Elbit : Awarded Approximately $50 Million Contract for a New Air Defense System by an International Customer

Source: Market Screener

Haifa, Israel, 30 April, 2024 - Elbit Systems Ltd. (NASDAQ: ESLT and TASE: ESLT) ("Elbit Systems" or the "Company") announced today it was awarded a contract in an amount of approximately $50 million for its new air defense system, "Red Sky"™, by an international customer. The contract will be executed over a period of 2 years.

The Red Sky is a Tactical Very Short-range Air Defense (VSHORAD) System designed to provide protection against low-altitude aerial threats. As part of the contract, Elbit Systems will supply two Red Sky batteries, offering a comprehensive solution that integrates both soft-kill and hard-kill defense capabilities. This solution includes Elbit Systems' Redrone, an electronic warfare (EW) solution designed for detecting, identifying, locating and neutralizing unmanned aerial systems. The Redrone system comprises DAiR Radar, Signal Intelligence (SIGINT) sensors, RF Jammer, and COAPS-Lelectro-optical (EO) payload. Additionally, the Red Sky solution will incorporate anti-aircraft missile launchers.

Yehuda (Udi) Vered, General Manager of Elbit Systems Land: "The Red Sky system represents a state-of-the-art solution that addresses the urgent need to defend borders and secure strategic assets against a wide array of aerial threats at an affordable cost. This new defense solution was created based on close collaboration between Elbit Systems' divisions, utilizing existing Elbit Systems building blocks and integrating them into a comprehensive new solution with new anti-aircraft missiles and advanced soft-kill defense mechanisms."

About Elbit Systems

Elbit Systems is a leading global defense technology company, delivering advanced solutions for a secure and safer world. Elbit Systems develops, manufactures, integrates and sustains a range of next-generation solutions across multiple domains.

Driven by its agile, collaborative culture, and leveraging Israel's technology ecosystem, Elbit Systems enables customers to address rapidly evolving battlefield challenges and overcome threats.

Elbit Systems employs approximately 19,000 people in dozens of countries across five continents. In 2023, the Company reported approximately $6.0 billion in revenues and an order backlog of $17.8 billion.