Gilat Satellite Networks Ltd. - GILT STOCK NEWS

Gilat Satellite Networks (NASDAQ, TASE: GILT) has secured a multi-year contract worth over $5 million from a National Defense Organization. The contract, awarded to Gilat's US-based subsidiary DataPath Inc., is for upgrading DKET terminals, which are transportable SATCOM network hubs. These terminals provide operational flexibility, capacity, connectivity, and rapid deployability for demanding communications in remote locations.

DataPath's commitment to supporting programs beyond their anticipated life spans highlights the company's reliability in delivering long-term solutions. The upgrade will ensure continued dependable, high-performance connectivity for the defense organization's mission-critical communications.

Gilat Satellite Networks (Nasdaq: GILT, TASE: GILT), a global leader in satellite networking technology, announced it will release its Q2 2024 financial results on August 7, 2024. The announcement will be followed by a conference call and webcast featuring CEO Adi Sfadia and CFO Gil Benyamini. The call will start at 09:30 AM EDT / 16:30 IDT. Investors and interested parties can access the call via dial-in numbers or through a simultaneous webcast available on the company's website. The webcast will remain accessible for 30 days.

Gilat Satellite Networks has secured a contract extension worth over $10 million from Internet Para Todos (IPT) to provide Cellular Backhaul services in rural Peru. The 6-year agreement will enhance 4G connectivity across 700 existing sites and 100 new sites in the Peruvian jungle, serving over one million people. This partnership aims to address the digital divide in Latin America by overcoming geographic and economic challenges, ensuring high-speed internet access in underserved areas. IPT is a collaboration between Telefónica, Meta, IDB Invest, and CAF focused on sustainable connectivity.

Gilat Satellite Networks announced that its subsidiary, DataPath Inc., secured orders exceeding $9 million to support critical connectivity requirements for the US Department of Defense (DoD) and other global agencies.

DataPath will deploy technical and field services in Europe, the Middle East, and the United States. These orders include contract extensions and new contracts from various partners and agencies, illustrating Gilat's commitment to providing essential support for US Defense operations.

Nicole Robinson, President of DataPath, highlighted the significance of their field service personnel in fulfilling these important roles.

Gilat Satellite Networks has secured over $14 million in orders for its In-Flight Connectivity (IFC) products and solutions from several prominent service providers and system integrators. The orders include network equipment, Solid State Power Amplifiers (SSPAs), and auxiliary IFC products. This reinforces Gilat's leadership in the commercial and business aviation IFC market. The company's position is further strengthened by its recent acquisition of Stellar Blu Solutions. Gilat's IFC solutions are recognized for their performance, reliability, and user experience and are deployed globally on thousands of aircraft.

Hagay Katz, Chief Product and Marketing Officer at Gilat, highlighted the company's commitment to meeting the growing demand for IFC capabilities with advanced and comprehensive solutions.

Gilat Satellite Networks has signed a definitive agreement to acquire Stellar Blu Solutions, a leading US-based avionics solution provider specializing in next-gen SATCOM terminal solutions. This acquisition aims to bolster Gilat's presence in the In-Flight Connectivity (IFC) market.

Gilat will pay $98 million initially, with up to an additional $147 million based on post-closing business achievements. Stellar Blu's annual revenues are expected to contribute between $100 million to $150 million starting in 2025, and the acquisition will be accretive on a non-GAAP basis from the second half of 2025. The deal is anticipated to close in the latter half of 2024, subject to regulatory approvals.

Stellar Blu's ESA terminal supports LEO and GEO multi-orbit strategies and has been adopted by major airlines. The acquisition aligns with Gilat’s strategy to extend its market reach and enhance its product offerings.

Gilat Satellite Networks (Nasdaq: GILT) announced the appointment of Nicole Robinson as President of its subsidiary, DataPath. Robinson, an experienced satellite industry executive, has held leadership roles at Comtech Telecommunications, Ursa Space Systems, SES, and General Dynamics. She holds an MBA from Liberty University and has completed the Senior Executives in National and International Security program at Harvard University. Robinson's appointment aims to enhance DataPath's offerings in the evolving satellite communication market, particularly in the global defense sector. David McDonald, the outgoing President, will transition to Vice Chairman of DataPath's Board of Directors. Gilat acquired DataPath in November 2023 to strengthen its presence in the defense market.

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.