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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.

In Q2 2023, Gilat reported revenues of .6 million, representing a 22% increase compared to the same period in 2022. The company experienced significant growth in its GAAP (Generally Accepted Accounting Principles) operating income, which more than tripled from .5 million in Q2 2022 to .4 million in Q2 2023. Non-GAAP operating income also saw substantial growth, reaching .1 million compared to .4 million in the previous year.

Gilat achieved a GAAP net income of .3 million, or {TRESC}.08 earnings per diluted share, in Q2 2023. This marks a significant improvement from the {TRESC}.5 million net income, or {TRESC}.01 earnings per diluted share, reported in Q2 2022. Non-GAAP net income also increased to .9 million, or {TRESC}.09 earnings per diluted share, compared to .4 million, or {TRESC}.03 earnings per diluted share, in the previous year.

The company’s adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for Q2 2023 was .2 million, reflecting a 74% increase compared to .3 million in Q2 2022.

In light of these positive results, Gilat has raised its full-year 2023 guidance. The company anticipates continued growth and success in the satellite networking and technology sector.

This report is furnished for informational purposes only and is not considered a filed document under the Securities Exchange Act of 1934 or subject to the liabilities associated with filed documents.

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