RADA - RADA Announces $8 Million in New Orders

NETANYA, Israel, March 04, 2019 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (NASDAQ: RADA) announced the receipt of $8 million in new orders in the past two months.

Out of these, $5 million were orders for RADA’s software-defined radars for counter rocket artillery and mortar (C-RAM), counter UAV and short-range air defense (SHORAD). The majority of these were follow-on orders from customers that had placed initial orders previously. There were also initial orders from new defense customers with potential for significantly greater follow-on orders in the future.

The remaining $3 million out of the $8 million, were follow-on orders for RADA’s legacy avionics, including avionics for UAVs, helicopters, digital video recorders, and ongoing maintenance orders for RADA’s wide installment base of core avionics for military platforms.

All these orders are expected to be delivered during 2019.

Dov Sella, RADA’s CEO, commented, "While we are pleased that our avionics business remains a stable cash generating business, we are increasingly excited that our growth engine - the software defined radar business, is continuing to gain traction. We are now reaching the stage where we are receiving follow-on orders from our early customers, along with initial orders from new customers, a demonstration of our great future potential from this business. This momentum of new orders substantiates our recently announced revenue expectations of over $40 million for 2019, representing year-over-year revenue growth of over 40%.”

About RADA

RADA Electronic Industries Ltd., an Israel-based defense electronics company, specializes in the development, production, and sales of Tactical Land Radars for Force and Border Protection, and Avionics Systems (including Inertial Navigation Systems) for fighter aircraft and UAVs.