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PETAH TIKVA, Israel - Gilat Satellite Networks Ltd (NASDAQ:GILT). (NASDAQ: GILT, TASE: GILT), a satellite networking technology company with a market capitalization of $422 million and an impressive 62% return over the past six months, has announced an investment of up to $3.5 million in Crosense, an early-stage company specializing in drone detection technology. This funding is part of a round co-led by Frontier Capital, signifying confidence in the startup’s innovative approach. According to InvestingPro data, Gilat maintains a strong financial position with more cash than debt on its balance sheet.
Crosense is developing a new class of drone detection and tracking systems using electronically steered antennas (ESAs). These systems aim to provide comprehensive coverage for areas such as airports, military bases, and critical infrastructure, countering the rising threat of unauthorized drone activity. The technology promises to deliver 24/7 detection capabilities, performing reliably across various terrains and weather conditions. With a healthy gross profit margin of 37% and strong revenue growth of nearly 15% in the last twelve months, Gilat appears well-positioned to make strategic investments in emerging technologies.
Roni Stoleru, Gilat’s Chief Corporate Development Officer, highlighted the growing need for effective drone detection solutions and expressed confidence in Crosense’s potential to transform the market. Gilat’s strategic investment reflects its commitment to the defense sector and its strategy to bring innovative solutions to military and government customers globally.
Crosense’s founder and CEO, Gil Zwirn, welcomed the partnership with Gilat, citing the company’s extensive knowledge, global marketing, and sales channels as key factors that will support Crosense’s growth and innovation.
Gilat Satellite Networks, with over 35 years of industry experience, provides a wide range of technology solutions and services for satellite-based broadband communications. The company operates through wholly-owned subsidiaries, offering integrated solutions for commercial and defense applications. Gilat’s portfolio includes cloud-based platforms, modems, satellite terminals, and a range of other products and services designed to meet the highest service level requirements across various applications.
This move by Gilat aligns with its declared strategic focus on expanding its presence in the Homeland Security (HLS) and Defense sectors. The investment in Crosense is expected to bolster Gilat’s role in safeguarding critical assets with cutting-edge technologies. InvestingPro analysis indicates the company’s overall financial health score is "GREAT," with analysts projecting continued sales growth. For deeper insights into Gilat’s financial health and growth prospects, including 8 additional ProTips and comprehensive valuation metrics, explore the full Pro Research Report available on InvestingPro.
The information reported is based on a press release statement from Gilat Satellite Networks Ltd.
In other recent news, Gilat Satellite Networks reported its fourth-quarter 2024 earnings, achieving an earnings per share (EPS) of $0.15, which exceeded analysts’ expectations of $0.11. However, the company’s revenue of $78.1 million fell short of the forecasted $82.65 million. Despite the revenue miss, Gilat’s full-year revenue for 2024 saw a 15% increase, reaching $305.4 million, with adjusted EBITDA growing to $42.2 million, marking a 16% year-over-year growth. The company completed the acquisition of Stellar Blu, which is expected to contribute significantly to its 2025 revenue, projected between $415 million and $455 million. Needham has maintained its Buy rating for Gilat, setting a price target of $8.50, reflecting confidence in the company’s strategic direction. Gilat anticipates strong growth in its defense segment, bolstered by the recent acquisition of Stellar Blu. The company also announced a reorganization of its business units, focusing on defense, commercial, and Peru, to enhance its growth strategy. These developments signal Gilat’s ongoing efforts to capitalize on market opportunities and strategic acquisitions.
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