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    Gilat Reports Third Quarter 2024 Results

    11/13/24 7:31:15 AM ET
    $GILT
    Radio And Television Broadcasting And Communications Equipment
    Technology
    Get the next $GILT alert in real time by email

    Revenues Increased by 17% Year-over-Year

    GAAP Operating Income of $6.7 Million

    Adjusted EBITDA of $10.7 Million

    PETAH TIKVA, Israel, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ:GILT, TASE: GILT)), a worldwide leader in satellite networking technology, solutions and services, today reported its results for the third quarter, ended September 30, 2024.

    Third Quarter 2024 Financial Highlights

    • Revenues of $74.6 million, up 17% compared with $63.9 million in Q3 2023;
    • GAAP operating income of $6.7 million, compared with $12.7 million in Q3 2023;
      • GAAP operating income includes other income, net, of $1.3 million. Q3 2023 GAAP operating income included other income, net, of $7.4 million;
    • Non-GAAP operating income of $8.3 million, up 36% compared with $6.1 million in Q3 2023;
    • GAAP net income of $6.8 million, or $0.12 per diluted share, compared with $10.2 million, or $0.18 per diluted share, in Q3 2023;
      • GAAP net income includes other income, net, of $1.3 million. Q3 2023 GAAP net income included other income, net, of $7.4 million;
    • Non-GAAP net income of $8.1 million, or $0.14 per diluted share, almost doubled compared with $4.6 million, or $0.08 per diluted share, in Q3 2023;
    • Adjusted EBITDA of $10.7 million, up 13% compared with $9.5 million in Q3 2023.

    Forward-Looking Expectations

    The Company narrowed the range of its 2024 revenue guidance. Expectations of revenue between $305 million to $315 million now represent year-over-year growth of 17% at the mid-point. The main effect on the revenue guidance is the company's decision to terminate its activities in Russia due to limitations and constraints that are imposed with regard to operations there.

    The Company raised and narrowed the range of its 2024 GAAP operating income guidance to between $24 million to $26 million, mainly due to the receipt of approximately $11 million in proceeds from an arbitration in Peru in H2 2024.

    The Company also narrowed the range of its Adjusted EBITDA guidance to between $41 to $43 million, representing year-over-year growth of 15% at the mid-point.

    Management Commentary

    Adi Sfadia, Gilat's CEO, commented: "We performed strongly in the third quarter, achieving solid growth driven by our Satellite Network segment. This growth highlights the progress we are making in expanding our defense opportunities following our acquisition of DataPath at the end of 2023. This is highly encouraging for Gilat, as our defense business represents a rapidly growing strategic segment for the company. Our innovative satellite solutions are meeting the specialized demands of government and military customers, reinforcing our position as a trusted partner. In addition, our in-flight connectivity solutions continue to set new benchmarks for reliability and performance, addressing the increasing need for seamless airborne connectivity. Together, these efforts underscore our commitment to capturing growth in these critical markets."

    Mr. Sfadia added, "We continued to broaden our pipeline of potential orders throughout our business, supported by our next-generation platform, as we capture new LEO satellite communications opportunities. Gilat is extremely well-positioned to leverage the growing demand for NGSO with an emphasis on LEO based on our comprehensive product offering and satellite expertise."

    Mr. Sfadia concluded, "We are continuing to work towards the closing of our acquisition of Stellar Blu Solutions, a leader and first-to-market of Electronically Steerable Antenna for the In-Flight-Connectivity market, and are awaiting the receipt of final regulatory approvals, documentation and other customary closing conditions. Stellar Blu's production ramp is progressing very well, and it has already begun delivering antennas to its customers. We are more confident today that Stellar Blu will add between $120-$150 million in annual revenues and be accretive to our Non-GAAP results. Furthermore, we estimate that once Stellar Blu reaches its target manufacturing capacity during the second half of 2025, its EBITDA margin will be above 10%."

