Gilat Satellite Stock Price, News & Analysis

Gilat Satellite Networks Ltd. (NASDAQ: GILT) will release its third quarter 2020 financial results on November 10, 2020, at 09:30 AM EST. Following the release, a conference call will be held to discuss the results and business achievements. Interested parties can join via dial-in or through a live webcast on Gilat's website. A replay of the conference call will be available from November 10, 2020, at 12:00 PM EST to November 13, 2020. Gilat provides satellite-based broadband communications solutions and has over 30 years of industry experience.

Gilat Satellite Networks has secured a three-year managed service contract for cellular backhaul over satellite from Southern Linc. This innovative contract utilizes Gilat's patented GTP acceleration technology and the SkyEdge II-c platform to enhance 4G cellular service in remote areas and during emergencies. The agreement addresses Southern Linc’s high-reliability requirements for both fixed and mobile network assets, extending coverage and providing critical backup for terrestrial sites.

On October 5, 2020, Comtech Telecommunications and Gilat Satellite Networks announced the termination of their merger agreement initially established on January 29, 2020. The merger was shelved due to complications arising from the COVID-19 pandemic. Comtech will pay Gilat $70 million as part of the settlement which also resolves ongoing litigation in the Delaware Court of Chancery. Board approvals were obtained for both companies, and the trial set to begin was cancelled as part of the agreement.

Gilat Satellite Networks Ltd. reported its Q2 2020 results, revealing revenues of $38.3 million, a decline from $59.7 million in Q2 2019. The company faced a GAAP operating loss of $3.5 million, contrasting with a profit of $4.9 million the previous year. Net losses stood at $4.2 million, or $0.08 per diluted share. The COVID-19 pandemic impacted operations, causing order delays, though the management anticipates recovery in the second half of 2020. Ongoing litigation with Comtech regarding merger obligations is also noted, with a court case scheduled for October 2020.

Gilat Satellite Networks Ltd. (NASDAQ: GILT) has secured a $10 million contract for a five-year project to provide 4G backhaul services in rural Latin America, aiming to connect half a million people. This initiative involves hundreds of sites and has potential expansion worth tens of millions more. The project will enhance broadband connectivity, supporting e-health and e-education applications. Gilat is set to connect an additional 400 villages next year, signaling a strong commitment to bridging the digital divide.

Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT) has secured a multi-million-dollar service contract with a Tier-1 Mobile Network Operator in the U.S. for cellular backhaul services. This partnership allows the MNO to enhance its LTE network coverage into remote areas using Gilat's satellite-based solutions, ensuring high service quality. Despite challenges from the COVID-19 pandemic, Gilat completed the LTE migration project on schedule, highlighting its commitment to customer support during unprecedented times.

Gilat Satellite Networks (NASDAQ: GILT) has announced the extension of its contract with Africa Mobile Networks (AMN) to enhance Africa's largest satellite cellular backhaul network. This extension aims to support multiple Tier-1 Telcos across over ten African countries. Gilat has provided over 2,000 VSATs to AMN and will assist in transitioning from 2G/3G to 4G, addressing the rising demand for data communications. This partnership emphasizes Gilat's commitment to closing the digital divide in rural areas of Africa.

Gilat Satellite Networks Ltd. (NASDAQ: GILT) has secured a cellular backhaul project with Kcell, Kazakhstan's largest mobile operator, in partnership with TelService LTD. This initiative aims to enhance connectivity in rural areas as part of the "Digital Kazakhstan" government program. Kcell's CTO highlighted the significance of Gilat's solution in providing essential voice and data services. The collaboration reflects a commitment to boost the economic growth of rural communities and demonstrate the efficiency of Gilat's technology amidst the challenges posed by the COVID-19 pandemic.

Gilat Satellite Networks (NASDAQ, TASE: GILT) has secured an 18-month extension for its managed service cellular backhaul project with a major Mobile Network Operator in Mexico. This project will facilitate 3G and 4G services via Gilat's satellite solutions in remote areas lacking fiber or microwave connectivity. A 40% capacity increase will enhance service delivery, enabling the operator to efficiently reach remote communities. The extension underscores Gilat's technological leadership and robust service reliability, as emphasized by Regional Vice President Tobias Dezordi.