RADA Announces $15 Million of New Orders in Jan-Feb 2021

Rhea-AI Summary

RADA Electronic Industries Ltd. reported a strong start to 2021, securing over $15 million in new orders in January and February, a significant rise from $6 million during the same period in 2020. The company's secondary offering raised over $59 million, attracting substantial institutional interest. This financial boost, alongside a 150% increase in new orders, reinforces forecasts for exceeding $120 million in revenue for the year. RADA continues to lead in proprietary radar solutions for defense applications.

Positive

• Secured over $15 million in new orders during January and February, a 150% increase compared to the same period last year.
• Successfully completed a secondary offering of shares that raised over $59 million, demonstrating strong investor demand.
• Expecting to surpass $120 million in revenue for 2021, indicating strong growth potential.

Negative

• None.

Growth of 150% compared to the same period in 2020;

RADA successfully completed a secondary offering of shares of over $59 million

NETANYA, Israel, March 08, 2021 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (NASDAQ: RADA, TASE: RADA) announced the receipt of over $15 million in new orders during January and February of 2021, compared to $6 million during the same period in 2020.

Out of these new orders, over 90% were orders for RADA’s software-defined tactical radars for counter UAV, short-range air defense (SHORAD) and counter fires (C-RAM). The majority of these orders were growing follow-ons from existing customers. All these orders are expected to be delivered during 2021.

Dov Sella, RADA’s CEO, commented, “While the first quarter is typically slower in new orders, the strong start to 2021 with good order momentum, 150% higher than the same period last year, strengthens our confidence that 2021 will be a year of strong revenue growth, surpassing $120 million.”

Added, Mr. Sella, referring to the recent fundraising round, “I would like to thank all those involved in a very successful secondary offering of RADA shares. We saw very strong demand with very significant over-subscription. The offering was priced at a below market-average discount when compared to the last trading value, and no discount when compared to the prior 60-days average price. Beyond the significant strengthening of our balance sheet, we welcome a number of new, long-term focused and leading institutional investment firms. I would like to thank all our shareholders for their trust and support in us, and in our strategy. We will continue to work hard to capitalize on the huge opportunities ahead of us, which we expect to bring significant value to our shareholders."

About RADA

RADA is a global defense technology company focused on proprietary radar solutions and legacy avionics systems. The Company is a leader in mini-tactical radars, serving attractive, high-growth markets, including critical infrastructure protection, border surveillance, active military protection and counter-drone applications.

Company Contact: Avi Israel (CFO) Tel: +972-76-5386200         mrkt@rada.com  www.rada.com

Investor Relations Contact: GK Investor Relations Ehud Helft Tel: 1 646 201 9246 rada@gkir.com

FAQ

What revenue growth did RADA report for the first quarter of 2021?

RADA reported a 150% increase in new orders compared to the same period in 2020.

How much did RADA raise in their recent secondary offering?

RADA successfully completed a secondary offering that raised over $59 million.

What is RADA's projected revenue for 2021?

RADA expects to exceed $120 million in revenue for 2021.

What types of products are included in RADA's new orders?

Over 90% of the new orders were for software-defined tactical radars related to counter UAV and short-range air defense.