Gilat FY revenue up 12%
February 15, 2023
By Chris Forrester
Gilat Satellite Networks, which makes most of its cash by providing connectivity equipment for satellite operator services, has reported double-digit growth in revenues and profits for 2022. The Israel-based company in its guidance for 2023 forecast more of the same as the satellite industry recovered.
Gilat’s Q4 revenue of $73 million, up 8 per cent y-o-y and 2022 revenue of $240 million, up 12 per cent y-o-y. Gilat’s adjusted EBITDA for the year was $25 million, up 64 percent y-o-y.
Gilat CEO Adi Sfadia said the in-flight connectivity (IFC) market has now recovered from the Covid pandemic and has returned to pre-Covid growth rates.
Gilat has supply relationships with SES (on SES-17 and the mPOWER satellites now being deployed), and Intelsat’s ground-based communication hubs. It is also supplying Hispasat new Amazonas Nexus craft with connectivity.
In a Feb 14 filing with the US Securities & Exchange Commission, Gilat confirmed booked orders valued at “tens of millions of dollars” for modems and transceivers for In Flight Communications networks.