Over $5 million are for Tactical Radars
NETANYA, Israel, Nov. 12, 2018 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (RADA) announced the receipt of over $12 million in new orders, in recent weeks.
Out of these, over $5 million were orders for RADA’s software-defined radars for counter rocket artillery and mortar (C-RAM), counter UAV and short range air defense (SHORAD). The majority of these orders were from new and strategic defense organizations, and these orders represent initial orders with potential for much greater follow-on orders in the future. Portions of the orders were follow-ons from customers that have placed initial orders earlier this year.
Almost $7 million out of the $12 million, were follow-on orders for RADA’s legacy avionics, including avionics for UAVs, helicopters, digital video recorders, and ongoing maintenance orders for RADA’s wide installment base of core avionics for military platforms.
Dov Sella, RADA’s CEO, commented, "As these orders demonstrate, our avionics business remains strong, stable and income generating; these new orders give us the confidence that this line of business will continue to stay at these solid levels for the coming years. Beyond this, our growth engine - the software defined radar business, is continuing to gain traction, with new strategic customers placing initial orders, representing great future potential. Furthermore, we are increasingly seeing that our new customers from earlier in the year are beginning to place repeat orders. I again emphasize that the market for our tactical radars is new and very much in the emerging phase, and we are witnessing it gaining accelerated momentum. We do believe that our leadership in tactical radars for the maneuver force will provide us with its fruits in the near future.”
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.
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Gil Schwartz (VP, BD & Marketing)
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GK Investor Relations
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