Gilat revenues up 6% YoY
November 7, 2023
Gilat Satellite Networks, a specilaist in satellite networking technology, solutions and services, has reported its results for the third quarter, ended September 30th 2023.
Adi Sfadia, Gilat’s CEO, commented: “We are deeply saddened by the tragic events of October 7th in Israel. Our thoughts and prayers are with the victims of this horrific attack – the murdered, the hostages, the wounded and their families. We are very proud of our employees’ response to this crisis and their dedication to the company during these times. We also want to thank our customers and suppliers and the world community at large for their full-hearted support. As a strong global company with operation and development centres worldwide, our operations remain unaffected by recent events in Israel. We continue to closely monitor the situation and have implemented relevant measures, and refreshed our business continuity plans to minimise any potential effect, if at all, to our business.”
Sfadia continued: “We are pleased with our results, particularly the continued revenue growth combined with the solid improvement in our profitability. We reported significantly improved profitability including Adjusted EBITDA, demonstrating the operating leverage inherent in our business. The ongoing good performance was due to the continued growing interest in our solutions as well as advancements in the satellite communications space in general. Our strong performance in 2023 to date has generated Adjusted EBITDA of $27 million (€25.2m) in the nine months ended September 30th 2023, which already exceeds the Adjusted EBITDA from the whole of 2022. Given our leading position in the market and the opportunities we see ahead, we look forward to continuing our growth into 2024 and beyond.”
Financial Highlights include:
- Revenues of $63.9 million, up 6 per cent compared with $60.4 million in Q3 2022;
- GAAP operating income of $12.7 million compared with $3.4 million in Q3 2022; GAAP operating income in this quarter includes one-time other income, net, of $7.4 million that was recorded with respect to a settlement of legal proceedings in the Philippines and a real estate sale in Bulgaria;
- Adjusted EBITDA of $9.5 million, up 30 per cent compared with $7.3 million in Q3 2022.