Gilat Satellite Stock Price, News & Analysis

Gilat Satellite Networks (NASDAQ: GILT) has secured a multi-million dollar contract from Hispasat to expand its SkyEdge II-c platform in Mexico.

This initiative aims to extend 4.5G LTE coverage to over three million underserved people in rural areas, enhancing mobile broadband services.

The project leverages satellite backhauling technology to overcome deployment challenges posed by difficult terrains, thereby supporting economic and social development in these regions.

Gilat Satellite Networks Ltd. (NASDAQ: GILT) has been selected to equip hundreds of maritime vessels in Asia with its advanced satellite communication technology. The deployment includes Gilat's modems and transceivers integrated with maritime terminals, delivering broadband internet through a reliable network powered by China Satcom's HTS Ka-band system. This achievement reinforces Gilat's position in the maritime sector, as demand is expected to rise post-pandemic. The company aims to capitalize on new opportunities as the maritime market recovers.

Gilat Satellite Networks Ltd. (NASDAQ: GILT) announced that its subsidiary, Wavestream, secured a multi-million-dollar order from the US Department of Defense for its new Block Upconverters (BUCs). These BUCs meet interoperability requirements across multiple satellite constellations. The new Matchbox 20W Ka-band BUC is recognized as the most compact in its category, while the MicroStream 20W Ku BUC emphasizes size and power efficiency. This order highlights Wavestream's commitment to advancing military communications, ensuring effective operations across diverse satellite platforms.

Gilat Satellite Networks Ltd. announced that its subsidiary Wavestream has shipped its 5,000th high-power 50W Ka-band block upconverter for a U.S. military communications program. This multi-million-dollar order marks a significant milestone, showcasing Wavestream's production capacity and long-term relationship with the U.S. government, which has relied on its equipment for over 14 years. Gilat is recognized for providing broad satellite-based communications solutions, which include a diverse portfolio of products for various applications.

Gilat Satellite Networks Ltd. has officially appointed Adi Sfadia as CEO, transitioning from his interim CEO role since July 2, 2020. Dov Baharav, Chairman of the Board, expressed confidence in Sfadia's leadership abilities and expertise in the satellite industry, anticipating positive contributions to stakeholders. Sfadia emphasized his commitment to steering Gilat towards growth and profitability by leveraging his management team. Gilat is recognized for its satellite-based broadband communications, offering innovative solutions across various sectors.

Gilat Satellite Networks Ltd. reported a significant decline in its Q3 2020 financial performance. Revenues were $37.3 million, down from $63.4 million in Q3 2019. The GAAP operating loss reached $10.9 million, impacted by $8.2 million in merger-related expenses. Net loss amounted to $11.6 million, or $0.21 per share. However, the company plans to distribute $55 million in dividends, and reported an increase in its backlog due to new contracts in Cellular Backhaul and partnerships in NGSO. The company remains optimistic about a recovery and upcoming financial results.

Gilat Satellite Networks announced a multi-million-dollar follow-on order for high-speed modems from SES, enhancing their partnership. This order for high-throughput modems aims to provide multi Gbps connectivity targeting high-end services over SES's O3b and O3b mPOWER MEO constellations. The modems will enable SES to offer fiber-equivalent services for government and enterprise solutions. Amir Yafe, Head of Global Accounts at Gilat, emphasized the importance of this collaboration in meeting the increasing demand for low-latency global broadband connectivity.

Gilat Satellite Networks announced the appointment of retired Brigadier General Eyal Zelinger as Global Defense Vice President and General Manager, effective December 1, 2020. Zelinger brings over 30 years of experience from the Israel Defense Forces, where he held key roles related to IT systems and cyber defense. This move aims to strengthen Gilat's Defense segment and expand its market reach globally, highlighting the company's focus on enhancing its position in the SATCOM defense sector.

Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT) has declared a cash dividend of $0.36 per share, totaling approximately $20 million, to be distributed on December 2, 2020. Shareholders of record on November 12, 2020 will receive this payment. Furthermore, the company plans to file for court approval for an additional cash dividend of $35 million, and updates are expected in November. This decision follows the receipt of a termination payment from Comtech, with Gilat maintaining a healthy financial position of $140 million in net cash.