RADA Announces $6 Million in New Orders
October 10 2019 - 6:05AM
RADA Electronic Industries Ltd. (NASDAQ: RADA)
announced that it has received $6 million in new orders during
August and September of 2019.
Over 90% of the new orders are for RADA’s
multi-mission, software-defined tactical radar systems.
Applications for the radar systems are mainly for C-UAV (counter
UAV/drones) solutions, and for V-SHORAD (very short-range air
defense) and APS (active protection systems) solutions.
The vast majority were follow-on orders from
recent customers that have become RADA customers in the past two
years. The remainder were from new customers whose orders were
smaller in scale – bringing promising prospects for further larger
orders in the near term.
Since the beginning of 2019, RADA has received a
total of $41 million in new orders, out of which $32 million have
been for RADA’s multi-mission tactical radars.
Dov Sella, RADA’s CEO,
commented, "We see very strong interest for our drone
detection radars, which are being ordered in increasing numbers by
global customers. Recent drone-related events in the Persian Gulf
and elsewhere have elevated the awareness and needs for our
defensive radar solutions at high levels of priority. We evidence
repeated and constantly growing follow-on orders, which are already
establishing a strong revenue stream for next year.”
About RADA
RADA Electronic Industries Ltd. is an
Israel-based defense electronics contractor. The 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.
Company Contact:Avi Israel, CFOTel: +972-9-892-1111
mrkt@rada.com www.rada.com |
Investor Relations Contact:GK Investor RelationsEhud Helft/Gavriel
FrohweinTel: 1 646 688 3559rada@gkir.com |
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