FORM 6 – K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report on Foreign Issuer

Pursuant to Rule 13a – 16 or 15d – 16
of the Securities Exchange Act of 1934

For the Month of August, 2019

Gilat Satellite Networks Ltd.
(Translation of Registrant’s Name into English)

Gilat House, Yegia Kapayim Street
Daniv Park, Kiryat Arye, Petah Tikva, Israel
(Address of Principal Corporate Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  ☒                     Form 40-F  ☐

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.


Yes ☐          No ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):   N/A


Attached hereto is Registrant’s press release dated August 6, 2019, announcing Gilat’s Second Quarter 2019 Results.

We consent to the incorporation by reference of the GAAP financial information included herein, in the Registration Statements on Form S-8 (Registration Nos. 333-180552, 333-187021, 333-204867, 333-210820, 333-221546 and 333-223839) and on Form F-3 (Registration No. 333-232597).

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
Gilat Satellite Networks Ltd.
 
(Registrant)
   
Dated August 6, 2019
By: /s/ Yael Shofar
 
Yael Shofar
General Counsel

2


Gilat Reports Continued Profitability Growth in Q2 2019

GAAP Operating Income increases 17.9% Year-over-Year; GAAP Net Income Increased 58%; Adjusted EBITDA totals $8.9 million

Petah Tikva, Israel – August 6, 2019 – Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its results for the second quarter ended June 30, 2019.
 
Key Financial Highlights:
 
Revenues for Q2 2019 totaled $59.7 million compared with $66.5 million for Q2 2018.
Continued strong profitability:

o
Q2 2019 GAAP operating income increased 17.9% to $4.9 million from $4.1 million in Q2 2018.  Q2 2019 Non-GAAP operating income rose to $6.3 million, or by 10.8% from Q2 2018.

o
Q2 2019 GAAP net income increased 58.3% to $3.4 million, or $0.06 per diluted share, compared with $2.2 million, or $0.04 per diluted share in Q2 2018.   Q2 2019 non-GAAP net income increased 30.7% to $4.8 million, or $0.09 per diluted share, compared with $3.7 million, or $0.07 per diluted share, in Q2 2018.

o
Q2 2019 Adjusted EBITDA increased 10.0% year over year to $8.9 million, or 14.9% of revenues.
Reiterated management objectives for 2019: revenue range between $275 million to $295 million, GAAP operating income of between $23 million and $27 million, and Adjusted EBITDA between $38 million and $42 million.

Yona Ovadia, CEO of Gilat, commented:
“I am pleased to report that aside from Gilat’s continued positive results and solid profitability in the second quarter, this has been a strong quarter as we executed our strategy to build high quality revenues through our growth engines of Broadband, Mobile Cellular Backhaul and Mobility IFC.
“We achieved two major milestones in the quarter that will be important drivers of our future growth.
“The first is in the area of Inflight Connectivity.  We have now entered into the Business Aviation market with a multi-million-dollar award from an Aviation Service Provider for our tail-mount antenna.  This milestone not only complements our leading IFC position in Commercial
Aviation, it also expands our IFC product portfolio with an airborne tail-mount antenna in addition to our leading airborne modem.
“Second, we have reached a critical milestone in Peru with approval to enter the operational phase of the three-region telecom project awarded in 2015 by Fitel.  Entering this phase enables Gilat to unlock access to revenue of approximately $12 million per annum of operations fees, for a period of ten years, as well as to start selling services over the network which yield higher margins.  In fact, we already have efforts underway to sell network services over the infrastructure we have built and recently started to operate. We expect to report progress with these efforts in the coming weeks and months.
“In addition, we were awarded a three-year multi-million-dollar broadband expansion project further to our managed services cellular backhaul project with Globe Telecom, the leading telco in the Philippines. This expansion demonstrates once again our conviction that the declining price of satellite capacity along with strong ground segment equipment, provides Telcos worldwide an additional legitimate cost-effective tool for quality broadband to their customers.”
Mr. Ovadia concluded: “Overall, Gilat achieved important milestones in the second quarter, particularly in our Peru projects and our IFC business, while attaining solid profitability.  We plan to press forward with these and our other growth engines for the remainder of 2019, and to focus on further improving profitability."

