Israeli defense electronics company Rada Electronic Industries Ltd. (Nasdaq: RADA) today announced it has received a strategic first order for dozens of Multi-Mission Hemispheric Radars (MHR). The $8 million order will be delivered during 2017.
The radars will be used by a key US 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. RADA CEO Dov Sella said, "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.”
He added, “While this initial win has potential for additional orders with this particular force, we also see further potential with other US military forces. This program signals the initial fruits of success of our strategy, focusing our technology on the US military and other world leading advanced defense forces, which are in need of tactical, on-the-move surveillance and protection solutions for the maneuver forces.”
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 radars are compact and mobile, enabling multiple-missions on each radar, and work while on-the-move. RADA has sold over 300 radar systems to-date, to global defense customers.
RADA's 2016 revenue was $12.8 million with revenue of $10 million in the first half of 2017. The company's share price rose 6.31% higher at $2.36, giving a market cap of $52 million. The company's share price has risen 130% this year.
Published by Globes [online], Israel business news - www.globes-online.com - on August 16, 2017
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