RADA Announces $7 Million in New Orders During June 2019

NETANYA, Israel, July 03, 2019 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. RADA announced the receipt of $7 million in new orders in the past month. Most of these new orders are expected to be delivered in 2019.

Out of these new orders, five million are for RADA's software-defined AESA radars for counter UAV and vehicle protection solutions. These new orders are a mixture of follow-on orders from existing defense customers, which are beginning to expand their deployments of their systems that incorporate RADA's radars, along with initial orders from new customers who are expected to place repeated orders in the near future.

Two million are follow-on orders for RADA's legacy avionics, including digital video recorders, core avionics units, and ongoing maintenance services for RADA's wide installment base of core avionics for military airborne platforms, both manned and unmanned.

Dov Sella, RADA's CEO, commented, "The solid momentum of new orders along the first half of 2019, especially for our tactical radars for the maneuver force, is ensuring the 2019 revenues forecast of over $40 million which implies growth of over 40% year-over-year, and gives us confidence that growth will continue in 2020 and onwards."

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.