11/03/2021 | Press release | Distributed by Public on 11/03/2021 04:05
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• |
Quarterly revenues up 57% year-over-year and a sequential 13% increase to $32 million
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• |
Strong gross margin improvement to 41% compared with 38% in the year-ago quarter
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• |
Operating profit more than tripled to $6.3 million compared with $2.0 million in the year-ago quarter
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• |
Net income of $6.0 million, up 184% compared with $2.1 million in the year-ago quarter
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Adjusted EBITDA of $8.2 million, an increase of 162% compared to $3.1 million in the year ago quarter and $6.3 million in the prior quarter
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Adjusted EBITDA margin improved to 26% compared with 15% in the year-ago quarter and 22% in the prior quarter
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Quarter-end net cash position of $86.6 million
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Company Contact:
Avi Israel (CFO)
Tel: +972-76-538-6200
www.rada.com
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Investor Relations Contact:
Ehud Helft
GK Investor & Public Relations
Tel: +1 212 378 8040
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Nine months ended
September 30, |
Three months ended
September 30, |
Year ended
December 31,
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||||||||||||||||||
2021
|
2020
|
2021
|
2020
|
2020
|
||||||||||||||||
(Unaudited)
|
Audited
|
|||||||||||||||||||
Income from operations before tax
|
$
|
14,487
|
$
|
3,002
|
$
|
6,310
|
$
|
2,126
|
$
|
5,640
|
||||||||||
Financial expenses (income), net
|
(140
|
)
|
(311
|
)
|
(18
|
)
|
(116
|
)
|
(167
|
)
|
||||||||||
Depreciation
|
2,600
|
1,612
|
1,001
|
598
|
2,289
|
|||||||||||||||
Employees non-cash option compensation
|
2,212
|
1,022
|
885
|
340
|
1,436
|
|||||||||||||||
Other non-cash amortization
|
135
|
409
|
-
|
178
|
476
|
|||||||||||||||
Adjusted EBITDA
|
$
|
19,294
|
$
|
5,734
|
$
|
8,178
|
$
|
3,126
|
$
|
9,674
|
|
September 30, 2021
|
December 31, 2020
|
||||||
Unaudited
|
Audited
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
86,641
|
$
|
36,289
|
||||
Restricted cash
|
492
|
567
|
||||||
Trade receivables
|
28,944
|
14,095
|
||||||
Contract assets
|
349
|
756
|
||||||
Other receivables and prepaid expenses
|
2,311
|
1,637
|
||||||
Inventories
|
38,108
|
28,783
|
||||||
Total current assets
|
156,845
|
82,127
|
||||||
LONG-TERM ASSETS:
|
||||||||
Investment in affiliated company
|
3,000
|
-
|
||||||
Long-term receivables and other deposits
|
251
|
230
|
||||||
Property, plant and equipment, net
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16,898
|
13,968
|
||||||
Deferred tax assets
|
5,767
|
-
|
||||||
Operating lease right-of-use assets
|
12,108
|
10,581
|
||||||
Total long-term assets
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38,024
|
24,779
|
||||||
Total assets
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$
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194,869
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$
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106,906
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||||
CURRENT LIABILITIES:
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||||||||
Short term loan
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$
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-
|
$
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454
|
||||
Trade payables
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19,070
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10,603
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||||||
Other accounts payable and accrued expenses
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11,012
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9,855
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||||||
Advances from customers
|
817
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2,323
|
||||||
Contract liabilities
|
620
|
232
|
||||||
Operating lease short-term liabilities
|
2,294
|
1,885
|
||||||
Total current liabilities
|
33,813
|
25,352
|
||||||
LONG-TERM LIABILITIES:
|
||||||||
Accrued severance-pay and other long-term liabilities
|
787
|
789
|
||||||
Operating lease long-term liabilities
|
9,834
|
8,732
|
||||||
Total long-term liabilities
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10,621
|
9,521
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||||||
RADA SHAREHOLDERS' EQUITY
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||||||||
Share capital -
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||||||||
Ordinary shares of NIS 0.03 par value - Authorized: 100,000,000 shares on September 30, 2021 and December 31, 2020; Issued and outstanding: 49,365,136 on September 30, 2021 and 43,724,446 at December 31, 2020 respectively
|
488
|
440
|
||||||
Additional paid-in capital
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203,044
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144,944
|
||||||
Accumulated deficit
|
(53,097
|
)
|
(73,351
|
)
|
||||
Total equity
|
150,435
|
72,033
|
||||||
Total liabilities and equity
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$
|
194,869
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$
|
106,906
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Nine months ended
September 30, |
Three months ended
September 30, |
Year ended
December 31,
|
||||||||||||||||||
2021
|
2020
|
2021
|
2020
|
2020
|
||||||||||||||||
(Unaudited)
|
Audited
|
|||||||||||||||||||
Revenues
|
$
|
85,476
|
$
|
52,936
|
$
|
32,004
|
$
|
20,359
|
$
|
76,217
|
||||||||||
Cost of revenues
|
50,992
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33,580
|
18,749
|
12,598
|
47,882
|
|||||||||||||||
Gross profit
|
34,484
|
19,356
|
13,255
|
7,761
|
28,335
|
|||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development
|
7,478
|
6,468
|
2,485
|
2,230
|
8,846
|
|||||||||||||||
Marketing and selling
|
4,609
|
3,671
|
1,653
|
1,286
|
5,017
|
|||||||||||||||
General and administrative
|
8,050
|
6,526
|
2,825
|
2,235
|
8,972
|
|||||||||||||||
Net loss from sale of fixed asset
|
-
|
-
|
-
|
-
|
27
|
|||||||||||||||
Total operating expenses:
|
20,137
|
16,665
|
6,963
|
5,751
|
22,862
|
|||||||||||||||
Operating income
|
14,347
|
2,691
|
6,292
|
2,010
|
5,473
|
|||||||||||||||
Other financial income (expenses), net
|
140
|
311
|
18
|
116
|
167
|
|||||||||||||||
Income before taxes
|
14,487
|
3,002
|
6,310
|
2,126
|
5,640
|
|||||||||||||||
Tax income / (expense)
|
5,767
|
-
|
(271
|
)
|
-
|
-
|
||||||||||||||
Net income
|
20,254
|
3,002
|
6,039
|
2,126
|
5,640
|
|||||||||||||||
Basic net income per ordinary share
|
$
|
0.42
|
$
|
0.07
|
$
|
0.12
|
$
|
0.05
|
$
|
0.13
|
||||||||||
Diluted net income per Ordinary share
|
$
|
0.41
|
$
|
0.07
|
$
|
0.12
|
$
|
0.05
|
$
|
0.13
|
||||||||||
Weighted average number of Ordinary shares used for computing basic net income per share
|
47,874,320
|
43,209,153
|
49,307,039
|
43,541,002
|
43,321,058
|
|||||||||||||||
Weighted average number of Ordinary shares used for computing diluted net income per share
|
49,778,631
|
44,297,058
|
51,025,170
|
44,849,311
|
44,565,379
|