3

Key Recent Announcements:
Gilat will Provide Aero Antennas with Initial Agreement for Tens of Millions of Dollars to a Tier-1 Business Aviation Service Provider
Gilat Awarded Over $7 Million Dollar Contract for US Army’s WIN-T (Warfighter Information Network-Tactical) Program
Gilat Achieves Critical Milestone in Peru with Approval to Enter Operational Phase, Unlocking Access to Revenue of ~$12M per Annum from Telecom Project Awarded in 2015
Globe Awards Gilat a Three-Year Multi-Million US Dollar Contract for Delivering Satellite Based WiFi in Addition to Cellular Backhaul Services
 
Conference Call and Webcast Details:
 
Following the issuance of this release, Yona Ovadia, Chief Executive Officer, and Adi Sfadia, Chief Financial Officer, will discuss Gilat’s second quarter 2019 results and participate in a question and answer session: 
 
Date:
Start:
Dial-in:

Tuesday, August 6
09:30 AM EDT / 16:30 IDT
US: 1-888-668-9141
International: (972) 3-918-0609

A simultaneous Webcast of the conference call will be available on the Gilat website at www.gilat.com and through this link: http://veidan-stream.com/gilatq2-2019.html

The webcast will also be archived for a period of 30 days on the Company’s website and through the link above.
 
Conference Call Replay

Start:
End:
Dial-in:

August 6, 2019 at 12:00 PM EDT / 19:00 IDT
August 9, 2019 at 12:00 PM EDT / 19:00 IDT
US: 1-888-326-9310
International: (972) 3-925-5900
4


Non-GAAP Measures
The attached summary unaudited financial statements were prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). To supplement the consolidated financial statements presented in accordance with GAAP, the Company presents Non-GAAP presentations of net income, operating income, Adjusted EBITDA and earnings per share. The adjustments to the Company’s GAAP results are made with the intent of providing both management and investors a more complete understanding of the Company’s underlying operational results, trends and performance. Non-GAAP financial measures mainly exclude the effect of stock based compensation, amortization of purchased intangibles, lease incentive amortization, litigation expenses, income related to trade secrets claims, re-organization costs, expenses for tax contingencies to be paid under an amnesty program and initial recognition of deferred tax asset with respect to carry-forward losses.

Adjusted EBITDA is presented to compare the Company’s performance to that of prior periods and evaluate the Company’s financial and operating results on a consistent basis from period to period. The Company also believes this measure, when viewed in combination with the Company’s financial results prepared in accordance with GAAP, provides useful information to investors to evaluate ongoing operating results and trends. Adjusted EBITDA, however, should not be considered as an alternative to operating income or net income for the period and may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. Adjusted EBITDA is not a measure of financial performance under GAAP and may not be comparable to other similarly titled measures for other companies. Reconciliation between the Company's Operating income and Adjusted EBITDA is presented in the attached summary financial statements.

This news release also contains a forward-looking estimate of Adjusted EBITDA projected to be generated by Gilat in 2019. A forward-looking estimate of net income and reconciliations of the forward-looking estimates of Adjusted EBITDA to net income are not provided because the items necessary to estimate net income are not estimable at this time. Non-GAAP presentations of net income, operating income, Adjusted EBITDA and earnings per share should not be considered in isolation or as a substitute for any of the consolidated statements of operations prepared in accordance with GAAP, or as an indication of Gilat’s operating performance or liquidity.

About Gilat
Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With 30 years of experience, we design and manufacture cutting-edge ground segment equipment, and provide comprehensive solutions and end-to-end services, powered by our innovative technology. Delivering high value competitive solutions, our portfolio comprises of a cloud based VSAT network platform, high-speed modems, high performance on-the-move antennas and high efficiency, high power Solid State Amplifiers (SSPA) and Block Upconverters (BUC).
 
