Over $5 million are for RADA’s Growth Engine of Tactical Radars and the vast majority of orders are with new customers, representing significant follow-on potential
NETANYA, Israel, March 5, 2020 – RADA Electronic Industries Ltd. (NASDAQ: RADA) announced the receipt of $6 million in new orders since the beginning of the year.
Out of these, over $5 million were orders for RADA’s software-defined radars for counter UAV and short-range air defense (SHORAD). RADA also saw initial sales for point-defense solutions such as protection against cruise missiles and drones. The vast majority of these orders were received from new customers, with potential for significantly greater follow-on orders in the future, especially around point-defense solutions.
All these orders are expected to be delivered during 2020.
Dov Sella, RADA’s CEO, commented, “Our growth momentum from last year has continued strongly into 2020. Recent hostile events in the Near-East emphasize the need for point-defense against ‘suicide drones’ and cruise missiles, in addition to the other typical airborne threats such as aircraft and small UAVs, and we see accelerating momentum in this segment. The recent flow of new orders, along with those received in the second half of last year, strengthen the confidence we have in the very substantial growth that we expect in our revenues in 2020 to in excess of $65 million.”