Spacecom Reports Record Revenues of $99 Million for 2023
27/03/2024
Spacecom Reports Record Revenues of $99 Million for 2023 27.03.2024 A 17% increase in the revenues of the Amos-17 satellite YoY brought in approximately 32 million dollars in the fiscal year 2023
The Company's backlog amounts to approximately $194 million, of which $55 million pertains to the Amos-17 satellite, and cash flow from current operations increased to $66 million
The company's 2023 EBITDA amounted to approximately 74.2 million dollars; the operating profit (without the depreciation of the satellites) amounted to approximately 21.7 million dollars
Following the events of October 7, the company worked to provide communication services in times of crisis, and is conducting innovative experiments with leading operators of low-earth-orbit (LEO) satellite constellations for entry into new markets and a significant business potential
Dan Zajicek, CEO of Spacecom said: 2023 reflects the continued success we are having in the implementation of our strategic business plan, increasing the growth trend while improving operational efficiency, resulting in record revenues of $99 million and EBITDA of $74 million. The continued growth trend in revenues in general and revenues of the Amos-17 satellite has contributed to strong annual results. This, along with 4iG becoming a strategic investor to the Company and the associated injection of capital, has improved the financial strength of Spacecom. 4iG, which owns 20% of the Company's shares, has submitted an updated proposal for a debt settlement while the Company has worked vigorously to continue growth and increase sales.
A central part of the Company's growth strategy are the experiments carried out in the past year in collaboration with leading companies in the field of low-orbit satellites (LEO) communication solutions, which we expect to continue in 2024 as well. We are working to transition to providing advanced communication solutions with significant business potential that combine multi-orbit satellites and are intended, among other things, to meet the needs of communication in Israel in times of emergency.
Spacecom (TASE: SCC), a satellite communications provider and operator of the Amos satellite fleet, today published its financial statements for 2023.
The Company has reported record revenues and a continued growth trend, due in part to the implementation of business activity focused and oriented to market segments in Africa which has supported an increase in sales and revenues of the advanced digital satellite Amos-17, and in part to a company-wide strategic change to transition to a satellite-based communication services provider.
During 2023, the Ministry of Communications approved an increase in the holdings of the Hungarian company 4iG in Spacecom from 9.5% to 20%. 4iG later submitted a proposal for a debt settlement, which has been discussed and is expected to be approved in the near future.
In 2023, Spacecom entered into new agreements in the amount of approximately 71 million dollars. Among other things, the Company announced that it extended the lease agreement for the Amos-7 satellite and that an addendum to the agreement with YES was incorporated allowing for YES' continued use of the Amos-7 satellite until February 28, 2025. Thus, YES' backlog of orders increased to approximately $46 million. In addition, the Company announced that it continues to develop and expand services for its customers, such as a first-time collaboration to provide distance education solutions in Africa, a successful experiment with the Israeli company Orbit for airborne terminals, and a continuation of a series of experiments in collaboration with LEO constellation providers, among others.
Summary of the main financial results for 2023:
Revenues from services amounted to approximately 99.0 million dollars in 2023, compared to approximately 97.7 million dollars in 2022. Of this amount, revenues from the Amos 17 satellite equaled to approximately 31.7 million dollars this year, compared to approximately 27.2 million in 2022, an increase of around 17 %.
In 2023, the Company registered an increase of approximately 6.2% in EBITDA (earnings before interest, taxes, depreciation and amortization and neutralizing one-time expenses), which amounted to approximately $74.2 million, compared to approximately $69.9 million in 2022. The increase in EBITDA was mainly due to an increase in revenues from the Amos 17 satellite.
Cash flow from current operations increased to $65.7 million, compared to $59.2 million in 2022, an increase of 11%.
The Company's cash and restricted cash balances at the end of 2023 are approximately $117 million.
