PETAH TIKVA, Israel, Sept. 16, 2024 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT), a worldwide leader in satellite networking technology, solutions, and services, announced today that its wholly owned US-based subsidiary, DataPath Inc, received contracts in support of the US Department of Defense for core terminal related services, technology insertion and upgrades to systems, cumulatively worth over $5M. DataPath is tasked with the sustainment and technical upgrades to multiple Sat ...

PETAH TIKVA, Israel, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT), a worldwide leader in satellite networking technology, solutions, and services, announced today that the Company was awarded over $12M of orders from a leading satellite operator to expand their global SATCOM network utilizing Gilat's SkyEdge Family of VSAT Platforms. The deal is expected to be delivered within the upcoming 12 months. This strategic expansion provides significant future revenue prospe ...

Product Innovation - The next-generation SkyEdge IV Aquarius modem now supports SCPC mode, enhancing its capabilities [1] - The SkyEdge IV Aquarius Pro modem offers ultra-high performance, supporting up to 750Mbps per direction for applications like broadband, 4G/5G backhauling, and maritime services [2] - The modem enables seamless operation and switching between GEO and NGSO satellites, supporting next-generation software-defined satellites [3] - The Aquarius Pro is the first-to-market GEO-MEO modem with unique features such as DVB S2X with VLSNR and MEF L2 [4] Company Overview - Gilat Satellite Networks is a global leader in satellite-based broadband communications with over 35 years of experience [4] - The company provides deep technology solutions for satellite, ground, and new space connectivity, offering end-to-end solutions for mission-critical operations [4] - Gilat's portfolio includes cloud-based platforms, high-performance satellite terminals, SOTM antennas, SSPAs, BUCs, and integrated ground systems for commercial and defense applications [5] Market Applications - Gilat's solutions address a wide range of applications, including broadband access, mobility, cellular backhaul, enterprise, defense, aerospace, broadcast, government, and critical infrastructure [6] - The company's products and services meet stringent service level requirements, catering to diverse industry needs [6]

Financial Data and Key Metrics Changes - The company reported a 13% year-over-year growth in revenue, reaching $76.6 million in Q2 2024 compared to $67.6 million in Q2 2023 [13][14] - Adjusted EBITDA increased by 10% year-over-year, exceeding $10 million [3][16] - Non-GAAP gross margin was 36.8%, down from 37.9% in the same quarter last year, primarily due to DataPath's lower gross margin [15] Business Line Data and Key Metrics Changes - Revenue from the Satellite Network segment was $50.6 million, up from $40.7 million in the same quarter last year [14] - Integrated Solutions segment revenue increased slightly to $13 million from $12.7 million [14] - Networks Infrastructure & Services segment revenue decreased to $13.1 million from $14.2 million, attributed to lower services revenue [14] Market Data and Key Metrics Changes - The defense business showed strong momentum, with over $9 million in orders from the U.S. Department of Defense and other agencies [7][8] - The company received over $14 million in orders for in-flight connectivity (IFC) products and solutions during the quarter [8][9] - In Peru, the company is progressing on a $17 million expansion project, expecting to finish implementation by year-end [9][10] Company Strategy and Development Direction - The acquisition of Stellar Blu Solutions is expected to unlock new strategic customers and generate significant revenue, with projected revenues of $120 million to $150 million in 2025 [4][5] - The company aims to leverage its technology portfolio into adjacent markets, positioning itself as a market leader in aviation electronically steerable antennas [5][6] - The company is focusing on expanding its footprint in the IFC market and enhancing its product offerings [10] Management's Comments on Operating Environment and Future Outlook - Management reiterated guidance for 2024, expecting revenue between $305 million to $325 million, representing year-over-year growth of 18% at the midpoint [16] - The company remains optimistic about its prospects, despite some headwinds in the defense market [32] - Management expressed confidence in the execution of the Stellar Blu acquisition and its potential to transform the company into a high-growth entity [5][13] Other Important Information - The initial consideration for the Stellar Blu acquisition is $98 million, with additional earn-out components based on performance [12][13] - The company reported a GAAP net income of $1.3 million or $0.02 per diluted share, down from $4.3 million or $0.08 per diluted share in the same quarter last year [15] Q&A Session Summary Question: Update on cross-selling DataPath equipment - Management noted progress in cross-selling, with optimism about potential collaborations and a $12 million order received [18][19] Question: Gross margin outlook post-approval of the Amazonia region - Management indicated that gross margins are expected to improve after the construction phase is completed [20] Question: Progress in the LEO market - Management highlighted significant opportunities in the LEO segment, including partnerships with major players and ongoing projects [21][22] Question: Key milestones and challenges for Stellar Blu - Management emphasized execution as a key challenge, with production ramp-up underway and initial deliveries already made [22][24] Question: Trends in order pipeline and macro factors - Management stated that trends are company-specific, with strong momentum in certain initiatives despite headwinds in the defense market [32] Question: Cellular backhaul market outlook - Management acknowledged a recent slowdown but expects the market to rebound, driven by 5G opportunities [33] Question: International exposure of DataPath - Management indicated that DataPath has historically had limited international exposure but sees potential for growth in new markets [37]

Revenue Increased by 13% Year-over-Year, GAAP Operating Income of $2.8 Million and Adjusted EBITDA of $10.1 Million PETAH TIKVA, Israel, Aug. 07, 2024 (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 second quarter, ended June 30, 2024. Second Quarter 2024 Financial Highlights Revenue of $76.6 million, up 13% compared with $67.6 million in Q2 2023; GAAP operating inc ...

PETAH TIKVA, Israel, July 16, 2024 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT), a worldwide leader in satellite networking technology, solutions, and services, announced today that a National Defense Organization awarded a multi-year contract for over $5M to one of the company's USbased subsidiaries, DataPath Inc. to upgrade their DKET terminals, transportable SATCOM network hubs. DataPath is committed to supporting programs well beyond their anticipated life spans, often extendin ...

PETAH TIKVA, Israel, July 11, 2024 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (Nasdaq: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions, and services, today announced that it will release its second quarter 2024 financial results on Wednesday, August 7, 2024. Conference Call and Webcast Following the release, Adi Sfadia, Chief Executive Officer, and Gil Benyamini, Chief Financial Officer, will discuss Gilat's second quarter 2024 results and business achievements and ...

PETAH TIKVA, Israel, July 09, 2024 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT), a worldwide leader in satellite networking technology, solutions, and services, announced today that Gilat received a follow-on 6 year order for over $10M from Internet Para Todos (IPT) to deliver Cellular Backhaul services across rural areas in Peru. "We are excited to have closed this significant agreement, which will allow us to continue connecting Peruvians in rural areas in a sustainable way," sai ...

About Gilat Gilat's comprehensive offering supports multiple applications with a full portfolio of products and tailored solutions to address key applications including broadband access, mobility, cellular backhaul, enterprise, defense, aerospace, broadcast, government, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: https://gilat.com/ Gilat Satellite Networks Hagay Katz, Chief Products and Marketing Officer hagayk@gila ...

DataPath is deploying technical services and field services in Europe, the Middle East, and the United States to support U.S. Defense end users' critical connectivity requirements. These orders include both contract extensions and new contracts from various partners and agencies. About Gilat Our portfolio includes a diverse offering to deliver high-value solutions for multiple orbit constellations with very high throughput satellites (VHTS) and software-defined satellites (SDS). Our offering is comprised of ...