Benzinga | May 4, 2021 10:31AM EDT

Gilat Satellite Networks Stock Falls On Revenue, Earnings Decline

* Gilat Satellite Networks Ltd (NASDAQ: 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.