RADA Electronic Industries (NASDAQ: RADA) saw its shares race higher Thursday, on news it has received $6 million in new orders during August and September.
A news release out Thursday morning said over 90% of the new orders are for RADA’s multi-mission, software-defined tactical radar systems. Applications for the radar systems are mainly for C-UAV (counter UAV/drones) solutions, and for V-SHORAD (very short-range air defense) and APS (active protection systems) solutions.
The vast majority were follow-on orders from recent customers that have become RADA customers in the past two years. The remainder was from new customers whose orders were smaller in scale – bringing promising prospects for further larger orders in the near term.
Since the beginning of 2019, RADA has received a total of $41 million in new orders, out of which $32 million have been for RADA’s multi-mission tactical radars.
Said CEO Dov Sella, "We see very strong interest for our drone detection radars, which are being ordered in increasing numbers by global customers. Recent drone-related events in the Persian Gulf and elsewhere have elevated the awareness and needs for our defensive radar solutions at high levels of priority.
"We evidence repeated and constantly growing follow-on orders, which are already establishing a strong revenue stream for next year."
RADA, an Israel-based defense electronics contractor, specializes in the development, production, and sales of Tactical Land Radars for Force and Border Protection, and Avionics Systems
Shares gained 22 cents, or 4.6%, early Thursday, to $4.94.