    Key Recent Announcements

    • Gilat Receives Approximately $5 Million in Orders from US Defense Customers
    • Gilat Received Over $4 Million Order from the US Department of Defense
    • Gilat Secures Approximately $15 Million in Orders from Leading Satellite Operators for GEO, MEO and LEO Constellations
    • Gilat Satellite Networks Awarded approximately $4 Million Contract to Provide Connectivity for rural areas in Latin America
    • Gilat Satellite Networks Receives Multimillion Service Contract from Leading Satellite Operator in APAC region
    • Gilat Satellite Networks Awarded Over $5M in Support of the US Department of Defense
    • Gilat Secures Over $12 Million Orders for SkyEdge Platforms from Leading Satellite Operator

    Conference Call Details

    Gilat's management will discuss its third quarter 2024 results and business achievements and participate in a question-and-answer session:

    Date:Wednesday, November 13, 2024
    Start:09:30 AM EST / 16:30 IST
    Dial-in:US: 1-888-407-2553
     International: +972-3-918-0609
      

    A simultaneous webcast of the conference call will be available on the Gilat website at www.gilat.com and through this link: https://veidan.activetrail.biz/gilatq3-2024

    The webcast will also be archived for a period of 30 days on the Company's website and through the link above.

    Non-GAAP Measures

    The attached summary unaudited financial statements were prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). To supplement the consolidated financial statements presented in accordance with GAAP, the Company presents non-GAAP presentations of gross profit, operating expenses, operating income, income before taxes on income, net income, Adjusted EBITDA, and earnings per share. The adjustments to the Company's GAAP results are made with the intent of providing both management and investors with a more complete understanding of the Company's underlying operational results, trends, and performance. Non-GAAP financial measures mainly exclude, if and when applicable, the effect of stock-based compensation expenses, amortization of purchased intangibles, lease incentive amortization, other non-recurring expenses, other integration expenses, other operating income, net, and income tax effect on the relevant adjustments.

    Adjusted EBITDA is presented to compare the Company's performance to that of prior periods and evaluate the Company's financial and operating results on a consistent basis from period to period. The Company also believes this measure, when viewed in combination with the Company's financial results prepared in accordance with GAAP, provides useful information to investors to evaluate ongoing operating results and trends. Adjusted EBITDA, however, should not be considered as an alternative to operating income or net income for the period and may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. Adjusted EBITDA is not a measure of financial performance under GAAP and may not be comparable to other similarly titled measures for other companies. Reconciliation between the Company's net income and adjusted EBITDA is presented in the attached summary financial statements.

    Non-GAAP presentations of gross profit, operating expenses, operating income, income before taxes on income, net income, adjusted EBITDA and earnings per share should not be considered in isolation or as a substitute for any of the consolidated statements of operations prepared in accordance with GAAP, or as an indication of Gilat's operating performance or liquidity.

    About Gilat

    Gilat Satellite Networks Ltd. (NASDAQ:GILT, TASE: GILT)) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we create and deliver deep technology solutions for satellite, ground and new space connectivity and provide comprehensive, secure end-to-end solutions and services for mission-critical operations, powered by our innovative technology. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.

    Our portfolio includes a diverse offering to deliver high value solutions for multiple orbit constellations with very high throughput satellites (VHTS) and software defined satellites (SDS). Our offering is comprised of a cloud-based platform and high-performance satellite terminals; high performance Satellite On-the-Move (SOTM) antennas; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense, field services, network management software, and cybersecurity services.

    Gilat's comprehensive offering supports multiple applications with a full portfolio of products and tailored solutions to address key applications including broadband access, mobility, cellular backhaul, enterprise, defense, aerospace, broadcast, government, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: www.gilat.com

    Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words "estimate", "project", "intend", "expect", "believe" and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat's products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat's products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company's proprietary technology and risks associated with Gilat's international operations and its location in Israel, including those related to the current terrorist attacks by Hamas, and the war and hostilities between Israel and Hamas and Israel and Hezbollah. For additional information regarding these and other risks and uncertainties associated with Gilat's business, reference is made to Gilat's reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.

