Gilat Clocks 19% Revenue Growth In Q1 Aided By Additional Orders, Broadening Pipeline

Gilat Satellite Networks Ltd GILT reported first-quarter FY22 revenue growth of 19% year-on-year to $51.4 million.
Non-GAAP operating loss improved Y/Y from $(3.6) million to $(0.3) million.
Non-GAAP EPS loss was $(0.03).
Gilat held $77.3 million in cash and equivalents and used $7.4 million in operating cash flow.
CEO Adi Sfadia commented: "Our performance shows that we are successfully capturing market share and capitalizing on the opportunities in our end-markets."
"During this quarter, we continued to solidify our presence with additional orders and a broadening pipeline in the next-generation satellite communication multi-billion market opportunity."
Outlook: Gilat reiterated FY22 revenue of $245 million - $265 million.
Price Action: GILT shares traded higher by 1.78% at $6.85 in the premarket on Monday's last check.

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