These orders will be delivered to customers throughout 2014.
"Our battery division is having a very exciting year so far. We have seen important R&D developments such as our progress with the iron flow battery, the highly accretive acquisition of UEC, as well as continued order momentum," said Chairman and CEO Robert S. Ehrlich in a statement. "Some of these recent orders were from leading global defense manufacturers that continue to purchase from us, demonstrating their trust in the reliability and quality of our products for use in a rugged military environment."
The stock was up 15.73% to $3.90 at 11:14 a.m. on Monday.
Separately, TheStreet Ratings team rates AROTECH CORP as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate AROTECH CORP (ARTX) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and notable return on equity. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income and poor profit margins."