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Gilat Expects to Hit Double-Digit Revenue Growth This Year

By | August 15, 2022

Gilat Satellite Network headquarters in Petah Tikva, Israel.

Gilat Satellite Networks saw a small revenue increase in the three months to the end of June compared to the same stage last year. This was one of the highlights of its second quarter results issued Aug. 9. Gilat also said that it is forecasting overall revenues in 2022 between $245 to $265 million, representing year-over-year growth of between 14% and 23%. The company also turned in a small net profit for the quarter, but was up compared to last year.

Gilat has received than $10 million in new cellular backhaul orders in the second quarter. It is encouraged with progress it is making in key strategic markets such as IFC, maritime, and defence and enterprise.

“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,” Adi Sfadia, Gilat’s CEO, said in a statement.