Gilat’s comprehensive solutions support multiple applications with a full portfolio of products to address key applications including broadband access, cellular backhaul, enterprise, in-flight connectivity, maritime, trains, defense and public safety, all while meeting the most stringent service level requirements. Gilat controlling shareholders are the FIMI Private Equity Funds . For more information, please visit: www.gilat.com

5

Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words "estimate", "project", "intend", "expect", "believe" and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat's products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat's products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company's proprietary technology and risks associated with Gilat's international operations and its location in Israel. We undertake no obligation to update or revise any forward-looking statements for any reason. For additional information regarding these and other risks and uncertainties associated with Gilat's business, reference is made to Gilat's reports filed from time to time with the Securities and Exchange Commission.

Contact:
Gilat Satellite Networks
Doreet Oren, Director Corporate Communications
DoreetO@gilat.com

Comm-Partners LLC
June Filingeri, President
+1-203-972-0186
junefil@optonline.net


6


GILAT SATELLITE NETWORKS LTD.
             
CONSOLIDATED STATEMENTS OF OPERATIONS
       
U.S. dollars in thousands (except share and per share data)
       

   
Six months ended
   
Three months ended
 
   
June 30,
   
June 30,
 
   
2019
   
2018
   
2019
   
2018
 
   
Unaudited
   
Unaudited
 
                         
Revenues
 
$
121,794
   
$
133,882
   
$
59,685
   
$
66,508
 
Cost of revenues
   
76,239
     
90,053
     
37,700
     
44,066
 
                                 
Gross profit
   
45,555
     
43,829
     
21,985
     
22,442
 
                                 
Research and development expenses
   
16,492
     
16,730
     
7,635
     
8,284
 
Less - grants
   
1,094
     
810
     
539
     
343
 
Research and development expenses, net
   
15,398
     
15,920
     
7,096
     
7,941
 
Selling and marketing expenses
   
11,288
     
11,716
     
5,417
     
6,303
 
General and administrative expenses
   
9,527
     
8,389
     
4,585
     
4,054
 
                                 
Total operating expenses
   
36,213
     
36,025
     
17,098
     
18,298
 
                                 
Operating income
   
9,342
     
7,804
     
4,887
     
4,144
 
                                 
Financial expenses, net
   
(1,400
)
   
(2,188
)
   
(579
)
   
(1,605
)
                                 
Income before taxes on income
   
7,942
     
5,616
     
4,308
     
2,539
 
                                 
Taxes on income
   
1,713
     
1,154
     
903
     
388
 
                                 
Net income
 
$
6,229
   
$
4,462
   
$
3,405
   
$
2,151
 
                                 
Basic and Diluted earnings per share
 
$
0.11
   
$
0.08
   
$
0.06
   
$
0.04
 
                                 
Weighted average number of shares used in
                         
computing earnings per share
                               
Basic
   
55,321,858
     
54,811,893
     
55,446,127
     
54,858,330
 
Diluted
   
56,074,361
     
55,614,782
     
56,189,217
     
55,639,202
 


7


GILAT SATELLITE NETWORKS LTD.
         
RECONCILIATION BETWEEN GAAP AND NON-GAAP STATEMENTS OF OPERATIONS
FOR COMPARATIVE PURPOSES
         
U.S. dollars in thousands (except share and per share data)
 

   
Three months ended
   
Three months ended
 
   
June 30, 2019
   
June 30, 2018
 
   
GAAP
   
Adjustments (1)
   
Non-GAAP
   
GAAP
   
Adjustments (1)
   
Non-GAAP
 
   
Unaudited
   
Unaudited
 
                                     
Gross profit
 
$
21,985
     
312
   
$
22,297
   
$
22,442
     
1,230
   
$
23,672
 
Operating expenses
   
17,098
     
(1,077
)
   
16,021
     
18,298
     
(288
)
   
18,010
 
Operating income
   
4,887
     
1,389
     
6,276
     
4,144
     
1,518
     
5,662
 
Income before taxes on income
    4,308
      1,389       5,697      
2,539
     
1,518
     
4,057
 
Net income
   
3,405
     
1,389
     
4,794
     
2,151
     
1,518
     
3,669
 
                                                 
Earnings per share (basic and diluted)
  $ 0.06     $ 0.03     $ 0.09    
$
0.04
    $
0.03
    $
0.07
 
