Gilat Satellite Stock Price, News & Analysis

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.

Gilat Satellite Networks (NASDAQ: GILT) has been selected by Telefonica International Wholesale Services for a satellite communication project in Argentina, providing rural broadband services and cellular backhaul. Utilizing its SkyEdge II-c platform, Gilat quickly deployed the required hub and 1,700 VSATs, overcoming pandemic-related challenges. The partnership leverages Gilat's strong local presence and expertise, accelerating delivery and reducing risk. TIWS praised Gilat for its rapid response and support in meeting specific project requirements during these unprecedented times.

Gilat Satellite Networks Ltd. (NASDAQ: GILT) announced that Comtech Telecommunications Corp. filed an amended complaint claiming Gilat suffered a 'Material Adverse Effect' due to the COVID-19 pandemic, seeking to avoid their merger obligation. Gilat strongly disputes these allegations and asserts that Comtech's breaches could result in damages amounting to hundreds of millions of dollars. Gilat plans to counterclaim against Comtech to enforce the merger agreement and seek compensation for losses incurred due to these alleged breaches.

Gilat Satellite Networks Ltd. (NASDAQ: GILT) announced that Comtech Telecommunications Corp. and its subsidiary Convoy Ltd. filed a confidential complaint against Gilat in Delaware. The complaint alleges that Gilat's actions regarding its Russian subsidiary and Comtech's regulatory application violate their Merger Agreement. Gilat asserts it has not been served with the complaint and believes Comtech is in breach of its obligations. Gilat intends to defend against these claims vigorously.

Gilat Satellite Networks (NASDAQ: GILT) announces the successful launch of its Taurus aero modem for Qingdao Airlines' In-flight Entertainment and Connectivity (IFEC) service via China Satcom's CS-16 Ka-HTS satellite. This marks a significant milestone in the Chinese Ka-band IFEC market, opening a multi-million-dollar opportunity. The A320 aircraft has begun commercial service after a successful inaugural flight on July 7, 2020, becoming the first in China to feature a Ka-band IFEC system. Gilat aims to leverage partnerships to drive growth in this strategic market.

Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT) has launched its new VSAT, Capricorn PLUS, achieving concurrent speeds of 400/100Mbps. This high-speed VSAT optimizes satellite network resource utilization and supports Multi Access Edge Computing for next-gen services like video caching and IoT gateways. Built for demanding applications, it maintains performance under congested conditions. Gilat’s extensive product portfolio enhances broadband access, cellular backhaul, and more, catering to multiple sectors including enterprise and maritime.

Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT) reported a significant drop in Q1 2020 revenues of $47.7 million, down from $62.1 million in Q1 2019. The company faced a GAAP operating loss of $10.8 million compared to a profit of $4.5 million the previous year. Net loss increased to $11.8 million or $0.21 per diluted share. The COVID-19 pandemic severely impacted operations, particularly in travel and aviation sectors. Despite these challenges, the acquisition by Comtech Telecommunications Corp. received a 99.7% shareholder approval and awaits regulatory clearance.