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Gilat Satellite Networks Ltd. (GILT) has announced its financial results for the second quarter of FY23, reporting a revenue growth of 22% year-on-year to .6 million. This exceeded the consensus estimate of .84 million. The company’s non-GAAP operating income was .1 million, compared to .4 million in the same period last year. Non-GAAP EPS was {TRESC}.09, while GAAP EPS stood at {TRESC}.08, surpassing the consensus estimate of {TRESC}.03.

CEO Adi Sfadia highlighted the significant expansion of Gilat’s in-flight connectivity (IFC) business, driven by a growing demand for both electronically steered antennas (ESA) and Solid-State Power Amplifiers (SSPA) from existing and new customers. The company signed a significant agreement with Satcom Direct for the development and supply of new ultra-low profile electronically steered antennas (ESA) to operate over OneWeb’s LEO constellation.

Gilat is also progressing in obtaining the necessary regulatory approvals for its acquisition of DataPath Inc., with the closing of the transaction expected in Q4 2023, pending the satisfactory conclusion of this process.

In addition to strong financial results, Gilat also reported strong bookings and signed strategic deals during the quarter. As a result, the company raised its revenue guidance for FY23 to a range of 5 million-5 million, up from the previous range of 0 million-0 million. The operating income guidance was increased to million- million, and adjusted EBITDA guidance was raised to million- million.

These strong results and increased guidance have provided confidence in Gilat’s long-term growth potential. As of Tuesday’s publication, GILT shares were trading higher at .85.

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