{"id":1495,"date":"2020-08-11T11:47:22","date_gmt":"2020-08-11T11:47:22","guid":{"rendered":"https:\/\/digitone.news\/?p=1495"},"modified":"2020-08-11T11:47:23","modified_gmt":"2020-08-11T11:47:23","slug":"rada-has-excellent-quarter","status":"publish","type":"post","link":"https:\/\/digitone.news\/index.php\/2020\/08\/11\/rada-has-excellent-quarter\/","title":{"rendered":"Rada Has Excellent Quarter"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"489\" src=\"https:\/\/digitone.news\/wp-content\/uploads\/2020\/08\/MHR_1.jpg\" alt=\"\" class=\"wp-image-1496\" srcset=\"https:\/\/digitone.news\/wp-content\/uploads\/2020\/08\/MHR_1.jpg 700w, https:\/\/digitone.news\/wp-content\/uploads\/2020\/08\/MHR_1-300x210.jpg 300w, https:\/\/digitone.news\/wp-content\/uploads\/2020\/08\/MHR_1-100x70.jpg 100w, https:\/\/digitone.news\/wp-content\/uploads\/2020\/08\/MHR_1-696x486.jpg 696w, https:\/\/digitone.news\/wp-content\/uploads\/2020\/08\/MHR_1-601x420.jpg 601w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/figure>\n\n\n\n<p>N<strong>RADA Electronic Industries Ltd.\u00a0<\/strong>(NASDAQ: RADA) announced today its financial results for the three and six months periods ended\u00a0June 30, 2020.<\/p>\n\n\n\n<p><strong>Highlights of the second quarter of 2020<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Quarterly revenues up 75% year-over-year to a record&nbsp;$17.5 million<\/li><li>Net income of&nbsp;$0.7 million&nbsp;and Adjusted EBITDA of&nbsp;$1.75 million&nbsp;\u2013 10% of revenue&nbsp;<\/li><li>2020 revenue guidance increased to over&nbsp;$70 million, implying over 58% growth year-over-year, with continued sequential revenue growth throughout the remainder of the year&nbsp;<\/li><li>US manufacturing facility at full operation to supply US market demand.<\/li><\/ul>\n\n\n\n<p><strong>Management Comments<\/strong><\/p>\n\n\n\n<p><strong>Dov Sella, RADA&#8217;s Chief Executive Officer commented,&nbsp;<\/strong>&#8220;We are very pleased with our results and the positive momentum in our business, which led to a significant 75% year-over-year revenue growth and sequential quarterly growth of 16%. Our strong revenue growth, stable gross margins and stabilizing operating expenses are yielding strong EBITDA improvement. We reported Adjusted EBITDA of&nbsp;$1.7 million&nbsp;in the quarter, which was more than double that of the first quarter.&#8221;<\/p>\n\n\n\n<p><strong>Continued Mr. Sella,<\/strong>&nbsp;&#8220;Our radars enable life-saving active protection solutions for advanced military tactical forces and critical infrastructure, and are in the heart of current modernization programs, especially in the&nbsp;USA. The strong demand for our radars is being driven by significant and urgent counter-UAV, SHORAD and C-RAM needs in the US and other geographies.&nbsp;Our orders in-hand have enabled us to increase our 2020 revenue guidance to over&nbsp;$70 million. As our end-markets become mainstream, we expect the growth to continue throughout the remainder of this year and into 2021. Our net cash level of&nbsp;$30 million&nbsp;is sufficient for our working capital and R&amp;D needs to support our expected strong growth.&#8221;<\/p>\n\n\n\n<p><strong>20<\/strong><strong>20<\/strong><strong>Second Quarter Summary<\/strong><\/p>\n\n\n\n<p><strong>Revenues<\/strong>&nbsp;totaled&nbsp;$17.5 million&nbsp;in the quarter&nbsp;compared with revenues of $10&nbsp;million in the second quarter of 2019, an increase of 75%.<\/p>\n\n\n\n<p><strong>Gross profit<\/strong>&nbsp;totaled&nbsp;$6.2 million&nbsp;in the quarter (36% of revenues), an increase of 73% compared to gross profit of $3.6&nbsp;million in the second quarter of 2019 (36% of revenues).<\/p>\n\n\n\n<p><strong>Operating income<\/strong>&nbsp;was&nbsp;$0.6 million&nbsp;in the quarter compared to an operating loss of&nbsp;$0.8 million&nbsp;in the second quarter of 2019.