Petah Tikva, Israel – February 15, 2022 – Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its results for the fourth quarter and full year ended December 31, 2021.
Fourth quarter revenue of $67.3 million, up 58% YoY; GAAP operating income of $5.6 million; Adjusted EBITDA of $10.6 million;
Fourth Quarter Financial Highlights
- Revenues of $67.3 million, up 58% compared with $42.6 million in Q4 2020 and up 35% compared with $49.9 million in the previous quarter;
- GAAP operating income of $5.6 million compared with $62.7 million in Q4 2020 which included a one-time net income of $64.8 million related to the settlement with Comtech. Excluding this item, Q4 2020 operating loss would have been $2.1 million. GAAP operating income in the previous quarter was $0.9 million;
- Non-GAAP operating income of $6.8 million, compared with Non-GAAP operating loss of $1.6 million in Q4 2020, and Non-GAAP operating income of $1.5 million in the previous quarter;
- GAAP net income of $2.4 million, or $0.04 per diluted share, compared with net income of $62.4 million, or $1.12 per diluted share in Q4 2020. GAAP net income for Q4 2020 included the above-mentioned net income from the Comtech settlement; GAAP net income in the previous quarter was $0.2 million, or $0.00 per diluted share;
- Non-GAAP net income of $5.9 million, or $0.10 per diluted share, compared with Non-GAAP net loss of $1.9 million, or loss of $0.03 per share in Q4 2020 and Non-GAAP net income of $0.7 million, or $0.01 per diluted share, in the previous quarter;
- Adjusted EBITDA of $10.6 million, compared with $1.1 million in Q4 2020 and $4.0 million in the previous quarter;
