Israel-based satellite communications business Gilat Satellite Networks reported its results for Q4/2020, and full year ended December 31st 2020.
Q4 revenues of $42.6 million versus $78.3 million in Q4 2019 and improved from $37.3 million in the previous quarter. Its GAAP operating income of $62.7 million versus $9.2 million in Q4 2019 and an operating loss of $10.9 million in Q3 2020; GAAP operating income includes income related to the legal settlement with Comtech, net of related expenses, of $64.8 million.
Its full-year numbers saw revenue of $165.9 million, compared with $263.5 million in 2019; GAAP operating income of $37.6 million compared to $25.6 million in 2019; GAAP operating income includes income of $53.6 million related to the settlement with Comtech, net of related expenses; GAAP net income of $34.9 million compared with $36.5 million in 2019. GAAP net income includes income of $53.6 million related to the settlement with Comtech, net of related expenses, while GAAP net income in 2019 includes a $15.5 million tax benefit.
Adi Sfadia, Gilat’s CEO, commented: “During 2020, and specifically during the second half of the year, we made major technological achievements and closed some very significant deals, all of which position us very well for 2021 and onward. In particular, we saw wins in most of our growth areas, mainly Cellular Backhaul and Non-GSO.”
“We won multiple managed service deals providing us with significant recurring revenue,” he added. “In 5G backhaul – another growth engine for us, we are making solid headway and during the year, we successfully demonstrated the transport of 5G traffic with outstanding performance over Thaicom’s GEO HTS satellite. We also solidified our position, as a front-runner in providing the ground-segment for non-GSO constellations, with an award in Q4 with a potential of over $50M in support of a LEO constellation.”
“In addition, given that In-Flight Communications is and will continue to play a major role in attracting air travelling customers, I am confident that as air travel resumes its recovery, we will see a significant rise in demand for our IFC products and solutions,” he concluded.