The Company recorded a provision for impairment in the amount of 10.6 and 10.3 million dollars in the Amos 17 and Amos 4 satellites respectively. In addition, the Company recorded an increase in value between 2.9 and 0.7 million dollars in the Amos 3 and Amos 7 satellites.
The backlog of orders for 2023 totaled approximately $194 million, of which those of Amos 17 satellite amounted to approximately $55 million.
The Company's operating profit in 2023 amounted to about 21.7 million dollars, an increase of 27%, compared to about 17 million dollars in 2022. ***
Disclaimer:
This document is a free and non-binding translation of the original Hebrew document. The Hebrew version constitutes the binding vertion and the only one having legal effect. This translation was perpered for conveinece only.
LINK: | https://www.amos-spacecom.com/press/spacecom-reports-record-revenues/... |
See more stories from amos |
Most recent headlines
04/08/2024
Dalet Appoints Santiago Solanas as CEO to Lead Next Era of Growth and Innovation
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet and Veritone Reach Agreement to Distribute, Transact and Monetize Media Archives
Dalet, a leading technology and service provider for media-rich organizations, a...
17/05/2024
Aerojet Rocketdyne's Camden Site Leverages Modernization Investments to Accelerate Solid Rocket Motor Production
Aerojet Rocketdyne has worked to modernize facilities at its Camden, Arkansas, l...
17/05/2024
FCC Plans to Revise LPTV Rules
The FCC has issued a Notice of Proposed Rulemaking (NPRM) that would revise rules governing low power TV stations (LPTV) in a number of areas, including online ...
17/05/2024
Demystifying Post-Production: Introducing Cinema 4D Particles Week 4
Demystifying Post-Production: Introducing Cinema 4D Particles Week 4 Brie Clayton May 17, 2024 0 Comments With the spring release of Maxon One, we...
17/05/2024
Takashi Yamazaki Film Godzilla Minus One Graded with DaVinci Resolve Studio
Takashi Yamazaki Film Godzilla Minus One Graded with DaVinci Resolve Studio Brie Clayton May 17, 2024 0 Comments Hero image credit: 2023 TOHO CO., LT...
17/05/2024
Sterling Event Group Streamlines Live Event Productions with AJA
Sterling Event Group Streamlines Live Event Productions with AJA Brie Clayton May 17, 2024 0 Comments Live event productions only happen once, which ...
17/05/2024
Meet the product manager
Muster Ngobi, product manager at LYNX Technik tells TVBEurope how the ever-evolving media industry provides a truly dynamic working environment By Matthew Corr...
17/05/2024
TV, Streaming Schedule for 2024 NFL Regular Season Is Released
NEW YORK As declines in linear TV viewing make the ongoing popularity of live sports, particularly football, central to financial success of the TV industry, th...
17/05/2024
Netflix Ad Tier Hits 40M Monthly Active Users
During Netflixs second Upfront presentation to advertisers, Amy Reinhard, Netflix's president of advertising, walked advertisers through the continued growt...
17/05/2024
Scripps Promotes Jeff Kiernan to VP, Local News
CINCINNATI The E.W. Scripps Company has added to its leadership team for news by promoting Jeff Kiernan a veteran journalist and general manager of Scripps'...
17/05/2024
Survey: New Disney-Fox-WBD Sports Streamer May Hurt Pay TV Sub Counts
Top executives from Disney, Fox and Warner Bros. Discovery have consistently insisted that their joint venture to launch the Venu Sports streaming bundle in the...
17/05/2024
Caitlin Clark's WNBA Debut Set Viewing Records
ESPN has announced that its coverage of Caitlin Clark's WNBA debut in the Indiana Fever versus the Connecticut Sun season opener was the most-watched WNBA g...
17/05/2024
ATEM Mini Extreme ISO switcher and Blackmagic Pocket Cinema Camera 4K
ATEM Mini Extreme ISO switcher and Blackmagic Pocket Cinema Camera 4K Brie Clayton May 16, 2024 0 Comments Blackmagic Design announced today that Yoic...
