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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 reaching .6 million compared to .5 million in the same period last year.

In addition to the strong revenue growth, Gilat also saw significant improvements in its operating income. The company’s GAAP operating income more than tripled, reaching .4 million compared to .5 million in Q2 2022. Non-GAAP operating income also saw a substantial increase, growing to .1 million from .4 million in the previous year.

Gilat’s net income showed a significant improvement as well. The company reported a GAAP net income of .3 million, or {TRESC}.08 earnings per diluted share, compared to {TRESC}.5 million, or {TRESC}.01 earnings per diluted share in Q2 2022. Non-GAAP net income reached .9 million, or {TRESC}.09 earnings per diluted share, compared to .4 million, or {TRESC}.03 earnings per diluted share in the same period last year.

One of the key drivers of Gilat’s growth is the expansion of its in-flight connectivity (IFC) business. The company has seen a growing demand for both electronically steered antennas (ESA) and Solid-State Power Amplifiers (SSPA) from existing and new customers. Gilat recently 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. This project is expected to be an important growth engine for the company.

Looking ahead, Gilat has raised its guidance for the full year 2023. The company now expects revenues between 5 to 5 million, representing a year-over-year growth of 15% at the mid-point. Gilat has also increased its GAAP operating income guidance to between to million, representing a year-over-year growth of 101% at the mid-point, and adjusted EBITDA guidance to between to million, representing a year-over-year growth of 39% at the mid-point.

Gilat’s strong Q2 results, along with strategic deals and strong bookings, have given the company the confidence to increase its guidance and pursue its long-term growth potential. The company is also progressing with the necessary regulatory approvals for its acquisition of DataPath Inc., which is expected to close in Q4 2023.

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