RADA - RADA Announces over $5 Million in Orders in the past 2 Months

NETANYA, Israel, June 07, 2019 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (NASDAQ: RADA) announced the receipt of over $5 million in new orders in the past two months, which are expected to be delivered during 2019.

Out of these new orders, the majority were for RADA’s software-defined AESA radars for international counter UAV solutions. A large portion of these orders were follow-on orders from existing defense customers which are beginning to expand their deployments of their systems that incorporate RADA’s radars.

A third of the orders were follow-on orders for RADA’s legacy avionics, including digital video recorders and ongoing maintenance orders for RADA’s wide installment base of core avionics for military airborne platforms.

Dov Sella, RADA’s CEO, commented, "Our customer base continues to broaden and is generating a solid momentum of orders as we progress through 2019, both in our growth-engine radars as well as our legacy avionics business. These new orders make me increasingly comfortable with our forecast of over $40 million in revenues for 2019, implying growth of over 40% year-over-year.”

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.