Gilat Satellite Networks Ltd., a global leader in satellite networking technology, solutions, and services, has reported its financial results for the third quarter of 2023, which ended on September 30.
In Q3 2023, Gilat achieved revenues of $63.9 million, representing a 6% increase compared to $60.4 million in Q3 2022. The company also saw a significant improvement in its profitability, with GAAP operating income of $12.7 million compared to $3.4 million in the same period last year. The increase in operating income was primarily due to a one-time other income of $7.4 million, resulting from a legal settlement in the Philippines and a real estate sale in Bulgaria.
Non-GAAP operating income for Q3 2023 was $6.1 million, a 40% increase from $4.4 million in Q3 2022. GAAP net income for the quarter was $10.2 million, or $0.18 per diluted share, compared to $2.1 million, or $0.04 per diluted share, in Q3 2022. Non-GAAP net income was $4.6 million, or $0.08 per diluted share, up 51% from $3 million, or $0.06 per diluted share, in the same period last year.
Furthermore, Gilat achieved adjusted EBITDA of $9.5 million, a 30% increase from $7.3 million in Q3 2022.
Looking ahead, Gilat has narrowed its revenue guidance for 2023 to a range of $265 million to $275 million, reflecting a projected year-over-year growth of 13% at the mid-point. The company also increased its GAAP operating income guidance range to $29 million to $31 million, representing a significant year-over-year growth compared to $10 million in 2022. Additionally, Gilat narrowed its adjusted EBITDA guidance to $35 million to $37 million, reflecting a projected year-over-year growth of 43% at the mid-point.
CEO Adi Sfadia expressed pride in the company’s continued revenue growth and improved profitability. He attributed their success to the growing interest in their solutions and advancements in the satellite communications space.
Gilat has also recently announced contract renewals and extensions in the United States, as well as a contract for satellite network modernization in Ethiopia.
To learn more about Gilat’s Q3 2023 results, visit their website.