Gilat Satellite Networks Ltd., a worldwide leader in satellite networking technology, solutions and services, reported today its results for the first quarter, ended March 31, 2023.
First Quarter 2023 Financial Highlights
Revenue of $59.0 million, up 15% compared with $51.4 million in Q1 2022;
GAAP operating income of $7.0 million, compared with GAAP operating loss of $1.0 million in Q1 2022;
Non-GAAP operating income of $5.3 million, compared with a non-GAAP operating loss of $0.3 million in Q1 2022;
GAAP net income of $5.6 million, or $0.10 earnings per diluted share, compared with GAAP net loss of $2.5 million, or loss of $0.04 per share, in Q1 2022;
Non-GAAP net income of $3.8 million, or $0.07 earnings per diluted share, compared with non-GAAP net loss of $1.8 million, or loss of $0.03 per share, in Q1 2022;
Adjusted EBITDA of $8.4 million compared with $2.5 million in Q1 2022;
Forward-Looking Expectations
The Company today raised its GAAP operating income guidance to between $16 to $20 million, representing year-over-year growth of 81% at the mid-point and its adjusted EBITDA guidance to between $31 to $35 million, representing year-over-year growth of 31% at the mid-point. The company reiterated its 2023 revenue guidance.
Adi Sfadia, Gilat’s CEO, commented: “The first quarter of 2023 was a very strong opening for the year and is another quarter in which we showed strong year-over-year growth in revenues and profitability. Our growth was broad, across multiple business areas, demonstrating the increased interest in satellite communications and in Gilat’s leading position in the industry. Adding to that is the significant improvement in our profitability metrics, with gross margins reaching a multi-year high of 42% and Adjusted EBITDA of 14% of revenues or $8.4 million, more than tripled that of the same quarter last year.”
“I am pleased we continued to make great inroads with our strategy to be the partner of choice for satellite operators with multimillion-dollar orders during the first quarter. In addition, on the defence front, we made significant progress in executing on our growth strategy. We signed a definitive agreement to acquire DataPath Inc. a US Defense integrator, to boost our defence offering with a focus on the US Department of Defense.”
Mr. Sfadia concluded, “I believe that Gilat today is in the best position it has been in a long time – revenue is growing strongly, with bookings, backlog, and the pipeline all at a very healthy level. This, coupled with our strong performance in Q1, has led us to increase our profitability guidance for 2023.”
Key Recent Announcements
Financial Institution in Latin America Deploying Millions of Dollars of Gilat Technology for Satellite Connectivity
Gilat Receives Multimillion-Dollar Order for Expansion of Advanced Disaster Response Network in Asia
Intelsat Strengthens Strategic Partnership and Expands Service Capabilities with Significant Multimillion-Dollar Orders for Gilat’s Multi-service Platforms and Terminals
SES Certifies Gilat’s SkyEdge IV Platform for O3b mPOWER, O3b and SES-17
ST Engineering iDirect and Gilat Satellite Networks Successfully Showcase Proof of Concept Utilizing DIFI Standard at Satellite 2023
Gilat Signs Definitive Agreement to Acquire DataPath, Market Leader in Trusted Communications for US DoD, Military & Gov’t Sectors
Gilat Announces Launch of Endurance, a New Line of “Always-On” SSPA Products
Hispasat and Gilat Expand Strategic Partnership with the Selection of Gilat’s SkyEdge IV Platform for Amazonas Nexus
Gilat Announces Availability of SkyEdge IV Taurus-M, New Satellite Modem for Military and Government Markets
Gilat Enables TIM Brasil to Be First Network Operator with Coverage to 100% of Brazilian Cities