SatixFy Communications Ltd. (the “Company” or “SatixFy”)
(NYSE American: SATX), a leader in next-generation satellite
communication systems based on in-house-developed chipsets, has
released its consolidated financial results as of and for the six
months ended June 30, 2024.
Management Commentary
Nir Barkan, Chief Executive Officer of SatixFy,
commented, “We are very pleased with the progress we have made in
2024, with a solid increase in revenue and gross profit, driven by
shipments of engineering samples of our space-grade Application
Specific Integrated Circuits (ASICs). We are on track towards
commercialization, which we expect by mid-2025. Strategically
during the second quarter, we are proud of our landmark order of
over $20 million for our Prime2 Space-Grade Digital Beam Former
Chips from a world-leading technology company that is building-out
its global low earth orbit (LEO) satellite network. This
demonstrates the growing demand for our high-performance and
market-leading satellite communication solutions. We continue to
invest strongly in R&D, to maintain and build on our
competitive lead, ultimately commercializing our technology that
will underpin tomorrow’s leading satellite communication
systems."
Financial Highlights for the First Half of 2024
- Total revenues for the first half of 2024 were $6.1
million, an increase of 7% compared to $5.7 million in the first
half of 2023. The majority of revenues were product sales, driven
by commencement of shipment of engineering sample of space-grade
ASICs. The decrease in revenues from development services and
preproduction provided to customers was primarily due to the
completion of various development services agreements and the shift
towards product sales.
- Gross profit for the first half of 2024 was $4.5 million
(gross margin of 74%), a 96% increase from $2.3 million (gross
margin of 41%) in the first half of 2023. The increase in gross
profit and margin was due to the product mix favoring higher-margin
space-grade ASIC products.
- Operating loss was $13.7 million in the first half of
2024, a 17% improvement from the loss of $16.6 million in the first
half of 2023. The increase was mainly attributed to a higher gross
profit and a reduction in operating expenses, as described
below.
- Expenses Breakdown:
- Research and Development (R&D): $13.3 million, a 1%
decrease compared to $13.4 million for the first half of 2023.
R&D expenses were primarily driven by the Company’s significant
efforts to develop its space grade ASICs and bring them to
maturity.
- Selling and Marketing: $1.1 million, a 21% decrease
compared to $1.4 million for the first half of 2023. The decrease
was primarily due to a decrease in payroll and related costs.
- General and Administrative: $3.9 million, a 7% decrease
compared to $4.2 million for the first half of 2023. The decrease
was mainly due to a decrease in legal fees and insurance
costs.
- Finance expenses: $7.6 million, a 43% increase compared
to $5.3 million for the first half of 2023. The increase was mainly
attributed to $1.5 million of interest accruals recorded on
advanced payments from MDA Space and Robotics Limited.
- Net loss for the first half of 2024 was $21.3 million,
or $0.25 per basic and diluted share, a 54% improvement compared
with a net loss of $46.3 million, or $0.57 per basic and diluted
share, in the first half of 2023. The net loss in the first half of
2023 was impacted by a $24.1 million derivatives revaluation,
whereas no such revaluation occurred in the first half of
2024.
- Cash and Cash Equivalents: Cash and cash equivalents as
of June 30, 2024, amounted to $7.9 million, compared to $14.0
million as of December 31, 2023.
About SatixFy
SatixFy develops end-to-end next-generation satellite space and
ground communications systems, including satellite multi beam
digital antennas, 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 Very Small Aperture Terminal
and multi-beam fully electronically steered antenna arrays are
optimized for a variety of mobile applications and services, using
LEO, Medium Earth Orbit and Geostationary satellite communications
systems, for aero/in-flight connectivity systems, high-end
communications-on-the-move applications, and more.
SatixFy is headquartered in Rehovot, Israel with additional
offices in the UK, U.S. and Bulgaria.
