Gilat expects 16% revenue growth
May 24, 2022
By Chris Forrester
Israel-based satellite technology company Gilat Satellite Networks told analysts that it expects its overall 2022 trading to show growth of around 16 percent. Expectations are for revenues of between $245 (€229.3m) to $265 million, representing year-over-year growth of between 14 per cent and 23 per cent.
Gilat reported its Q1 financials (for the quarter to March 31st) with revenue of $51.4 million, up 18.7 per cent from the same period last year. Its operating loss narrowed to $1 million compared to a loss of $3.6 million last year.
Gilat’s CEO Adi Sfadia, in an nvestor call, said it continues to see near-term growth across all major its product lines including cellular backhaul, in-flight connectivity antennas for aircraft and gateways for broadband satellite networks.
“We are pleased with our results showing ongoing revenue growth and EBITDA improvement,” he said. “Our performance shows that we are successfully capturing market share and capitalising on the opportunities in our end-markets.”
A key growth driver for Gilat is its relationship with some of the world’s major cruise lines and says that a SkyEdge IV contract with some of those vessels is under way for use with SES’s geostationary- and mPOWER satellites.
Gilat is also working with Intelsat and supplying backhaul hardware for a cellular operator in the Democratic Republic of Congo.