Gilat Satellite Networks Stock Falls On Revenue, Earnings Decline

Gilat Satellite Networks Ltd GILT reported a first-quarter FY21 revenue decline of 6.3% year-on-year to $44.7 million.
Fixed Networks revenue rose 10% to $25.3 million, Mobility Solutions revenue declined 42.3% to $11.1 million, and Terrestrial Infrastructure Projects revenue rose 52.6% to $8.3 million.
Non-GAAP operating loss halved to $3.8 million, and adjusted EBITDA loss declined 72% to $1.4 million.
Non-GAAP net loss declined 39.5% to $5.2 million, with an adjusted EPS loss of $0.09.
The company held $75.6 million in cash and equivalents, and it generated $0.34 million in operating cash flow.
The year 2022 is expected to show significant improvement both in revenue and profitability with the pick-up in IFC, Cellular Backhaul, and NGSO, CEO Adi Sfadia said.
Price action: GILT shares traded lower by 7.7% at $9.37 on the last check Tuesday.

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