For more information, please refer to www.SatixFy.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and other Federal
securities laws. Words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates" and similar expressions
or variations of such words are intended to identify
forward-looking statements. For example, SatixFy is using forward
looking statement in this press release when it discusses the
development of its space-grade ASICs; its commercialization efforts
and timing thereof; the demand for its solutions; and its
investments in R&D. Important factors that could cause actual
results, developments and business decisions to differ materially
from those anticipated in these forward-looking statements include,
among others: the Company's planned level of revenues and capital
expenditures; the Company's available cash and its ability to
obtain additional funding; the Company's ability to market and sell
its products; legal and regulatory developments in the United
States and other countries; the Company's ability to maintain its
relationships with suppliers, distributors and other partners; the
Company's ability to maintain or protect the validity of its
patents and other intellectual property; political, economic and
military instability in the Middle East, specifically in Israel; as
well as those factors set forth in the Risk Factors section of the
Company's Annual Report on Form 20-F for the year ended December
31, 2023 filed with the SEC on March 29, 2024, as amended, and
other documents filed with or furnished to the SEC which are
available on the SEC's website, www.sec.gov. The Company undertakes
no obligation to update these statements for revisions or changes
after the date of this release, except as required by law.
SAT FIN
UNAUDITED INTERIM CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
For the six-month
period
ended June 30
2024
2023
USD in thousands, except share
and per share data
Revenues:
Development services and preproduction
1,641
4,129
Sale of products
4,410
1,540
Total revenues
6,051
5,669
Cost of sales and services:
Development services and preproduction
291
2,673
Sale of products
1,267
649
Total cost of sales and
services
1,558
3,322
Gross profit
4,493
2,347
Research and development expenses, net
13,275
13,390
Selling and marketing expenses
1,059
1,395
General and administrative expenses
3,873
4,194
Loss from operations
(13,714
)
(16,632
)
Finance Income
87
37
Finance Expenses
(7,615
)
(5,296
)
Derivatives Revaluation
-
(24,104
)
Company’s share in the loss of a company
accounted by equity method, net
(19
)
(261
)
Loss before income taxes
(21,261
)
(46,256
)
Income taxes
-
-
Loss for the period
(21,261
)
(46,256
)
Other comprehensive income (loss) net
of tax:
Exchange gain (loss) arising on
translation of foreign operations
-
(272
)
Total comprehensive loss for the
period
(21,261
)
(46,528
)
Basic and diluted loss per share (in
dollars)
(0.25
)
(0.57
)
Basic and diluted weighted average
common shares outstanding
83,777,164
80,732,123
UNAUDITED INTERIM CONDENSED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
June 30,
December 31,
2024
2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
7,922
13,979
Trade accounts receivable, net
2,455
2,260
Contract assets
3,358
4,091
Prepaid expenses and other
1,735
2,332
Government departments and agencies
receivables
4,130
3,076
Related parties
46
75
Promissory notes
2,841
20,000
Inventory
1,903
1,475
Total current assets
24,390
47,288
NON-CURRENT ASSETS:
Other long-term receivables
2,000
2,000
Right-of-use assets, net
1,895
2,235
Property, plant and equipment, net
1,934
1,420
Investment in Jet Talk
1,532
1,551
Long-term deposits
181
208
Total non-current assets
7,542
7,414
TOTAL ASSETS
31,932
54,702
UNAUDITED INTERIM CONDENSED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
June 30,
December 31,
2024
2023
LIABILITIES AND SHAREHOLDERS’
DEFICIT
CURRENT LIABILITIES:
Trade payables
1,388
1,378
Contract liabilities
120
1,720
Current interest payable of Long term
loans from financial institutions, net
9,174
-
European Space Agency (“ESA”) advance
payments
3,047
3,842
Prepayments from customers
2,758
3,858
Advanced payments from MDA Space and
Robotics Limited, an affiliate of MDA Ltd. (“MDA”), against future
orders
29,634
28,138
Lease liabilities
696
639
Other accounts payable and accrued
expenses
4,724
9,704
Related parties
164
740
Total current liabilities
51,705
50,019
NON-CURRENT LIABILITIES:
Long-term loans from financial
institutions
56,581
59,792
Lease liabilities
1,653
2,067
Derivatives instruments liabilities
114
114
Liability for royalties payable
1,193
1,496
Total non-current liabilities
59,541
63,469
SHAREHOLDERS’ DEFICIT:
Share capital
-
-
Share premium
451,826
451, 093
Capital reserves
1,444
1,444
Accumulated deficit
(532,584
)
(511,323
)
Total shareholders’ deficit
(79,314
)
(58,786
)
TOTAL LIABILITIES AND SHAREHOLDERS’
DEFICIT
31,932
54,702
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version on businesswire.com: https://www.businesswire.com/news/home/20240906147018/en/
Investor Contact: Kenny Green & Ehud Helft, EK Global IR,
satixfy@ekglobal.com
Media Contact: Aviv Sax Nahamoni, info@satixfy.com
SatixFy Communications (AMEX:SATX)
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