Receives new orders of $16 million for Q1; Reiterates 2020 revenue guidance of over $65 million.
NETANYA, Israel, Apr 13, 2020 – RADA Electronic Industries Ltd. (NASDAQ: RADA) announced the receipt of close to $10 million in new orders during March 2020, compared to $6 million during March 2019. The aggregate amount of new orders for the first quarter of 2020 reached $16 million.
Out of the $10 million in orders for March 2020, 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 of these orders were follow-ons from existing customers. All these orders are expected to be delivered during 2020.
RADA continues to expect revenues to grow in 2020 to over $65 million, an increase of over 47% year-over-year. Furthermore, and based on orders in hand, first half revenues are on track to meet management expectations.
Dov Sella, RADA’s CEO, commented, “While taking necessary and mandated operational steps to protect our workforce under the coronavirus pandemic circumstances, the current environment has had no material impact on our performance as of now. The flow of new orders strengthens our confidence in our expectations for the growth in 2020 revenues. We continue to wish all those impacted by the virus a speedy recovery, and we all look forward to putting this period behind us.”