                                                 
Weighted average number of shares used in
                 
    computing earnings per share
                         
    Basic
   
55,446,127
             
55,446,127
     
54,858,330
             
54,858,330
 
    Diluted
   
56,189,217
             
56,337,558
     
55,639,202
             
55,854,231
 

(1)
Adjustments reflect the effect of non-cash stock-based compensation as per ASC 718, amortization of intangible assets related to shares acquisition transactions, trade secrets litigation expenses and re-organiztion costs.

 
 
Three months ended
               
Three months ended
       
 
 
June 30, 2019
               
June 30, 2018
       
 
 
Unaudited
               
Unaudited
       
 
                             
GAAP net income
 
$
3,405
     
     
   
$
2,151
     
 
 
                                       
Gross profit
                                       
Non-cash stock-based compensation expenses
   
49
                     
36
         
Amortization of intangible assets related to acquisition transactions
   
234
                     
1,194
         
Re-organization costs
   
29
                     
-
         
 
   
312
                     
1,230
         
Operating expenses
                                       
Non-cash stock-based compensation expenses
   
373
                     
238
         
Amortization of intangible assets related to acquisition transactions
   
49
                     
50
         
Trade secrets litigation expenses
   
100
                     
-
         
Re-organization costs
   
555
                     
-
         
 
   
1,077
                     
288
         
 
                                       
Non-GAAP net income
 
$
4,794
                   
$
3,669
         

 
8

GILAT SATELLITE NETWORKS LTD.
RECONCILIATION BETWEEN GAAP AND NON-GAAP STATEMENTS OF OPERATIONS
FOR COMPARATIVE PURPOSES
U.S. dollars in thousands (except share and per share data)

    Six months ended     Six months ended  
    June 30, 2019     June 30, 2018  
    GAAP     Adjustments (1)     Non-GAAP     GAAP     Adjustments (1)     Non-GAAP  
    Unaudited     Unaudited  
                                     
Gross profit   $ 45,555       638     $ 46,193     $ 43,829       2,430     $ 46,259  
Operating expenses     36,213       (1,906 )     34,307       36,025       (551 )     35,474  
Operating income     9,342       2,544       11,886       7,804       2,981       10,785  
Income before taxes on income     7,942       2,544       10,486       5,616       2,981       8,597  
Net income     6,229       2,544       8,773       4,462       2,981       7,443  
                                                 
Basic earnings per share   $ 0.11     $ 0.05     $ 0.16     $ 0.08     $ 0.06     $ 0.14  
                                                 
Diluted earnings per share   $ 0.11     $ 0.05     $ 0.16     $ 0.08     $ 0.05     $ 0.13  
                                                 
Weighted average number of shares used in                                                 
   computing earnings per share                                                
    Basic     55,321,858               55,321,858       54,811,893               54,811,893  
    Diluted     56,074,361               56,240,141       55,614,782               55,835,134  

 
(1)
Adjustments reflethe effect of non-cash stock-based compensation as per ASC 718, amortization of intangible assets related to shares acquisition transactions, trade secrets litigation expenses or income and re-organization costs.

 
 
Six months ended
               
Six months ended
       
 
 
June 30, 2019
               
June 30, 2018
       
 
 
Unaudited
               
Unaudited
       
 
                             
GAAP net income
 
$
6,229
               
$
4,462
       
 
                                 
Gross profit
                                 
Non-cash stock-based compensation expenses
   
143
                 
42
       
Amortization of intangible assets related to acquisition transactions
   
466
                 
2,388
       
Re-organization costs
   
29
                 
-
       
 
   
638
                 
2,430
       
Operating expenses
                                 
Non-cash stock-based compensation expenses
    1,150                  
450
     

 
Amortization of intangible assets related to acquisition transactions
     101      
     
     
101
     
 
Trade secrets litigation expenses
   
100
                     
-
         
Re-organization costs
   
555
                     
-
         
 
   
1,906
                     
551
         
 
                                       
Non-GAAP net income
 
$
8,773
                   
$
7,443
         


9

GILAT SATELLITE NETWORKS LTD.
             
