For over a year and two months, the David’s Sling and Iron Dome air defense systems have been operating tirelessly to intercept missiles and rockets targeting Israel, primarily from Lebanon and Gaza. The constant need for these systems is clearly reflected in Rafael’s financial results released last week. In Q3 2024, the company reported sales of NIS 4.53 billion ($1.25 billion), a 36% increase compared to the same period last year. Rafael's net profit in the quarter reached NIS 189 million ($52 million).
 

Between January and September 2024, the company’s sales climbed to NIS 12.3 billion ($3.4 billion), representing a year-over-year increase of more than 30%. During the same period, net profit surged by 65%, totaling over NIS 550 million ($152 million). Rafael’s order backlog grew significantly, reaching approximately NIS 60 billion ($16.6 billion) by the third quarter—an increase of 40% compared to last year.

Rafael attributed much of this growth to heightened Ministry of Defense contracts amidst the ongoing conflict, reaffirming its role as a critical supplier of air defense systems. Among the significant orders was a $2 billion contract awarded jointly to Rafael and Elbit Systems for the Iron Beam, a high-power laser defense system. Rafael is the lead contractor on this project, receiving the majority of the funding. According to the Ministry of Defense, the laser system will be delivered to the Air Force within a year for operational use. This cutting-edge system is expected to lower the cost of intercepting short-range rockets and UAVs from $50,000 per Iron Dome interceptor to just a few shekels.

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