SatixFy’s H1 2024 Financials Show Growth and Promise

Tip Ranks
2024.09.07 15:35
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SatixFy Communications (SATX) reported a 7% revenue increase to $21.1 million for H1 2024, with improvements in gross profit and a reduced net loss from the previous year. The company is advancing towards commercialization of space-grade ASICs and received a notable order for its satellite network. Despite an operating loss, the financial results suggest promising product sales and R&D investments, indicating a positive outlook for future growth.

SatixFy Communications (SATX) has released an update.

SatixFy Communications reports a 7% revenue increase to $6.1 million in the first half of 2024, highlighting a significant improvement in gross profit and a reduction in net loss compared to the previous year. The company, known for its innovative satellite communication solutions, is progressing towards the commercialization of its space-grade ASICs, with a notable $20 million order from a leading technology firm for their satellite network. Despite an operating loss, SatixFy’s financial results show promising advances in product sales and R&D investments, setting a positive outlook for future growth.

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