RADA Expects 2021 Revenues to Grow by Over 60% to Above $120 million

NETANYA, Israel, Dec. 21, 2020 /PRNewswire/ -- RADA Electronic Industries Ltd. (NASDAQ: RADA) today provided its revenue guidance for 2021. Management expect full year 2021 revenue of over $120 million, with sequential quarter on quarter revenue and profitability growth throughout the year.

Guidance is based on the growing market acceptance of RADA's tactical radars, the recent level of new and expected orders, as well as the backlog which RADA has started to build for 2021 and onwards. The majority of revenues in 2021 will be derived from RADA's growth engine: multi-mission, software-defined tactical radar systems, especially in the US market.  

Dov Sella, RADA's CEO, commented, "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."

About RADA

RADA is a global defense technology company focused on proprietary radar solutions and legacy avionics systems. The Company is a leader in mini-tactical radars, serving attractive, high-growth markets, including counter-drone applications, active military protection, critical infrastructure protection and border surveillance.

SOURCE RADA