Gilat Satellite Network headquarters in Petah Tikva, Israel.

Gilat Satellite Networks reported 32% revenue growth in 2021 compared to 2020, in the company’s full year 2021 financial results published Tuesday. Revenue was $218.9 million, compared with $165.9 million in 2020. 

Gilat reported a GAAP net loss of $2.7 million in 2021, compared with GAAP net income of $34.9 million in 2020. The company’s GAAP net income in 2020 included income from a settlement with Comtech Telecommunications after Comtech’s acquisition of Gilat fell through.

CEO Adi Sfadia called 2020 a “remarkable” year for Gilat due to orders for Non-Geostationary Orbit (NGSO) constellations and very high throughput satellites (VHTS); a multi-million dollar deal with SES for the SkyEdge IV; revenue in Gilat’s business in Peru; and an expanded relationship with Intelsat for in-flight connectivity (IFC).

Sfadia said Gilat reached its goal of $50 million run rate in annual recurring revenue for its business in Peru, ahead of schedule. Gilat expects the business in Peru to become significantly profitable in 2022. 

“As we enter 2022, I am very encouraged by our strong backlog, solid visibility and the pipeline we see ahead of us. We therefore feel confident in resuming our annual objectives which show strong growth in revenues and significant improvement in profitability for 2022,” Sfadia said. 

Gilat expects to continue this revenue growth in 2022. The company shared guidance for the coming year, projecting revenues between $245 to $265 million, representing year-over-year growth of between 12% and 21%, and GAAP operating income of between $5 to $9 million.