SATX is the ticker symbol for SatixFy Communications (Satixfy Communications Stock Quote, Charts, News, Analysts, Financials NYSE Arca:SATX), which trades on the NYSE Arca exchange. The company began trading on October 28 of last year after a merger with special purpose acquisition company (SPAC) Endurance Acquisition Corp, first announced in March, 2022.
Israel-based SatixFy develops end-to-end satellite communications systems, including satellite payloads, user terminals and modems and employs its in-house developed chipsets.
Since its debut, SATX has traded down, going from $20 to now below the $1 level.
SatixFy released its full 2022 financials on May 1, posting $10.6 million in revenue compared to $21.7 million for 2021. Gross profit was $6.1 million compared to $12.9 million a year earlier and the net loss was $397.7 million compared to a loss of $17.0 million in 2021. $318 million of the net loss was a non-cash expense related to the merger with Endurance.
SatixFy CEO Ido Gur said in a press release that the company has shifted focus to key growth areas in chips, OBP and payloads in the space industry and high-end mobile terminals including the IFC market.
“In 2022, we navigated a change in leadership amidst challenges brought in the aftermath of the COVID-19 pandemic and the subsequent supply chain constraints. Despite those challenges, we continued to invest in R&D, including advancing our satellite communication systems and chipsets,” Gur said.
“Looking out through 2023, from a strategic perspective we are increasing our focus on execution. We expect to release some important products by year-end including the release of two flagship space-grade ASICs and a revolutionary IFC terminal product. At the same time, we are working on some major satellite projects which we believe will come to fruition in the coming quarters,” he said.
Earlier this week, SatixFy announced the successful launch of the OneWeb JoeySat Satellite from California, a broadband satellite that includes a fully digital beam-hopping and beam-steering payload from SatixFy. The satellite was developed under a £32 million grant from the UK Space Agency.
“We are proud to be a key technology provider for the future of satellite-provided broadband internet and part of this European Space Agency project,” commented Charlie Bloomfield, CEO of SatixFy Space Systems, in a press release.
“Our solution enables the fine-tuning and steering of bandwidth to the location of bandwidth-demand via our software defined on-board processors, digital beamforming and hopping antennas. We believe this has the potential to a game-changer for the future of resilient multi-orbit satellite communication and are very excited as this nascent market continues to grow and develop,” he said.