SatixFy Announces First Quarter 2025 Results
REHOVOT, Israel--(BUSINESS WIRE)-- 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 quarter ended March 31, 2025.
Financial Highlights for the First Quarter of 2025
Total revenues for the first quarter of 2025 were $4.9 million, an increase of 158% compared to $1.9 million for the first quarter of 2024. Revenues from development services and preproduction were $4.0 million, an increase of 167% compared to $1.5 million in the same period of 2024. Revenues from the sale of products were $0.9 million, an increase of 122% compared to $0.4 million in the first quarter of 2024.
Gross profit for the first quarter of 2025 was $2.9 million, an increase of 82% compared to $1.6 million for the same period in 2024. Gross margin for the quarter was 59%, compared to 83% in the first quarter of 2024. The first quarter of 2024 margin was particularly high due to delivery of high margin non-recurring engineering work.
Operating loss for the first quarter of 2025 was $6.1 million, an improvement of 20% compared to $7.7 million in the first quarter of 2024, reflecting increased revenue.
Expenses Breakdown:
Research and development expenses, net ('R&D') for the first quarter of 2025 were $6.4 million, compared to $6.8 million for the same period in 2024. Gross R&D expenditure decreased by $0.9 million, mostly attributed to lower tape-out costs and post-silicon costs in the quarter compared with the first quarter of 2024. Additionally, net R&D expenses were impacted by a decrease in grants from the European Space Agency ('ESA') and UK Research and Development Expenditure Credit tax credits, which were recorded as offsets to R&D expenses of $0.9 million.
Selling and marketing expenses for the first quarter of 2025 were $0.3 million, compared to $0.5 million in the first quarter of 2024.
General and administrative expenses for the first quarter of 2025 were $2.3 million, compared to $1.9 million for the same period in 2024.
Net loss for the first quarter of 2025 was $10.3 million, an improvement of 9% compared to $11.3 million for the first quarter of 2024, primarily as a result of increased revenue in the quarter.
Cash and cash equivalents as of March 31, 2025, amounted to $7.8 million, compared to $14.4 million as of December 31, 2024.
Nir Barkan, Chief Executive Officer of SatixFy, commented, 'We are pleased with the strong momentum we have shown in the first quarter, with revenue growing 158% year over year. We are also happy with our lower operating loss which decreased by 20% year over year, reflecting our improving revenue growth coupled with lower operating expenses.' Mr. Barkan continued, 'Our company is firmly positioned as the global leader in space-grade chip technology, with standout innovations like our advanced processor, digital multi-beam chip and unique solutions including landing stations and terminals. We have successfully stabilized and grown the business, and we are now looking forward to and on the path to an exciting new chapter.'
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 low earth orbit, 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, US 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 statements in this press release when it discusses the company's momentum, position as the global leader in space-grade chip technology and that the path to an exciting new chapter. 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, filed with the Securities and Exchange Commission on April 1, 2025 (the 'SEC'), 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.
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