SatixFy Communications Ltd. (“SatixFy”) (NYSE AMERICAN:
SATX), a leader in next-generation satellite communication systems
based on in-house developed chipsets, today announced its
consolidated financial results for the first half of 2023.
Nir Barkan, CEO of SatixFy, commented: “We are pleased
with the continued increase in our revenue, which demonstrates that
Satixfy is growing in accordance with our plans, while continuing
our investment in R&D in order to maintain our edge and advance
our satellite communication systems and chipsets.”
Continued Mr. Barkan, “We recently took the strategic decision
to focus our satellite business on our core competencies of
development of groundbreaking chipsets supporting multi beam
digital antennas and on-board processing for the space industry and
advanced ground terminals. In line with this strategy, last week we
announced a landmark $60 million agreement for Satixfy with MDA, a
leading provider of advanced satellite technology. Under the
agreement, we expect to generate $40 million for the sale of our UK
subsidiary to MDA as well as $20 million in commercial agreements
for our space-grade ASICs, which includes the previous $10 million
advanced payment made in June to be applied to future orders of our
space grade chips. This UK subsidiary is focused on designing
digital payloads for satellites using the company chipset. We have
kept the chips and related IP within Satixfy and will be offering
it to the satellite payloads vendors.”
“Not only does this deal significantly strengthen our balance
sheet, but we also expect that this transaction will increase our
chipset sales into satellite digital payloads and will lead to
increased collaboration between MDA and SatixFy into new areas. We
believe that our previous investment in technology has positioned
us well, allowing us to offer the most advanced solutions at a
crucial time to the rapid growing LEO satellite market, ” concluded
Mr. Barkan.
First Half 2023 Results
Total revenues for the first half, ended June 30, 2023,
were $5.7 million, an increase of 71%, compared to $3.3 million in
the first half of 2022. The increase was driven equally by an
increase in revenues from development services and preproduction
and sales of products.
Development services and preproduction were $4.1 million,
or a 38% increase, for the first half of 2023 compared to the first
half of 2022 mainly due to new projects since the beginning of
2023. Sales of products were $1.5 million, an increase of 370%, for
the first half 2023 compared to the first half of 2022, primarily
driven by delivery of delayed orders from 2022.
Gross profit for the first half of 2023 was $2.3 million
(gross margin of 41.0%), an increase of 31%, compared with $1.8
million (gross margin of 54%) in the first half of 2022. The
decline in gross margin was primarily driven by an increase in
project costs, combined with an increase in sales of products which
carry low profitability.
Operating loss was $16.6 million in the first half of
2023, compared with an operating loss of $12.5 million in the first
half of 2022.
Net loss for the first half of 2023 was $46.5 million, or
$0.57 per basic share, compared with a net loss of $15.4 million,
or $0.98 per basic share, in the first half of 2022.
Cash and cash equivalents as of June 30, 2023 totaled
$11.5 million, compared to $11.9 million as of December 31,
2022.
About SatixFy
SatixFy develops end-to-end next-generation satellite
communications systems, including satellite payloads, user
terminals and modems, based on powerful chipsets that it develops
in house.
SatixFy’s products include modems that feature Software Defined
Radio (SDR) and Fully Electronically Steered Multi Beam Antennas
(ESMA) that support the advanced communications standard DVB-S2X.
SatixFy’s innovative ASICs improve the overall performance of
satellite communications systems, reduce the weight and power
requirements of terminals and payloads, and save real estate for
gateway equipment. SatixFy’s advanced VSATs and multi-beam fully
electronically steered antenna arrays are optimized for a variety
of mobile applications and services, using LEO, MEO and GEO
satellite communications systems, for aero/in-flight connectivity
systems, communications-on-the-move applications, satellite-enabled
Internet-of-Things, and consumer user terminals.
SatixFy is headquartered in Rehovot, Israel with additional
offices in the U.S., U.K. and Bulgaria. For more information,
please visit www.SatixFy.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“estimate,” “plan,” “project,” “forecast,” “intend,” “will,”
“expect,” “anticipate,” “believe,” “seek,” “target” or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters.
Forward-looking statements are based on our management’s beliefs
and assumptions and on information currently available to our
management. Such statements are subject to substantial risks and
uncertainties, and actual results may differ materially from those
expressed or implied in the forward-looking statements due to a
variety of factors, including, but not limited to, those identified
under the section titled “Item 3. Key Information — D. Risk
Factors” in our Annual Report on Form 20-F, filed with the
Securities and Exchange Commission (the “SEC”) on May 1, 2023 (the
“20-F”), and SatixFy’s other filings with the SEC from time to
time. These risks and uncertainties include, but are not limited
to, the following: SatixFy has limited capital currently available
and will need to raise additional capital in the immediate future
to fund its operations and develop its technology and chips and
satellite communications systems; SatixFy may be unable to raise
sufficient capital on favorable or acceptable terms, if at all, and
make the necessary investments in technology development; the risk
that the transaction with MDA, for the sale of all of the
outstanding ordinary shares of SatixFy Space Systems UK Ltd.
(“SatixFy Space Systems”) will not close or that some or all of the
expected benefits of the transaction to SatixFy will not be
achieved, including, but not limited to, as a result of conditions
placed by regulators, lenders or other third parties on the
transaction; the risks associated with the potential loss of
revenue resulting from the sale of SatixFy Space Systems; the risk
that, upon the consummation of the sale of SatixFy Space Systems
and the commercial agreements with MDA and its affiliates, SatixFy
will be unable to perform its contractual commitments to MDA and
its affiliates, which could result in, among other things,
limitations on its ability to use or dispose of its intellectual
property related to its Prime2 and Sx4000 space grade chips and/or
the obligation to repay to MDA significant amounts advanced by MDA;
the risk that the transaction will not give SatixFy a significant
competitive advantage or open up its products to broader markets,
as well as new customers; the risk that the transaction will not to
lead to increased collaboration between MDA and SatixFy; the risk
that the transaction will not represent a strong step forward in
the commercialization of SatixFy’s technology or increase SatixFy’s
chipset sale into satellite digital payloads and the risk that
SatixFy will not expand its ground terminals and chipset offering
to the satellite communication markets; SatixFy is an early stage
company with a history of losses, has generated less revenues than
its prior projections, and has not demonstrated a sustained ability
to generate predictable revenues or cash flows and may not generate
revenue as expected.
SAT-FIN
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version on businesswire.com: https://www.businesswire.com/news/home/20230905154177/en/
Media Contacts: Helena Itzhak / Aviv Sax Nahamoni, SatixFy,
info@satixfy.com
Investor Contacts: Ehud Helft, EK Global IR,
satixfy@ekglobal.com
SatixFy Communications (AMEX:SATX)
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