Benzinga | Sep 14, 2020 05:22AM EDT

RADA Electronic Industries Announced $10M in New Orders since mid-July 2020

RADA Electronic Industries Ltd. (NASDAQ:RADA)announced the receipt of $10 million in accumulated new orders since mid-July 2020. To date, the aggregate amount of new orders since the beginning of 2020 has reached $59 million, compared to $35 million received for the same period in 2019, demonstrating an increase of over 68% year-over-year.

Out of the $10 million new orders, 70% were for RADA's growth-engine, software-defined tactical radars, for counter UAV and counter fires (C-RAM). Most of the new radar orders were follow-ons from existing customers. Deliveries of these orders are planned to be concluded within the next six months. The rest of the orders were for digital video recorders and debriefing stations for fighter aircraft, along with maintenance orders for RADA's avionics installed base.

RADA reiterates its recently increased guidance for 2020, provided on August 11, 2020, with revenues expected to grow to over $70 million and representing an increase of over 58% year-over-year.

Dov Sella, RADA's CEO, commented, "We are very satisfied with the continuous growth of new orders. We expect that by year-end this sustained growth rate of new orders will establish significant backlog for 2021. While our radars' business is growing at a significant rate, the repeated orders for avionics from our loyal customer base also ensure stability of this business of ours. We reiterate our expectations of sequential quarterly growth and growing operating profit throughout the remainder of 2020 and into 2021."