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Gilat posts lower revenues and loss, but confident for second half 2020

Photograph courtesy of Gilat Satellite Networks Ltd.

Gilat Satellite Networks, a worldwide leader in satellite networking technology, solutions and services, today reported its results for the second quarter ended June 30, 2020.

Key Financial Highlights are:

  • Revenues for Q2 2020 totaled $38.3 million compared with $59.7 million for Q2 2019.
  • Q2 2020 – GAAP operating loss was $3.5 million compared to operating income of $4.9 million in Q2 2019.
  • Q2 2020 Non-GAAP operating loss was $2.6 million compared to Non-GAAP operating income of $6.3 in Q2 2019.
  • Q2 2020 GAAP net loss was $4.2 million, or loss of $0.08 per diluted share, compared with net income of $3.4 million, or income of $0.06 per diluted share in Q2 2019.
  • Q2 2020 non-GAAP net loss was $3.3 million, or $0.06 per diluted share, compared with net income of $4.8 million, or $0.09 per diluted share, in Q2 2019.
  • Q2 2020 Adjusted EBITDA was $0.1 million compared with Adjusted EBITDA of $8.9 million in Q2 2019.

Adi Sfadia, Gilat’s interim CEO, commented: “The COVID-19 pandemic continued to affect Gilat’s second quarter 2020 results, as we continued to see postponements and delays in orders. However, during the second quarter we began to see and are continuing to see a recovery in most of our areas of operations which is demonstrated by a significant increase in pipeline opportunities. We believe that as a result of these trends, coupled with the cost reduction initiatives we have executed and are continuing to execute, the second half of 2020 will be meaningfully better than the first half, for Gilat. “I am pleased to report that Bosmat Halpern, Gilat’s AVP Finance has been appointed as Gilat’s interim CFO, and I am confident in her ability to wisely navigate Gilat’s finances through these unprecedented times.”

Key Recent Announcements:

  • Gilat Awarded Over $10 Million for a Five-Year Service Project for 4G Backhaul Services in Latin America
  • US Tier-1 Mobile Operator Awards Gilat a Multi-Million Dollar Service Contract for Cellular Backhaul
  • Africa Mobile Networks (AMN) Extends Gilat’s Contract of Powering Africa’s Largest Satellite Cellular Backhaul Network
  • Gilat Awarded Cellular Backhaul Project for Kcell, Kazakhstan’s Largest Mobile Network Operator
  • Gilat Selected to Extend and Expand Managed Service Cellular Backhaul Project by a Leading Mobile Operator in Mexico
  • Telefonica International Wholesale Services (TIWS) Selects Gilat for Broadband and Cellular Backhaul Project in Argentina
  • Gilat’s Airborne Technology Enables Opening-up of the Chinese Ka-Band IFEC Market and Driving a Multi-Million Dollar Market Opportunity
  • Gilat Announces Availability of its Flagship VSAT, Achieving Half a Gigabit of Concurrent Speeds

For more: www.gilat.net

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