Gilat Satellite Networks Reports Strong Q3 2024 Growth

Gilat Satellite Networks ( (GILT) ) has released its Q3 earnings. Here is a breakdown of the information Gilat Satellite Networks presented to its investors.

Gilat Satellite Networks Ltd. is a global provider of satellite-based broadband communications, offering innovative technology solutions for connectivity across commercial and defense sectors. In the third quarter of 2024, Gilat reported a 17% increase in revenues year-over-year, reaching $74.6 million. The company achieved a GAAP operating income of $6.7 million and an adjusted EBITDA of $10.7 million. Despite a decrease in GAAP net income compared to the previous year, non-GAAP net income almost doubled, highlighting the company’s strong underlying performance. Key financial highlights include significant orders from the US Department of Defense and major satellite operators, reflecting Gilat’s robust position within the industry. Looking ahead, Gilat narrowed its 2024 revenue guidance to reflect anticipated growth, influenced by strategic decisions such as ceasing operations in Russia. The company remains optimistic about its future growth, driven by new opportunities in low Earth orbit satellite communications and the impending acquisition of Stellar Blu Solutions.