A net profit of $700,000 for Spacecom in the first quarter of 2024
The improvement in profitability brought the Company to a record EBITDA level as well: $19.9 million in the first quarter
A 9% increase in the revenues of the Amos-17 satellite compared to the corresponding quarter last year, reflecting an annual run rate of approximately $33 million
The Company’s order backlog amounts to approximately $180 million, of which $52 million is for the Amos 17 satellite; last month the Company signed contracts worth approximately $8 million and cash flow from current operations in the quarter is approximately $25 million
Towards debt settlement: The international communications company 4iG submitted an updated debt settlement proposal to the court about a week ago, in which agreements were reached with all the bond representatives. 4iG will invest $168 million together with another investor for the benefit of the settlement, with the aim of enabling full repayment of the bonds
Dan Zajicek, CEO of SpaceCom: “The first quarter reflects an extension of the improvement trend at Spacecom. The continued implementation of the strategic plan resulted in growth in business activity, while improving operational efficiency, a record in the company’s EBITDA and a quarterly net profit of 700,000 dollars. The growth is also reflected in the Company’s revenues: in the last four quarters the revenues crossed the 100-million-dollar mark for the first time in a decade. The improvement in 4iG’s offer and the entry of a new controlling owner into the Company indicate confidence in the Company, and there is no doubt that the injection of 168 million dollars into the Company will significantly strengthen the financial strength of Spacecom.”
“The Company continues to lead and develop the strategy of moving to multi-orbit satellite communication (MultiOrbit) and to conduct experiments. It cooperates with leading companies in the field of low-orbit satellites (LEO) communication solutions, which are expected to form a central part of the portfolio. It continues to provide flexible solutions adapted to the changing communication needs of its customers in addition to answering to the needs of the Israeli media in times of emergency, supporting the Company’s growth trend.”
