99.1
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6-K Press Release: RADA Electronic Industries Announces Q2 2022 Results
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RADA Electronic Industries Ltd.
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||
(Registrant)
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||
By:
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/s/ Dov Sella
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Dov Sella
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||
Chief Executive Officer
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EXHIBIT
NO.
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DESCRIPTION
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|
• |
Quarterly revenues of $23.0 million;
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• |
Gross margin of 35%;
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• |
Previously announced merger with DRS proceeding as expected - merger expenses of $2.6 million incurred in the second quarter;
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• |
Operating loss of $3.0 million;
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• |
Net loss of $4.4 million;
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• |
Adjusted EBITDA of $1.8 million representing margin of 7.7%;
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• |
Quarter-end net cash position of $55.7 million.
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US:
Israel:
International:
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1-888-723-3164
03-918-0610
+972-3-918-0610
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at 9:00 am Eastern Time
at 4:00 pm Israel Time
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Company Contact:
Avi Israel (CFO)
Tel: +972-76-538-6200
mrkt@rada.com
www.rada.com
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Investor Relations Contact:
Ehud Helft
GK Investor & Public Relations
Tel: +1 646 688 3559
rada@gkir.com
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Six months ended
June 30, |
Three months ended
June 30, |
Year ended
December 31,
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||||||||||||||||||
2022
|
2021
|
2022
|
2021
|
2021
|
||||||||||||||||
(Unaudited)
|
Audited | |||||||||||||||||||
Net income (loss)
|
$
|
(5,080
|
)
|
$
|
14,215
|
$
|
(4,395
|
)
|
$
|
10,443
|
$
|
25,074
|
||||||||
Tax expenses (income), net
|
719
|
(6,038
|
)
|
882
|
(6,038
|
)
|
(4,875
|
)
|
||||||||||||
Financial (income) expenses, net
|
482
|
(122
|
)
|
494
|
97
|
159
|
||||||||||||||
Depreciation
|
2,448
|
1,599
|
1,257
|
843
|
3,660
|
|||||||||||||||
Employees non-cash option compensation
|
1,775
|
1,327
|
908
|
855
|
3,022
|
|||||||||||||||
Other expenses
|
2,628
|
-
|
2,628
|
-
|
-
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|||||||||||||||
Other non-cash amortization
|
81
|
135
|
-
|
127
|
247
|
|||||||||||||||
Adjusted EBITDA
|
$
|
3,053
|
$
|
11,116
|
$
|
1,774
|
$
|
6,327
|
$
|
27,287
|
June 30,
2022
|
December 31,
2021
|
|||||||
Unaudited
|
Audited
|
|||||||
ASSETS
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||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
55,656
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$
|
78,746
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||||
Restricted deposits
|
748
|
492
|
||||||
Trade receivables
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28,026
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32,747
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||||||
Contract assets
|
864
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930
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||||||
Other accounts receivables and prepaid expenses
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2,967
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1,946
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||||||
Inventories, net
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64,860
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48,882
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||||||
Total current assets
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153,121
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163,743
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||||||
LONG-TERM ASSETS:
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||||||||
Equity investment in privately-held company
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3,000
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3,000
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||||||
Long-term receivables and other deposits
|
136
|
244
|
||||||
Property, plant and equipment, net
|
20,664
|
19,888
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||||||
Deferred tax assets
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5,291
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5,681
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||||||
Operating lease right-of-use assets
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14,396
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11,287
|
||||||
Total long-term assets
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43,487
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40,100
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||||||
Total assets
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$
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196,608
|
$
|
203,843
|
||||
CURRENT LIABILITIES:
|
||||||||
Trade payables
|
12,627
|
19,890
|
||||||
Other accounts payable and accrued expenses
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13,359
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13,445
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||||||
Advances from customers
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1,582
|
1,763
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||||||
Contract liabilities
|
259
|
474
|
||||||
Operating lease short-term liabilities
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2,793
|
2,262
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||||||
Total current liabilities
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30,620
|
37,834
|
||||||
LONG-TERM LIABILITIES:
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||||||||
Accrued severance pay and other long-term liabilities
|
724
|
783
|
||||||
Deferred tax liabilities
|
908
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-
|
||||||
Operating lease long-term liabilities
|
11,595
|
9,160
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||||||
Total long-term liabilities
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13,227
|
9,943
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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 at June 30, 2022 and December 31, 2021;
Issued and outstanding: 49,718,045 at June 30, 2022 and 49,402,847 at December 31, 2021 respectively
|
497
|
489
|
||||||
Additional paid-in capital
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205,621
|
203,854
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||||||
Accumulated deficit
|
(53,357
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)
|
(48,277
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)
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||||
Total equity
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152,761
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156,066
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||||||
Total liabilities and equity
|
$
|
196,608
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$
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203,843
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Six months ended
June 30, |
Three months ended
June 30, |
Year ended
December 31,
|
||||||||||||||||||
2022
|
2021
|
2022
|
2021
|
2021
|
||||||||||||||||
(Unaudited)
|
Audited
|
|||||||||||||||||||
Revenues
|
$
|
45,568
|
$
|
53,472
|
$
|
23,061
|
$
|
28,255
|
$
|
117,236
|
||||||||||
Cost of revenues
|
30,245
|
32,243
|
15,081
|
16,990
|
69,691
|
|||||||||||||||
Gross profit
|
15,323
|
21,229
|
7,980
|
11,265
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47,545
|
|||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development
|
5,795
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4,993
|
2,941
|
2,555
|
10,014
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|||||||||||||||
Marketing and selling
|
3,813
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2,956
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1,930
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1,530
|
6,235
|
|||||||||||||||
General and administrative
|
6,966
|
5,225
|
3,500
|
2,678
|
10,933
|
|||||||||||||||
Other expenses
|
2,628
|
-
|
2,628
|
-
|
-
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|||||||||||||||
Net loss from sale of fixed asset
|
-
|
-
|
-
|
-
|
5
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|||||||||||||||
Total operating expenses
|
19,202
|
13,174
|
10,999
|
6,763
|
27,187
|
|||||||||||||||
Operating income (loss)
|
(3,879
|
)
|
8,055
|
(3,019
|
)
|
4,502
|
20,358
|
|||||||||||||
Other financial income (expenses), net
|
(482
|
)
|
122
|
(494
|
)
|
(97
|
)
|
(159
|
)
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|||||||||||
Income (loss) before taxes
|
(4,361
|
)
|
8,177
|
(3,513
|
)
|
4,405
|
20,199
|
|||||||||||||
Tax Income (expenses), net
|
(719
|
)
|
6,038
|
(882
|
)
|
6,038
|
4,875
|
|||||||||||||
Net income) loss)
|
$
|
(5,080
|
)
|
$
|
14,215
|
$
|
(4,395
|
)
|
$
|
10,443
|
$
|
25,074
|
||||||||
Basic net income (loss) per ordinary share
|
$
|
(0.10
|
)
|
$
|
0.30
|
$
|
(0.09
|
)
|
$
|
0.21
|
$
|
0.52
|
||||||||
Diluted net income (loss) per Ordinary share
|
$
|
(0.10
|
)
|
$
|
0.29
|
$
|
(0.09
|
)
|
$
|
0.20
|
$
|
0.50
|
||||||||
Weighted average number of Ordinary shares used for computing basic net income (loss) per share
|
49,592,329
|
47,145,784
|
49,710,730
|
49,129,699
|
48,255,097
|
|||||||||||||||
Weighted average number of Ordinary shares used for computing diluted net income (loss) per share
|
51,120,644
|
49,123,135
|
51,173,263
|
51,065,274
|
50,077,416
|