NETANYA, Israel, June 10, 2020 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (NASDAQ: RADA) announced the receipt of over $25 million in new orders during the months of April and May 2020, a record for a two month time period.
The aggregate amount of new orders since the beginning of 2020 reached $41 million, more than double when compared to the $19 million received during the same period in 2019.
Out of the $25 million in new orders, the vast majority were orders for RADA’s software-defined tactical radars for counter UAV, short-range air defense (SHORAD) and counter fires (C-RAM). The majority were orders from new defense customers. These customers have placed significant initial orders with RADA and represent substantial follow-on potential. All these new orders are expected to be delivered during 2020.
Dov Sella, RADA’s CEO, commented, “The increased flow of new orders further solidifies our strong expectations for 2020. Furthermore, given that the vast majority of the orders were new customers placing initial orders, we see great promise of increased future sales potential. This gives us confidence that our substantial growth will continue into next year and beyond.”
Continued Sella, “At the start of 2020, we reached profitability ahead of schedule. Given our anticipated sequential quarterly growth this year, along with our steady gross margins and stabilization of our operating costs, we expect growing operating profit in the quarters to come.”
RADA is a global defense technology company focused on proprietary radar solutions and legacy avionics systems. The Company is a leader in mini-tactical radars, serving attractive, high-growth markets, including critical infrastructure protection, border surveillance, active military protection and counter-drone applications.
Avi Israel (CFO)
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