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Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a global leader in satellite-based broadband communications. With over 35 years of experience, Gilat designs and manufactures advanced ground segment equipment and delivers comprehensive solutions and end-to-end services. Their innovative portfolio includes a cloud-based VSAT network platform, high-speed modems, high-performance antennas, and high-power solid-state amplifiers (SSPA) and block upconverters (BUC).
Gilat’s solutions support a wide range of applications, including broadband access, cellular backhaul, enterprise, in-flight connectivity, maritime, trains, defense, and public safety. The company's products are known for their reliability and efficiency, meeting the most stringent service level requirements.
Recent achievements include:
- Providing additional 50W Ka-band BUCs for mobile Satellite Transportable Terminals (STTs).
- Supplying baseband equipment for comprehensive satellite communication architecture.
- Supporting social inclusion projects that provide internet connectivity in remote areas.
- Expanding In-Flight Connectivity (IFC) footprint into business aviation and government markets with the Taurus modem.
- Developing next-generation software-defined radio modems for military applications.
- Enabling SES's O3b mPOWER constellation with the SkyEdge IV platform for unparalleled service flexibility and scale.
Gilat's strong financial performance is highlighted by a 29% year-over-year revenue growth, GAAP operating income of $5.4 million, and an adjusted EBITDA of $9.3 million.
For more information, please visit: www.gilat.com
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.
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.
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