Gilat Satellite Networks hailed a strong Q4 as revenues were up 58% year-on-year to $67.3m, crediting this to major contract wins for the company.
Gilat chief executive Adi Sfadia said the results were “impressive” despite a challenging year brought on by the pandemic.
The global satellite-based broadband provider recorded a 58% boost to Q4 2021 revenue to $67.3 million up year-on-year from $42.6 million. While adjusted EBITDA was up to $10.6 million from $1.1 million in the same period last year.
For the full year the company posted revenue of $218.9 million, up by 32% compared with $165.9 million in 2020. Adjusted EBITDA was $15.7 million compared with an adjusted EBITDA loss of $3.3 million last year.
He pointed to four major accomplishments for the company in posting its positive results. First, it was awarded an undisclosed multi-year contract in the non-geostationary orbit (NGSO) and Very High Throughput Satellite (VHTS) segments worth potentially hundreds of millions of dollars, Sfadia claimed.
Upon signing the undisclosed deal the company received its first multi-million dollar purchase for units in its leading NGSO constellation technology. It also received a deal worth more than $40 million to support a satellite operator’s Low Earth Orbit Constellation.
Second, was striking an agreement to provide its SkyEdge IV platform with access to top cruise lines and maritime service providers that use partner SES’ satellites.
The third is the company’s accomplishment growing its Peru business by reaching its goal of $50 million run rare in annual recurring revenue, paving the way for the unit to be “significantly profitable”.
Lastly, the company expanded its strategic relationship with Intelsat and commercial airlines in North America and Asia, showing market recovery of in-flight connectivity.
“These results, among others, reflect the opportunities and trends we are witnessing and have mentioned several times over the past year,” said Sfadia.
He also detailed the company was able to close “major deals” with fellow satellite players Intelsat and SES with a significant portion of the deals for software licenses.
Looking ahead the company tipped its next-generation satellite communications system SkyEdge IV will improve efficiencies and yield further growth.
“We expect that with SkyEdge IV we will further increase our market share and strengthen our leadership position in our major focus areas of mobility, 4G/5G Cellular Backhaul, Enterprise and Defence,” added Sfadia.
