RADA - RADA Announces over $6 Million in New Orders

NETANYA, Israel, April 08, 2019 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (NASDAQ: RADA) announced the receipt of over $6 million in new orders in the past month, which are expected to be delivered during 2019.

Out of these new orders, $5 million were for RADA’s software-defined AESA radars for international counter UAV solutions.

The majority of these were initial orders from new defense customers, which possess significant future potential for repeated follow-on orders. There were also repeated orders from existing defense customers, which are expanding their deployments of their systems that incorporate our radars.

Over $1 million 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, "To date, we have seen good momentum of new orders, especially for our tactical radars business. RADA is currently in a strong growth phase. These orders substantiate and make us confident 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.