{"id":50602,"date":"2024-09-06T19:35:22","date_gmt":"2024-09-06T11:35:22","guid":{"rendered":"https:\/\/wp-productionenv-bjg9h2g2bgg5b8aa.southeastasia-01.azurewebsites.net\/news\/satixfy-boosts-sales-and-cuts-losses-in-first-half-2024-results\/"},"modified":"2024-09-06T19:35:22","modified_gmt":"2024-09-06T11:35:22","slug":"satixfy-boosts-sales-and-cuts-losses-in-first-half-2024-results","status":"publish","type":"post","link":"https:\/\/starpath.global\/news\/satixfy-boosts-sales-and-cuts-losses-in-first-half-2024-results\/","title":{"rendered":"Satixfy Boosts Sales and Cuts Losses in First-Half 2024 Results"},"content":{"rendered":"<\/p>\n<p>Strong product sales fueled 7% year-over-year revenue growth for satellite technology developer <strong>SatixFy Communications<\/strong> in the first half of 2024. According to the company\u2019s latest results issued Friday, Satixfy brought in $6.1 million in revenue, yielding a $4.5 million gross profit \u2013 a 96% increase from its first half 2023 tally of $2.3 million. The company\u2019s gross margin was 74% at the end of the half.<\/p>\n<p>Satixfy CEO Nir Barkan said the company\u2019s first-half success comes as a result of increased sales and shipping of engineering space-grade Application Specific Integrated Circuits (ASIC) samples, offset by operational costs associated with shifting the company\u2019s business model to focus more on product sales.<\/p>\n<p>The company also cut net losses by 54% in the first half of 2024 to $21.3 million, compared with a net loss of $46.3 million, or $0.57 per basic and diluted share, in the first half of 2023. Operating losses improved 17% year-over-year at $13.7 million, compared to $16.6 million in the first half of 2023.<\/p>\n<p>Satixfy is in the process of streamlining and simplifying its business. Last year, the company sold its digital payload division to MDA&nbsp;for $40 million and additional $20 million in advanced payments for future orders of space grade chips.&nbsp;<\/p>\n<p>\u201cWe are on track towards commercialization, which we expect by mid-2025. Strategically during the second quarter, we are proud of our landmark order of over $20 million for our Prime2 Space-Grade Digital Beam Former Chips from a world-leading technology company that is building-out its global low earth orbit (LEO) satellite network. This demonstrates the growing demand for our high-performance and market-leading satellite communication solutions. We continue to invest strongly in R&amp;D, to maintain and build on our competitive lead, ultimately commercializing our technology that will underpin tomorrow\u2019s leading satellite communication systems,\u201d Barkan said in the results announcement.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Strong product sales fueled 7% year-over-year revenue growth for satellite technology developer SatixFy Communications in the first half of 2024. According to the company\u2019s latest results issued Friday, Satixfy brought in $6.1 million in revenue, yielding a $4.5 million gross profit \u2013 a 96% increase from its first half 2023 tally of $2.3 million. The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":48874,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-50602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/50602"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=50602"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/50602\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media\/48874"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=50602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=50602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=50602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}