    Contact:

    Gilat Satellite Networks

    Hagay Katz, Chief Products and Marketing Officer

    [email protected]

    Gilat Satellite Networks

    Mayrav Sher, Head of Finance and Investor Relations

    [email protected]



    GILAT SATELLITE NETWORKS LTD.        
    CONSOLIDATED STATEMENTS OF INCOME         
    U.S. dollars in thousands (except share and per share data)       
            
        Nine months ended

      Three months ended

        September 30,

      September 30,

        2024   2023   2024   2023 
       Unaudited Unaudited
              
    Revenues $227,320  $190,478  $74,611  $63,927 
    Cost of revenues  145,010   114,453   46,928   38,123 
              
    Gross profit  82,310   76,025   27,683   25,804 
              
    Research and development expenses, net  28,028   29,549   9,481   10,546 
    Selling and marketing expenses  20,724   18,124   6,615   6,183 
    General and administrative expenses  20,676   12,903   6,162   3,748 
    Other operating income, net  (2,045)  (9,757)  (1,320)  (7,417)
              
    Total operating expenses   67,383   50,819   20,938   13,060 
              
    Operating income   14,927   25,206   6,745   12,744 
              
    Financial income (expenses), net  1,441   (1,087)  662   (352)
              
    Income before taxes on income  16,368   24,119   7,407   12,392 
              
    Taxes on income  (3,283)  (4,062)  (588)  (2,240)
              
    Net income $13,085  $20,057  $6,819  $10,152 
              
    Earnings per share (basic and diluted) $0.23  $0.35  $0.12  $0.18 
              
    Weighted average number of shares used in         
     computing earnings per share        
     Basic  57,016,883   56,618,407   57,017,032   56,623,793 
     Diluted  57,016,883   56,623,125   57,017,032   56,624,966 
              





    GILAT SATELLITE NETWORKS LTD.      
    RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED STATEMENTS OF INCOME  
    FOR COMPARATIVE PURPOSES  
    U.S. dollars in thousands (except share and per share data)  
       
     Three months ended Three months ended
     September 30, 2024 September 30, 2023
     GAAP Adjustments (*) Non-GAAP GAAP Adjustments (*) Non-GAAP
     Unaudited Unaudited
                
    Gross profit$27,683 $755  $28,438 $25,804 $108  $25,912
    Operating expenses 20,938  (767)  20,171  13,060  6,753   19,813
    Operating income 6,745  1,522   8,267  12,744  (6,645)  6,099
    Income before taxes on income 7,407  1,522   8,929  12,392  (6,645)  5,747
    Net income$6,819 $1,325  $8,144 $10,152 $(5,568) $4,584
                
    Earnings per share (basic and diluted)$0.12 $0.02  $0.14 $0.18 $(0.10) $0.08
                
                
    Weighted average number of shares used in           
    computing earnings per share           
    Basic 57,017,032    57,017,032  56,623,793    56,623,793
    Diluted 57,017,032    57,017,032  56,624,966    56,906,057
                
                
     (*) Adjustments reflect the effect of stock-based compensation expenses as per ASC 718, amortization of purchased intangibles, other operating income, net,    
      other integration expenses and income tax effect on such adjustments which is calculated using the relevant effective tax rate.      
                
