RADA Electronic Industries, Ltd. (NASDAQ: RADA) took off for the sky Wednesday, after the company disclosed that it has received first breakthrough and strategic $8-million order for the U.S. Military.
According to a release out Wednesday morning, the first order was for dozens of Multi-Mission Hemispheric Radars (MHR). The order is highly significant for RADA, totaling over $8 million and will be delivered during 2017.
The release goes on to say the radars will be used by a key U.S. military force, providing it with air surveillance with emphasis on counter-UAV with the most advanced on-the-move capabilities. The radars are expected to be fielded for operational use soon after delivery.
Dov Sella, RADA’s CEO, commented, "This is a true breakthrough and highly significant order for RADA. Furthermore, strategically, it is our first delivery to a key US military customer, with potential for further orders down the road.
“We have been awarded with this order following long, demanding and detailed trials, as would be expected for a key defense application, proving the superiority of our radars in the increasingly important field of counter-UAV warfare.”
RADA’s Multi-Mission Hemispheric Radars (MHR) are S-band, software-defined, pulse-Doppler, active electronically scanned array (AESA) radars. The radars introduce sophisticated beam forming capabilities and advanced signal processing, which can provide for various missions on each radar platform and demonstrate an unprecedented performance-to-price ratio.
The stock price registered at $2.40, or 17 cents higher, or 7.7%, from Tuesday’s close.
