Giga-tronics Receives $2.9 Million Order for High Performance RADAR Filter Products
Giga-tronics Incorporated (OTCQB: GIGA) announced a $2.9 million production order for its high-performance RADAR filters from a major defense contractor. This order is expected to drive revenue recognition in the current quarter ending March 27, 2021. CEO John Regazzi expressed satisfaction with the ongoing relationship and trust from the customer, emphasizing the company's commitment to quality and reliability in its filter business, which underpins their growth prospects.
- Received a $2.9 million production order for RADAR filters.
- Revenue recognition expected in the current quarter.
- Longstanding customer relationship indicates trust and stability.
- Risks of unanticipated production delays and component shortages.
- Potential cancellations or deferrals of future orders.
DUBLIN, Calif., Feb. 16, 2021 (GLOBE NEWSWIRE) -- (OTCQB: GIGA) —Giga-tronics Incorporated (the “Company”) announced today that it has received a production order for its high-performance RADAR filters, valued at
John Regazzi, the Company’s chief executive officer stated, “We’re pleased to receive this follow-on order from a longstanding customer and appreciate their continued confidence in Giga-tronics as a sole source supplier of these high-performance filters. Our filter business provides a solid foundation for our growth and we remain committed to continuing to meet the high standards for quality, reliability and on-time delivery that the market demands.”
About Giga-tronics Incorporated
Giga-tronics produces RADAR filters and Microwave Integrated Components for use in military defense applications as well as sophisticated RADAR and Electronic Warfare (RADAR/EW) test products primarily used in electronic warfare test & emulation applications.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded or qualified by words such as "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", and similar expressions are generally forward-looking in nature and not historical facts. Forward-looking statements include statements concerning future revenues and operating results, expected shipments and the Company’s ability to satisfy customer requirements. While management believes the expectations reflected in these forward-looking statements are reasonable, actual results may differ significantly due to risks and uncertainties, such as unanticipated production delays or difficulties, cancellations or deferrals of existing or future orders; delays in the receipt of components from suppliers, the need for additional financing and the circumstances relating to the COVID-19 pandemic. For further discussion, see Giga-tronics's most recent annual report on Form 10-K for the fiscal year ended March 28,2020 Part I, under the heading "Risk Factors" and Part II, under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations."
| Contact: Lutz Henckels |
| Executive Vice President, COO & CFO |
| (925) 328-4650 ext. 4698 |
FAQ
What is the production order value announced by Giga-tronics (GIGA)?
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Who is the customer for Giga-tronics' RADAR filters?
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