RADA Reports over-$29 Million in New Business in Q1 of 2022
RADA Electronic Industries Ltd. (NASDAQ: RADA) announced over $29 million in new business for Q1 2022, marking a year-over-year growth of over 22%. Over 95% of new bookings are for software-defined tactical radars aimed at Active Protection Systems and short-range air defense. The U.S. market contributed 80% of these orders. CEO Dov Sella noted that delays due to the U.S. Continuing Resolution impacted 2021 bookings but expressed optimism for 2022 revenue target exceeding $140 million, citing the ongoing global demand for radar solutions amid geopolitical tensions.
- New business increased by over $29 million in Q1 2022, surpassing previous year by over 22%.
- 95% of bookings are for advanced radar technologies with high growth potential.
- U.S. market accounts for 80% of new orders, indicating strong domestic demand.
- CEO expects a significant revenue recovery in 2022, targeting over $140 million.
- 2021 bookings were hindered by the U.S. Continuing Resolution, impacting revenue.
Year-over-year growth of over
NETANYA, Israel, April 18, 2022 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (NASDAQ: RADA, TASE: RADA) announced today the receipt of over-
Out of these bookings, more than
Dov Sella, RADA’s CEO, commented, “2021 ended with a book-to-bill ratio of just over 1, which was below our expectations, due to the Continuing Resolution (CR) in the US. The CR, which lasted for almost six months and ended just over a month ago, was the major reason for the relatively humble bookings in the US during this period, which also impacted our 2021 revenue levels. However, since the end of the CR we have regained momentum in receiving new business in the US, which is our primary market, and expect that the delays in orders and revenue that were caused by the CR will be recorded over the remainder of 2022. In view of this positive momentum, along with renewed emphasis on the global need for our enabling radars for air defense and active protection solutions, which the current war in Ukraine is continuously demonstrating, we reiterate our revenue goal of over
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 which include active military protection (SHORAD, C-RAM), counter-UAS missions, critical infrastructure protection and border surveillance.
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, 2021, 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: 1 646 201 9246 rada@gkir.com |
FAQ
What were RADA's new business bookings in Q1 2022?
How much did RADA's new business grow year-over-year?
What percentage of RADA's new bookings are for tactical radars?
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What market accounted for the majority of RADA's new orders?
