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Gilat Petah Tikva , Israel May 4 , 2021 - Gilat Satellite Networks Ltd. ( NASDAQ : GILT , TASE : GILT ) , a worldwide leader in satellite networking technology , solutions and services , today reported its results for the first quarter of 2021 . ● GILAT PRESS RELEASE First Quarter Financial Highlights Revenues of $ 44.7 million versus $ 47.7 million in Q1 2020 and up from $ 42.6 million in the previous quarter ; ● Gilat Reports First Quarter 2021 Results GAAP operating loss of $ 3.7 million versus operating loss of $ 10.8 million in Q1 2020 and an operating income of $ 62.7 million in Q4 2020 ; GAAP operating income in Q4 2020 included income related to the legal settlement with Comtech , net of related expenses , of $ 64.8 million ; Non - GAAP operating loss of $ 3.8 million , compared with operating loss of $ 7.6 million in Q1 2020 , and an operating loss of $ 1.6 million in the previous quarter ; GAAP net loss of $ 5.1 million , or loss of $ 0.09 per diluted share , compared with net loss of $ 11.8 million , or loss of $ 0.21 per diluted share in Q1 2020 and net income in the previous quarter of $ 62.4 million , or income of $ 1.12 per share ; GAAP net income in the previous . quarter included $ 64.8 million income related to the settlement with Comtech , net of related expenses ; Non - GAAP net loss of $ 5.2 million , or loss of $ 0.09 per diluted share , compared with net loss of $ 8.6 million , or loss of $ 0.15 per diluted share in Q1 2020 , and compared with a net loss of $ 1.9 million , or loss of $ 0.03 per share , as reported in the previous quarter ; Adjusted EBITDA loss of $ 1.4 million compared with adjusted EBITDA loss of $ 5.0 million . in Q1 2020 ; and adjusted EBITDA of $ 1.1 million in the previous quarter ; Management Commentary Adi Sfadia , Gilat's CEO , commented : " We continue to see strong momentum across all our business units , with the exception of the IFC market segment , which is yet to show a recovery . We believe that this growth trend will continue during 2021 and expect to show sequential quarterly growth throughout the year and increasing profitability . Looking further out , 2022 is expected to show significant improvement both in revenue and profitability with the pick - up in IFC , Cellular Backhaul and NGSO . Page 1 " As a testament to the strong momentum we are seeing , I am very pleased to report that we entered a mega strategic agreement valued at tens of millions of dollars , including a potential for significant project expansions , with a large government corporation in Asia Pacific . I believe that we will see additional large strategic transactions in the near future . GILAT SATELLITE NETWORKS Press Release | T +972 3 925 2000 | info@gilat.com | www.gilat.com