Gilat Reports Strong Revenue Growth in First Quarter 2022

Petah Tikva, Israel, May 23, 2022 – Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), today reported its results for the first quarter, ended March 31, 2022 with revenues of US$ 51.4 million up 19% year-over-year.

First Quarter 2022 Financial Highlights

  • Revenues of US$ 51.4 million up 19% year-over-year;
  • GAAP operating loss of US $1.0 million versus loss of US$ 3.5 million in Q1 last year;
  • Non-GAAP operating loss of US$ 0.3 million versus loss of US$ 3.6 million in Q1 last year;
  • GAAP net loss of US$ 2.5 million versus loss of US$ 5.0 million in Q1 last year;
  • Non-GAAP net loss of US$ 1.8 million versus loss of US$ 5.1 million in Q1 last year;
  • Adjusted EBITDA of US$ 2.5 million versus Adjusted EBITDA loss of US$ 1.3 million in Q1 last year;

The company today reiterated its guidance for 2022. Expectations are for revenues of between US$ 245 to US$ 265 million, representing year-over-year growth of between 14% and 23%. GAAP operating income of between US$ 5 to US$ 9 million and adjusted EBITDA of between US$ 20 to US$ 24 million, representing year-over-year growth of between 30% to 56%.

Adi Sfadia, Gilat’s CEO, commented: “We are pleased with our results showing ongoing revenue growth and EBITDA improvement. Our performance shows that we are successfully capturing market share and capitalizing on the opportunities in our end-markets.

“During this quarter we continued to solidify our presence with additional orders and a broadening pipeline in the next generation satellite communication multi-billion market opportunity. Both our next generation platform, SkyEdge IV that we recently launched, and our SSPA business for this market are progressing as planned. Furthermore, I am pleased with our growth in our target markets, namely: Mobility, Cellular Backhaul, Enterprise and Defense, as well as with the growing opportunities ahead of us.”

“I am encouraged with our progress, and despite challenges such as the global supply chain crisis, we feel comfortable with our targets for 2022, and expect to enjoy another year of solid growth in revenue and profitability,”   Sfadia added.