RADA Announces $8 Million in New Orders since start of June 2020

Rhea-AI Summary

RADA Electronic Industries Ltd. (NASDAQ: RADA) has received $8 million in new orders since June 1, 2020, bringing total new orders in 2020 to $49 million, up from $31 million in the same period of 2019. Most new orders are for software-defined tactical radars, with expectations to grow revenues to over $65 million, a 47% increase year-over-year. CEO Dov Sella noted that the consistent flow of orders, even amid the COVID-19 crisis, supports their optimistic growth outlook.

Positive

• New orders increased to $8 million since June 1, 2020.
• Total new orders for 2020 reached $49 million, up from $31 million in 2019.
• 70% of new orders are for software-defined tactical radars.
• Revenue guidance for 2020 is over $65 million, reflecting a 47% increase year-over-year.

Negative

• None.

NETANYA, Israel, July 17, 2020 /PRNewswire/ -- RADA Electronic Industries Ltd. (NASDAQ: RADA) announced the receipt of $8 million in accumulated new orders since June 1, 2020. To date, the aggregate amount of new orders since the beginning of 2020 has reached $49 million, compared to $31 million received for the same period in 2019.

Out of the $8 million new orders, 70% were for RADA's software-defined tactical radars for counter UAV and counter fires (C-RAM). The radars' orders are a mix of follow-ons from existing customers, along with orders from new defense customers. Most of these orders are expected to be delivered during 2020. The rest of the orders were for UAV avionics as well as digital video recorders and debriefing stations for fighter aircraft.

RADA continues to expect revenues to grow in 2020 to over $65 million, guidance that was released in December 2019, representing an increase of over 47% year-over-year.

Dov Sella, RADA's CEO, commented, "The current flow of new orders, amidst and despite the COVID-19 crisis, ensures our strong expectations for 2020. The orders for avionics underline the stability of this business, at annual revenues level of about $10 million. We reiterate our expectations of sequential quarterly growth and growing operating profit throughout 2020."

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: +972-9-892-1111        mrkt@rada.com www.rada.com

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

 

 

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SOURCE RADA

FAQ

What new orders has RADA received since June 2020?

RADA has received $8 million in new orders since June 1, 2020.

What is the total amount of new orders RADA announced for 2020?

The total amount of new orders for 2020 has reached $49 million.

What percentage increase in revenue does RADA expect for 2020?

RADA expects revenue to increase by over 47% year-over-year.

What products are included in RADA's new orders?

The new orders include software-defined tactical radars, UAV avionics, and digital video recorders.