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Gilat Satellite Networks reported strong revenue growth of 29% year-over-year in the first quarter of 2024, with GAAP operating income of $5.4 million and adjusted EBITDA of $9.3 million. The company's revenue reached $76.1 million, a significant increase compared to the previous year. Despite a decrease in GAAP operating income due to factors like lower other income and higher stock-based compensation, the non-GAAP operating income showed a positive trend. Gilat also saw improvements in net income and adjusted EBITDA compared to Q1 2023.
Gilat Satellite Networks announced the launch of its SkyEdge IV platform, enabling SES's O3b mPOWER System to provide high-performance connectivity services. SkyEdge IV is the industry's first MEO-GEO system, facilitating the deployment of Very High Throughput Satellites (VHTS) and Software Defined Satellites (SDS) for critical communications.
Gilat Satellite Networks will participate in the 19th Annual Needham Technology, Media & Consumer Conference on May 15, 2024. The CEO and CFO will be available for one-on-one meetings with investors and will give a presentation at the conference. To schedule a meeting, contact the Gilat investor relations team.
