RADA Electronic Industries Ltd. (NASDAQ: RADA) is having an incredible time in the pre-market hours this morning, and for good reason. The company announced that it has received its first order for the United States military. Of course, this excited investors who sent the stock skyrocketing. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (8:19), RADA is trading at $2.55 per share after a gain of $0.33 per share or 14.86% thus far today.
RADA Announces Order From The US Military
As mentioned above, RADA Electronic Industries is having an incredibly strong time in the pre-market after announcing that it has received its first order from the United States military. The company said that it has received an order from the US military for dozens of its Multi-Mission Hemispheric Radars, also known as MHR. The company is expecting that the products ordered will all be delivered during 2017. The order value came in at a whopping $8 million. In a statement, Dov Sella, CEO at RADA, had the following to offer…
“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.
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.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on RADA. In particular, we’re interested in following the ongoing work to bring its products to various military forces around the world and are excited about the prospect of further expanding its relationship with the United States military. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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