Israeli defense technology company Rada Electronic Industries Ltd. (Nasdaq: RADA) has provided strong revenue guidance for 2021. The company expects full year 2021 revenue of over $120 million, 11% above the analysts' estimates, and 60% above expected 2019 revenue of $75 million. RADA expects sequential quarter on quarter revenue and profitability growth throughout 2021..
RADA's expected 2020 revenue of $75 million, is up 70% from 2019.
At the end of last week, RADA reported $23 million in new orders for the US Army and from Elbit/IMI for the Iron Fist active protection system.
RADA said that the majority of revenue in 2021 will be from the company's growth engine: multi-mission, software-defined tactical radar systems, especially in the US market.
RADA CEO Dov Sella said, "We continue to experience an unprecedented period of growth for our Company, driven by our new and growing market of tactical radars. The new orders received throughout the past year, along with our very healthy pipeline for our tactical radars' growth engine, give us excellent visibility into 2021 and strong confidence that our 60%+ revenue growth rate will continue. Furthermore, given our improving gross margins and operating expense structure, we expect to significantly improve our profitability."
Published by Globes, Israel business news - en.globes.co.il - on December 21, 2020
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