutions across multiple domains.

Driven by its agile, collaborative culture, and leveraging Israel's technology ecosystem, Elbit Systems enables customers to address rapidly evolving battlefield challenges and overcome threats.

Elbit Systems employs approximately 19,000 people in dozens of countries across five continents. In 2023, the Company reported approximately $6.0 billion in revenues and an order backlog of $17.8 billion.

For additional information, visit: https://elbitsystems.com, follow us on Twitter or visit our official Facebook, Youtube and LinkedIn Channels.

Company Contact: 

Dr. Yaacov (Kobi) Kagan, Executive VP - CFO
Tel:  +972-77-2946663
kobi.kagan@elbitsystems.com 

Dr. David Ravia, Investor Relations
Tel: +972-77-2947169
david.ravia@elbitsystems.com

Dalia Bodinger, VP, Communication & Brand
Tel: 972-77-2947602
dalia.bodinger@elbitsystems.com

This press release may contain forward–looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Israeli Securities Law, 1968) regarding Elbit Systems Ltd. and/or its subsidiaries (collectively the Company), to the extent such statements do not relate to historical or current facts. Forward-looking statements are based on management's current expectations, estimates, projections and assumptions about future events. Forward–looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions about the Company, which are difficult to predict, including projections of the Company's future financial results, its anticipated growth strategies and anticipated trends in its business.  Therefore, actual future results, performance and trends may differ materially from these forward–looking statements due to a variety of factors, including, without limitation: scope and length of customer contracts; governmental regulations and approvals; changes in governmental budgeting priorities; general market, political and economic conditions in the countries in which the Company operates or sells, including Israel and the United States, among others, including the duration and scope of the current war in Israel, and the potential impact on our operations; changes in global health and macro-economic conditions; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; changes in the competitive environment; and the outcome of legal and/or regulatory proceedings. The factors listed above are not all-inclusive, and further information is contained in Elbit Systems Ltd.'s latest annual report on Form 20-F, which is on file with the U.S. Securities and Exchange Commission. All forward–looking statements speak only as of the date of this release. Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company does not undertake to update its forward-looking statements.

Elbit Systems Ltd., its logo, brand, product, service and process names appearing in this release are the trademarks or service marks of Elbit Systems Ltd. or its affiliated companies.  All other brand, product, service and process names appearing are the trademarks of their respective holders.  Reference to or use of a product, service or process other than those of Elbit Systems Ltd. does not imply recommendation, approval, affiliation or sponsorship of that product, service or process by Elbit Systems Ltd. Nothing contained herein shall be construed as conferring by implication, estoppel or otherwise any license or right under any patent, copyright, trademark or other intellectual property right of Elbit Systems Ltd. or any third party, except as expressly granted herein.

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SOURCE Elbit Systems Ltd.