RADA Announces $8 Million in New Orders since start of June
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."
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.
Avi Israel (CFO)
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