Gilat Secures $43M in New Sidewinder ESA Orders, Boosting In-flight Connectivity Business
GILT sits 81% above its 52-week low of $6.8.
Summary
Gilat Satellite Networks secured $43 million in new orders for its Sidewinder Electronically Steered Antenna (ESA) terminals from a major in-flight connectivity provider. This substantial order, representing nearly 5% of Gilat's market cap, follows a 6-K filing today and continues a strong run of positive news for the company, including a recent acquisition agreement and a Boeing milestone for the Sidewinder product. The orders validate the demand for Gilat's multi-orbit connectivity solutions and are scheduled for delivery over the next 18 months, providing future revenue.
At the time of this announcement, GILT was trading at $12.34 on NASDAQ in the Technology sector, with a market capitalization of approximately $893.4M. The 52-week trading range was $6.80 to $20.93. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.