                
     Three months ended   Three months ended 
     September 30, 2024   September 30, 2023 
       Unaudited     Unaudited  
                
    GAAP net income  $6,819      $10,152   
                
    Gross profit           
    Stock-based compensation expenses   85       108   
    Amortization of purchased intangibles   596       -   
    Other integration expenses   74       -   
        755       108   
    Operating expenses           
    Stock-based compensation expenses   696       614   
    Stock-based compensation expenses related to business combination   1,131       -   
    Amortization of purchased intangibles   248       50   
    Other operating income, net and other integration expenses   (1,308)      (7,417)  
        767       (6,753)  
                
    Taxes on income   (197)      1,077   
                
    Non-GAAP net income  $8,144      $4,584   
                





    GILAT SATELLITE NETWORKS LTD.           
    RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED STATEMENTS OF INCOME
    FOR COMPARATIVE PURPOSES    
    U.S. dollars in thousands (except share and per share data)    
         
     Nine months ended Nine months ended
     September 30, 2024 September 30, 2023
     GAAP Adjustments (*) Non-GAAP GAAP Adjustments (*) Non-GAAP
     Unaudited Unaudited
                
    Gross profit$82,310 $3,098  $85,408 $76,025 $278  $76,303
    Operating expenses 67,383  (4,180)  63,203  50,819  8,049   58,868
    Operating income 14,927  7,278   22,205  25,206  (7,771)  17,435
    Income before taxes on income 16,368  7,278   23,646  24,119  (7,771)  16,348
    Net income$13,085 $6,628  $19,713 $20,057 $(6,694) $13,363
                
    Earnings per share (basic and diluted)$0.23 $0.12  $0.35 $0.35 $(0.11) $0.24
                
                
    Weighted average number of shares used in           
    computing earnings per share           
    Basic  57,016,883    57,016,883  56,618,407    56,618,407
    Diluted  57,016,883    57,047,599  56,623,125    56,716,822
                
                
     (*) Adjustments reflect the effect of stock-based compensation expenses as per ASC 718, amortization of purchased intangibles, other operating income, net,    
         other non-recurring expenses, other integration expenses and income tax effect on such adjustments which is calculated using the relevant effective tax rate.   
                
                
                
     Nine months ended Nine months ended
     September 30, 2024 September 30, 2023
       Unaudited     Unaudited  
                
    GAAP net income  $13,085      $20,057   
                
    Gross profit           
    Stock-based compensation expenses   385       278   
    Amortization of purchased intangibles   2,023       -   
    Other non-recurring expenses   466       -   
    Other integration expenses   224       -   
        3,098       278   
    Operating expenses           
    Stock-based compensation expenses   2,118       1,558   
    Stock-based compensation expenses related to business combination   3,297       -   
    Amortization of purchased intangibles   772       150   
    Other operating income, net and other integration expenses   (2,007)      (9,757)  
        4,180       (8,049)  
                
    Taxes on income   (650)      1,077   
                
    Non-GAAP net income  $19,713      $13,363   
                





    GILAT SATELLITE NETWORKS LTD.        
    SUPPLEMENTAL INFORMATION        
    U.S. dollars in thousands        
             
             
    ADJUSTED EBITDA:        
             
       Nine months ended

      Three months ended

       September 30,

      September 30,

       2024   2023   2024   2023 
      Unaudited Unaudited
             
    GAAP net income $13,085  $20,057  $6,819  $10,152 
    Adjustments:        
    Financial expenses (income), net  (1,441)  1,087   (662)  352 
    Taxes on income  3,283   4,062   588   2,240 
    Stock-based compensation expenses  2,503   1,836   781   722 
    Stock-based compensation expenses related to business combination  3,297   -   1,131   - 
    Depreciation and amortization (*)  10,709   9,765   3,266   3,430 
    Other operating income, net  (2,045)  (9,757)  (1,320)  (7,417)
    Other non-recurring expenses  466   -   -   - 
    Other integration expenses  262   -   86   - 
             
    Adjusted EBITDA $30,119  $27,050  $10,689  $9,479 
             
    (*) Including amortization of lease incentive        
             
    SEGMENT REVENUES:        
             
