Gilat Satellite Networks Ltd (GILT)

[StockLogistics]

265 sales/56 OS is 4.73 at zero forward multiple

“7:50a ET 8/9/2022 - Globe Newswire
Gilat Reports Strong Second Quarter 2022 Results

Revenue of $55.5 million, operating profit $1.5 million and Adjusted EBITDA of $5.3 million; Reiterates 2022 guidance

Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its results for the second quarter ended June 30, 2022.

Second Quarter 2022 Financial Highlights

-- Revenues of $55.5 million,up 1.2% compared with Q2 of last year;

-- GAAP operating income of $1.5 million versus operating loss of $0.4 million in Q2 last year;

-- Non-GAAP operating income of $2.4 million versus Non-GAAP operating income of $0.1 million in Q2 last year;

-- GAAP net income of $0.5 million versus loss of $0.2 million in Q2 last year;

-- Non-GAAP net income of $1.4 million versus Non-GAAP income of $0.3 million in Q2 last year;

-- Adjusted EBITDA of $5.3 million versus Adjusted EBITDA of $2.4 million in Q2 last year;

-- Reiterates and on-track with 2022 financial guidance;

Forward-Looking Expectations

The Company reiterates its 2022 guidance issued in 2022, of revenues between $245 to $265 million, representing year-over-year growth of between 14% and 23%, GAAP operating income of between $5 to $9 million and Adjusted EBITDA of between $20 to $24 million, representing year-over-year growth of Adjusted EBITDA between 30% to 56%.

Management Commentary

Adi Sfadia, Gilat's CEO, commented: "We are pleased with our strong results, especially with the solid improvement in our profitability. We continue to successfully capitalize on the opportunities in our pipeline, and we see increasing growth potential in our end-markets for the coming years. Looking out to the rest of the year, we feel increasingly comfortable and remain on target to meet our goals.

This was an exceptional quarter with significant multimillion dollar orders for Gilat's next generation platform, SkyEdge IV. We expanded the global strategic relationships with our partners, the satellite operators, SES and Intelsat, and are competing on important GEO VHTS opportunities in our pipeline with additional major satellite operators. Furthermore, our SSPA business for this new and exciting market is progressing as planned, and as such, we believe we are well positioned to seize opportunities in the multibillion market of the next era of satellite communication.

We received more than $10 million in new Cellular Backhaul orders this quarter as we continue to expand our global leadership. We are encouraged with the progress in our strategic markets of Inflight Connectivity and Maritime as well as with our growing business in Defense and Enterprise, and we see a growing set of additional opportunities."

Mr. Sfadia concluded, "Given our ongoing strong performance, we reiterate our 2022 guidance and expect a year of solid growth in revenue and improved profitability."”