RADA Announces New Orders Amounting to $12.5 million
Aggregate orders of over $53 million to-date in 2019
NETANYA, Israel, Dec. 06, 2019 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (NASDAQ: RADA) announced that it has received a total of $12.5 million in new orders during the months of October and November of 2019. This level of over $53 million new orders received so far in 2019, is an all-time record for the Company and demonstrates the market acceptance of our radar growth engine.
Over 90% of the new orders are for RADA’s growth engine: multi-mission, software-defined tactical radar systems. Applications for these radar systems are mainly for C-UAV (counter UAV/drones) solutions, for V-SHORAD (very short-range air defense) and APS (active protection systems) solutions.
Half of the orders were growing follow-on orders from customers that have become a RADA customer in the past two years, and half were from altogether new customers.
Dov Sella, RADA’s CEO, commented, "2019 has been a year of significant growth in our radar business, while avionics remain stable. This continuously growing flow of new orders gives us the confidence that we can expect significant growth levels also in 2020.”
About RADA
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.
| Company Contact: Avi Israel, CFO Tel: | Investor Relations Contact: GK Investor Relations Ehud Helft/Gavriel Frohwein Tel: 1 646 688 3559 |
