In the third quarter of 2023, an increase of approximately 17% in Amos-17 revenues compared to the same quarter of the previous year translated to revenues of around $25 million.
The Company reports the highest revenue rates since 2015 - until the publication of the Earnings Report, it entered into new agreements worth approximately $71 million.
The Company's order backlog amounts to approximately $217 million and the positive flow from current operations in the first nine months of 2023 amounted to $55 million.
The Company's EBITDA increased by approximately 8% compared to the corresponding quarter last year and amounted to approximately $18.1 million in the third quarter of 2023.
The annual revenues of Amos-17 increased to approximately $32.5 million.
Dan Zicek, CEO of Spacecom, says: The Company continues to operate with full force to implement the strategy it has set and to strengthen its current business activity. These efforts are evident in the Company's results, which in the third quarter yielded a stream of revenue, the highest in years, and other significant achievements such as further improvement in sales, profitability and revenues from our Amos-17 satellite. All these milestones have been met thanks to our tireless efforts, all in order to reach a debt settlement with the representatives of the bondholders, with the goal of reaching agreements that will further improve our activities.
Spacecom (TASE: SCC), a provider of satellite communication solutions that operates a fleet of Amos satellites, today published its financial report for the third quarter of 2023.
In its reports, the Company presents continued growth resulting from the realization of focused and targeted business activity, mainly to market segments in Africa which support the increase in sales and revenues of the advanced digital satellite Amos-17; along with the implementation of the strategic change the Company has undertaken, and the transition to sales of comprehensive satellite-based communication services.
From the beginning of the year until the date of publication of the report, the Company entered into new agreements worth approximately $71 million. As part of this, the Company reported in recent weeks that it entered into an agreement with the Israeli government (a) for the extension of services offered through the Amos 3 and Amos 4 satellites and for cooperation in the amount of $15 million, and (b) for the extension of an agreement regarding the satellite cellular communications operator Amos 17 for two more years, bringing an additional $7.3 million to the company's order backlog.
Summary of financial results for the third quarter of 2023:
The Company's revenues amounted to approximately $25.1 million in the third quarter of 2023, an increase of approximately 2% compared to the corresponding quarter last year and an increase of approximately 17% in the revenues of the Amos-17 satellite, which amounted to approximately $8.1 million compared to approximately $7 million in the corresponding quarter last year.
In the third quarter of 2023, the Company recorded an increase of approximately 8% in EBITDA compared to the corresponding quarter last year (earnings before interest, taxes, depreciation and amortization and excluding one-time expenses), which amounted to approximately $18.1 million, compared to approximately $16.8 million in the corresponding quarter last year. The EBITDA rate from sales amounted to about 72%, compared to about 69% in the corresponding quarter last year. The increase in EBITDA and its rate was mainly due to an increase in revenues from the Amos-17 satellite.
The gross profit amounted to about $8.1 million, compared to about $6 million in the corresponding quarter last year, which reflects an increase of about 36%.
The operating profit amounted to about $5 million, compared to about $2.9 million in the corresponding quarter last year, which reflects an increase of about 74%.
The cash and restricted cash balances in the company as of September 30, 2023 amounted to approximately $104 million.
The backlog of orders totaled approximately $217 million, of which the backlog of orders for the Amos-17 satellite amounted to approximately $61 million.
Material events after the report date:
In November 2023, the Company received an offer from 4iG according to which the Company will receive a flow of $130 million and an additional $18 million by another investor. The aforementioned infusions of funds, plus cash from the Company's coffers, will be used for final and full repayment of the three Bond Series.
In November 2023, the company entered into an agreement with the government to extend satellite communication services using the Amos 3 and Amos 4 satellites, as well as for cooperation in a total transaction volume of approximately $15 million.
In December 2023, the Amos 17 satellite cellular communications operator extended the contract period by an additional two years until 2033, and the customer's right to early exit from the agreement and/or to reduce the scope of services they would request from the Company was canceled, amounting to approximately $10.7 million (the total addition to the order backlog of The company amounts to about $7.3 million).
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In the third quarter of 2023, an increase of approximately 17% in Amos-17 revenues compared to the same quarter of the previous year translated to revenues of around $25 million.