       Nine months ended

      Three months ended

       September 30,

      September 30,

       2024   2023   2024   2023 
      Unaudited Unaudited
             
    Satellite Networks $149,110  $115,010  $51,732  $40,737 
    Integrated Solutions  37,668   36,630   13,049   11,011 
    Network Infrastructure and Services  40,542   38,838   9,830   12,179 
             
    Total revenues $227,320  $190,478  $74,611  $63,927 
             





         
    GILAT SATELLITE NETWORKS LTD.    
    CONSOLIDATED BALANCE SHEETS    
    U.S. dollars in thousands    
         
      September 30, December 31,
       2024   2023 
      Unaudited Audited
         
    ASSETS    
         
    CURRENT ASSETS:    
    Cash and cash equivalents $109,554  $103,961 
    Restricted cash  1,192   736 
    Trade receivables, net  51,506   44,725 
    Contract assets  32,010   28,327 
    Inventories  39,892   38,525 
    Other current assets  23,304   24,299 
         
    Total current assets  257,458   240,573 
         
    LONG-TERM ASSETS:    
    Restricted cash  13   54 
    Long-term contract assets  8,587   9,283 
    Severance pay funds  5,764   5,737 
    Deferred taxes  9,948   11,484 
    Operating lease right-of-use assets  4,427   5,105 
    Other long-term assets  8,177   9,544 
         
    Total long-term assets  36,916   41,207 
         
    PROPERTY AND EQUIPMENT, NET  70,607   74,315 
         
    INTANGIBLE ASSETS, NET  13,463   16,051 
         
    GOODWILL  54,740   54,740 
         
    TOTAL ASSETS $433,184  $426,886 
         
    LIABILITIES AND SHAREHOLDERS' EQUITY    
         
    CURRENT LIABILITIES:    
    Short-term debt $2,727  $7,453 
    Trade payables  19,134   13,873 
    Accrued expenses  53,477   51,906 
    Advances from customers and deferred revenues  22,672   34,495 
    Operating lease liabilities  2,431   2,426 
    Other current liabilities  18,085   16,431 
         
       Total current liabilities  118,526   126,584 
         
    LONG-TERM LIABILITIES:    
    Long-term loan  2,000   2,000 
    Accrued severance pay  6,547   6,537 
    Long-term advances from customers and deferred revenues  759   1,139 
    Operating lease liabilities  2,124   3,022 
    Other long-term liabilities  11,753   12,916 
         
         
       Total long-term liabilities  23,183   25,614 
         
    SHAREHOLDERS' EQUITY:    
    Share capital - ordinary shares of NIS 0.2 par value  2,733   2,733 
    Additional paid-in capital  941,904   937,591 
    Accumulated other comprehensive loss  (5,926)  (5,315)
    Accumulated deficit  (647,236)  (660,321)
         
    Total shareholders' equity  291,475   274,688 
         
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$433,184  $426,886 
         





    GILAT SATELLITE NETWORKS LTD.        
    CONSOLIDATED STATEMENTS OF CASH FLOWS        
    U.S. dollars in thousands        
             
       Nine months ended

      Three months ended

       September 30,

      September 30,

       2024   2023   2024   2023 
      Unaudited Unaudited
    Cash flows from operating activities:        
    Net income $13,085  $20,057  $6,819  $10,152 
    Adjustments required to reconcile net income to net cash provided by operating activities:       
    Depreciation and amortization  10,542   9,597   3,209   3,375 
    Capital gain from sale of property  -   (2,084)  -   (2,084)
    Stock-based compensation *)  5,800   1,836   1,912   722 
    Accrued severance pay, net  (17)  155   (77)  (41)
    Deferred taxes, net  1,536   3,865   (188)  2,045 
    Decrease (increase) in trade receivables, net  (7,019)  3,887   10,715   (5,511)
    Decrease (increase) in contract assets  (2,987)  6,110   (5,969)  (2,268)
    Decrease (increase) in other assets and other adjustments (including short-term, long-term        
        and effect of exchange rate changes on cash and cash equivalents)  3,071   3,598   (2,441)  3,355 
    Decrease (increase) in inventories, net  (2,472)  (6,185)  (3,446)  1,710 
    Increase (decrease) in trade payables  5,080   (5,321)  1,501   (1,081)
    Increase (decrease) in accrued expenses  2,675   (2,782)  4,904   2,257 
    Increase (decrease) in advances from customers and deferred revenues  (12,162)  2,646   (2,676)  (478)
    Increase (decrease) in other liabilities  (1,745)  (13,392)  432   1,617 
    Net cash provided by operating activities  15,387   21,987   14,695   13,770 
             
