Business
Gilat Presents Strong Growth and Results for Third Quarter 2022
Revenue of $60.4 million, up 21% year-over-year, GAAP operating income of $3.4 million versus $0.8 million in Q3 last year, and adjusted EBITDA of $7.3
About this update from Gilat Satellite Networks Ltd.
[{"type":"text","content":"Revenue of $60.4 million, up 21% year-over-year, GAAP operating income of $3.4 million versus $0.8 million in Q3 last year, and adjusted EBITDA of $7.3 million, up 88% year-over-year PETAH TIKVA, Israel, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its results for the third quarter ended September 30, 2022. Third Quarter 2022 Financial Highlights Revenues of $60.4 million,up 21% compared with $49.8 million in Q3 last year;GAAP operating income of $3.4 million versus $0.8 million in Q3 last year;Non-GAAP operating income of $4.4 million versus $1.3 million in Q3 last year;GAAP net income of $2.1 million versus breakeven in Q3 last year;Non-GAAP net income of $3 million versus $0.6 million in Q3 last year;Adjusted EBITDA of $7.3 million versus $3.9 million in Q3 last year; Forward-Looking Expectations The Company adjusted and narrowed the range of its 2022 revenue guidance, with expectations of between $240 million and $245 million, representing year-over-year growth of approximately 13%. The Company also increased and narrowed the GAAP operating income guidance range to between $8 million to $10 million representing significant year-over-year growth versus $2.2 million in 2021. The Company increased and narrowed the adjusted EBITDA range to between $23 to $25 million, representing year-over-year growth of approximately 56%. Management Commentary Adi Sfadia, Gilat's CEO, commented: \"We are very pleased with our strong third quarter results showing continued year-over-year growth and a recovery in all our markets, in particular IFC. We are also very encouraged with the solid and continued improvement in our profitability demonstrating substantial improvement in our gross, operating and net margins with adjusted EBITDA growing by 88% year-over-year. Strategically we are very excited with the progress of our newly launched, world leading, SkyEdge IV platform. During the third quarter, a leading service provider selected SkyEdge IV, Gilat's high-performance, multi-orbit platform, to power maritime connectivity. We are confident that this platform will allow us to focus and gain market share in the growing multibillion-dollar market of the next era of satellite communication. The mobility busines...