SUPPLEMENTAL INFORMATION
             
U.S. dollars in thousands
               

ADJUSTED EBITDA:

   
Six months ended
    Three months ended  
   
June 30,
   
June 30,
 
   
2019
   
2018
   
2019
   
2018
 
   
Unaudited
   
Unaudited
 
                         
GAAP operating income
 
$
9,342
   
$
7,804
   
$
4,887
   
$
4,144
 
Add:
                               
Non-cash stock-based compensation expenses
   
1,293
     
492
     
422
     
274
 
Re-organization costs
   
584
     
-
     
584
     
-
 
Trade secrets litigation expenses
   
100
     
-
     
100
     
-
 
Depreciation and amortization (*)
   
5,786
     
7,322
     
2,909
     
3,672
 
                                 
Adjusted EBITDA
 
$
17,105
   
$
15,618
   
$
8,902
   
$
8,090
 

(*) includng amortization of lease incentive

SEGMENT REVENUE:

   
Six months ended
June 30,
   
Three months ended
June 30,
 
 
 
2019
   
2018
   
2019
   
2018
 
 
 
Unaudited
   
Unaudited
 
 
                       
Fixed Networks
 
$
66,836
   
$
73,843
   
$
30,408
   
$
36,228
 
Mobility Solutions
   
43,499
     
45,778
     
22,587
     
25,021
 
Terrestrial Infrastructure Projects
   
11,459
     
14,261
     
6,690
     
5,259
 
 
                               
Total revenue
 
$
121,794
   
$
133,882
   
$
59,685
   
$
66,508
 

 
10

 
GILAT SATELLITE NETWORKS LTD.
       
CONSOLIDATED BALANCE SHEET
       
U.S. dollars in thousands
       

   
June 30,
   
December 31,
 
   
2019
   
2018
 
   
Unaudited
   
Audited
 
             
    ASSETS
           
             
CURRENT ASSETS:
           
    Cash and cash equivalents
 
$
39,904
   
$
67,381
 
    Restricted cash
   
27,094
     
32,305
 
    Restricted cash held by trustees
   
2,353
     
4,372
 
    Trade receivables, net
   
45,553
     
47,164
 
    Contract assets
   
47,119
     
47,760
 
    Inventories
   
26,224
     
21,109
 
    Other current assets
   
25,777
     
26,022
 
                 
   Total current assets
   
214,024
     
246,113
 
                 
LONG-TERM INVESTMENTS AND RECEIVABLES:
         
    Long-term restricted cash
   
147
     
146
 
    Severance pay funds
   
6,770
     
6,780
 
    Long term deferred tax assets
   
2,809
     
4,127
 
    Operating lease right-of-use assets
   
4,721
     
-
 
    Other long term receivables
   
9,371
     
7,276
 
                 
    Total long-term investments and receivables
   
23,818
     
18,329
 
                 
PROPERTY AND EQUIPMENT, NET
   
82,466
     
84,403
 
                 
INTANGIBLE ASSETS, NET
   
1,757
     
2,434
 
                 
GOODWILL
   
43,468
     
43,468
 
                 
TOTAL ASSETS
 
$
365,533
   
$
394,747
 

11


         
GILAT SATELLITE NETWORKS LTD.
       
CONSOLIDATED BALANCE SHEET (Cont.)
       
