SatixFy Reports Q1 Financial Performance, Eyes Market Growth

SatixFy Communications (SATX) has released an update.

SatixFy Communications Ltd. reports a 20% decrease in total revenues for Q1 2024 compared to the same period last year, with a significant reduction in net loss from $32.4 million to $11.3 million. Despite the decrease in revenue, they have achieved a 62% increase in gross profit, attributed to cost-efficient service delivery. The company is progressing towards the commercialization of its advanced satellite communication chips, aiming to capture the fast-growing Low Earth Orbit satellite market with the promise of substantial cost savings and enhanced performance for customers.

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