Business
Gilat Reports Second Quarter 2023 Results
Presents a Robust 22% Year-over-Year Growth in Revenues; GAAP Operating Income More Than Tripled and Adjusted EBITDA Grew by 74%. The Company Raises its Full
About this update from Gilat Satellite Networks Ltd.
[{"type":"text","content":"Presents a Robust 22% Year-over-Year Growth in Revenues; GAAP Operating Income More Than Tripled and Adjusted EBITDA Grew by 74%. The Company Raises its Full Year 2023 Guidance\nPETAH TIKVA, Israel, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, reported today its results for the second quarter, ended June 30, 2023. Second Quarter 2023 Financial Highlights Revenues of $67.6 million, up 22% compared with $55.5 million in Q2 2022;GAAP operating income of $5.4 million, compared with $1.5 million in Q2 2022;Non-GAAP operating income of $6.1 million, compared with $2.4 million in Q2 2022;GAAP net income of $4.3 million, or $0.08 earnings per diluted share, compared with $0.5 million, or $0.01 earnings per diluted share in Q2 2022;Non-GAAP net income of $4.9 million, or $0.09 earnings per diluted share, compared with $1.4 million, or $0.03 earnings per diluted share in Q2 2022;Adjusted EBITDA of $9.2 million, up 74% compared with $5.3 million in Q2 2022; Forward-Looking Expectations The Company today raised its 2023 revenues guidance to between $265 to $285 million, representing year-over-year growth of 15% at the mid-point, as well as increased its GAAP operating income guidance to between $18 to $22 million, representing year-over-year growth of 101% at the mid-point and its adjusted EBITDA guidance to between $33 to $37 million, representing year-over-year growth of 39% at the mid-point. Adi Sfadia, Gilat's CEO, commented: “We are very pleased with our strong second quarter results, with solid growth in revenue, which was up 22% year-over-year, and a stronger growth in Adjusted EBITDA, up 74% year-over-year, demonstrating operating leverage in our business model. The revenue growth was broad across most of our business areas, a testimony to the strong market interest in Gilat’s solutions as well as growing interest in satellite communications overall. We are experiencing a significant expansion in our in-flight connectivity (IFC) business with a growing demand for both electronically steered antennas (ESA) and Solid-State Power Amplifiers (SSPA) from existing and new customers. We signed a significant agreement and received the first orders from Satcom Direct, for the development and supply of new ultra-low pr...