U.S. dollars in thousands
       

   
June 30,
   
December 31,
 
   
2019
   
2018
 
   
Unaudited
   
Audited
 
             
    LIABILITIES AND SHAREHOLDERS' EQUITY
           
             
CURRENT LIABILITIES:
           
    Current maturities of long-term loans
 
$
4,325
   
$
4,458
 
    Trade payables
   
28,569
     
24,636
 
    Accrued expenses
   
59,012
     
67,533
 
    Advances from customers and deferred revenues
   
20,403
     
29,133
 
    Operating lease right-of-use liabilities
   
1,659
     
-
 
    Other current liabilities
   
13,650
     
14,588
 
                 
   Total current liabilities
   
127,618
     
140,348
 
                 
LONG-TERM LIABILITIES:
               
    Accrued severance pay
   
7,020
     
6,649
 
    Long-term loans, net of current maturities
   
4,000
     
8,098
 
    Operating lease right-of-use liabilities
   
3,093
     
-
 
    Other long-term liabilities
   
646
     
580
 
                 
   Total long-term liabilities
   
14,759
     
15,327
 
                 
SHAREHOLDERS' EQUITY:
               
    Share capital - ordinary shares of NIS 0.2 par value
   
2,640
     
2,625
 
    Additional paid-in capital
   
926,509
     
924,856
 
    Accumulated other comprehensive loss
   
(4,329
)
   
(5,380
)
    Accumulated deficit
   
(701,664
)
   
(683,029
)
                 
Total shareholders' equity
   
223,156
     
239,072
 
                 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
 
$
365,533
   
$
394,747
 


12

GILAT SATELLITE NETWORKS LTD.
               
CONSOLIDATED STATEMENTS OF CASH FLOWS
           
U.S. dollars in thousands
               

    Six months ended     Three months ended  
    June 30,     June 30,  
    2019     2018     2019     2018  
    Unaudited     Unaudited  
Cash flows from operating activities:                        
Net income   $ 6,229     $ 4,462     $ 3,405     $ 2,151  
Adjustments required to reconcile net income                                
 to net cash provided by operating activities:                                
Depreciation and amortization     5,681       7,322       2,859       3,672  
Stock-based compensation of options     1,293       492       422       274  
Accrued severance pay, net     382       47       97       (41 )
Exchange rate differences on long-term loans     -       (13 )     -       (43 )
Deferred income taxes, net     1,385       (29 )     702       (41 )
Decrease (increase) in trade receivables, net     2,506       15,089       (5,325 )     (3,221 )
Decrease (increase) in contract assets     (232 )     14,380       198       (2,819 )
Decrease (increase) in other assets (including short-term, long-term                                
   and deferred charges)     (29 )     (9,151 )     50       (9,865 )
Decrease (increase) in inventories     (6,137 )     332       (2,478 )     1,777  
Increase (decrease) in trade payables     3,933       (11,634 )     4,855       (3,362 )
Increase (decrease) in accrued expenses     (7,076 )     (1,980 )     (4,907 )     27  
Decrease in advance from customers     (8,405 )     (4,980 )     (5,318 )     (78 )
Decrease in advances from customers, held                                
   by trustees     -       (1,478 )     -       -  
Increase (decrease) in other current liabilities and other long term liabilities     (1,950 )     5,575       (2,813 )     4,011  
Net cash provided by (used in) operating activities     (2,420 )     18,434       (8,253 )     (7,558 )
                                 
Cash flows from investing activities:                                
Purchase of property and equipment     (3,587 )     (5,014 )     (1,573 )     (2,153 )
Net cash used in investing activities     (3,587 )     (5,014 )     (1,573 )     (2,153 )
                                 
Cash flows from financing activities:                                
Exercise of stock options     375       573       37       267  
Repayment of long-term loans     (4,231 )     (4,249 )     (108 )     (249 )
Dividend payment     (24,864 )     -       (24,864 )     -  
Net cash provided by (used in) financing activities     (28,720 )     (3,676 )     (24,935 )     18  
                                 
Effect of exchange rate changes on cash, cash equivalents and restricted cash     21       (709 )     (76 )     (1,005 )
                                 
Increase (decrease) in cash, cash equivalents and restricted cash     (34,706 )     9,035       (34,837 )     (10,698 )
                                 
Cash, cash equivalents and restricted cash at the beginning of the period     104,204       86,757       104,335       106,490  
                                 
Cash, cash equivalents and restricted cash at the end of the period   $ 69,498     $ 95,792     $ 69,498     $ 95,792  
 
13

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