Gilat reports strong fourth quarter and full year 2021 results

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 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;

Full year 2021 Financial Highlights 

• Revenue of $218.9 million, up by 32% compared with $165.9 million in 2020;
• GAAP operating income of $2.5 million compared to $37.6 million in 2020; GAAP operating income in 2020 includes net income of $53.6 million related to the settlement with Comtech;
• Non-GAAP operating income of $4.7 million compared with Non-GAAP operating loss of $13.7 million in 2020;
• GAAP net loss of $2.7 million, or $0.05 per share, compared with GAAP net income of $34.9 million in 2020, or $0.63 per diluted share; GAAP net income in 2020 includes the above-mentioned Comtech settlement net income;
• Non-GAAP net income of $1.8 million, or $0.03 per diluted share, compared to Non-GAAP net loss of $16.4 million, or $0.30 per share, in 2020;
• Adjusted EBITDA was $15.7 million compared with adjusted EBITDA loss of $3.3 million in 2020;

Forward-Looking Expectations
Guidance for 2022 is for revenues of between $245 to $265 million, representing year-over-year growth of between 12% and 21%, GAAP operating income of between $5 to $9 million and adjusted EBITDA of between $20 to $24 million, representing year-over-year growth of between 27% to 53%. Globe Newswire