Fri. Dec 8th, 2023
Gilat Satellite Networks Reports Positive Q3 2023 Results

Gilat Satellite Networks Ltd. (NASDAQ: GILT) held its Q3 2023 earnings call on November 7, 2023. The company reported strong results for the quarter with continued revenue growth and improved profitability. Gilat’s CEO, Mr. Adi Sfadia, expressed gratitude for the support received during the recent crisis in Israel and assured that the company’s operations remain unaffected.

The strong performance was attributed to growing interest in Gilat’s solutions and advancements in the satellite communication space. The in-flight connectivity market played a significant role in driving revenue growth and profitability in the quarter. The company reported significantly improved profitability and adjusted EBITDA, showing the operating leverage inherent in its business.

Gilat’s year-to-date adjusted EBITDA of $27 million already exceeded the total adjusted EBITDA for 2022. The company expects this positive trend to continue and has narrowed its revenue and profitability expectations for the full year 2023. Gilat forecasts revenues between $265 million to $275 million and adjusted EBITDA between $35 million to $37 million, representing a 43% growth at the midpoint.

In terms of business developments, Gilat continues to lead in the very high throughput satellite (VHTS) and non-geostationary satellite (NGSO) constellations business. The company secured a new contract worth millions of dollars to support a new high throughput satellite primarily for in-flight connectivity. Gilat’s cellular backhaul solution over satellite also had a successful quarter, receiving a $20 million contract extension from a Tier 1 mobile network operator in the United States.

Additionally, Gilat achieved a technical milestone in India with its SkyEdge IV, Aquarius VSAT for 5G cellular backhaul over SES O3b mPOWER services. The company showcased high speed backhauling services, achieving one gigabit per second throughput connectivity in India’s first satellite-based giga fiber service, Geospace Fiber.

Overall, Gilat Satellite Networks reported positive Q3 2023 results, driven by revenue growth and improved profitability. The company remains confident in its future prospects and expects continued growth in the coming quarters.