17/05/2024
Pixomondo's Virtual Production Academy Expands with Programs at Sony PCL, Vook, and Vancouver Film School
Pixomondo's Virtual Production Academy Expands with Programs at Sony PCL, Vo...
17/05/2024
WBD Upfront Show Offers Peeks at House of the Dragon,' White Lotus,' Biden-Trump Debate
The Warner Bros. Discovery upfront presentation took place Wednesday, May 15 at ...
17/05/2024
The Black Keys, Jelly Roll, Kate Hudson Set To Perform on The Voice' Finale
Season 25 of The Voice wraps on NBC Tuesday, May 21, with performances from The Black Keys, Jelly Roll, Kate Hudson, Lainey Wilson, Muni Long, Thomas Rhett and ...
17/05/2024
CNN Boss Mark Thompson's Plan Includes More News in More Categories on More Devices (Upfronts)
New CNN CEO Mark Thompson spelled out his plan for the struggling news network d...
17/05/2024
Netflix To Launch In-House Advertising Tech Platform
Netflix, a newcomer to the advertising business, said it plans to launch an in-house advertising technology platform....
17/05/2024
Netflix Plots TV Takeover at Upfront Presentation
Netflix shared some programming projects at an upfront presentation in New York. Those include the basketball-themed comedy series Running Point, a Mindy Kaling...
17/05/2024
Plex Geek Week Sale Offers 20% Off Plex Lifetime Pass
Plex is offering movie and music collectors a 20% discount off its Lifetime Plex Pass as part of its Geek Week sale....
17/05/2024
GroupM Names Toby Jenner as President, GroupM Clients
Giant media buyer GroupM said it named Toby Jenner as global president, Group M Clients, a new position at the company....
17/05/2024
Clients of Independent Agencies Boost Programmatic Buying
Smaller advertisers are increasingly buying connected TV programmatically, according to a new report from FreeWheel, Comcast's ad-tech unit....
17/05/2024
TCLtvPlus Adds Streaming Music Channels From Vevo
TCLtvPlus, the streaming app on smart TVs made by TCL, has added live linear channel from music-video programmer Vevo....
17/05/2024
StackAdapt Adopts Data From Samba TV for Programmatic Campaigns
StackAdapt said it made a deal to integrate data from Samba TV into its programmatic advertising platform....
17/05/2024
Save Time and Money with WO Traffic v24.0
WO Traffic provides a solid foundation from which stations can manage, execute, and scale end-to-end ad trafficking and sales, both today and into the future. W...
17/05/2024
Broadcast Innovation in India: How AI and Automated Production Helps Smaller Sports Grow
Broadcast Innovation in India: How AI and Automated Production Helps Smaller Spo...
17/05/2024
SVG Sports Cloud Production Forum Gives Refresher Course on Cloud-Based Tools, Ecosystem
SVG Sports Cloud Production Forum Gives Refresher Course on Cloud-Based Tools, E...
17/05/2024
WNBA Tip-Off 2024: Scripps Sports Constructs New Studio for Second Season of WNBA Friday Night Spotlight on ION
WNBA Tip-Off 2024: Scripps Sports Constructs New Studio for Second Season of WNB...
17/05/2024
SVG College Summit 2024: Auburn's War Eagle Productions Breaks Down How They Produce Live Gymnastics Broadcasts
SVG College Summit 2024: Auburn's War Eagle Productions Breaks Down How They...
17/05/2024
Netflix & Shondaland Announce the Song List and Soundtrack for 'Bridgerton' Season 3: Part 1
Back to All News Netflix & Shondaland Announce the Song List and Soundtrack for...
17/05/2024
Skeem Saam: Thursday's episode, 16 May 2024 [video]
Skeem Saam: Thursday's episode, 16 May 2024 [video]Missed an episode of Skeem Saam? No problem! Watch the latest episode of your favourite South African soa...
