Elbit Systems of America Awarded an ID/IQ Contract With a Ceiling of $500 Million for the Supply of Squad Binocular Night Vision Goggles to the U.S. Marine Corps

Rhea-AI Summary

Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) announced an indefinite delivery/ indefinite quantity (ID/IQ) contract with a maximum ceiling of $500 million from the U.S. Department of Defense for the supply of Squad Binocular Night Vision Goggle (SBNVG) systems. The contract includes spare and repair parts, contractor logistics supports, and test article refurbishment. Elbit Systems of America received an initial delivery order award worth approximately $127 million. The SBNVG system is a lightweight helmet-mounted system that provides superior nighttime viewing, enhancing warfighter situational awareness and performance.

Positive

• Elbit Systems secured a substantial $500 million ID/IQ contract with the U.S. Department of Defense, showcasing the company's strong partnership with the U.S. Marine Corps.
• The contract includes an initial delivery order worth approximately $127 million, demonstrating significant revenue potential for Elbit Systems of America.
• The SBNVG system's cutting-edge technology and superior performance position Elbit Systems as a leader in providing advanced equipment for the U.S. Marine Corps.

Negative

• None.

HAIFA, Israel, Nov. 29, 2023 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit Systems" or the "Company") announced today that according to the announcement of the U.S. Department of Defense (DOD), Elbit Systems' U.S. subsidiary, Elbit Systems of America – Night Vision LLC, ("Elbit Systems of America"), was awarded an indefinite delivery/ indefinite quantity (ID/IQ) contract with a maximum ceiling of $500 million, for the supply of Squad Binocular Night Vision Goggle (SBNVG) systems; spare and repair parts; contractor logistics supports and test article refurbishment.

Work under the ID/IQ will be performed in Roanoke, Virginia, and is expected to be completed in 2028. Elbit Systems of America received an initial delivery order award under the ID/IQ worth a approximately $127 million immediately following contract award.

The SBNVG is a lightweight helmet-mounted system that provides superior nighttime viewing in various environments and conditions, improving warfighter situational awareness and performance. The system includes an enhanced battery life and high-performing white phosphor image intensification tubes for improved clarity and depth perception.

Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems: "This ID/IQ contract for Squad Binocular Night Vision Goggles follows previous orders and cements Elbit Systems of America as a leading partner of choice by the U.S. Marine Corps. We are honored to provide proven and cutting-edge equipment to the men and women of the U.S Marine Corps that will facilitate superior battlefield awareness."

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 Contact:  

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

Rami Myerson, VP, Investor Relations
Tel: +972-77-2948984
rami.myerson@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, 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 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 recent announcement from Elbit Systems Ltd. (ESLT)?

Elbit Systems announced an ID/IQ contract worth $500 million from the U.S. Department of Defense for the supply of Squad Binocular Night Vision Goggle (SBNVG) systems.

Where will the work under the ID/IQ be performed?

The work under the ID/IQ contract will be performed in Roanoke, Virginia.

What is the significance of the initial delivery order award?

The initial delivery order award is worth approximately $127 million, indicating substantial revenue potential for Elbit Systems of America.

What are the key features of the SBNVG system?

The SBNVG system is a lightweight helmet-mounted system that provides superior nighttime viewing, enhancing warfighter situational awareness and performance.

Who is the President and CEO of Elbit Systems?

Bezhalel (Butzi) Machlis is the President and CEO of Elbit Systems.