    Cash flows from investing activities:        
    Purchase of property and equipment  (4,095)  (8,656)  (1,445)  (2,100)
    Receipts from sale of property  -   2,168   -   2,168 
    Net cash provided by (used in) investing activities  (4,095)  (6,488)  (1,445)  68 
             
    Cash flows from financing activities:        
    Repayment of credit facility, net  (7,453)  -   -   - 
    Repayments of short-term debts  (4,043)  -   (2,703)  - 
    Proceeds from short-term debts  6,770   -   5,301   - 
    Net cash provided by (used in) financing activities  (4,726)  -   2,598   - 
             
    Effect of exchange rate changes on cash, cash equivalents and restricted cash  (558)  (2,351)  160   (1,341)
             
    Increase in cash, cash equivalents and restricted cash  6,008   13,148   16,008   12,497 
             
    Cash, cash equivalents and restricted cash at the beginning of the period  104,751   87,145   94,751   87,796 
             
    Cash, cash equivalents and restricted cash at the end of the period $110,759  $100,293  $110,759  $100,293 
             
    *) Stock-based compensation including expenses related to business combination in the amounts of $3,297 and $1,131 for the nine months and three months ended September 30, 2024, respectively.
             


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    • SEC Form 6-K filed by Gilat Satellite Networks Ltd.

      6-K - GILAT SATELLITE NETWORKS LTD (0000897322) (Filer)

      5/12/25 7:00:07 AM ET
      $GILT
      Radio And Television Broadcasting And Communications Equipment
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    • SEC Form 6-K filed by Gilat Satellite Networks Ltd.

      6-K - GILAT SATELLITE NETWORKS LTD (0000897322) (Filer)

      4/28/25 7:00:26 AM ET
      $GILT
      Radio And Television Broadcasting And Communications Equipment
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    $GILT
    Analyst Ratings

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    • William Blair initiated coverage on Gilat Satellite

      William Blair initiated coverage of Gilat Satellite with a rating of Outperform

      9/26/24 7:32:48 AM ET
      $GILT
      Radio And Television Broadcasting And Communications Equipment
      Technology
    • Needham initiated coverage on Gilat Satellite with a new price target

      Needham initiated coverage of Gilat Satellite with a rating of Buy and set a new price target of $7.00

      6/27/23 7:25:47 AM ET
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    • Dubi Lever, Gilat CTO Appointed New WAVE Consortium Board Chair, Leading Next Phase of SATCOM Virtualization

      PETAH TIKVA, Israel, March 04, 2025 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ:GILT, TASE: GILT)), a global leader in satellite networking technology, solutions, and services and Waveform Architecture for Virtualized Ecosystems (WAVE) Consortium are proud to announce the appointment of Dubi Lever, Chief Technology Officer (CTO) at Gilat Satellite Networks, as the new Chair of the WAVE Board. Lever, who brings over 27 years of experience at Gilat, steps into this role with a clear vision for advancing the WAVE mission: transforming the satellite communications (SATCOM) industry through open, interoperable, and virtualized networks.  Formed under the auspices of IEEE-ISTO, WA

      3/4/25 7:06:36 AM ET
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      Radio And Television Broadcasting And Communications Equipment
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    • Gilat Names Gil Benyamini as Chief Financial Officer Replacing Bosmat Halpern Who is Stepping Down

