Gilat secures $60 million in orders for Peru broadband upgrade

PETAH TIKVA, Israel - Gilat Satellite Networks Ltd. (NASDAQ:GILT, TASE: GILT), a $450 million market cap company whose stock has surged nearly 75% over the past year, announced Tuesday that its Peruvian subsidiary has received approximately $60 million in orders from Peru’s national telecommunications program, Pronatel. According to InvestingPro data, the company has shown strong momentum, trading near its 52-week high of $8.17.

The orders are for upgrading regional broadband infrastructure across the Apurímac, Huancavelica and Ayacucho regions. According to the company’s press release statement, the project will deliver high-speed internet of 200 Mbps to nearly 800 public institutions, including schools, health centers, and police stations across 280 localities.

The migration is expected to take place over the next 12 months, with service delivery scheduled over a four-year period.

Arieh Rohrstock, Corporate Senior Vice President and President of Gilat Peru, said, "With extensive experience implementing complex connectivity projects throughout Peru, we are uniquely qualified to carry out this critical migration in record time."

The infrastructure modernization aims to improve digital access in rural communities by providing connectivity for education, healthcare, and public services.

Gilat Satellite Networks, headquartered in Israel, provides satellite-based broadband communications with operations spanning commercial and defense markets. The company has been operating for over 35 years, according to the announcement.

The project represents a continuation of Gilat’s existing relationship with the Peruvian government in developing telecommunications infrastructure in the country’s remote areas.

In other recent news, Gilat Satellite Networks Ltd. announced several significant developments. The company secured a $40 million contract for its SkyEdge IV platform, which will be delivered over the next 24 months. This platform is designed to enhance satellite ground network transformation and aligns with future 5G-NTN standards. Additionally, Gilat’s Commercial Division obtained a $27 million contract for its ESA Terminal technology, with most deliveries expected within the next year. The company also received over $22 million in orders from satellite operators worldwide, emphasizing its role in the In-Flight Connectivity market. Furthermore, Gilat DataPath, a subsidiary of Gilat, won a U.S. Army support contract valued at more than $7 million, with potential extensions bringing the total to $70 million. These developments highlight Gilat’s expanding influence and capabilities in satellite networking technology.

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