Gilat Satellite Networks Ltd. (NASDAQ: GILT) shares are on the rise during current trading session. The valuation of Gilat stock has surged by 3.46%, reaching $6.22 at the most recent assessment during the morning session. This increase in stock value can be attributed to the breaking news that GILT has successfully secured a substantial contract, propelling its stock on an upward trajectory.
Today, Gilat (GILT) proudly announced the renewal and extension of a contract valued at approximately $20 million from a prominent Tier-1 Mobile Network Operator (MNO) in the United States. This long-term agreement solidifies Gilat’s role as the comprehensive managed services provider for satellite-based cellular backhaul and emergency response services for the esteemed client.
Gilat holds a preeminent position as a global provider of 4G cellular backhaul via satellite, distinguished by its unmatched technological prowess, flawless delivery, and operational excellence. Moreover, GILT’s cutting-edge technology facilitates a seamless transition to 5G, as well as adaptation to the forthcoming generation of multi-orbit constellations and Very High Throughput Satellites (VHTS).
The extension of this substantial contract underscores Gilat’s impeccable track record with the Tier-1 MNO, underscoring its proven ability to consistently deliver the desired user experience through the renowned SkyEdge II-c platform while meeting the day-to-day operational requirements in a professional and dependable manner.
With its demonstrated expertise, a proactive approach, and a globally acclaimed team, GILT is dedicated to delivering genuine value to its partners by collaborating to offer groundbreaking communication solutions across the globe.
In a similar strategic development, Gilat recently secured a contract for the modernization of Ethio Telecom’s satellite network in Ethiopia. Leveraging its SkyEdge II-c technology, combined with a multitude of Capricorn and Gemini Very Small Aperture Terminals (VSATs), Gilat will enable advanced satellite-based 4G cellular backhaul capabilities and enterprise communications in remote regions of the country.
Furthermore, it is worth noting that Gilat (GILT) is scheduled to unveil its financial results for the third quarter of 2023 next Tuesday.
