RADA’s 2020 Revenues Expected to Grow by over-50% to over $65 million
January 07 2020 - 8:32AM
RADA Electronic Industries Ltd. (NASDAQ: RADA)
announced that it has received a total of over $6 million in new
orders during the month of December 2019. The aggregate of new
orders received in 2019 was $60 million, an all-time record for the
Company.
Based on the current market acceptance of RADA’s
tactical radars and the level of new orders, the company expects
that revenues in 2020 will reach in excess of $65 million, which
represents growth of over 50% when compared to the current forecast
of $43 million given for 2019.
Over 80% of the new orders during 2019 were for
RADA’s growth engine: multi-mission, software-defined tactical
radar systems. Applications for these radar systems are mainly for
C-UAV (counter UAV and counter drone) solutions, V-SHORAD (very
short-range air defense) and APS (active protection systems)
solutions. The remainder were for RADA’s legacy avionics
systems.
Dov Sella, RADA’s CEO,
commented, "We are experiencing an exciting,
record-breaking period of growth for the Company across all
parameters, coming from our new and growing market of tactical
radars. The new orders received over the past year, along with our
very healthy pipeline for our tactical radars’ growth engine, give
us strong confidence that our 50% plus annual revenue growth will
continue into 2020. Given the continued strong and stable gross
margins as demonstrated throughout 2019 will turn 2020 into a year
of profitability for the Company, after some years of investments
which positioned us exceptionally well for the current growth
period. We do believe that our growth can be maintained in 2021 and
for the foreseeable future."
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,
CFOTel: +972-9-892-1111 mrkt@rada.comwww.rada.com |
Investor Relations Contact:GK
Investor RelationsEhud Helft/Gavriel FrohweinTel: 1 646 688
3559rada@gkir.com |
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