EX-99.1 2 exhibit_99-1.htm EXHIBIT 99.1
Exhibit 99.1


SatixFy Announces First Quarter 2025 Results

 Rehovot, Israel – May 22, 2025 – 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.
 
Contacts
 
Investor Contacts:
Kenny Green & Ehud Helft, EK Global IR, satixfy@ekgir.com 
 
Media Contact:
Aviv Sax Nahamoni, info@satixfy.com
 
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
 
(in thousands of USD)

   
March 31,
    
March 31,
    
December 31,
  
   
2025
    
2024
    
2024
  
               
Audited
  
ASSETS:
                  
CURRENT ASSETS:
                  
Cash and cash equivalents
    
7,810
      
10,056
      
14,433
  
Trade accounts receivable
    
3,275
      
1,266
      
3,905
  
Contract assets
    
1,291
      
3,451
      
1,486
  
Prepaid expenses and other
    
3,106
      
2,291
      
2,570
  
Government departments and agencies receivables
    
4,996
      
3,691
      
5,888
  
Related parties
    
70
      
108
      
46
  
Promissory notes
    
-
      
11,420
      
-
  
Inventory
    
1,738
      
1,604
      
1,279
  
Total current assets
    
22,286
      
33,887
      
29,607
  
                         
NON-CURRENT ASSETS:
                        
Other long-term receivables
    
-
      
2,000
      
-
  
Right-of-use assets, net
    
1,522
      
2,027
      
1,679
  
Property, plant and equipment, net
    
2,825
      
1,539
      
2,284
  
Investment in Jet Talk Ltd
    
1,517
      
1,547
      
1,518
  
Long term deposits
    
182
      
184
      
186
  
Total non-current assets
    
6,046
      
7,297
      
5,667
  
                         
TOTAL ASSETS
    
28,332
      
41,184
      
35,274
  

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
 
(in thousands of USD)
 
   
March 31,
    
March 31,
    
December 31,
  
   
2025
    
2024
    
2024
  
 
              
Audited
  
LIABILITIES AND SHAREHOLDERS’ DEFICIT:
                  
CURRENT LIABILITIES:
                  
Trade payables
    
3,806
      
1,601
      
3,121
  
Current portion of long-term bank loans, net
    
70,944
      
-
      
-
  
Contract liabilities
    
223
      
1,086
      
186
  
ESA advance payments
    
1,073
      
3,174
      
1,264
  
Prepayment from customer
    
8,416
      
3,683
      
8,381
  
Advanced payments from MDA Ltd. against future orders
    
42,076
      
28,886
      
39,296
  
Lease liabilities
    
782
      
663
      
786
  
Other accounts payable and accrued expenses
    
4,782
      
5,425
      
8,340
  
Related parties
    
750
      
550
      
616
  
Total current liabilities
    
132,852
      
45,068
      
61,990
  
                         
NON-CURRENT LIABILITIES:
                        
Long term loans from financial institutions, net
    
-
      
62,702
      
67,691
  
Lease liabilities
    
1,202
      
1,832
      
1,392
  
Derivatives instruments liabilities
    
5,719
      
114
      
5,719
  
Liability for royalties payable
    
774
      
1,196
      
774
  
 Total non-current liabilities
    
7,695
      
65,844
      
75,576
  
                         
SHAREHOLDERS’ DEFICIT:
                        
Share capital
    
-
      
-
      
-
  
Share premium
    
453,601
      
451,436
      
453,252
  
Capital reserves
    
1,444
      
1,444
      
1,444
  
Accumulated deficit
    
(567,260
)
    
(522,608
)
    
(556,988
)
 Total shareholders’ deficit
    
(112,215
)
    
(69,728
)
    
(102,292
)
                         
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT
    
28,332
      
41,184
      
35,274
  

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
 
(in thousands of USD)
 
   
Three months ended
  
   
March 31,
  
   
2025
    
2024
  
             
Revenues:
            
Development services and preproduction
    
4,049
      
1,518
  
Sale of products
    
863
      
388
  
      Total revenues
    
4,912
      
1,906
  
                 
Cost of sales and services:
                
Development services and preproduction
    
1,913
      
249
  
Sale of products
    
113
      
73
  
      Total cost of sales and services
    
2,026
      
322
  
                 
Gross profit
    
2,886
      
1,584
  
                 
Research and development expenses, net
    
6,432
      
6,798
  
Selling and marketing expenses
    
322
      
525
  
General and administrative expenses
    
2,264
      
1,926
  
Loss from operations
    
6,132
      
7,665
  
                 
Finance income
    
-
      
48
  
Finance expenses
    
(4,140
)
    
(3,662
)
Company's share in the loss of a company accounted by equity method, net
    
-
      
(4
)
Loss before income taxes
    
(10,272
)
    
(11,283
)
Income taxes
    
-
      
-
  
Loss for the period
    
(10,272
)
    
(11,283
)
                 
Total comprehensive loss for the period
    
(10,272
)
    
(11,283
)
                 
Basic and diluted loss per share (in dollars)
    
(0.12
)
    
(0.14
)
Basic and diluted weighted average ordinary shares outstanding
    
86,849
      
83,423