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Gilat Satellite Networks Ltd., a global leader in satellite networking technology, solutions, and services, has announced its financial results for the second quarter of 2023. The company reported a robust 22% year-over-year growth in revenues, with revenues of .6 million compared to .5 million in the second quarter of 2022.

In terms of operating income, Gilat saw significant improvement. GAAP operating income more than tripled, reaching .4 million compared to .5 million in the same quarter last year. Non-GAAP operating income also increased, rising to .1 million compared to .4 million in Q2 2022.

The company also reported growth in net income. GAAP net income for the second quarter of 2023 was .3 million, or {TRESC}.08 earnings per diluted share, compared to {TRESC}.5 million, or {TRESC}.01 earnings per diluted share, in the same quarter of the previous year. Non-GAAP net income reached .9 million, or {TRESC}.09 earnings per diluted share, up from .4 million, or {TRESC}.03 earnings per diluted share, in Q2 2022.

Adjusted EBITDA, a measure of the company’s financial performance, also saw significant growth, increasing by 74% to .2 million compared to .3 million in the second quarter of 2022.

In light of its strong performance, Gilat has raised its guidance for the full year of 2023. The company now expects revenues to be between 5 to 5 million, representing a year-over-year growth of 15% at the midpoint. GAAP operating income guidance has been increased to between to million, representing a year-over-year growth of 101% at the midpoint, while adjusted EBITDA guidance has been raised to between to million, representing a year-over-year growth of 39% at the midpoint.

Gilat’s CEO, Adi Sfadia, expressed satisfaction with the company’s second-quarter results, highlighting the strong growth in revenue and adjusted EBITDA. Sfadia noted that the revenue growth was broad across most of the company’s business areas, demonstrating strong market interest in Gilat’s solutions and satellite communications overall.

The company also highlighted significant developments, including a strategic agreement and first orders received from Satcom Direct for the development and supply of new ultra-low-profile electronically steered antennas (ESA) for operation over OneWeb’s LEO constellation. Gilat also mentioned progress in obtaining necessary regulatory approvals for its acquisition of DataPath Inc., which is expected to close in Q4 2023.

Gilat Satellite Networks continues to demonstrate its long-term growth potential, as evidenced by its strong results, bookings, and strategic deals. With a focus on satellite networking technology, solutions, and services, the company remains a global leader in the industry.

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