RADA Electronic Industries Ltd.
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(Registrant)
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By: /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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• |
Record revenues of $117.2 million, up 54% year-over-year;
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• |
Gross margin of 41% up from 37% in 2020;
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• |
Net income of $25.1 million compared to $5.6 million net income in 2020;
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• |
Adjusted EBITDA of $27.3 million (23% margin) compared to $9.7 million (13% margin) in 2020;
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• |
Year-end net cash position of $78.8 million.
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Quarterly revenues of $31.8 million, up 36% year-over-year;
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• |
Gross margin of 41%, up from 39% in Q4 of 2020;
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Net income of $4.9 million compared to $2.6 million net income in Q4 of 2020;
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• |
Adjusted EBITDA of $8.0 million (25% margin) compared to $3.9 million (17% margin) in Q4 of 2020.
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Company Contact:
Avi Israel (CFO)
Tel: +972-765-386-200
mrkt@rada.com
www.rada.com
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Investor Relations Contact:
Ehud Helft
GK Investor & Public Relations
Tel: +1 646 688 3559
rada@gkir.com
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Year ended
December 31,
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Three months ended
December 31,
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|||||||||||||||
2021
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2020
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2021
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2020
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|||||||||||||
Net income
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$
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25,074
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$
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5,640
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$
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4,820
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$
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2,638
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||||||||
Tax expenses (income), net
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(4,875
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)
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-
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892
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-
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|||||||||||
Financial expenses (income), net
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159
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(167
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)
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299
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144
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|||||||||||
Depreciation
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3,660
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2,289
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1,060
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677
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||||||||||||
Employees Option Compensation
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3,022
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1,436
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810
|
415
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||||||||||||
Other non-cash amortization
|
247
|
476
|
112
|
67
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||||||||||||
Adjusted EBITDA
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$
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27,287
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$
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9,674
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$
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7,993
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$
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3,941
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December 31,
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||||||||
2021
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2020
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|||||||
ASSETS
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||||||||
CURRENT ASSETS:
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||||||||
Cash and cash equivalents
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$
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78,746
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$
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36,289
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||||
Restricted cash
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492
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567
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||||||
Trade receivables
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32,747
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14,095
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||||||
Contract asset
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930
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756
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||||||
Other accounts receivable and prepaid expenses
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1,946
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1,637
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||||||
Inventories
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48,882
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28,783
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||||||
Total current assets
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163,743
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82,127
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||||||
LONG-TERM ASSETS:
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Investment in affiliated company
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3,000
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-
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||||||
Long-term receivables and other deposits | 244 |
230 |
||||||
Property, plant and equipment, net
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19,888
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13,968
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||||||
Deferred tax assets
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5,681
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-
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||||||
Operating lease right-of-use assets
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11,287
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10,581
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||||||
Total long-term-assets
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40,100
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24,779
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||||||
Total ASSETS
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$
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203,843
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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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$
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454
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||||
Trade payables
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19,890
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10,603
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||||||
Other accounts payable and accrued expenses
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13,445
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9,855
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||||||
Advances from customers
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1,763
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2,323
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||||||
Contract Liabilities
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474
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232
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||||||
Operating lease short term liabilities
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2,262
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1,885
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||||||
Total current liabilities
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37,834
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25,352
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||||||
LONG-TERM LIABILITIES:
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||||||||
Operating lease long-term liabilities
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9,160
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8,732
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||||||
Accrued severance-pay and other long-term liability
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783
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789
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||||||
Total long-term liabilities
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9,943
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9,521
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RADA SHAREHOLDERS’ EQUITY:
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Share capital - Ordinary shares of NIS 0.03 par value - Authorized:
100,000,000 shares on December 31, 2021 and December 31, 2020; Issued and outstanding:
49,402,847 and 43,724,446 on December 31, 2021 and on December 31, 2020 respectively
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489
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440
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||||||
Additional paid-in capital
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203,854
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144,944
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||||||
Accumulated deficit
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(48,277
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)
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(73,351
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)
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Total equity
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156,066
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72,033
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||||||
Total LIABILITIES AND EQUITY
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$
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203,843
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$
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106,906
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Year ended
December 31,
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Three months ended
December 31,
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|||||||||||||||
2021
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2020
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2021
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2020
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Revenues:
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$
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117,236
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$
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76,217
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$
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31,760
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$
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23,281
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||||||||
Cost of revenues
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69,691
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47,882
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18,699
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14,302
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||||||||||||
Gross profit
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47,545
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28,335
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13,061
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8,979
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||||||||||||
Operating expenses:
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||||||||||||||||
Research and development, net
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10,014
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8,846
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2,536
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2,378
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||||||||||||
Marketing and selling
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6,235
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5,017
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1,626
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1,346
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||||||||||||
General and administrative
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10,933
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8,972
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2,883
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2,446
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||||||||||||
Net loss from sale of fixed asset
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5
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27
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5
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27
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||||||||||||
Total operating expenses:
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27,187
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22,862
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7,050
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6,197
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||||||||||||
Operating Income
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20,358
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5,473
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6,011
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2,782
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||||||||||||
Other Financial income (expenses), net
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(159
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)
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167
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(299
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)
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(144
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)
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|||||||||
Income before taxes
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20,199
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5,640
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5,712
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2,638
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||||||||||||
Tax income (expenses)
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4,875
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-
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(892
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)
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-
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|||||||||||
Net income
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$
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25,074
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$
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5,640
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$
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4,820
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$
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2,638
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||||||||
Basic net income per Ordinary share
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$
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0.52
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$
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0.13
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$
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0.11
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$
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0.06
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||||||||
Diluted net income per Ordinary share
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$
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0.50
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$
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0.13
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$
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0.10
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$
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0.06
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||||||||
Weighted average number of Ordinary shares used for computing basic net income per share
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48,255,097
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43,321,058
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49,385,220
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43,654,343
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Weighted average number of Ordinary shares used for computing diluted net income per share
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50,077,416
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44,565,379
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50,902,399
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44,922,736
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