Gilat Satellite Networks grew its revenue by nearly half in the second quarter of 2021 compared to last year. The Israeli satellite networking tech company reported $56.9 million in revenues for Q2 2021, a 49% increase from the same time last year. Financial results were released on Tuesday.
Revenue grew sequentially as well — up 27% from $44.7 million in the previous quarter.
GAAP net loss for the quarter was $100,000, compared with a net loss of $4.2 million in Q2 2020 and a net loss of $5.1 million. Non-GAAP net income for the quarter was $400,000, compared with a non-GAAP net loss of $3.3 million in Q2 2020.
Gilat CEO Adi Sfadia said the company is experiencing strong business momentum in nearly all of its end markets. He highlighted several significant awards, including a multi-million maritime mobility award from SES, and more than $15 million in orders to support a Low-Earth Orbit (LEO) constellation.
Fixed Networks is Gilat’s largest segment, and reported $30.8 million in revenue for the quarter, up 42% from the same time last year.
Mobility Solutions follows, with $20 million in revenue for the quarter, also up 42% from Q2 2020.
Terrestrial Infrastructure Projects is Gilat’s smallest segment, but it is rapidly growing. This segment reported $6 million in revenue for the quarter, a 144% increase over $2.5 million in revenue for the quarter last year.
“Given the improving momentum and strong backlog, we expect to continue with our high revenue and profitability growth through the second half of 2021,” Sfadia commented. “We expect this growth to increase even further in 2022, as the In-Flight Connectivity sector recovers, in addition to continued growth expected from the maritime, cellular backhaul, NGSO [Non-Geostationary Orbit] and defense market segments, as well as our operations in Peru.”
Sfadia also said Gilat is investing heavily in R&D, and the company reported $7.9 million in R&D expenses for the quarter.