Gilat report “very strong 2023”
February 26, 2024
Gilat Satellite Networks, a specialist in satellite networking technology, solutions and services, has reported its unaudited results for the fourth quarter and full year ended December 31st 2023.
The compnay saw revenue of $75.6 million (€69.6m), up 4 per cent from Q4 2022.
Further Q4 2023 Financial Highlights
- GAAP operating income of $2.9 million, compared with $6.1 million in Q4 2022;
- Non-GAAP operating income of $6.1 million, compared with $7.1 million in Q4 2022;
- GAAP net income of $3.4 million, or $0.06 per diluted share, compared with GAAP net loss of $6.0 million, or $0.11 loss per share, in Q4 2022;
- Non-GAAP net income of $6.5 million, or $0.11 per diluted share, compared with $7.9 million, or $0.14 per diluted share, in Q4 2022;
- Adjusted EBITDA of $9.4 million compared with $10.1 million in Q4 2022.
Full year 2023 Financial Highlights
- Revenue of $266.1 million, up 11 per cent compared with $239.8 million in 2022;
- GAAP operating income of $28.1 million, almost tripled compared to $10 million in 2022;
- Non-GAAP operating income of $23.5 million, up 73 per cent compared with $13.6 million in 2022;
- GAAP net income of $23.5 million, or $0.41 per diluted share, compared with GAAP net loss of $5.9 million in 2022, or $0.10 loss per share;
- Non-GAAP net income of $19.9 million, or $0.35 per diluted share, almost doubled compared to non-GAAP net income of $10.6 million or $0.19 per diluted share in 2022;
- Adjusted EBITDA was $36.4 million, up 44 per cent compared with adjusted EBITDA of $25.2 million in 2022.
Forward-Looking Expectations
Management’s financial guidance for 2024 is for revenues of between $305 to $325 million, representing year-over-year growth of 18 per cent at the midpoint. GAAP operating income is expected to be between $15 to $19 million, and Adjusted EBITDA is expected to be between $40 to $44 million, representing year-over-year growth of 15 per cent at the mid-point.
Adi Sfadia, Gilat’s CEO, commented: “We are pleased with the financial results, capping off a very strong 2023 with $266.1 million in revenue, up 11 per cent over last year, and very strong growth in EBITDA at $36.4 million, up 44 per cent over last year. This demonstrates the operating leverage inherent to our business model combined with a favorable product revenue mix during 2023. Furthermore, 2023 was also particularly successful from a strategic perspective. Looking back, we have a lot to be proud of. In mid-November, we concluded the acquisition of DataPath in the US, which brings several synergies for both businesses and we see DataPath as a significant long-term growth asset for Gilat in the defense sector. Moreover, our strong cash position is allowing us to explore additional inorganic growth opportunities and we are currently exploring several of these opportunities.
“Throughout the year, we achieved highly strategic contract wins with market-dominating satellite operators, and we extended Gilat’s market leadership in satellite-based cellular backhaul and In-Flight Connectivity, including a very significant Electronic Steered Antenna (ESA) award for business aviation. Our ongoing success is due to the continued growing market interest in the satellite communications sector in general and for our leading technological solutions in particular. We see these favourable trends continuing into 2024 and therefore our expectations for the year ahead are for continued strong growth in revenue and profit,” Sfadia concluded.