From Iron Dome to David’s Sling: Rafael’s innovations power Q2 success
From Iron Dome to David’s Sling: Rafael’s innovations power Q2 success
Revenues jump 25% as new laser Iron Beam system nears completion.
Rafael concluded the second quarter with revenues of NIS 3.9 billion (approximately $1.06 billion), marking a 25% growth compared to the corresponding quarter in 2023. The weapons and defense systems manufacturer also set a new record with its order backlog, which reached approximately NIS 59 billion ($16 billion)—an increase of NIS 4 billion from the backlog reported at the end of the first quarter of this year.
The substantial rise in sales and order backlog is attributed to the growing global demand for weapon systems, driven by the ongoing conflict between Russia and Ukraine, as well as the continuous state of war in Israel.
Rafael, a government-owned company, is known for developing and manufacturing the Iron Dome and David's Sling air defense systems. The company is also progressing with the development of a new laser-based defense system, the Iron Beam, which is expected to significantly enhance and reduce the costs of intercepting rockets and UAVs.
For the first half of the year, Rafael's revenues totaled NIS 7.8 billion ($2.12 billion), reflecting a 28% increase compared to the first six months of 2023. The company's net profit for the half-year amounted to NIS 364 million ($99 million).
Two weeks ago, IAI and Elbit Systems also published their second-quarter reports. IAI reported a 13% increase in sales, reaching $1.42 billion, while Elbit Systems achieved a 12% growth, with sales totaling $1.62 billion.
