Gilat satellite networks increased its revenue by almost half in the second quarter of 2021 compared to last year. The Israeli satellite network technology company reported $ 56.9 million in revenue for the second quarter of 2021, an increase of 49% from the same period last year. Financial results were released on Tuesday.
Revenue also increased sequentially, up 27% from $ 44.7 million in the prior quarter.
The GAAP net loss for the quarter was $ 100,000, compared to a net loss of $ 4.2 million in the second quarter of 2020 and a net loss of $ 5.1 million. Non-GAAP net income for the quarter was $ 400,000, compared to a non-GAAP net loss of $ 3.3 million in the second quarter of 2020.
Gilat CEO Adi Sfadia said the company is experiencing strong business momentum in almost all of its end markets. He highlighted several important awards, including a multi-million maritime mobility award. HIS, and more than $ 15 million in orders to support a constellation in Low Earth Orbit (LEO).
Fixed networks are Gilat’s largest segment and reported revenue of $ 30.8 million for the quarter, up 42% from the same period last year.
Mobility solutions follow, with revenue of $ 20 million for the quarter, also up 42% from the second quarter of 2020.
Land infrastructure projects are Gilat’s smallest segment, but it is growing rapidly. This segment reported $ 6 million in revenue for the quarter, a 144% increase from the $ 2.5 million in revenue in the quarter last year.
“Given the improved momentum and strong order book, we expect to continue the high growth in our sales and profitability through the second half of 2021,” commented Sfadia. “We expect this growth to increase further in 2022, as the in-flight connectivity industry recovers, in addition to the expected continued growth of marine, cellular, 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 R&D expenses of $ 7.9 million for the quarter.