- RADA Electronic Industries Ltd (NASDAQ: RADA) has received over $29 million in new business in 1Q22, representing a growth of 22% year-over-year.
- Over 95% of the new bookings were for RADA's software-defined tactical radars, utilized in Active Protection Systems (APS), counter UAV, Short Range Air Defense (SHORAD), and point defense solutions.
- The U.S. market accounted for 80% of new orders, remaining from other markets.
- Dov Sella, RADA's CEO, commented, "2021 ended with a book-to-bill ratio of just over 1, which was below our expectations, due to the Continuing Resolution (CR) in the US."
- The company expects the delays in orders and revenue caused by the CR to be recorded over the remainder of 2022.
- "In view of this positive momentum, along with renewed emphasis on the global need for our enabling radars for air defense and active protection solutions, which the current war in Ukraine is continuously demonstrating, we reiterate our revenue goal of over $140 million for 2022," Sella added.
- Price Action: RADA shares are trading higher by 9.00% at $16.42 on the last check Monday.
Read at Benzinga