Received new orders totaling $79 million since start of 2020
NETANYA, Israel, November 2, 2020 – RADA Electronic Industries Ltd. (NASDAQ: RADA) announced the receipt of $20 million in accumulated new orders since mid-September 2020. To date, the aggregate amount of new orders since the beginning of 2020 has reached $79 million, compared to $41 million received over the same period in 2019, showing an increase of over-92% year-over-year.
All of these $20 million in new orders are for software-defined tactical radars for the US market, demonstrating immediate needs for RADA’s tactical radars in all of the relevant market segments that these radars are addressing: counter small unmanned aerial systems (C-sUAS), short-range air defense (SHORAD), counter rockets, artillery and mortars (C-RAM), and vehicle protection solutions (VPS). Most of these new orders were follow-ons from customers who have placed initial orders earlier this year and moved to wider-scale orders after rigorous testing and evaluation.
Deliveries of these orders are planned to be spread along the first half of 2021.
Dov Sella, RADA’s CEO, commented, “The level of new orders that we have experienced throughout 2020 makes us optimistic that our strong growth will continue into 2021. Our recent orders are starting to build a significant backlog for 2021, substantiate our growth expectations and demonstrate the transition of the market from the ‘urgent need’ to the ‘growing’ phase. While 2020 is not over yet, the current level of new orders this year already surpassed the level of the whole of 2019, which was $60 million. Furthermore, we are still expecting additional orders during the remainder of 2020, with emphasis on the US Army IM-SHORAD program, which was recently awarded to General Dynamics (GD) and is in process of reaching RADA as well. We reiterate our expectations of continued sequential quarterly growth and growing operating profit throughout the remainder of 2020 and also into 2021.”