Tactical radar manufacturer RADA reports $10 million in new orders since mid-July
Company has received orders worth $59 million since start of year
IsraelDefense
| 15/09/2020
Photo: RADA USA
Israel's RADA Electronic Industries, a manufacturer of proprietary radar solutions and legacy avionics systems, announced Monday that it received $10 million in accumulated new orders since mid-July. To date, the aggregate amount of new orders since the beginning of the year has reached $59 million, compared to $35 million in the same period of 2019, representing an increase of over 68% year-on-year.
Out of the new orders, 70% were for RADA's growth-engine, software-defined tactical radars for counter UAV and counter fires (C-RAM). Most of the new radar orders were follow-ons from existing customers. Deliveries of those orders are planned to be made within the next six months. The rest of the orders were for digital video recorders and debriefing stations for fighter aircraft, along with maintenance of RADA's avionics installed base.
RADA also reiterated its recent prediction, issued on August 11, of revenues expected to grow to over $70 million in 2020, an increase of over 58% year-on-year.
Dov Sella, RADA's CEO, commented, "We are very satisfied with the continuous growth of new orders. We expect that by year-end this sustained growth rate of new orders will establish significant backlog for 2021. While our radars' business is growing at a significant rate, the repeated orders for avionics from our loyal customer base also ensure stability of this business of ours. We reiterate our expectations of sequential quarterly growth and growing operating profit throughout the remainder of 2020 and into 2021."
Company has received orders worth $59 million since start of year
Photo: RADA USA
Israel's RADA Electronic Industries, a manufacturer of proprietary radar solutions and legacy avionics systems, announced Monday that it received $10 million in accumulated new orders since mid-July. To date, the aggregate amount of new orders since the beginning of the year has reached $59 million, compared to $35 million in the same period of 2019, representing an increase of over 68% year-on-year.
Out of the new orders, 70% were for RADA's growth-engine, software-defined tactical radars for counter UAV and counter fires (C-RAM). Most of the new radar orders were follow-ons from existing customers. Deliveries of those orders are planned to be made within the next six months. The rest of the orders were for digital video recorders and debriefing stations for fighter aircraft, along with maintenance of RADA's avionics installed base.
RADA also reiterated its recent prediction, issued on August 11, of revenues expected to grow to over $70 million in 2020, an increase of over 58% year-on-year.
Dov Sella, RADA's CEO, commented, "We are very satisfied with the continuous growth of new orders. We expect that by year-end this sustained growth rate of new orders will establish significant backlog for 2021. While our radars' business is growing at a significant rate, the repeated orders for avionics from our loyal customer base also ensure stability of this business of ours. We reiterate our expectations of sequential quarterly growth and growing operating profit throughout the remainder of 2020 and into 2021."
