Elbit Systems of America Awarded $107 Million Order to Supply Night Vision Systems for the U.S. Army

Rhea-AI Summary

Elbit Systems (NASDAQ: ESLT) announced a $107 million order from its U.S. subsidiary for Enhanced Night Vision Goggle – Binocular (ENVG-B) systems and support for the U.S. Army. Delivery will occur in 2023 and 2024. This order is part of a broader OTA contract from 2020 that could total $442 million. The ENVG-B features advanced night vision and situational awareness tools, allowing soldiers to perform efficiently in low visibility conditions. CEO Bezhalel Machlis highlighted the order as a testament to the quality of their technologies.

Positive

• Awarded $107 million contract for ENVG-B systems, enhancing revenue prospects.
• Part of a larger OTA contract with a potential value of $442 million, indicating future growth opportunities.
• ENVG-B systems improve soldier safety and effectiveness, promoting positive military relationships.

Negative

• None.

HAIFA, Israel, Oct. 12, 2022 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit Systems") announced today that its U.S. subsidiary, Elbit Systems of America LLC, ("Elbit Systems of America"), was awarded an order valued at approximately $107 million for the supply of Enhanced Night Vision Goggle – Binocular (ENVG-B) systems, spare parts, logistics support, and test equipment, for the U.S. Army. The order will be executed in Roanoke, Virginia and will be supplied during the years 2023 and 2024.

This order is part of an Other Transaction Authority (OTA) contract that Elbit Systems of America received in 2020, with a potential value that could reach a maximum of $442 million.

The ENVG-B integrates powerful night vision capabilities and head-up situational awareness that allow soldiers to navigate and perform at their best in the modern, complex battlefield. ENVG-Bs are equipped with high performance white phosphor image intensifier tubes for better scene contrast providing soldiers better situational awareness in the dark, but also when there is fog, dust, or smoke. The ENVG-B system includes a wireless connection to soldiers' rifle-mounted thermal weapon site and augmented reality overlay, enabling rapid target acquisition and improved situational awareness in various battlefield conditions.

Bezhalel (Butzi) Machlis, Elbit Systems President & CEO, said: "This order attests to the quality of Elbit Systems of America's technologies and their unique operational contribution, demonstrating the significant potential of our night vision activity."

About Elbit Systems

Elbit Systems Ltd. is an international high technology company engaged in a wide range of defense, homeland security and commercial programs throughout the world. The Company, which includes Elbit Systems and its subsidiaries, operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance ("C4ISR"), unmanned aircraft systems, advanced electro-optics, electro-optic space systems, EW suites, signal intelligence systems, data links and communications systems, radios, cyber-based systems and munitions. The Company also focuses on the upgrading of existing platforms, developing new technologies for defense, homeland security and commercial applications and providing a range of support services, including training and simulation systems.

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

Company Contacts:

Joseph Gaspar, Senior EVP – Business Management
Tel:  +972-77-2948661
j.gaspar@elbitsystems.com 

Dr. Yaacov (Kobi) Kagan, EVP & Chief Financial Officer
Tel:  +972-77-2946663
kobi.kagan@elbitsystems.com

Rami Myerson, Director, Investor Relations
Tel: +972-77-2948984
rami.myerson@elbitsystems.com

David Vaaknin, VP, Head of Corporate Communications
Tel: +972-77-2946691
david.vaaknin@elbitsystems.com

IR Contact:

Ehud Helft
Kenny Green
EKG Investor Relations
Tel: 1-212-378-8040
elbitsystems@gkir.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; 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 Press 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.

FAQ

What is the value of the contract awarded to Elbit Systems for ENVG-B systems?

The contract is valued at approximately $107 million.

What is the delivery timeline for the Enhanced Night Vision Goggle systems?

The delivery is scheduled for the years 2023 and 2024.

How does the ENVG-B enhance soldier performance in the field?

The ENVG-B improves situational awareness in low visibility conditions, such as darkness, fog, dust, and smoke.

What is the potential maximum value of the OTA contract from 2020?

The potential maximum value of the OTA contract could reach $442 million.