RADA Receives $5 million in Initial Pre-Orders for its Advanced exMHR Radar Platform

Rhea-AI Summary

RADA Electronic Industries Ltd. (NASDAQ: RADA) has received $5 million in production orders for its innovative exMHR radar platform. Currently in advanced integration and testing, field tests will begin in early 2022, with customer deliveries slated for mid-2022. CEO Dov Sella emphasized the significant market opportunity this product presents, which enhances RADA's competitive edge and expands its Total Addressable Market. The exMHR radar, designed for various defense applications, is expected to be a major growth driver for the company moving forward.

Positive

• Received $5 million in production orders for exMHR radar platform.
• exMHR radar enhances competitive advantage and Total Addressable Market.
• Field tests scheduled for early 2022 with deliveries by mid-2022.
• CEO expresses confidence in the radar's market potential.

Negative

• None.

NETANYA, Israel, Nov. 11, 2021 /PRNewswire/ -- RADA Electronic Industries Ltd. (NASDAQ: RADA) (TASE: RADA) announces the receipt of production orders and commitments from customers, totaling $5 million, for its new and innovative exMHR radar platform. This new software-defined radar platform is in advanced integration and testing stages, while field tests and demonstrations are scheduled to commence in early 2022. Deliveries to customers will commence in mid-2022.

Dov Sella, RADA's CEO, commented, "We are highly encouraged with the confidence and trust that our customers have put in us, by placing orders for production deliveries while lab tests are still ongoing. Over two years ago, given the evolving threats to maneuver forces and critical infrastructure, we identified the need for tactical radars with extended ranges and increased accuracy, and have developed the exMHR in record time. It demonstrates the uniqueness of our 'RADA Inside' business model, which translates market needs into our off-the-shelf products using internal resources, and then delivering these new best-value products quickly into the hands of our customers. We are currently finalizing the production line in parallel to prototype testing and plan to have our serial production capability for this new radar ready by mid-2022."

Continued Sella, "This new product broadens our Total Addressable Market (TAM) significantly and builds on our strong market-leading competitive advantage. Furthermore, our main customers are surfacing the 'solutions-as-a-service' approach to getting military COTS systems fast, and we are highly inclined to exploit this market trend. All in all, we are very excited with the strong potential ahead and over the coming years and we expect that the exMHR will become another major growth engine for us."

The exMHR is a cutting-edge software defined, multi-mission 4D AESA pulse-Doppler radar platform. It is focused on Short-Range Air Defense (SHORAD), Counter-UAS, Counter-Rockets, Artillery and Mortars (C-RAM) and gap-filling operational missions. Its unique antenna topology, along with sophisticated signal processing and algorithms, enable the exMHR to demonstrate extended fire-control tracking accuracies along with multipath and clutter handling and suppression. Supporting on-the-move operation, it provides the maneuver force with comprehensive air defense and active defense solutions with unmatched SWaP-C superiority.

For more information, please see RADA's website at https://www.rada.com/products/exmhr.

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.

Safe Harbor Statement
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, including the risks and uncertainties associated with market conditions, as well as risks and uncertainties inherent in RADA's business, including, but not limited to, changes in general economic conditions, risks in product and technology developments, market acceptance of new products and continuing product demand, level of competition and other factors described in RADA's Annual Report on Form 20-F for the year ended December 31, 2020, and other filings with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.

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

Investor Relations Contact: GK Investor Relations Ehud Helft Tel: 1 212 378 8040 rada@gkir.com

 

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SOURCE RADA

FAQ

What recent production orders did RADA receive?

RADA received $5 million in production orders for its exMHR radar platform.

When will RADA start delivering the exMHR radar platform?

Deliveries of the exMHR radar platform will begin in mid-2022.

What are the expected capabilities of the exMHR radar?

The exMHR radar is designed for Short-Range Air Defense, Counter-UAS, and other military applications.

How does the exMHR radar impact RADA’s market position?

The exMHR radar significantly broadens RADA's Total Addressable Market and enhances its competitive advantage.

What does RADA's CEO say about the exMHR radar platform?

CEO Dov Sella expressed high confidence in the exMHR radar's potential to drive future growth.