<\/p>\n\n\n\n<p><strong>Net income&nbsp;<\/strong>attributable to RADA&#8217;s shareholders in the quarter was&nbsp;$0.7 million, or&nbsp;$0.02per share, compared to a net loss of&nbsp;$0.6 million, or&nbsp;$0.01&nbsp;per share, in the second quarter of 2019.<\/p>\n\n\n\n<p><strong>Adjusted EBITDA<\/strong>&nbsp;was&nbsp;$1.7 million&nbsp;in the quarter compared to adjusted EBITDA loss of&nbsp;$0.3 million&nbsp;in the second quarter of 2019.<\/p>\n\n\n\n<p><strong>2020 First Half Summary<\/strong><\/p>\n\n\n\n<p><strong>Revenues<\/strong>&nbsp;totaled&nbsp;$32.6 million&nbsp;in the first half of 2020&nbsp;compared with revenues of&nbsp;$18.7 million&nbsp;in the first half of 2019, an increase of 74%.<\/p>\n\n\n\n<p><strong>Gross profit<\/strong>&nbsp;totaled&nbsp;$11.6 million&nbsp;in the first half&nbsp;(36% of revenues), an increase of 72% compared to gross profit of&nbsp;$6.7 million&nbsp;in the first half of 2019 (36% of revenues).<\/p>\n\n\n\n<p><strong>Operating income<\/strong>&nbsp;was&nbsp;$0.7 million&nbsp;in the first half of 2020 compared to an operating loss of&nbsp;$1.4 million&nbsp;in the first half of 2019.<\/p>\n\n\n\n<p><strong>Adjusted EBITDA<\/strong>&nbsp;was&nbsp;$2.6 million&nbsp;in the first half of 2020 compared to adjusted EBITDA loss of&nbsp;$0.3 million&nbsp;in the first half of 2019.<\/p>\n\n\n\n<p><strong>Net income&nbsp;<\/strong>attributable to RADA&#8217;s shareholders in the first half was&nbsp;$0.9 million, or&nbsp;$0.02per share, compared to a net loss of&nbsp;$1 million, or&nbsp;$0.03&nbsp;per share, in the first half of 2019.&nbsp;<\/p>\n\n\n\n<p>As of&nbsp;June 30, 2020, RADA had&nbsp;<strong>net cash and cash equivalents<\/strong>&nbsp;of&nbsp;$29.5 millioncompared to&nbsp;$13.8 million&nbsp;as of year-end 2019.&nbsp;The inventory level has increased to&nbsp;$26.5 million&nbsp;from&nbsp;$17.2 million&nbsp;as at the end of 2019. RADA management decided to strategically increase the inventory level to support the future expected growth and to ensure full availability of components, given the current environment and the need to mitigate against any negative influence of the Covid-19 pandemic on the supply chain.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NRADA Electronic Industries Ltd.\u00a0(NASDAQ: RADA) announced today its financial results for the three and six months periods ended\u00a0June 30, 2020. Highlights of the second quarter of 2020 Quarterly revenues up 75% year-over-year to a record&nbsp;$17.5 million Net income of&nbsp;$0.7 million&nbsp;and Adjusted EBITDA of&nbsp;$1.75 million&nbsp;\u2013 10% of revenue&nbsp; 2020 revenue guidance increased to over&nbsp;$70 million, implying [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1496,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44],"tags":[],"class_list":{"0":"post-1495","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-financials"},"_links":{"self":[{"href":"https:\/\/digitone.news\/index.php\/wp-json\/wp\/v2\/posts\/1495","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digitone.news\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digitone.news\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/digitone.news\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/digitone.news\/index.php\/wp-json\/wp\/v2\/comments?post=1495"}],"version-history":[{"count":1,"href":"https:\/\/digitone.news\/index.php\/wp-json\/wp\/v2\/posts\/1495\/revisions"}],"predecessor-version":[{"id":1497,"href":"https:\/\/digitone.news\/index.php\/wp-json\/wp\/v2\/posts\/1495\/revisions\/1497"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digitone.news\/index.php\/wp-json\/wp\/v2\/media\/1496"}],"wp:attachment":[{"href":"https:\/\/digitone.news\/index.php\/wp-json\/wp\/v2\/media?parent=1495"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digitone.news\/index.php\/wp-json\/wp\/v2\/categories?post=1495"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digitone.news\/index.php\/wp-json\/wp\/v2\/tags?post=1495"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}