SatixFy Revenue Drops 50% in 2022 With Order Cancellations and Delays
A SatixFy chip. Photo: SatixFy
Revenue at satellite technology company SatixFy fell by 50% in 2022, as supply chain challenges caused order delays and cancellations, the company said.
SatixFy reported its first full-year financial results on Monday after the company went public at the end of October through a special purpose acquisition company (SPAC) merger.
Revenue was $10.6 million in 2022, compared with $21.7 million in 2021.
Operating loss was $22.3 million in 2022, compared with $10.6 million in 2021. The company logged about $5.5 million more in administrative expenses in 2022 than 2021 due to its SPAC.
GAAP net loss $397.8 million — compared with a $17 million net loss in 2021. SatixFy said it took a $318 million non-cash expense, a share-based transaction, due to the SPAC. According to SatixFy, the share listing expense was calculated as the excess of the value of the blank check company Endurance over the value of SatixFy in the business combination valued based on a year-end share price of $7.70 per share.
The company went through a leadership change in 2022 after founder, Yoel Gat, died. The company named former Radcom exec David Ripstein as CEO, but replaced him with Ido Gur from Saguna after about six months.
Gur said the company had to deal with supply chain constraints in 2022. After becoming CEO in January, he said SatixFy laid off some employees and shifted its focus to concentrate on three areas – chips, OBP [on-board processing], and payloads in the space industry and high-end mobile terminals including the IFC market.
Gur said SatixFy expects to improve revenue and the bottom line in 2023.
“Looking out through 2023, from a strategic perspective we are increasing our focus on execution. We expect to release some important products by year-end including the release of two flagship space-grade ASICs and a revolutionary IFC terminal product. At the same time, we are working on some major satellite projects which we believe will come to fruition in the coming quarters,” Gur said.