      PETAH TIKVA, Israel, Dec. 30, 2021 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ:GILT, TASE: GILT))), a worldwide leader in satellite networking technology, solutions and services, announced today that the board of directors approved the appointment of Gil Benyamini as Gilat's CFO effective February 1st, 2022. Bosmat Halpern will assist the Company in the transition as she steps down from her role as Gilat's CFO. Gil Benyamini joins Gilat with a wealth of experience most recently from Panaxia Pharmaceutical Industries (TASE:PNAX), where he served for the past four years as CFO. In this position he was part of the core management team successfully leading the company RTO into

      12/30/21 6:06:18 AM ET
      $GILT
      Radio And Television Broadcasting And Communications Equipment
      Technology
    • Outerbridge Sends Letter to Comtech Board of Directors

      Believes Shareholders Have Lost Confidence in Company's Leadership – As Evidenced by Double-Digit Decline in Share Price after Announcement of Planned Appointment of Michael Porcelain as CEO and Disappointing FY21 Results Highlights Company's Long-Term Underperformance, Strategic Inattention, and History of Failed M&A Strategy Remains Open to Constructive Resolution, Despite Comtech's Unfortunate Misrepresentation of Engagement with Outerbridge to Date Outerbridge Nominees Would Bring Essential Experience and Expertise to Comtech Board and Help Unlock the Company's Substantial Intrinsic Value Outerbridge Capital Management, LLC ("Outerbridge"), a beneficial owner of approximately 4.95%

      10/6/21 9:00:00 AM ET
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    • Gilat Reports First Quarter 2025 Results

      Revenues Increased 21% Year-over-Year with Adjusted EBITDA of $7.6 Million Reiterates Guidance for 2025 PETAH TIKVA, Israel, May 19, 2025 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ:GILT, TASE: GILT)), a worldwide leader in satellite networking technology, solutions and services, today reported its results for the first quarter, ended March 31, 2025. First Quarter 2025 Financial Highlights Revenues of $92million, up 21% compared with $76.1million in Q12024;GAAP operating loss of $2.7 million,compared with GAAP operating income of $5.4 million in Q1 2024 mainly due to a loss of about $3.6 million from Gilat Stellar Blu's ramp up process, amortization of purchased intangibl

      5/19/25 7:21:17 AM ET
      $GILT
      Radio And Television Broadcasting And Communications Equipment
      Technology
    • Gilat to Report First Quarter 2025 Results on Monday, May 19th

      PETAH TIKVA, Israel, April 24, 2025 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ:GILT, TASE: GILT)), a worldwide leader in satellite networking technology, solutions and services, today announced that it will release its first quarter 2025 financial results on Monday, May 19th, 2025. Conference Call and Webcast Following the release, Adi Sfadia, Chief Executive Officer, and Gil Benyamini, Chief Financial Officer, will discuss Gilat's first quarter 2025 results and business achievements and participate in a question and answer session: Date:Monday, May 19, 2025Start:09:00 AM EST / 16:00 ISTDial-in:US: 1-888-407-2553 International: +972-3-918-0609   A simultaneous webcast of t

      4/24/25 7:01:20 AM ET
      $GILT
      Radio And Television Broadcasting And Communications Equipment
      Technology
    • Gilat Reports Fourth Quarter and Full Year 2024 Results

      Q4 Revenue of $78.1 million, GAAP Operating Income of $12.8 million and Adjusted EBITDA of $12.1 million 2024 Revenue of $305.4 million, GAAP Operating Income of $27.7 million and a 25-year Record Adjusted EBITDA of $42.2 million Expects 2025 Revenues to increase by 36%-50% Announces New Reporting Segments PETAH TIKVA, Israel, Feb. 12, 2025 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ:GILT, TASE: GILT)), a worldwide leader in satellite networking technology, solutions and services, today reported its unaudited results for the fourth quarter and full year ended December 31, 2024. Fourth Quarter 2024 Financial Highlights Revenue of $78.1 million, up 3% compared with $75.6