17/05/2024
Prison Journalism: Letter to my mothers
Prison Journalism: Letter to my mothersThabo Mthembu was incarcerated in Pollsmoor Prison from 2014 to 2019. Read Thabo's story by Thabo Mthembu 17-05-20...
17/05/2024
Paul McCartney becomes UK's first billionaire musician
Paul McCartney becomes UK's first billionaire musicianMusic icon Paul McCartney has become the UK's first billionaire musician, according to the Sunday ...
17/05/2024
Tonight on Smoke and Mirrors: Sakhile advises Tiny against sabotaging Petunia
Tonight on Smoke and Mirrors: Sakhile advises Tiny against sabotaging PetuniaDon't miss Friday, 17 May's riveting episode of South African soapie Smoke ...
17/05/2024
RT'S Operation Transformation comes to a close after 17 seasons
RT has today announced that Operation Transformation (OT) is to end after 17 seasons. As series come to an end each year, RT undertakes an editorial review to...
17/05/2024
Studio One: Your Binaural Beats Lab
By Craig Anderton When I heard about binaural beats, I was interested-I like beats, and I'm into binaural audio. But this has nothing to do with either o...
17/05/2024
May 16, 2024
Scripps Research chemist Donna Blackmond elected to the Royal Society of the U.K. Blackmond's wide-ranging work has shaped origin of life theories, our unde...
16/05/2024
Power Provokes Vital Questions About the Role of Police
PARK CITY, UTAH - JANUARY 18: Director Yance Ford introduces the Power premiere at Library Center Theatre. (Photo by Chad Salvador/Shutterstock for Sundance F...
16/05/2024
Mental Health Matters: Embrace Self-Care With These Audiobook and Podcast Listens
May is Mental Health Awareness month, a time to recognize those living with ment...
16/05/2024
ABC and SBS bring digital radio (DAB+) services to the Gold Coast
ABC and SBS bring digital radio (DAB ) services to the Gold Coast 15 May, 2024 Media releases ABC and SBS today announced that audiences on the Gold Coast ...
16/05/2024
Clear-Com Communication Solutions Enhance Oregon State University's PRAx Building
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({...
16/05/2024
6 New Clearmountain's Domain Presets
Share this article width=32 height=32 data-lazy-src=https://apogeedigital.com/app/themes/juniper-theme/src/img/icons/facebook-purple.svg /> width=32 height=...
16/05/2024
Updated: Netflix to Stream Live Christmas Day NFL Games
In a major example of how large streaming services are successfully battling for lucrative sports rights, Netflix has announced that it has secured global right...
16/05/2024
ESPN, Fox, WBD Unveil Name for New Sports Streaming Service
LOS ANGELES & NEW YORK More than three months after announcing plans to launch a major new sports streaming service, ESPN, Fox Corp. and Warner Bros. Discovery,...
16/05/2024
CTV/Streaming Top of Mind for Marketers in 2024
In a survey conducted late last year, marketing companies said their main focus for increasing advertising would be CTV/streaming. Generative AI, which was not ...
16/05/2024
CPB Issues More Grants for Next-Generation Warning
Three public radio and one public television outlet are the latest recipients of funding from the Corporation for Public Broadcasting to upgrade their emergency...
16/05/2024
A year in live HDR production
John Mailhot, senior vice president, product management at Imagine Communications, gives an insight into how HDR is impacting live production today, as well as ...
16/05/2024
Sony Pictures Post Production Services Completes Expansion of its Sound Facilities
Sony Pictures Post Production Services Completes Expansion of its Sound Faciliti...
16/05/2024
Telestream Taps Power of AI to Manage, Define Media Workflows
TV Tech recently sat down with Telestream CEO Rhonda Bassett-Spiers and CTO Simon Clark to discuss how the M&E industry is adapting the cloud, IP and AI to enha...