RADA ELECTRONIC INDUSTRIES LTD

CIK:0000761238|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenues	$ 117,236	$ 76,217	$ 44,331
Cost of revenues	69,691	47,882	28,394
Gross profit	47,545	28,335	15,937
Operating costs and expenses:
Research and development, net	10,014	8,846	6,912
Marketing and selling	6,235	5,017	4,044
General and administrative	10,933	8,972	7,084
Net loss from sale of fixed asset	5	27	0
Total operating costs and expenses	27,187	22,862	18,040
Operating income (loss)	20,358	5,473	(2,103)
Financial (expenses) income, net (Note 12)	(159)	167	(121)
Net income (loss) from continuing operations before Tax	20,199	5,640	(2,224)
Net income (loss) from discontinued operations before Tax	0	0	(115)
Tax benefit	4,875	0	0
Net income (loss)	25,074	5,640	(2,339)
Net income (loss) attributable to non-controlling interest	0	0	(309)
Net income (loss) attributable to RADA Electronic Industries' shareholders	$ 25,074	$ 5,640	$ (2,030)
Basic net income (loss) from continuing operations per Ordinary share	$ 0.52	$ 0.13	$ (0.05)
Diluted net income (loss) from continuing operations per Ordinary share	0.50	0.13	(0.05)
Basic and diluted net income (loss) from discontinued operations per Ordinary share	0	0	(0.00)
Basic net income (loss) per Ordinary share	0.52	0.13	(0.05)
Diluted net income (loss) per Ordinary share	$ 0.50	$ 0.13	$ (0.05)
Weighted average number of Ordinary shares used for computing basic net income (loss) per share	48,255,097	43,321,058	38,148,756
Weighted average number of Ordinary shares used for computing diluted net income (loss) per share	50,077,416	44,565,379	38,841,866

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ 25,074	$ 5,640	$ (2,339)
Adjustments required to reconcile net income (loss) to net cash provided by (used in) operating activities:
Short term loan forgiveness	(454)	0	0
Share based compensation to employees	3,022	1,436	1,148
Depreciation	3,660	2,289	1,223
Net Loss from sale of fixed asset	5	27	0
Severance pay, net	(6)	(25)	74
Operating lease right-of-use asset	2,296	1,076	551
Increase in deferred tax assets	(5,681)
Increase in trade receivables, net	(18,652)	(330)	(383)
Operating lease long-term-liabilities	(2,196)	(1,125)	(466)
Increase in other accounts receivable, long-term receivable and prepaid expenses	(298)	(17)	(284)
Decrease (increase) in contract assets	(174)	513	(370)
Increase (decrease) in contract liabilities	242	36	(170)
Increase in inventories	(21,688)	(12,820)	(6,613)
Increase in trade payables	7,458	1,872	1,439
Increase in other accounts payable, accrued expenses, long-term liabilities and advances from customers	3,031	5,042	2,729
Net cash provided by (used in) operating activities	(4,361)	3,614	(3,461)
Cash flows from investing activities:
Purchase of property, plant and equipment	(6,170)	(4,853)	(4,092)
Construction-in-process	0	(94)	(459)
Equity investments in privately-held company	(3,000)
Disposal of discontinued operations	0	0	(526)
Increase (decrease) in long-term receivables and deposits	(24)	17	(56)
Net cash used in investing activities	(9,194)	(4,930)	(5,133)
Cash flows from financing activities:
Issuance of Ordinary shares, net	55,937	23,534	1,500
Short-term loan	0	504	0
Transaction with non-controlling interest	0	0	(534)
Net cash provided by financing activities from continuing operations	55,937	24,038	966
Increase (decrease) in cash and cash equivalents and restricted cash	42,382	22,722	(7,628)
Cash and cash equivalents & restricted cash at the beginning of the year	36,856	14,134	21,762
Cash and cash equivalents & restricted cash at the end of the year	79,238	36,856	14,134
(a) Supplemental disclosures of cash flow activities:
Net cash paid during the year for: Income taxes	107	27	17
(b) Non-cash transactions
Transfer of inventory to property, plant and equipment	1,589	1,194	595
Purchase of property, plant and equipment in credit	1,826	1,068	572
Cash and cash equivalents	78,746	36,289	13,754
Restricted cash	$ 492	$ 567	$ 380

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 78,746	$ 36,289
Restricted deposits	492	567
Trade receivables, net	32,747	14,095
Contract assets (Note 4)	930	756
Other accounts receivable and prepaid expenses (Note 5)	1,946	1,637
Inventories, net (Note 6)	48,882	28,783
Total current assets	163,743	82,127
LONG-TERM ASSETS:
Equity investments in privately-held company (Note 7)	3,000	0
Long-term receivables and other deposits	244	230
Property, plant and equipment, net (Note 8)	19,888	13,968
Deferred tax assets (Note 12)	5,681	0
Operating lease right-of-use asset (Note 3)	11,287	10,581
Total long-term assets	40,100	24,779
Total assets	203,843	106,906
CURRENT LIABILITIES:
Short term loan	0	454
Trade payables	19,890	10,603
Other accounts payable and accrued expenses (Note 9)	13,445	9,855
Advances from customers	1,763	2,323
Contract liabilities (Note 4)	474	232
Operating lease short term liabilities (Note 3)	2,262	1,885
Total current liabilities	37,834	25,352
LONG-TERM LIABILITIES:
Operating lease long-term liabilities (Note 3)	9,160	8,732
Accrued severance-pay and other long-term liability	783	789
Total long-term liabilities	9,943	9,521
COMMITMENTS AND CONTINGENT LIABILITIES (Note 10)
EQUITY:
Share capital (Note 10) - Ordinary shares of NIS 0.03 par value - Authorized: 100,000,000 shares at December 31, 2021 and 2020; Issued and outstanding: 49,402,847 and 43,724,446 at December 31, 2021 and at December 31, 2020 respectively.	489	440
Additional paid-in capital	203,854	144,944
Accumulated deficit	(48,277)	(73,351)
Total equity	156,066	72,033
Total liabilities and equity	$ 203,843	$ 106,906