      2/12/25 7:07:30 AM ET
      $GILT
      Radio And Television Broadcasting And Communications Equipment
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    $GILT
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    • Gilat Reports First Quarter 2025 Results

      Revenues Increased 21% Year-over-Year with Adjusted EBITDA of $7.6 Million Reiterates Guidance for 2025 PETAH TIKVA, Israel, May 19, 2025 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ:GILT, TASE: GILT)), a worldwide leader in satellite networking technology, solutions and services, today reported its results for the first quarter, ended March 31, 2025. First Quarter 2025 Financial Highlights Revenues of $92million, up 21% compared with $76.1million in Q12024;GAAP operating loss of $2.7 million,compared with GAAP operating income of $5.4 million in Q1 2024 mainly due to a loss of about $3.6 million from Gilat Stellar Blu's ramp up process, amortization of purchased intangibl

      5/19/25 7:21:17 AM ET
      $GILT
      Radio And Television Broadcasting And Communications Equipment
      Technology
    • Gilat Expands and Adds to its ESA Antenna Portfolio with a Successful Test Flight of ESR-2030Ku on Eutelsat OneWeb Low Earth Orbit (LEO) Network

      PETAH TIKVA, Israel, May 12, 2025 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ:GILT, TASE: GILT)), a worldwide leader in satellite networking technology, solutions and services, announced today the successful completion of a series of test flights featuring its ESR-2030Ku electronically steered antenna (ESA). Conducted in collaboration with Gogo, which will be the exclusive distributor of the antenna for the business aviation and defense markets, the tests demonstrated outstanding performance of the ESA on the OneWeb Low Earth Orbit (LEO) network. The ESR-2030Ku—designed for mobility and engineered for efficiency—delivered full-duplex connectivity with throughput of 195 Mbp

      5/12/25 7:05:18 AM ET
      $GILT
      Radio And Television Broadcasting And Communications Equipment
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    • Gogo confirms outstanding Plane Simple ESA flight test campaign

      Broomfield, Colorado, April 29, 2025 (GLOBE NEWSWIRE) -- Gogo (NASDAQ:GOGO), a leading global provider of broadband connectivity services for executive and mil/gov aviation, has confirmed the exceptional performance of the Gogo Plane Simple® Electronically Steered Antenna (ESA) following a series of flight tests. Gogo worked with MAG Aerospace, a premier innovator of defense technology, to rigorously test gate-to-gate continuous operations through all planned maneuvers, including standard taxi, take-off, and landing, as well as more challenging racetrack, figure-of-eight patterns, ascent/descent profiles, and hard bank movements up to 30 degrees. Abrupt power loss and muting were also tria

      4/29/25 5:02:39 PM ET
      $GILT
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    $GILT
    Large Ownership Changes

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    • Amendment: SEC Form SC 13G/A filed by Gilat Satellite Networks Ltd.

      SC 13G/A - GILAT SATELLITE NETWORKS LTD (0000897322) (Subject)

      11/14/24 6:24:01 AM ET
      $GILT
      Radio And Television Broadcasting And Communications Equipment
      Technology
    • Amendment: SEC Form SC 13G/A filed by Gilat Satellite Networks Ltd.

      SC 13G/A - GILAT SATELLITE NETWORKS LTD (0000897322) (Subject)

      6/20/24 6:01:27 AM ET
      $GILT
      Radio And Television Broadcasting And Communications Equipment
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    • SEC Form SC 13G/A filed by Gilat Satellite Networks Ltd. (Amendment)

      SC 13G/A - GILAT SATELLITE NETWORKS LTD (0000897322) (Subject)

      5/16/24 7:18:34 AM ET
      $GILT
      Radio And Television Broadcasting And Communications Equipment
      Technology