Rada Electronic Industries Ltd (RADA) Q1 2022 Earnings Conference Call May 10, 2022 9:00 AM ET

Company Participants

Ehud Helft - GK Investor Relations

Dov Sella - Chief Executive Officer

Avi Israel - Chief Financial Officer

Conference Call Participants

Peter Arment - Baird

Scott Forbes - Jefferies

Austin Moeller - Canaccord

Brian Kinstlinger - Alliance Global Partners

Arnold Ursaner - CJS Securities

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the RADA Electronic Industries' First Quarter 2022 Results Conference Call. All participants are present in listen-only mode. Following management's formal presentation, instructions will be given for the question-and-answer session. As a reminder, this conference is being recorded.

You should have all received by now the company's press release. If you have not received it, please contact RADA's Investor Relations team at GK Investor and Public Relations at 1-212-378-8040 or view it in the News section of the company's website, www.rada.com.

I would now like to hand over the call to Mr. Ehud Helft of GK Investor Relations. Mr. Helft, would you like to begin?

Ehud Helft

Yes. Thank you, operator. I would like to welcome all of you to this conference call to discuss RADA's first quarter 2022 results. I would like to thank RADA management for hosting this call.

With us on the call today are Mr. Dov Sella, Chief Executive Officer; and Mr. Avi Israel, Chief Financial Officer. Dov will summarize the key highlights of the quarter, followed by Avi, who will provide a summary of the financials. We will then open the call for the question-and-answer session.

Before we start, I'd like to point out that the Safe Harbor published in today's press release, also pertain to the content of this conference call.

And with that, I would now like to introduce RADA's CEO, Mr. Dov Sella. Dubi, go ahead, please.

Dov Sella

Thank you, Ehud, and good day to all our call participants. Let's start with an overview of our results this quarter. We have just reported the results of the first quarter of 2022 with revenues of $22.5 million and adjusted EBITDA of $1.3 million.

We see this quarter as a bump in the road and unrelated to the trend of what is going on around us. In this quarter, we actually saw the peak of the impact of -- on our revenues of the continuing resolution in the United States. The passing of the US budget was delayed from September and finally passed on March 11th with all new defense spending effectively on hold for that period.